Shoot yourself in the foot once, shame on you … shoot yourself in the foot twice, well, that’s just insane.
The Las Vegas real estate market has bounded upwards for more than a year now – up close to 30% overall, with very low inventory to boot. The theories running around the Las Vegas real estate marketplace are plentiful – some believe the high level of shadow inventory (unforeclosed upon homes that could become foreclosed upon) will somehow flood the market soon bringing this mini-boom to an end.
My view is that the banking community in Las Vegas which is summarily holding the reins is not about to shoot itself in the foot (again).
Look for a strategic release of inventory in the coming months to serve their desires to keep the market robust and the values high – a strategy I will laud them in advance for.
The remaining underwater homeowners in Las Vegas have plenty of options available to them – those looking to sell a home in Las Vegas should continue to get a good price. Those looking to buy a Las Vegas home will have more options and choices soon
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