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Coming to Las Vegas - the Las Vegas Real Estate Boom
Nobody seems to be 'Leaving Las Vegas' anymore - in fact just the opposite is true. Just as in the time of the rush Las Vegas real estate has been drawing the attention of investors and new citizens alike.
Due to huge increases in home values - reports of 52% as recently as 2004 - Las Vegas has been a real estate investor's dream. The heat was on to invest and flip properties for phenomenal profits. With all the investing an ensuing construction boom drove even more workers into the market.
Just like all gambles though the Las Vegas real estate boom started to cool off - and that may mean better offerings for you.
While many rushed into the market to make fast money the cost of real estate eventually topped out and the slow down of buyers stabilized the market. While still costing more than homes in some areas across the country, Las Vegas real estate listings still prove to be enticing for many who are selling higher priced properties in areas like California or New York and buying affordable homes in a desirable metropolitan area.
While it may be late in the game for investors, Las Vegas still holds attractions for the average home buyer.
Las Vegas is well known for its glitzy city life, mild weather and superior golf courses. However, it is not only a holiday spot or a weekend resort. While some families are making up a portion of the new citizens of Las Vegas the market is strongly moved by retirees who are making use of the low interest rates and reasonable costs to make a move.
What should you know before buying Las Vegas Real Estate? Here are some facts about the city according to the City of Las Vegas website (lasvegasnevada.gov):
? More than 5,000 people move into the Las Vegas valley on a monthly basis.
? In 2004, more than 37 million people visited Las Vegas. Compare this to 1970 when a mere 6.7 million people visited the city.
? A marriage license costs $55 in Nevada. Many couples choose to marry in Nevada because there is no blood test or waiting period.
? Median household income - $47,097
? Golf courses - 18
? Average minimum temperature - 56.3 F
? Average maximum temperature - 79.9 F
? Annual Sunshine - 294 days
With median incomes comparable or higher to the national average and housing costs still affordable it is not surprising that so many people are moving to Las Vegas.
Buyers are not only basing their decision to buy real estate strictly on availability of jobs. Now people are checking the markets for affordable housing and the shift in population may mean more jobs in that metropolitan area.
With so much to offer and a steady influx of new residents due to the cost of real estate in Las Vegas it is predicted that even with a cooling off of the current market the demand will remain steady for some time.
Shannon Emmanuel is a freelance researcher and writer. You can find out more about real estate investing at http://ask-real-estate-listings.com
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