The Las Vegas Real Estate Market: Everyone's Guessing

Did you know that Las Vegas real estate was "in the toilet", according to last month's Crystal Ball housing outlook?

"The truth as I see it today is that the real estate market in Las Vegas is in the toilet," said Larry Murphy, president of real estate research firm SalesTraq. "And the sad probability is that it will stay in the toilet a while longer."

My response to all the experts: Ever tour some of the new homes in Vegas? - They have some pretty nice bathrooms! Fast forward a few weeks and you have today's report that foreclosure filings have dropped to their lowest level since May. One day, an "expert" will tell you one thing - then the next day you'll hear another report from another "expert" saying something different.

Everybody's guessing. That's the bottom line. Analysts need something new to analyze. Publishers need something new to publish. Las Vegas high rises are good - no wait, they're bad. Invest in foreclosures - no, short sales are better deals - no, get into land... Everyone's guessing. But despite all the negative stories coming from all the media sources out there, believe it or not, buyers are still buying real estate (las vegas condos included) and sellers are still selling. Are they all idiots? Or are they just taking advantage of the market downturn and creating opportunity for themselves?

People sitting on the sidelines like to say things such as "great... a real estate agent telling me real estate is a great buy now", as they sit in their living rooms envious of their neighbor that just positive cash flowed a rental property as a result of a foreclosure deal. Marketwatch.com recently wrote an article on how investors are fleeing the market wondering what to do with their cash sitting on the sidelines.

Do you want to be a victim? Then sit there and do nothing. Remember, action creates results - YOU NEED TO TAKE SOME KIND OF ACTION IN THESE UNCERTAIN TIMES, whether it be in real estate or elsewhere!!! Finding recession proof investments is a good start for now (and they're out there - as long as you don't turn on the TV or read the newspaper).

Here's some tough love folks: Whether the Las Vegas real estate market is in the toilet or not, sitting there doing nothing just makes you part of the flush.