Need To Sell My Las Vegas Home

So I hear that question a lot every week. Many homeowners don’t know where to turn because they owe more than their home is worth. Many have seen their payments increase by hundreds of dollars because their interest rate on their adjustable rate mortgage went up. Many Las Vegas Homeowners are in complete shock that their home is worth much less than what they paid, just a few years ago!

The only option that they have at this point is a short sale. I explain to them that if they decide to sell, it will have to be as a short sale and its imperative they used a licensed real estate agent. Short sales require a lot of paperwork back and forth with the bank and many hours of negotiating. Sellers can still be responsible for the loss if they don’t pay attention to every detail in the paperwork that the bank provides!

I have had a few homeowners tell me there are just going to sell their home for sale by owner and hope for the best. The problem with selling their home as a Las Vegas for Sale by Owner, they still have to sell it as a short sale and they will be representing themselves as they negotiate with the bank.

So the point is, if you owe more than your Las Vegas Home is worth, contact a real estate agent and see what options exist!

Residential and Office Developments

The city of Las Vegas Nevada purchased 61 acres (247,000 m²) of property from Union Pacific Railroad in 1995 with the goal of creating something that would draw more tourists and locals to the downtown area. The Union Park Development, other promising residential and office developments have begun construction around downtown Las Vegas. The new condominiums and high rise projects have changed the entire Las Vegas skyline dramatically in recent years. Many large high-rise projects are planned for downtown Las Vegas as well as the Las Vegas Strip.

The primary drivers of Las Vegas real estate and its economy have been the confluence of tourism, gaming, and conventions which in turn feed the retail and dining industries. The Las Vegas Convention and Visitors Authority is the one who handles the Tourism marketing and promotion of the area. The annual Visitors Survey provides detailed information on visitor numbers, spending patterns and resulting revenues. The technology suggests that many companies have either relocated to Las Vegas or were created there. Las Vegas has had a high concentration of technology companies in the electronic gaming and telecommunications industries.

The population growth means that the housing construction industry is important. In 2000 more than 21,000 new homes are built and 26,000 resale homes were purchased. In early 2005, there were 20 residential development projects of more than 300 acres each currently underway making Las Vegas a great destination for investment.

Currently, abundant amount of inventory, which is causing Las Vegas Home prices to fall. This will continue to see home prices dropping into late 2008 and then home prices should begin to level out. As we enter 2009, we will see many of the Las Vegas Strip projects nearing completion.

It is being said that properties in Las Vegas, Nevada now rival Southern California, Florida and Hawaii. The Manhattanization of Las Vegas is going vertical at the same time new suburban communities are coming on line and while the national Real Estate Market remains flat to down.

Las Vegas Real Estate

Despite some recent uneasyness in the markets, Las Vegas properties have experienced positive price appreciation. In the local market there is an absolute shortage of desirable properties and the upward pressure is being forecasted. Manypeople coming to Las Vegas were relocating for a number of reasons. The continued economic growth is at the top of the list.

Nevada has the most stable climate in the country. It is free of severe weather events such as earthquakes, tornados, hurricanes, blizzards and the like. The lack of any state income tax leading to a dramatically lower overall tax base than the other neighboring states combine to make Las Vegas Real Estate investments and home ownership much more than your average purchase.

Large numbers of people buying into this market have said that it has been one of the best financial decisions, for equity appreciation, significant tax benefits and long term home ownership staying power they have ever made. Some people realize that Las Vegas is no longer just a destination for gaming in casinos. The incomparable sports, entertainment, restaurants and shopping opportunities are unrivaled elsewhere. All of these activities are driving entry level buyers, middle class homeowners, upper end buyers and retirees to enjoy Las Vegas at property values and cost of living rates which are still unprecedented in most of the developed world.

Many other outdoor activities and recreation is available for miles around. From the Red Rock Canyon National Park, to the Valley of Fire Park, to Boulder City, the site of Hoover Dam, and Mt. Charleston, where you can actually find many feet of snow and even cozy cabins with fireplaces, all kinds of geological and wide open environs here for your enjoyment.
The combination of entertainment, shopping, dining, gaming and pent house living is changing the way Las Vegas Real Estate and the buying public are even change and constantly revitalizing city.

Las Vegas New Homes

Las Vegas home developers are offering some of their best deals yet. Buyers have the opportunity to pick up properties at rock bottom prices and they can even receive free upgrades; such as flooring, appliances, and pools. Some Las Vegas home builders will even cover all your closing costs.

Most Las Vegas new homes are being built with upgraded features as their standard options. As more new Las Vegas home listings flood the Las Vegas housing market, new home builders are being forced to compete by pricing their properties at very aggressive levels.

If you are still on the sidelines and waiting for the Las Vegas new homes prices to bottom out, this may be the perfect time to pounce on a great deal. New home permits are down, which means developers will be building less over the next few years so the market can absorb the standing inventory. Once the new homes inventory is sold out, Las Vegas developers won't have to be as competitive.

Take advantage of Las Vegas builder closeouts, pre-construction and new home packages today!