Over the past year, Las Vegas real estate has become one of the most unpredictable and turbulent markets in the country; currently, Las Vegas is a leading area in the sellers’ market. Investors are eagerly buying up Las Vegas and Henderson real estate in attempts to turn homes into rental properties for potential profit.
Zillow.com reports Las Vegas as the fourth best metro area in the U.S. for home selling. Preceded only by San Jose, San Francisco and Sacramento, CA. Out of the top selling markets, nine were located in California, Arizona, Washington and Nevada. These particular U.S. regions suffered exceptionally during the housing bust. Investors are turning loss into profit by purchasing houses in hard-hit real estate markets that were foreclosed upon, and using those properties as rentals for tenants. This buying trend has reduced home inventory in Las Vegas and Henderson real estate, and pushed prices up on available properties- particularly for less pricey homes.
Homes are generally listed for sale for a period of time that is shorter in a “sellers’ market”. When asking prices fall below or slightly below sale prices, that is a good indication that the Las Vegas real estate market is indeed a sellers’ market, right now.
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