You have probably heard about Las Vegas real estate and what has been happening to the housing market there.
The Las Vegas Review Journal, the local daily newspaper, has articles about Las Vegas realty on a regular basis. Most articles say that the value of homes has fallen by over 50% since the peak of the market.
While this is true if you look at the entire Las Vegas realestate market as a whole, different areas have seen different price drops.
Remember the old saying that the value of real estate is based on three things “Location, Location, and Location”. This especially holds true for Las Vegas reality.
Locations
Areas such as Green Valley, Summerlin, Anthem and Seven Hills have held more of their value due to the typical issues such as the quality of schools, proximity to shopping, nice parks and being conveniently located.
Mountain’s Edge, Southern Highlands, Aliante, and North Las Vegas have seen their values drop more because they are not conveniently located and consequently have longer driving times.
Some of the newer master planned communities also have some issues relating to the final build out of houses and parks. Because the housing market crashed before all the parks could be built, and the monthly home owner’s association fees were set high to pay for these parks, some home owners are paying for amenities that have not been built yet, with no completion date set. Also a lot of the subdivisions are only partially built out, leaving unfinished neighborhoods with no way to tell when the remaining houses will be built.
Find a Las Vegas Real Estate Agent
The best way to understand what is happening with the market is to find a Las Vegas real estate agent. Newspapers and the media may be able to give you a general understanding of what is happening, but to really know what is going on you need to talk to Las Vegas agents who are actively involved in buying and selling homes.
We have found an easy way to do this is through websites such as ziprealty.com, homegain.com, or realtytrac.com.
ZipRealty is a nation wide real estate brokerage with experienced agents specializing in Las Vegas realty. They have an easy to use web site that allows you to preview agents who work in the zip codes you are interested in. You can email those agents directly, and the web site is free to use. Free and easy, what are you waiting for? Check ziprealty.com out!
Another easy to use resource is HomeGain, which allows you to get detailed information about agents and choose the right agent for you. It too is free and easy, so go to homegain.com now!
RealtyTrac has, in it’s excellent collection of search features, made it possible for you to search for a Realtor by only entering in a zip code. What could be easier? Visit realtytrac.com now!
Interview Las Vegas Agents
When you find a Las Vegas real estate agent you are interested in, you need to interview them like you are hiring them, because you are.
Ask them questions such as:
- How long have you worked in real estate?
- What part of town do you specialize in?
- How many transactions have you closed in the past 6 months?
Feel free to ask them anything you want – you are trying to establish a business relationship for what will probably be the biggest purchase of your life.
For additional information on how to find a good Realtor, check out our home buyer’s guide “7 Steps to Buying a House for the First Time Home Buyer.”
Just remember, Las Vegas realestate is no different than any other area, but you need a professional working on your side.
Good luck and happy house hunting!