Do you think Las Vegas Real Estate Prices will be UP in 2012 because 2011 resale homes hit the 4th highest total on record ?

Asked by David Cooper, Los Angeles, CA Mon Jan 2, 2012

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Helene Moore, Agent, Henderson, NV
Mon Jan 2, 2012
With all the positive news in regards to our Las Vegas Recovery. I see more and more investors purchasing properties for cash and providing quality homes for rental clients. It the demand for housing in certain stable areas continues to show a high ROI those areas may see some price escalation. Properties under 100k may stay the course . Remember demand and ROI is key.

Helene M Moore
Windermere Prestige Properties
1 vote
Ron Thomas, Agent, Fresno, CA
Mon Jan 2, 2012
Nature and Ecconomics do not abide plateaus!
You can be guaranteed that everything is either going to go UP,
or go DOWN.

Las Vagas has suffered; so has Phoenix.
I think it is time!
1 vote
Jeffery Sklar, Agent, Las Vegas, NV
Mon Jan 30, 2012
I believe this year will post modest declines in the range of 3% 1st quarter, flat the 2nd quarter, and large declines during the 3rd and 4th quarters due to a large number of foreclosures coming on the market. However, I do not have a crystal ball so I am just using my best guess.

Jeffrey Sklar
Property Manager
2012 Vice Chair GLVAR Property Management Committee
Southern Nevada Property Management
8871 West Flamingo Road Suite 202
Las Vegas, NV 89147
Phone 702-522-6764
Fax 888-203-2779
0 votes
Renee Burrows, Agent, Las Vegas, NV
Sun Jan 22, 2012
I sincerely believe AB284 will get repealed eventually. I will not predict this market other than stating we have extremely low inventory with lots of multiple offers.

The longer AB284 stays around -the bigger backlog we will have of inventory. Once those homes come on the market - more declines!
0 votes
Matthew D'Er…, Agent, Las Vegas, NV
Mon Jan 2, 2012
Our local real estate economy is tied to local, state, regoinal, national and world wide economies/jobs. If these economies worsen so will Vegas, if they improve so will Vegas. My concern is our Hotel Casinos are diversifying by building casinos all over the world. We need to start marketing all the great things about Vegas, Nevada...the healthy life style...not Sodom and Gamora and have leaders who set a good example not like our ex drunken mayor. If we do this, then small, med, and large industry may start moving here. I don't think the econmy of our country is going to improve untill we get rid of Liberal, Tax and Spend leaders.
Just keep an eye on the economies of the world, try to get the real numbers of jobs and laws of supply and demand will effect our real estate market. Vote for: Term Limits, Honest Business Men not attorneys, ballanced budget, conservitive Regan like policies. Why talk about the Deck Furniture when the ship is sinking? We are at war with those who want to destroy the traditional American way of life. A war like we've not seen since 1860. So which side will you be on? Liberal, Socialists, One World, Nany State or the America that is One Nation, Under God who is the only one that gives us our "Rights"...not men. No taxation with out representation. Please don't sit on the side lines and just watch and complain as our rights and way of life are being destroyed.
0 votes
Mark Slomka, , Las Vegas, NV
Mon Jan 2, 2012
Suzie mentioned Assembly Bill 284...

I want you guys to know this can be the worst thing for real estate agents. Can it bring inventory down? YOU BET!!! Now think...what is our inventory? Is it REO? Short Sales? How many traditional sales have you seen this year? Very few if any, right? I mean traditional, not flips or trustee sales because they will go away as REO, no trustee sales, and the non-paying home owners will learn not to short sell if the NOD is going to be postponed for who knows how long. In the east coast, it takes 3 years to foreclose, and we might be heading that direction. So, what are you going to sell, or buy in this matter if AB 284 results in prolonging the foreclosure process?

Guys 2012 will be a year to pay attention. This year can be disastrous or a lot of things will still change.

With Regards,
Mark Slomka
Direct: 702-355-3931
0 votes
Suzie Marqua…, Agent, Las Vegas, NV
Mon Jan 2, 2012
I wonder if we will see some prices go up. If Assembly Bill 284 keeps the NOD's at the low levels they are at now who knows. If the inventory goes way down with the reduced NOD's we may see a uptick to prices. Stranger things have happened.
Thank You
Suzie Marquardt
0 votes
Mark Slomka, , Las Vegas, NV
Mon Jan 2, 2012
Let me get my crystal ball out....

I think prices would have been going up if we didn't keep postponing our foreclosure process with litigations and law suits. At this point I think our prices will not go much lower if any at all, but I don’t think they will go up this year. Most likely next year, which is great for some people to get on the bandwagon while they still can, because the 80’s will repeat with double digit interest rate (12% if you have great credit), and high down payments...not to mention more expensive homes.

With Regards,
Mark Slomka
Encore Realty Group
Direct: 702-355-3931
Fax: 877-895-9008
0 votes
Phil Rotondo, Agent, Melbourne, FL
Mon Jan 2, 2012
Predictions are very difficult; especially about the future.
Web Reference:
0 votes
Jeff Wallenf…, , Las Vegas, NV
Mon Jan 2, 2012
I don't know. What I do know is that median prices on REO properties are already up 8% from the lows they hit last summer. I also think it's a very good bet that interest rates for a 30 year fixed rate mortgage will be higher than 4%.
0 votes
The Medford…, Agent, Fremont, CA
Mon Jan 2, 2012

As YOU know, all any of us can do is speculate. In 2011, none of us knew that the following would occur:

• Mid-term elections would cause a change of power in the House
• Japan would have a serious earthquake and ensuing tsunami
• There would be an Arab uprising
• There would be shocks in oil pricing
• Europe’s Sovereign debt crisis would escalate
• Greece would default
• We would have our own debt ceiling debacle
• USA’s long-term debt would cause downgrading of our credit worthiness
• There would be increased volatility in the stock market
• There would be threats to remove the interest deduction
• And so on …

What will happen in 2012? Maybe this is the year California finally falls into the ocean, finally making Nevada beach-front property. I’m, guessing that would make values go up a wee bit …
0 votes
Don Maclary, Agent, Virginia Beach, VA
Mon Jan 2, 2012
I think nation wide prices will be climbing on clean deals, The news does not seperate foreclosures from regular resale. They need a lot of work in most cases and it is starting to balance as investors are grabbing the foreclosures and reselling them. Many of my clients are enjoying affordable homes in great shape because flippers do not want to sit in them.
0 votes
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