Analysts believe that the Las Vegas housing market this year will be just like last year except that there will be a steady increase in the supply of houses for sale.
According to Las Vegas Review Journal, the new president of the Greater Las Vegas Association of Realtors, Scott Beaudry, foresees that trend in the housing market this 2016. He was said to have discussed during an interview that home prices have been stable in the past few months even if there is a short supply of houses for sale. He adds that the same will be true with the other market, condo-townhouse, the alternative to housing.
"That gives them a great start to home ownership," Review Journal quotes Beaudry. "I see that coming back too, slowly, but over time."
According to Scott Buadry Las Vegas' reputation when it comes to sales of distressed properties including foreclosures and short sales is not that important these days. The sale of those houses were about 14 percent of total sales at the beginning of 2016 and that is significantly less than beyond 50 per cent during recession. Buadry adds that there are still about 500 notices of defaults seen monthly but, in general the city has gone through the majority of those homes.
Thus the new president said, "The good thing is that with 9 percent appreciation of home values, homes that were underwater are not underwater anymore. It's more of a normal market right now."
Baudry though advices that buyers should be way, saying, "You're buying the property pretty much as-is, so you have to go through and do your inspections.
"And there's still some great deals out there. Home values are amazing right now. Interest rates, even though that was upped by a quarter percent, it's still really, really good interest rates."
Greater Las Vegas Association of Realtors, is a professional organization comprised mostly of real estate agents who assist people buy or sell houses in Southern Nevada.
