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Las Vegas Most Undervalued City
By Stephen Roberts | February 2, 2010
In January 2006 CNN published a report that ranked the 299 most overvalued cities in America in terms of home prices. In 2006 real estate was at its peak and little was undervalued. A total of 213 cities were labeled as overpriced and Naples, Florida was considered to be the worst of the bunch. Eighty-four percent of homes in that area were considered to be valued above the fair market price.
It has been a long four years since that report came out and the market was booming. What a big difference these four years have made on the real estate market and the economy in general. Today Naples real estate sells at a twenty-nine percent discount and median home prices are heavily down. Nationwide there are only eighty-seven markets considered to be overvalued in the nation. Coming in first place on the list of most undervalued homes is our city of Las Vegas. Homes here sell for forty-one percent below fair market value. Las Vegas’ big real estate boom in 2006 led to some big problems in the market today. There are many reasons for this occurrence, one of them being builders trying to capitalize on the market and creating inventory overhangs. Often times lenders were giving out loans to people who were not qualified enough for the loans, which is the reason foreclosures are so prevalent in our market today. Home values are really low so if you are looking to buy, this is your opportunity. Home values are bound to appreciate and bounce back from the market lows, it’s only a matter of time.
For a comparison between Buying and Renting a home please visit our website.
For all your real estate needs contact Steve Roberts at 702-739-4392 or visit my website at www.hendersonrealestateonline.com!
Topics: Henderson Nevada Homes, Las Vegas Nevada Real Estate, Southern Nevada Monthly Economic Update, Summerlin Nevada Real Estate, foreclosures | No Comments »