"Getting Off the Bottom of the Real Estate Market in Las Vegas"

Dear Reader,

On January 15, 2008, I sent an e-mail and the Subject Line was

"I can feel the Real Estate Market Start to Turn in Las Vegas"

I received a lot of feedback on that e-mail. The most I have ever received! Mostly from readers with an opposing point of view accusing me of being way too optimistic and that there will be no way out of this mess for at least 2 more years. One person even suggested that I find another career. That was a little drastic, but I'm a big girl and I can take it. Plus, I enjoy the debate and I learn from each person that sends feedback. So keep the feedback coming!

Since that e-mail, I'm even more optimistic. Here are my talking points:

1. December 2007, January and February of 2008 were my busiest since the last half of 2004.

2. My sales have been to couples that are 50 plus. Retiring Baby Boomers a couple of younger couples coming here for New JOBS.

3. It's my opinion that Las Vegas is coming off the bottom of the market and I'm pointing you to 3 links below that reinforce my thoughts as we "Get off the Bottom" in Las Vegas.

LAS VEGAS REAL ESTATE: Single-family home sales inch up

SLUMP? NOT HERE! Local Economic Index Hits Record

NEVADA ECONOMY: Indicator of jobless decreases  

My husband, John Kennedy, attended a breakfast yesterday put on by "In Business Las Vegas" The speaking panel was made up of 3 Real Estate Developers that are working on the Commercial/Residential Projects downtown.

All 3 representatives on the panel confirmed that the Mortgage Crisis has turned many potential home buyers that would have qualified for at the sub-prime level 6 months ago, into good renters for the foreseeable future. If you combine that fact, with another that new home builders are now selling down their inventory, rental property demand is on the rise.

So for people who own a Las Vegas residential property that

1. Is empty and has been on the market for awhile or

2. You are not having a lot of showings or

3. You're getting low ball offers, consider this!

Add a For Lease to the For Sale listing and the yard sign. If you end up leasing the property for a year, take it off the market. Today, 5 to 6000 people are moving here per month. Yesterday's panel predicted that as the jobs open up downtown next year, the number of people moving to Las Vegas could go as high as 10,000 per month starting in 2009. New home inventories will still be down because building permits tend to lag behind and when they do come back, it will be at a slower pace. That will create a better environment for pre-existing homes sales in the Las Vegas Valley.

As I said earlier, I always appreciate your feedback. So click on REPLY and let me know what you think. I'm also going to post this message on my blog at http://activerain.com/blogs/maryk where you are welcome to leave your feedback as well and many more people will see it.

As always, if I can help you in anyway and you are not currently working with a Realtor, feel free to give me a call at anytime.

Best Regards,

Mary Kennedy
RE/MAX Central
Direct: 702-324-5390
Direct Toll Free: 877-300-5390

Web: http://www.marykennedylasvegas.com/