I just attended the Southern Nevada Housing Day…

Dennis Smith, President of Home Builders Research (Courtesy of Las Vegas Review Journal) I just attended the Southern Nevada Housing Day 2008 conference for members of the local home building industry.  This event was attended by myself and about 700 real estate, building and development professionals.  I was there to hear the economists speak on the health of the local economy and real estate market.  The keynote speaker was Bernard Markstein, director of forecasting and analysis for the National Association of Homebuilders.  Mr. Markstein is a very knowledgeable man and spoke mainly about the National economy and housing market -I however,  was there to hear the local perspective.  Mr. Dennis Smith, President of Home Builders Research, Inc.of Las Vegas delivered just that,  a detailed analysis of the local housing market and when or if a bottom has been reached. 

Mr. Smith said that since the supply of both resale and new housing are contracting and the demand being steady we are either at the bottom or very near it.  “Any recovery will not be in a “V” shape but a flat bottom “U”!”  Meaning that we could be here in the bottom for a while before sales and prices pick up but it may take until end of 2008 or 2009 before we see much in the way of relief!  So if you are a buyer or thinking about buying real estate in Las Vegas your time is slowly ticking away to take advantage of the current price levels!  Like I have said before, the time to buy is now and we may never see prices this low again in Las Vegas!  Even a recent post on the Trump Blog states “The truth is, now is a great time to invest in real estate! Whether it is for your primary use or investment, there are great deals to be had.“!  (Remember about the data in my recent post)  So search for real estate on Vegasdreamsellers.com and leave me a comment, ask questions or just chat!

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