Gary H Kent
Las Vegas is one of the most famous cities in the US but the recession hit the city pretty badly. Property rates fell and they fell abysmally resulting in many people losing money on their investments. However, times have changed in the last three years. The economy has picked up and property values in the city have been steadily appreciating over the last two years. Realtors in the city are reporting increased sales with real estate bigwigs slowly entering the market as well. In fact, the most popular but affordable deals are for small family homes that have attached coloured conservatories and backyards. If you are planning to relocate to the city and are interested in the real estate, we have created a short guide that will prove helpful.
Why is investing in LV real estate a good idea at present?
In 2009, foreclosures were at a peak in the city but foreclosure activity has dropped off to less than 7 in 2013. According to real estate watchers in the city, the city has been showing active expansion with families flowing into the city for employment. As a result, small family houses are in high demand. The flourishing local market has also caused real estate biggies to sit up and take notice. Investors have started snapping up properties in the city and this has led to a significant increase of 32.8 percent in house rates. Large investors and hedge fund owners have also snapped up large property tracts in the city causing a property crunch. To meet the rising demand, realtors have been actually contacting homeowners to get them to sell their homes but this has not really worked out. However, for a small fraction of people who were struggling to make ends meet due to the recession and its lingering effects this has proved to be a godsend. As home values have gone up, struggling families who would have foreclose their homes, are now lining up to sell their homes at a profit. These families are now able to settle their loans and move to another city with enough seed money to buy a new home. In fact, realtors have noted that property rates have been steadily increasing by 1000 per day in the city.
Should you buy?
If you have the money, its definitely a good idea to invest in the city. The city has ample employment opportunities, a great education system, ample amenities and wonderful infrastructure. Property rates are increasing and tourism increases business during peak season. Before you buy property, we urge you to find a local realtor. Local real estate agents will know the best properties in any price range and they can negotiate rates and deals faster and better. Take your time to evaluate the deals you come across and do as much research as possible. If you know what you want and if you stick to your budget, you will easily find good properties that will definitely appreciate in value over the years.