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Friday, August 28, 2009

What Does The New Year Promise For Las Vegas Real Estate

By Wilbur Q Zonjas

If you are looking at investing within the real estate market in the Las Vegas, then now is the perfect time to do it. With the the credit crisis looming and market values for most things being thrown completely down the pan, house values and interest rates are the lowest they'll probably ever be, perfect for those dreaming to become landlords.

Although there have been mixed reports on how 2009 will affect real estate markets in Las Vegas. There is one thing that still rings true and that is the fact that market prices are soon going to be on the rise. The only thing that seems to differ within these reports is the time scale of how long the rejuvenation of the industry will take. There are some people who are planning on it taking only being a year and others predicting longer. At the moment there is low demand for houses in the Las Vegas area and also an abundance of properties. This is mainly due to the fact that people buying homes has decreased to an astounding level in most places within America. Although Vegas were certainly not the worst affected of all the areas, things still slowed down considerably.

With unemployment at an all time high over the last several years, there simply was no demand for housing. This is especially with regards to investments. However, the job shortages are said to now be over with the increase of multi-billion dollar resorts being built. New residents are seeing that jobs are easily found literally everywhere.

The new resorts that opened in the latter part of 2008 have set a trend for the increasing job flow. There are new resorts, hotels and casinos being opened and planned for the whole part of 2009 and carrying on through 2010. The jobs available are increasing nicely at a steady rate. It was this unemployment hitting record highs that caused the meltdown of the real estate market in Las Vegas. Thankfully more jobs have encouraged more incomes and this in turn has generated more demand for the vast inventory of available housing.

Investors are now at a more favorable position with regards to the real estate market in Las Vegas. The lowering interest rates and dropping house prices have meant that there has never before been a better time for people to plunge their cash into real estate within the area. The overflowing inventory of housing is a godsend when the rising costs of both land and construction are figured into the equation.

Despite the lack of jobs, 6,000 residents still move to Las Vegas every month. Thankfully more tourist attractions such as casinos and hotels means that more jobs will be available for the ever growing population. Although reports claim that the house prices and interest rates will start to rise at the tail end of 2009, critic's state that it could actually take longer than this but either way, the window has been opened for real estate investors in the area.

REO properties are of course the thing to be on the look out for with regards to the real estate market these will always have to be considered a wild card in any real estate market. If the amount of foreclosures continues to rise then the market will have little chance of improving this year. With the number of jobs increasing in the area and the house prices still in a downward spiral, people are now investing in Las Vegas real estate while the getting is good. - 23208

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