Expert: Diann Tonnesen - 3/24/2010

Question
Hello,
I want to know if now is a good time to buy in Vegas, or do you think prices will continue to fall. I know that you don't have a crystal ball, but I would greatly appreciate your professional opinion. I want to buy a SFR, 3 bedroom and two bathroom, in a good area, with good schools and a low crime rate. I want to spend about 120K and put a down payment of 60K. It will be an investment property.
Thanks,

Glen

Answer
Hi Glen,

Of course you realize you are asking a Las Vegas real estate agent if now is a good time to buy in Vegas.  :)

But seriously, our inventory has dropped WAY down and prices have actually edged up slightly over the past couple of months. We have many more buyers than sellers and there are multiple offers on anything under $250k, especially in areas with the best schools. Most homes listed under $150k are actually selling for above list price. I had to submit 14 offers to get a home for my own son last month! I don't have a crystal ball, but my best guess-timate is that prices are not going to drop any lower.

Personally we have quite a number of rental properties (all 3 bedroom 2 baths)and we pick them in the best school zones because they are always easy to rent. If you truly want the really popular areas, you need to be prepared to spend more like $140k, though you can go into the perimeter areas and get a cute home for $120k. You can expect to rent a home like that for between $1000 to $1200 per month, depending on the specific neighborhood.

If you would like to do a little surfing, you can go to my web site at http://www.greatlasvegashomes.com and get on the MLS search. Our MLS feed includes all the bank foreclosures and short sales as well as the "real" sellers. If you register, you can actually get the addresses of the properties so you can map them out by zip codes. Do you know Las Vegas at all or do you need help defining the areas with the best schools?

Diann