We believe the headlines are wrong about Las Vegas Real Estate. As a consumer or investor interested in Las Vegas Real Estate, we would recommend turning off that constant drumbeat of negative media about Las Vegas Real Estate. And, ignore the big picture deluge of negativity about a recession, housing market, subprime problems, the credit crunch and all things relating to our real estate industry and/or the broader economy. As much of it is inconsequential when you drill into the underlying strategy of when to buy Las Vegas Real Estate. Economic history has taught us that owning a home for your family or for a real estate investment is one of the best investments that could have been made in the last 50 years or more! But, when prices are dropping and the media is harping about how bad things are, most people simply do not have the intestinal fortitude to buy Las Vegas Real Estate. But, we would tell you ignore the spinners, prognosticators and conventional wisdom wonks and buy now. In fact you may be losing money if you don’t! Read below to understand how to leverage the financial issues impacting the Las Vegas Real Estate market. Las Vegas Realtor As an established Las Vegas Realtor who knows this market intimately we want to make a case for investing in Las Vegas Real Estate now! We believe that the issues that will stop the slide in Las Vegas Real Estate prices may also push mortgage rates higher! These two factors are intertwined; anything that you gain by prices falling further may be offset by an increase in financing your home or investment. Let’s work through the math carefully. Let’s say you are buying a house for $425K and you make a down payment of say 20%, with a 30 year fixed rate mortgage of 5.5%. Your monthly principal and interest rates come to about $2K per month (estimated) in total. Now, let’s assume the price of your Las Vegas Real Estate falls by about 10% so your house is now worth about $360K. But, if the recession has ended and mortgage rates have gone up to 6.5% your monthly payments would still be about $2K per month. And, you may lose bargaining power with the seller, as the markets may have stabilized and you’ve missed out on living in a home you love and being able to leverage the tax benefits of owning your own home. So, to summarize: sitting on the fence and waiting for all of the Chicken Little’s to say the sky has stopped falling may cost you money and the ability to live in your dream home for a year of your life. Call your Las Vegas Realtor today and get out and look at our home inventory. We have some fabulous deals, but they won’t last forever.
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