The real estate market in 2016 will largely be like 2015

People looking to buy or sell a house in Las Vegas this year can expect pretty much the same market as 2015 — but probably with a steadily growing increase of houses for sale.

That’s the analysis of Scott Beaudry, the new president of the Greater Las Vegas Association of Realtors, the 12,500-strong professional organization for most real estate agents who help people buy and sell houses in Southern Nevada.

Beaudry, in a wide-ranging interview about what’s in store for the Las Vegas real estate market, said local valuations have been stable for the past few months, even with low inventory, or fewer homes for sale. He expects both to increase in 2016, although not as rapidly as in the previous year.

Much of the same is expected in the condo-townhouse market, with slow and steady increases. That housing option, he noted, helps the entire market by giving people who can’t afford a median-priced single family home an option for ownership that allows them to grow equity and then move up.

“That gives them a great start to home ownership,” Beaudry said.

The high-rise market has seen values increase also after going through a devastating crash during the Great Recession. “I see that coming back too, slowly, but over time,” he said.

While Las Vegas still gets lots of attention focused on distressed property sales — foreclosures and short sales — because it often led the nation in those during the recession, Beaudry says that’s much less important these days. Those houses are about 14 percent of total sales as 2016 starts, and that’s down from well over 50 percent at the worst of the economic downturn. Las Vegas has worked through the majority of those homes, he said, although we’re still seeing more than 500 notices of defaults a month.

“The good thing is that with 9 percent appreciation of home values, homes that were underwater are not underwater anymore,” Beaudry said. “It’s more of a normal market right now.”

Some bargains remain in distressed properties, he said, but buyers have to be more knowledgeable and cautious.

With bank-owned properties, the lender-owner doesn’t know what’s happened in the house like a traditional owner would, so potential buyers must do their due diligence.

“You’re buying the property pretty much as-is, so you have to go through and do your inspections,” he said.

With short sales, the private resident still owns the property and must disclose known problems, but buyers still should get all inspections.

“And there’s still some great deals out there,” Beaudry said. “Home values are amazing right now. Interest rates, even though that was upped by a quarter percent, it’s still really, really good interest rates.”

Beaudry also noted that boomerang buyers — people who lost their homes during the housing crunch and have worked through their financial and credit score issues — are a force in the Las Vegas real estate market.

“For those who have had properties foreclosed on and are currently renting, it’s a perfect opportunity to get back in and create home ownership again for you and your family.”

Beaudry answered questions about other Las Vegas real estate topics:

* Real estate tech: Apps, online searches, real estate websites have made technology, a central part of real estate, he said.

“Everything is online. Every year, more and more consumers go online to find out what their property is worth, what’s for sale in their area. A lot of consumers will go out and drive an area with apps, right there on their devices. They’ll do the research. When they hire a Realtor, most of the time they know what they’re looking for. Consumers are smart.”

* The value of hiring a Realtor: “A Realtor is schooled on the market. They know what’s happened in the past. Looking at the market data today, they’re going to have a good general idea what’s going to happen in the near future, and the consumer may not have that. So it’s our job to educate the consumer and make sure that they make the best purchase they can make, in one of the most important purchases in their lifetime.”

* How to pick an agent: The best sources, Beaudry said, are family and friends who have had a good experience buying or selling a house. If you don’t have that, don’t be shy about interviewing two or more agents — just like any other job interview — until you find the professional you can be confident will work well for you.

“You have to have that rapport. You have to have that comfort level. You have to feel you are being taken care of, 100 percent.”

* The value of schools in real estate: The reputation and performance of local schools make a big difference in property values for locals and those considering moving here, he said, and the Legislature’s action last session boosting funding for education can help improve schools and bolster what has been a less-than-desirable reputation.

“We’re still a community of families, and making the schools better is what we need. But it’s not going to happen overnight, and they’re working diligently to change that,” Beaudry said.

“It really does matters. The family is the backbone of our community. If we don’t have a good school district, families don’t want to move here.”

