Nevada
Blog by Chris Shouse
Las Vegas, Nevada
All about Nevada, Traveling in Nevada, The Real Estate Market in Nevada both for buyers and sellers, A few traveling tips. A little bit of everything. Enjoy!!!!! CategoriesSubscribeRecent CommentsArchiveFavorite LinksRealTown BlogsSite Feed RSS Feed
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Nevada
Mar. 31, 2008
Categorized in: Las Vegas Market
  All the negative news is creating a crisis of confidence experts say:
This is a story from the Gwinnett Herald by reporter Brian Patton Rajeev Dhawan an expert heard a lot on MSNBC, CNN, CNBC, NBC, CBS and the Bloomfield report speaking at a conference over the weekend has been quoted as saying "he sees the current economic problems as a Crisis of Confidence by the American Public." He feels a lot of this is brought on by the focus on BAD NEWS.
The second speaker was Stephen Phyrr, senior managing director of Kennedy Wilson and Executive Director of The American Real Estate Society of Austin, Texas. Phyrr has spent much of his career studying the effects of the cyclical economy on the real estate market. To quote Mr Phyrr: " he sees a positive overall forecast for the economy and real estate in general. His conclusions are summed up in six points: 1. Overall, the positives outweigh the negatives going forward. The lack of confidence of the American public reflects the media's emphasis on the "bad news" and creates a biased picture of the real estate environment. 2. The financial markets have overreacted to the real credit crunch of 2007, making financing difficult for investors throughout 2008. 3. Real estate will fare relatively well over the next three to five years compared to other asset classes. 4. Investors will go back to the fundamentals of improving property values by improving property management, and not by using financing as a vehicle to make sense of an investment. 5. There will be plenty of financing for real estate, and lenders will look for diversified types of real estate to finance. 6. Multi-family property investments will be a beneficiary of the housing finance and home building crisis of 2007. Additionally, Phyrr discussed the importance of understanding real estate cycles. Real estate undergoes up and down cycles. Boom cycles have averaged 10 to 11 years and bust cycles have averaged five to six years over the past 30 years. Our last real estate boom topped out in 2001 and real estate values have been on a decline since then. So, based on the cycle timing and some other positive attributes, we are near or at the bottom of the down cycle and look forward to an upward trend in real estate values." All in all now is a great time to buy in Las Vegas, prices will not continue in the downward spiral they have been in. California, Nevada, Arizona, and Florida have felt these effects early and will be the first to recover. So if you are thinking of moving use the tips above and don't wait too long. |
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