THE ADAMS TEAM
Rothwell Gornt Companies
Las Vegas Real Estate Agent Robert Adams Las Vegas Real Estate Blog
Below are a few of my thoughts on the Las Vegas market right now:
-Inventory has decreased month after month for several months now pushing us more toward a seller's market. With that being said the market is fairly balanced right now. Buyer's do not have to over pay for properties any longer and sellers are expecting to get close to appraisal value for their properties.
-Many listings are listed way above value as some sellers and listing agents still believe it is 2012-2013. The listings priced correctly are still moving quickly.
-Some neighborhoods where the values skyrocketed we are seeing some correction as other surrounding neighborhoods catch up in value.
-We are stilling seeing around 6% CAP rates give or take. You can find some good deals from time to time and still get 9% etc but it takes a little more work to find those. If inventory continues to decrease I would think the higher CAP rates would become that much harder to find.
-Rates are still very low and there is a lot of talk about increasing rates in June as well as more talk about it increasing a quarter point in Q4 for 2015. We will see how it all plays out.
-New Builders are still building and asking too much. Many times the appraisals won't come in and builders either reduce the price or the buyer will come in with cash or a mix of both. New builds are still not a good deal in my opinion and haven't been for years.
-NOD's are up slightly the past few months but are still way below the 2009-2011 days. I don't see this being a major contributing factor to inventory in the very near future. If legislation changes then maybe this will come into play again but again I don't see anything changing this right now.
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