The real estate industry was hit hard by in 2008 and is only now beginning to recover, but it was here in Las Vegas that housing prices truly plunged. Along with the Phoenix area and Detroit, Michigan, it was the Las Vegas metropolitan area that led the nation in the percentage drop in housing prices as well as foreclosures. The trend in housing prices is starting to reverse everywhere in the country, and Las Vegas is no different. The time to buy residential real estate is now, and the following are three reasons to focus your investment funds in the Las Vegas metropolitan area.
The price of residential real estate is no longer at the level it fell during the peak of the Great Recession, but the prices are still quite low compared to their previous peak before the recession. This is true for single family residential homes in median income level housing tracts all the way up to high-end homes in exclusive neighborhoods. In fact, the initial growth in housing prices has started at the higher end of the housing spectrum, and it is here that investors will likely see their greatest returns over time.
Potential for great returns
Over time, your return on investment with real estate will depend upon how low you can buy, and how much it is worth in the future. True, you can develop property and increase its value, but in Las Vegas, you will see the greatest opportunity to reap great rewards by simply buying residential real estate and simply maintain the properties, watching them grow in value over time.
New hotels are being developed
As the economy has started to show long-term signs of growth and stability across the nation, here in Las Vegas, these signs can be found too. Large hotels and resort projects, kept on hold for many years, have been restarted. This can be plainly seen walking down the northern part of the Las Vegas Strip. New hotels mean more jobs, and these people need a place to live. This only increases the demand for existing properties, and their values will rise.
If you are interested in buying residential property in Las Vegas and would like more information, you need to contact a good real estate broker. One example is Realty ONE Group. Led by Kuba Jewgieniew, this real estate company has the expertise you need to make informed investment decisions.