Good time to buy LV Real Estate?

LeadingMan · #1 10-04-2006, 05:41 PM

With legislation potentially taking away internet poker for many americans, do you think its a good time to invest in L.V Real Estate? [img]/images/graemlins/confused.gif[/img]

Dynasty · #2 10-04-2006, 05:54 PM

The legislation will have no impact on real estate prices.

It may interst some to know that I am seeing more building cranes on or near the Strip since I moved to Las Vegas 5 and a half years ago. There's massive construction going on after a few slow years.

A S U · #3 10-04-2006, 06:18 PM

FWIW my buddies parents have a house in Henderson that is about 2-3 years old and they can't sell it. Been on the market for 6 weeks w/o a single inquiry. Apparently there is quite a surplus of new homes, with construction still starting on new housing tracts. He estimates that the prices and demand for housing will be fairly low for the rest of the year and possibly for the first few months in 2007. So it is probably a great time to buy, but it has zero to do with new legislation.

Reef · #4 10-04-2006, 06:49 PM

I thought prices were going down nationwide

kipin · #5 10-04-2006, 06:57 PM

[ QUOTE ]
FWIW my buddies parents have a house in Henderson that is about 2-3 years old and they can't sell it. Been on the market for 6 weeks w/o a single inquiry. Apparently there is quite a surplus of new homes, with construction still starting on new housing tracts. He estimates that the prices and demand for housing will be fairly low for the rest of the year and possibly for the first few months in 2007. So it is probably a great time to buy, but it has zero to do with new legislation.

[/ QUOTE ]

It isn't a great time to buy if the prices are about to fall.

Obviously if the supply is higher than demand (The current real estate market in most of the country), the prices will have to go down to meet a new equilibrium point. Buying now could be a disaster because the mortgage value will be more than the house can fetch on the market in the future.

Hence all the recent talk about real estate bubbles.

CharlieDontSurf · #6 10-04-2006, 07:20 PM

This is a god awful time to buy real estate...inevntories are skyrocketing

cwsiggy · #7 10-04-2006, 08:11 PM

Someone said a five year flatline nationwide at least. (that guy on talk radio am in the morning - forget his name)

Dynasty · #8 10-04-2006, 08:23 PM

[ QUOTE ]
Someone said a five year flatline nationwide at least. (that guy on talk radio am in the morning - forget his name)

[/ QUOTE ]

I don't think anybody can project real estate values five years out so precisely.

Thremp · #9 10-04-2006, 08:23 PM

FFS.

Obviously real estate everywhere is directly correlated to the national average. I mean its not like there's a huge amount of local considerations when deciding where to buy and when.

BobbyM · #10 10-04-2006, 08:34 PM

Right now the LV housing market is oversaturated with new homes being built/built within the last 18 months. There are not enough buyers to meet sellers demands, prices are flat or being reduced.
IMO a smart INVESTOR could buy a property and market it for rental and maybe meet his payments and pocket a couple hundo a month.
If you would like the house to be your home, its a buyers market, shop around. You can get a good deal.