* Economic development: Recent announcements of new enterprises coming to the Las Vegas Valley boost the real estate market, he said, including the Faraday electric car plant coming to North Las Vegas and expansion at Switch, plus the new T-Mobile Arena, hospital expansion and more resort capacity.

“We’re really working on tech jobs,” Beaudry said.

* The value of hiring a Realtor: A designated Realtor, as opposed to a licensed agent who doesn’t belong to GLVAR, has full access to the Multiple Listing Service, plus other tools unavailable to nonmembers and non-agents, he said. Plus, the association holds its members accountable.

“We’re held to extreme high standards, ethical standards.”

Hal DeKeyser is director of product development for the Review-Journal.

ad-high_impact_4
Business
Project billed as one of the world's largest marijuana dispensaries plans to open Nov. 1
Planet 13 co-CEO Larry Scheffler talks about what to expect from the new marijuana dispensary, Thursday, July 19, 2018. (Marcus Villagran/Las Vegas Review-Journal) @brokejournalist
Oasis Biotech opens in Las Vegas
Brock Leach, chief operating officer of Oasis Biotech, discusses the new plant factory at its grand opening on July 18. (Bailey Schulz/Las Vegas Review-Journal)
UNLV Tech Park innovation building breaks ground
Construction on the first innovation building at the UNLV Tech Park is underway. (Bailey Schulz/Las Vegas Review-Journal)
Caesars Forum Meeting Center
Caesars broke ground Monday on its $375 million Caesars Forum Meeting Center (convention center) just east of the High Roller observation wheel. (Caesars Entertainment)
Technology reshapes the pawn shop industry
Devin Battersby attaches a black-colored device to the back of her iPhone and snaps several of the inside and outside of a Louis Vuitton wallet. The device, installed with artificial intelligence capabilities, analyzes the images using a patented microscopic technology. Within a few minutes, Battersby receives an answer on her app. The designer item is authentic.
Recreational marijuana has been legal in Nevada for one year
Exhale Nevada CEO Pete Findley talks about the one year anniversary of the legalization of recreational marijuana in Nevada. (K.M. Cannon/Las Vegas Review-Journal)
Young adults aren't saving for retirement
Financial advisors talk about saving trends among young adults. (Bailey Schulz/Las Vegas Review-Journal)
President Trump’s tariffs could raise costs for real estate developers, analysts say
President Donald Trump made his fortune in real estate, but by slapping tariffs on imports from close allies, developers in Las Vegas and other cities could get hit hard.
Las Vegas business and tariffs
Barry Yost, co-owner of Precision Tube Laser, LLC, places a metal pipe into the TruLaser Tube 5000 laser cutting machine on Wednesday, June 20, 2018, in Las Vegas. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye
Nevada Film Office Connects Businesses To Producers
The director of the Nevada Film Office discusses its revamped locations database and how it will affect local businesses. (Bailey Schulz/Las Vegas Review-Journal)
Opendoor isn't the typical house flipping company
Unlike most house flippers, the company aims to make money from transaction costs rather than from selling homes for more than their purchase price.
The Venetian gondoliers sing Italian songs
Gondolier Marciano sings a the classic Italian song "Volare" as he leads guests through the canals of The Venetian in Las Vegas. (K.M. Cannon/Las Vegas Review-Journal)
Building In Logandale
Texas homebuilder D.R. Horton bought 43 lots in rural Logandale. (Eli Segall/Las Vegas Review-Journal)
Indoor farming in Southern Nevada
Experts discuss Nevada's indoor farming industry. (Bailey Schulz/Las Vegas Review-Journal)
Former Fontainebleau could have become a Waldorf Astoria
Months after developer Steve Witkoff bought the Fontainebleau last summer, he unveiled plans to turn the mothballed hotel into a Marriott-managed resort called The Drew. But if Richard “Boz” Bosworth’s plans didn’t fall through, the north Las Vegas Strip tower could have become a Waldorf Astoria with several floors of timeshare units. (Eli Segall/Las Vegas Review-Journal)
LVCVA CEO Rossi Ralenkotter announces plans to retire
