By definition, “recovery” in any use of the word means to return to “normality” – but is there such a thing as normality in, or an order to, Las Vegas real estate market (or any) economics?
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The media constantly bombards us with news about possible “economic housing recovery” as though there exists some idyllic middle-of-the-road state in which people can rely on stable conditions in order to go about their lives. But this is both a myth and a misnomer – in economics there is no state without flux, and nor should people demand it (or accordingly expect politicians to deliver it to them).
The myth about this nirvana-esque non-flux leads to constant tampering with economic conditions by political demagogues and is helped along by blind media hype. There is no particular order to economics, there are only observable moments in time that we can gauge (retroactively, mind you) some aspects of it.
The proper way to look at Las Vegas real estate economics is to merely observe and understand – and try to to be as strategic and tactical about it as possible. It is what it is, and yet what it is will continue to change and evolve and be full of flux – and we should want it that way.
Unlike a medical patient for whom recovery means becoming “healthy”, a housing economy is healthy when it is un-tampered-with – i.e., when “laissez-faire” policy leaves it alone to sort out its own supply and demand. An investor will observe a lack of supply and respond by filling the void – but if the forces of government and media blur this for him through tampering and distorting, he cannot accurately respond and resolve the issue and becomes a dart-thrower seeking an obscure bulls-eye.
The Vegas real estate market needs, and will always have, fluctuations – be glad of it because it means somehow, somewhere, some creative producer is working to provide new affordable product to meet our demands and desires. As a Vegas REALTOR interested in the market of for sale homes in Las Vegas, I pay attention.
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