Redfin Predicts 1% Decrease In Prices
I believe Redfin is being too conservative. The recent interest rate decrease is just a brief relief for buyers that isn’t sustainable. Forbes reports real inflation at about 4% and there is no end in site. Mortgage rates are highly dependent on inflation and there is no way you are going to tell me this is going to decrease. We printed zillions of dollars which diluted the dollar and there is no reigning in government spending.
In the meantime, the return on investing in any real estate in Las Vegas is terrible. Even if you picked up an ugly duckling at a discount, the return would be less than 4% on a good day. Investing on properties with depreciation ahead and declining rents makes no sense at all.
The local real estate agent association president states the sky is not falling. That’s true but it’s still cloudy out there and investors should stay home. There is no reason to get wet unless they are forced to buy something due to a 1031 exchange.
These massive projects are keeping visitors flocking to Vegas. More jobs have been created and it’s keeping the housing market from collapsing entirely. I recently visited The Sphere and was impressed with the magnitude of this project. At cost of $2.3B dollars, you should put this thing on your bucket list.
The Fountaibleau was finally finished after a disastrous start in 2007. The newest and tallest hotel started when the 2008 meltdown began. It’s still not out of the woods. It will take years before it becomes profitable.
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