Welcome to Summerlin, Las Vegas!!!

Are we seeing a recovery in the real estate market?

The volume of Summerlin single Family home sale has just about recoved from to the level we saw last year before the mortgage meltdown which indicates that we may be seing the bottom of the decline in home values. If you’re one of the buyers who are waiting on the sidelines for the real estate market to reach the bottom, you need to be asking yourself "how do I know when it’ s the right time for me to buy". Here are some things I tell my clients to think about to help them determine the purchase strategy that’s right for them.

1. Predicting when the real estate market will hit bottom is extremely difficult. Unless you have a crystal ball, it's virtually impossible to predict when we will reach the bottom. While no one is predicting that we will see the kind of growth we saw over the last couple of years in the foreseeable future, there are deals on the market which have dropped as much as 40% from the high, which might actually be seeing an over-correction caused by foreclosures and bank-assisted (short) sales.
2. Every home buyer and every home are different. In my opinion, finding a deal isn’t as important as finding the right match at the right value. The current large selection of homes for sale and motivated buyers provides a better selection of homes to choose from and the ability to negotiate a price based upon similar homes in the area that are not as close a match for you.
   
3. Real Estate should be a long-term investment.  During the super-heated real estate market over the last couple of years, buyers got used to viewing property as a short- term investment where they could sell for a profit or refinance in as little as a year or two. Traditionally, most real estate professionals have advised to plan on holding real estate for 5 years for it to appreciate enough to be able to sell and see appreciation. You should plan on purchasing a home where the payments are comfortable and you would not need to think about selling for several years.
   
4. Should you try before you buy?  You can rent a house in the Las Vegas for the same or less than it would cost to purchase a similar house. If you are planning on moving here from out of the area, it may make sense to get a feel for what it would be like to live here and help you to decide which neighborhood you would purchase in. In addition, if you will be working in another area, renting first before you purchase may be especially attractive in order to test drive what the actual commute will be like on a day-to-day basis. To get a feel for properties for rent in the area, I would encourage you take a look at homes for rent in the Summerlin area.