Explaining This Crazy Real Estate Market
Las Vegas houses have seen a lot of activity in the last 24 months. Some folks were wondering just why it would be that houses
in Las Vegas may appreciate over 20% in one year. The truth is, it has a lot to do with the California real estate market. Specifically, Los Angeles, San Bernardino, Riverside, San Diego and Orange counties. These had a great effect of the Las Vegas real estate market.
When a seller in Riverside sells a place that they think is a dump for $600,000 and they can buy a house in Las Vegas that they see as a mansion for $500,000, you may see why they may be willing to pay an extra $30,000 out of their own cash reserves. They get more house for less money. For them, it’s a bargain.
Now, there are experts that will talk about institutional buyers. They will speak at length on their opinions on the inflationary rate of houses in Las Vegas. The media certainly wants you to tune in to their shows or to read their web site or paper or magazine. And they use fear to do it. However, the truth is whether it is a Las Vegas house, a Henderson condo, or a Summerlin townhouse – there are simple principles at work here.
When it comes to these simple principles at work in the Las Vegas housing market, I chose to ask a simple question: What does that do to Las Vegas home pricing? Take a look at this video to learn more. It may be tongue in cheek, and still it is an accurate analogy to what happened in the Spring of 2021, versus the Spring of 2020.
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