Las Vegas home sales are off by 40 percent, prices continue to fall and home builders have cut back on construction. PMI Mortgage Insurance Co. has called the city a “top at-risk market.”
With the inventory of homes for sale on the Multiple Listing Service climbing to a record 23,642 in June, certainly, the downturn has hurt real estate professionals in all areas.
“Experienced [real estate professionals] and mortgage officers are surviving, but those with less knowledge or a small network of contacts are leaving for a more steady paycheck," Robin Comacho of Direct Access Lending told the Las Vegas Review-Journal.
But not everyone thinks the sky is falling; Real estate consultant Steve Bottfeld scoffs at the notion that this slowdown is anything but temporary because the city is creating more jobs rapidly.
“What outside observers tend to miss – and sometimes even local analysts – is that this market is in the middle of a major transition. Things are changing and we think for the better," he says.
Other analysts agreed, saying Las Vegas' job creation will help create future demand for housing.
Source: Las Vegas Review-Journal
Real estate is slow everywhere right now, but the experienced agents who know their profession are still surviving...some quite well. It's not a marketplace for beginners or those whose hearts are not in it, though. Myrtle Beach is doing fairly well during the summer tourist season, but still tough for those who don't have the marketing - especially on the internet.