Rossi Ralenkotter, CEO of the LVCVA, on Tuesday confirmed a Las Vegas Review-Journal report that he is preparing to retire. Richard N. Velotta/ Las Vegas Review-Journal
Cousins Maine Lobster to open inside 2 Las Vegas Smith’s stores
Cousins Maine Lobster food truck company will open inside Las Vegas’ two newest Smith’s at Skye Canyon Park Drive and U.S. Highway 95, and at Warm Springs Road and Durango Drive. Cousins currently sells outside some Las Vegas Smith’s stores and at Fremont Street and Las Vegas Boulevard. (K.M. Cannon/Las Vegas Review-Journal)
Las Vegas home prices to continue to rise, expert says
Lawrence Yun, chief economist at the National Association of Realtors, gives homebuyers a pulse on the Las Vegas housing market. (Eli Segall/Las Vegas Review-Journal)
NV Energy announces clean energy investment
The company is planning to add six solar projects in Nevada, along with the state's first major battery energy storage capacity. Bailey Schulz/Las Vegas Review-Journal
3 Mario Batali restaurants on Las Vegas Strip to close
Days after new sexual misconduct allegations were made against celebrity chef Mario Batali, his company announced Friday that it will close its three Las Vegas restaurants July 27. Employees of Carnevino Italian Steakhouse, B&B Ristorante and Otto Enoteca e Pizzeria, all located in The Venetian and Palazzo resorts, were informed of the decision Friday morning. Bastianich is scheduled to visit the restaurants Friday to speak to employees about the next two months of operation as well as how the company plans to help them transition to new positions.
Nevada has its first cybersecurity apprenticeship program
The Learning Center education company in Las Vegas has launched the first apprenticeship program for cybersecurity in Nevada. It was approved by the State Apprenticeship Council on May 15. (K.M. Cannon/Las Vegas Review-Journal)
Las Vegas union members voting to authorize the right to strike
Thousands of Las Vegas union members voting Tuesday morning to authorize the right to strike. A “yes” vote would give the union negotiating committee the power to call a strike anytime after June 1 at the resorts that fail to reach an agreement. (Todd Prince/Las Vegas Review-Journal)
Small businesses struggle to find qualified candidates
A 2018 survey found that over two-thirds of small businesses in Nevada find it somewhat to very difficult to recruit qualified candidates. Bailey Schulz/Las Vegas Review-Journal
Nevada secretary of state website offers little protection against fraudulent business filings
Property developer Andy Pham tells how control of his business was easily seized by another person using the secretary of state website.
Caesars may be going solo in its marijuana policy
Several Southern Nevada casino companies aren’t following Caesars Entertainment’s lead on marijuana testing.
How much is the Lucky Dragon worth?
Less than a year-and-a-half after it opened, the Lucky Dragon was in bankruptcy.
Gyms and discount stores take over empty retail spaces
Grocery stores used to draw people to shopping centers. But many large retail spaces have been vacant since 2008. Discount stores like goodwill and gyms like EOS Fitness are filling those empty spaces, and helping to draw shoppers back in. K.M. Cannon/Las Vegas Review-Journal
Funding source of Las Vegas stadium for the Raiders is sound, expert says
The stadium is funded in part by $750 million of room taxes, the biggest such tax subsidy ever for a professional sports stadium. Robert Lang, executive director of Brookings Mountain West and The Lincy Institute at UNLV, says that is a good use of public funds. (Richard Velotta/Las Vegas Review-Journal)
Las Vegas needs light rail, expert says
Robert Lang, executive director of Brookings Mountain West and the Lincy Institute said he is afraid of a "congestion mobility crisis." Las Vegas needs a light rail system, he said, to accommodate the city's growing number of attractions. (Richard Velotta/Las Vegas Review-Journal)
Three takeaways from Wynn Resorts' Earnings Call
Matt Maddox came out swinging in his first earnings conference call as Wynn Resorts chief executive officer, boasting of record Las Vegas quarterly revenues and applicants lining up for work.
TOP NEWS
News Headlines
Add Event
Home Front Page Footer Listing
Circular
You May Like

You May Like