Unsure About Vegas? You're Not Alone

Everyone is waiting to see what the Las Vegas real estate market is going to do next. With mid-term elections around the corner, consumers want to know who is going to be running Congress before they make any big purchases. Add to that the holidays around around the corner and everyone is expecting a market slowdown.

However the Vegas market has been known to confuse an analysts or two before. Many analysts say they will have a more definite position on the market after the elections and holidays.

Stevens Says Market Is Still Strong

NAR president Thomas M. Stevens recently reported to the Senate hearing committee to inform the body about the current state of the Las Vegas real estate market. Stevens told the Senate hearing committee that after five years of outstanding growth, the real estate market was destined to undergo a period of adjustment.

According to local Las Vegas analysts, the market is on its way to becoming a more balanced market. With the seller's market transitioning to a buyer's market, consumers can search for new homes knowing that the market is still strong.

More News On Mortgage Rates In Las Vegas

Las Vegas real estate has been seeing an upswing after a devastating start to the year. Many analysts contribute this to lower mortgage rates.

Reasonable mortgage rates have turned the second half of the year into a good time for buyers to purchase homes. Mortgage rates have been tracked and results show that there has been more than half a point drop since rates peaked at 7 percent in late June.

Rates have not been this low for homes in Las Vegas since early March.

New Report Shows That Existing Home Sales Are Down In Vegas

According to reports released by Susquehanna Financial Group home building analyst Stephen East the U.S. median selling price in August $225,000. This number is down by almost 2 percent from this time last year.

The report also notes that existing home sales were down by nearly 13 percent from a year ago. Last year by the month of August there were over 6 million sold.

According to East, the new home median is roughly 10 percent higher than the resale median. One could expect the resale median to increase.

Busy Year

Last year Las Vegas was considered one of the fastest growing cities in the country. There was a housing shortage that set off a wave of speculation by investors. There was a 52 percent jump in home prices. However a problem occurred when many home owners tried to cash out and flooded the market trying to sell their homes.

Now it seems as though the market is starting to cool off. Interest rates have dropped and the market has shifted to a buyers market due to the saturation of newly constructed homes and condos on the market.

Relocate While The Relocating Is Good

Many experts in Las Vegas have been worrying about the slowing of appreciation rates that are affecting consumers when it comes to purchasing a home. As it is, many home buyers are being scared out of the market.

According to the Office of Federal Housing Enterprise Oversite's second quarter figures the average housing prices have dropped.

This makes it a fantastic time to purchase real estate in Las Vegas. Whether you're in the market for condos, or looking for a new home to relocate your family to, now is the time for moving to Fabulous Las Vegas.