Market Conditions in 89084>Question Details

Dean Kent, Home Buyer in North Las Vegas, NV

What is the projected direction of home values over the next 18 months for homes in the 89084 and 89131 area?

Asked by Dean Kent, North Las Vegas, NV Thu Jun 12, 2008

Interested in purchasing a new or used home in the 89084 or 89131 area and was trying to get trend information on home prices/values for those areas.

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Answers

2
That is a great question and the answer depends on many variables largely legislation and jobs. Las Vegas' primary employers are the casinos. Hiring is at a plateau. However, home prices have seen a steady increase over the past year and we are currently in a Seller's market in many areas. That being said new legislation has opened the door to a flood of NODs (Notices of Default) which means we will be seeing a large influx of homes on the market over the next few months which will drive home prices down. To answer your underlying question of whether or not it makes sense for you to buy now the answer lies in whether or not you intend to buy to live or buy to rent out. If to live then it wont matter if prices fluctuate a bit before stabilizing as long as you can afford the monthly mortgage payments. If to rent then I can help you find distressed properties at a price that will produce a net positive monthly cash flow for you.
0 votes Thank Flag Link Thu Oct 31, 2013
NO ONE knows what the market will do, speculation is what got Nevada and most of the country into the mortgage mess in the first place. However, I happen to live in 89084, moving here less than a year ago from the East Coast, because I believe the area will bounce back, and property values will increase. The Trulia market charts do show some improvement, and with the slow trickle of foreclosed homes coming into the market, there seems to be an opportunity for savvy buyers that are willing to purchase and hold on to property for the long haul. Eighteen months may give you an increase, but it certainly is not long term. You have to consider taxes, closing costs as well as the purchase price to determine if that gamble is something you are willing to make.
As far as 89084; The Aliante area has wonderful parks, walking and bike trails, plenty of shopping and easy access to the 215. All of these features make it an ideal location, location, location, which can only help to improve the value in the overall climate. That said, I am hopeful that my property will increase in value, but I bought it to live in, not necessarily as an investment. If I could sell it for 50K more than I bought it for, so what, I don't plan on moving, because it is my home. I don't gamble, neither in the casino or with real-estate.
Good luck.
0 votes Thank Flag Link Tue Jun 26, 2012
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