Las Vegas Real Estate Info

The Las Vegas Business Press is reporting that the rental market is shrinking as more apartments and homes are converted and sold. The dwindling market availability of rental properties increases the need for affordable housing that potential renters can invest in or for new projects that feature available rentals.

The condo and the high rise are gaining in popularity in the Las Vegas downtown area. These may or may not help alleviate the needs demonstrated by the shrinking rental market. This information brought to you by Las Vegas and Henderson Homes.

The average number of homes previewed by Internet homebuyers has decreased steadily in the past four years, while that of traditional buyers has changed very little over the same period. The upfront research conducted by Internet buyers has given them a better sense of market conditions compared to traditional buyers, enabling them to act more quickly to find, bid on, and close escrow on the home of their choice.

Highlights of the “2004 Internet Versus Traditional Buyer Study” include:

· Internet buyers spent an average of 5.9 weeks considering the purchase of a home before contacting a REALTOR(R), compared to 2.1 weeks for traditional buyers.

· Internet buyers spent an average of 4.8 weeks investigating homes and neighborhoods prior to contacting a REALTOR(R), compared to 1.6 weeks for traditional buyers.

· Having done significantly more research than their traditional buyer counterparts, Internet buyers spent less time looking for a home once they began working with a REALTOR(R), spending just 1.9 weeks on average, compared to 7.1 weeks for a traditional buyer.

· The typical Internet buyer also visited fewer homes with their REALTOR(R) than the typical traditional buyer. Internet buyers visited an average of 6.1 homes with their REALTOR(R), whereas a typical traditional buyer visited 15.4 homes with their REALTOR(R).

· Internet buyers tended to be younger than traditional buyers with a mean age of 38.5 years, compared to 43.5 years for traditional buyers.

· Internet buyers had higher incomes and were better educated than traditional buyers. The median income of an Internet buyer in 2004 was $168,540 while that of a traditional buyer was $142,470.

· Moreover, while most homebuyers in both groups had at least a four-year college degree, 14 percent of Internet buyers had completed post-graduate work compared to 5 percent of traditional buyers.

· Internet buyers were three times more likely to be first-time buyers than traditional buyers, with 23 percent of Internet respondents reporting that they were first-time buyers compared to 7 percent of traditional buyers.

· Internet buyers often conducted their home searches from afar, with a median distance of 100 miles between the homes they purchased and their previous residences, compared to 12 miles for the traditional buyer. More than four out of five traditional buyers purchased homes within 25 miles of their prior residence.

This information brought to you by Las Vegas Homes and Real Estate.

The beauty of Las Vegas is the land ownership. The city is surrounded by government land, military bases and mountains. The government will continue to release land until approximately 2012, at which point all the land will be consumed. The result is that Las Vegas real estate is surging. Big time. In June of 2004 the Bureau Of Land Management auctioned a 1,900 acre tract of land for development. The expected sales price was in the $280 million range; it was bought for $555 million by a collection of very optimistic home builders.

Las Vegas is one of those rare metro areas in the United States where there is a good demand for real estate and a finite supply. There are currently 1.5 million residents, and a net increase of 7,500 more each month. Las Vegas is located in the bullseye of the national sun-belt migration pattern. Retirees are heading to the sun and the fun, and enough jobs are in Las Vegas that the working class finds opportunity in the desert too.

This information brought to you by Henderson Homes