Excitement

There is a growing amount of excitement that follows the Basketball Tournament (especially as we get closer to the Final Four) similar to the excitement growing amongst buyers in the Las Vegas Real Estate Market as activity is picking up due to the fact there has not been a better time to buy a home - interest rates are at historic lows and home values are comparable to prices in 1994. Not to mention that Las Vegas has been voted one of the best undervalued places to live, Zillow named Las Vegas one of the top 5 places in the country to invest, and Trulia has determined Vegas is one of the top 10 places to Buy vs. Rent. 

Opinions 

Let's face it, everyone has their own opinion on who is going to do well in the Tournament and similarly it seems like anyone you talk to you about the Las Vegas Real Estate Market also has their own opinion. Depending on who you can ask, you will get a variety of answers.  Just like if you were filling out a NCAA Bracket, you would do some research on the teams in the tournament to form your own option on who you would choose to win specific games. I would suggest the same thing with the Las Vegas Real Estate Market, do your own research and gather information from professionals (tax professionals, financial advisors, loan and real estate professionals, etc.) to form your own opinion on the opportunities in real estate and if you should be taking advantage of them. 

Experts are Wrong

No matter if you follow Dickie V's bracket picks, Joe Lunardi or any suggestions from other basketball "experts" - how many times has an expert properly predicted all the teams in the final four or the final outcome of the tournament? Sure they get some stuff right but never all aspects of the tournament. 

Same thing with the real estate market - I have come across some articles that "experts" have written that now is not the time to buy, such as Suze Orzman, and other "experts" warning that Las Vegas is one of the worst places to buy in the U.S. I personally think they are definitely WRONG! First off, if Warren Buffett, the third richest person in the world is stating NOW is time to buy real estate, I am listening (he has obviously been doing something right). 

Secondly, homeownership makes complete sense for a first time home buyers that can buy for the same amount (if not less) than what they can rent for since affordability has never been better. There are many other benefits to homeownership in addition to the fact that it is the American Dream and homeownership contributes to better communities and social stability. There are also major tax benefits to homeownership, such as: 1. There are tax benefits in regards to being able to write off a portion of your mortgage payment and other monthly expenses 2. There is the capital gains perspective that when you sell your property for a profit - as long as it has been your primary residence for 2 of the past 5 years, you can write off up to $250,000 for an individual (up to $500,000 for married couples) 3. Currently Mortgage Insurance is deductible as well (to read more about the tax benefits, click here and consult with your CPA). Lastly, homeownership is the best and easiest way to build wealth - after all you have to live somewhere so why not accumulate wealth why you are paying for a roof over your head.   

Lastly, from an investors, perspective, where else in the nation right now can you get up to an 18% return on your money purchasing a property under $30,000 and have an actual asset such as real estate (not to mention the opportunity for return when you sell the property). There are endless opportunities to make an unbelievable killing in the local market, whether you are sick of seeing your money in the bank only give you a 1% return annually or you are interested in using leverage (or other people's money) by getting a loan to make a positive cash flow and obtain a real estate asset. 

Anything Can Happen

My favorite part of March Madness is that anything can happen! Number 1 seed can play number 8 seed and depending on who wants it more and plays harder and smarter, all teams are on an equal playing field. There are multiple factors that go into which team is going to come up with the victory: Who's coach has prepared them better for the upcoming game? What is the strategy to combat the other team's strengths and weaknesses?  Which team has practiced harder? Bottom line is that it doesn't matter what seed a team placed, all that matters is the upcoming game and if the team doesn't work together and rise to the occasion, they're going to be stuck watching the rest of the tournament from the sidelines. It's anyone's game and we see big teams get knocked out of the tournament all the time (like we saw with the Butler and Pitt game). 

In the Las Vegas Real Estate Market, we see this too. Every buyer is on equal playing ground. 

For an "investor", if a property is available to buy at $50,000 and you have $60,000 in the bank, it doesn't matter if you are going up against another buyer with $300,000 in the bank. For a First Time Home Buyer, there are opportunities that certain sellers offer such as the "First Look Program" that provides an opportunity for buyers that plan on living in the property to be able to write offers on the available homes (excluding investors from being able to participate). 

The only thing that matters when it comes to buyers is the offer you make (or the game you play). Has your real estate professional (coach) prepped you for the current statistics in the market place? Are you aware of your competition (other buyers) and the process? Has your real estate professional (coach) reviewed and laid out the game plan for the strategies to purchase a property? Have you practiced (or gathered all the information you need) to make an educated decision on the over all market place?

Overall, right now is a phenomenal time to get involved in the Las Vegas Real Estate Market whether you are a First Time Home Buyer or thinking of Investing in Real Estate so your money can work for you (instead of you working for your money). If you would like a complementary consultation to review the possibilities of the local market, feel free to contact me directly at 702-332-7781.