All Forum Posts by: Mary L.

@Danushka Abeyasekera

You are not alone, Las Vegas rental market has cooled down a lot, compare to a few months ago. It was on fire last year and before May 2022. In the past 3 months, my rentals were vacant for more than one month, then I had to lower the price for 14% in order to rent it out barely after sitting on the market for about 30 days. It is not easy to find good tenants nowadays.

@David Song

Many properties in Las Vegas have already dropped 20% from the peak in May 2022, it took only 3 months for a 20% off, fast-pace dropping like a stock market, not sure if further price drop is coming or not.

Great news for both Sellers and Buyers!  

Here are some housing data for Las Vegas:

Feb 28, 2021 :  1677 unsold listing house; $355k sold house median price.  

March 31, 2021 :  1772 unsold listing house; $363k sold house median price. 

April 30, 2021 : 1827 unsold listing house; $375k sold house median price.

May 31, 2021 : 2031 unsold listing house; $385k sold house median price.

June 30, 2021 : 2454 unsold listing house; $395k sold house median price.

July 31, 2021 : 3007 unsold listing house; $405k sold house median price.

Sep 5, 2021 : 3955 unsold listing house on MLS.

Las Vegas housing median price is going up on the average of $10k per month, awesome news for the Seller!  

Inventory supply for the available houses for sale on MLS is also going up in the past few months from 1677 to 3955, great news for the Buyer that they have more choices to choose from!

Prices have been going up for the average of $10k to $20k every month in the last few months. Hot seller market.

Since the market is super hot and have a trend of going Up, and Up and Up, to maximize the Seller's profit, should the Sellers hold their property very tight, and do NOT sell any property now, wait for a few more years, for the much bigger selling profit return?  

@Sang Yi

Hi,

I’m an investor and a real estate agent in Las Vegas.

the biggest issue of a condo is, Water leaking, water damage, mold remediation, between upstairs condo and downstairs condo. Super headache...

Next would be HOA, rules, regulations, violation, penalty fines. Then tenants complaints noise between upstairs and downstairs due to the very thin walls between the condo.

If values increase 15% to 20% in 4 months, at the same speed, does it mean value will increase 45% to 60% in 12 months this year?

60% yearly appreciation sounds very attractive. It reminds me that it happened once that values in Vegas increased 50% in 12 months from year 2004 to 2005.

If I jump in and flip now, buy a property at $300k, spend zero dollars on the house, wait 4 months later, then list the same house as-if for sale at 20% more than what I pay for today, say $360k.

Or if I hold the same house for 8 months, and list it at 40% more, sell it as-if at $420k. Sounds like quick easy money. Very attractive...

My $370k flip just closed escrow yesterday; hence, now I have money to flip another house. Search it on MLS, found another good deal house for flipping that is listed 2 days ago, I made an offer immediately with 10 days due diligence, waive appraisal, waive home inspection, I pay HOA CIC transfer fee (normally Seller's expense). The listing agent told me that, they have 3 cash offer on the table, all 3 offers waive appraisal, all 3 offers waive home inspection, all 3 offers even "waive due diligence", that meant 0 (Zero) Days Due Diligence!! Are you serious?? Zero days Due Diligence?? I thought about it for one hour. Then I revise my offer, and submit my offer with 0 (Zero) Day Due Diligence too. Still have not heard back from the Seller yet. Hopefully, the Seller would pick my offer, so I can flip another house...

Las Vegas market is extremely hot, hot, hot now. Absolutely a seller market. Buyers fighting and got over bid in many houses. I bought a townhouse at $260k two months ago, list it at $370k after renovations one month later, and got full price offer. Another example, 5 months ago, I listed another townhouse for $30k over Comp on MLS, nobody look at it at all. Five months later, all of the sudden, I got two full price offers on a townhouse that is $30k over Comp. Can you imagine townhouse price is increased for $30k in 5 months from $230k to $260k? It is not an imagination. It is happening in Vegas today.