The market for homes for sale in Las Vegas continues to remain stable, according to recent stats.
The median price of a non-distressed home in November of 2016 was $195,000. That price is down a little from last year.
We’re still not out of the foreclosure woods yet, and it may be quite a while before we ever leave the top half of the nation in that metric. That goes to show just how deep the recession had dragged our city.
According to real estate data company RealtyTrac, “In December, the number of properties that received a foreclosure filing in Las Vegas, NV was 19% lower than the previous month and 7% lower than the same time last year.”
Nevertheless, many of those homes are being purchased and prepared for the open rental market or resale. Foreclosures help cleanse a real estate market of its detrimental inventory.
Not long after the recession, hoards of investors pounced on the Las Vegas housing market to snatch up blocks of cheap homes.
Many of these buyers came in the form of federally-incentivized investor organizations, who bought homes in chunks to eventually turn into institutionalized rental businesses. Las Vegas had a large role in creating an entirely new investor segment for single-family rental homes.
Other buyers consisted of local investors looking to secure renter for long-term income.
While it’s easy to look with a skeptical eye at the intentions of these investors, they nonetheless did a tremendous service for those looking to buy or sell a home in Las Vegas.
For sellers, they helped cushion the equity plummet. If houses were left without a buyer, the market’s collective value would have fallen to Detroit levels.
Investors’ efforts to revitalize or maintain existing Las Vegas homes saved many neighborhoods from becoming altogether abandoned or crime-controlled enclaves for the underhanded.
We can understand why a homeowner may not want to live next to a renter at times. They should consider a couple of things before choosing that stance, however.
First, an occupied home is always better than an empty one. Second, many Las Vegas renters are one-time homeowners, meaning they know what it takes to maintain a home and live alongside other homeowners. This helps preserve a sense of community and sustain the value of an appeal of a street.
The hard truth is that Las Vegas will probably never again reach the real estate summit it achieved in the early 2000s. And for most of us, that’s okay.
What we ultimately want is a fair market, free of manipulation from mortgage markets or Wall Street schemers. What we want our houses for people at all income levels, and safe, economically healthy Las Vegas.