I am interested to hear people thoughts on the Las Vegas market.
We have many new factors to consider when predicting the market in the upcoming future. Some of the topics I was looking to get more info on are:
-New legislation passed here in NV AB300, SB321, also the new law that will allow underwater homeowners to short sell their homes to themselves without an "arms-length" transaction disclosure being required.
-Hedge funds leaving Vegas
-New/higher home prices combined with lower rental rates causing lower CAP rates and cash flow
-The 80,000+ homeowners that are in default
-The spike in NOD's being filed (Las Vegas is currently the 2nd leading city for NOD's being filed.
These are just a few of the factors our local market is currently facing. Due to these factors it is hard to predict the market going out further than then next 6 months. I would expect prices to rise over the next 6 months. After 6 months it gets tricky as there are so many factors that will come into play. It will be interesting to see how it all plays out. I am looking forward to hearing everyone's input on these and other topics concerning Las Vegas.