Las Vegas Real Estate Reality

If I received $1.00 for every out of state caller or e-mail that has made this statement or something similar for the past three months? I think my income goals for the year would have been met already.

I certainly get where these statements are coming from because I read or watch the same things in the national media that callers are getting their information from. (Normally with a good scream or two on how clueless the so called ?real estate experts? are?)

Heck? even our local media is pretty much clueless with what is really going on when it comes to Las Vegas Real Estate.

Prices for Las Vegas Real Estate are less then half of what they were at the peak..

So what? Prices at the peak were bloated because of lax lending and exotic loan products.

Las Vegas is the Foreclosure Capital of the World?

So What? Could that be because the irrational exuberance during the lax and exotic lending days pushed Las Vegas home prices so high to begin with? The average Las Vegas short sale seller I deal with in selling their homes certainly understands that they paid too much for their Las Vegas home back in the day.

It?s Not About Las Vegas Home Values? It?s about DEBT

And this is what people ? specifically real estate agents?. need to focus on. It?s not about what home values are? it?s about concentrating on what debt values are.

Sure? you live in a Million dollar home and have a million dollar mortgage. Big deal?

Send a big % of your income to Wall St. Your choice. I prefer to spend that same % of income in the local economy.

Something I learned about some of the most stable real estate values in the country?. SMALL MORTGAGES or NO MORTGAGE.

Ok? Time for Some Reality about Las Vegas Real Estate

The local Las Vegas real estate economy is roaring for those that are not in debt. That?s reality. It?s really, really cheap to live in Las Vegas. I can tell you after living in the Chicago area for a couple of years? that it?s FAR cheaper to live in Las Vegas. Heck.. my property taxes in Chicago were over $1,200 a month paying for who knows what. It did not take me long to get out of that nonsense and return to Las Vegas when home values went back to reality.

For the past year.. people have caught on that Las Vegas is a GREAT place to live where their income is not being raided by everybody. Over 40% of the Las Vegas home purchases for the past year or two have been CASH deals.

Property taxes for a $200,000 Las Vegas home are around $2,000 a YEAR.

I?m moving Tech consultants who travel the country and need a home base that?s not raiding their income to Las Vegas left and right. That?s CERTAINLY a good thing.

Trust me? the guy who consults for Apple, Microsoft and some other companies that I took care of moving him from California and us going out to eat at least once a week as I show him the town is a GOOD THING. Absolutely thrilled with the amount of money he is saving and when he has to jump on a plane? really easy for him to do in minutes.

AKA ? his disposable income has more then tripled and trust me?. we have a really good time going out and so do the servers who take of us.

Las Vegas is NOT A War Zone?

Could we please end this nonsense rhetoric that just because Las Vegas home values are less then half of what they were in the real estate bubble days that it?s a depression zone?

Sure? maybe for the small percentage who have not figured out what went wrong in the first place with lax lending and exotic loans?

But for others? Las Vegas real estate is going nuts right now. Buyers from all over the country have descended on Las Vegas and for nice Las Vegas homes for under $400,000 ? expect multiple offers on the property.

The Las Vegas real estate investment numbers have been fantastic for well over a year and many have figured this out.

Personally?. I don?t really give a hoot what Las Vegas home values are. For me and many others who really get it? the lower the prices.. the better.

?Considering what is going on with Las Vegas real estate??

Lots of Laughing?.

Hey? I love doing what I do and have made people a ton of money investing in real estate the right way?

Please don?t think that what you read in the media from journalists who are clueless about the day to day realities know more about real estate then I do. Trust me? they don?t.

AKA? I?m not begging for your business because of what you read in the media thinking that Las Vegas real estate agents are sitting around waiting for your phone call because you think that the Las Vegas real estate market is horrendous.

But hey.. what do I know? I?m the Las Vegas real estate agent that was telling all of my clients to sell in 2005 and advising people NOT TO BUY Las Vegas real estate in 2006?

Your choice of what type of real estate agent you want to work with?

The Las Vegas real estate agent that forwards information from the media to you? or the Las Vegas Real Estate agent that sees what is going on and advises their clients appropriately?

Entirely up to you.

Paul Francis
Las Vegas Real Estate
702.592.3058

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