Las Vegas, NV (PRWEB) October 7, 2007
Largest Las Vegas Real Estate Appraisal firm principal announces Las Vegas Housing Market predictions for "rebound" to begin on 31 March 2008. Las Vegas housing market rebound prediction made by Las Vegas largest and most respected Real Estate Appraisal firm, considered the number one real estate appraisal firm as ranked by "In Business Las Vegas" and other industry journals. Vegas housing market rebound predictions made based upon emperical data and industry expertise.
"Mark your calendars, investors, home owners and anxious home sellers: The Las Vegas real estate market will rebound on March 31, 2008," predicts, Don Foster Scoggins, Nevada Certified General Real Estate Appraiser with AppraisersofLasVegas.com, Las Vegas' number one appraisal firm as rated by: 'In Business Las Vegas'.
"There is a huge pent-up demand for homes in Las Vegas, but buyers cannot or will not buy right now," Scoggins stated. "Those who can't buy because of financing will find FHA or other loan products along with lower rates in the coming months. Those who won't buy because of market uncertainty will start snatching up homes as investments as they expect price appreciation and profit for fixer-uppers, foreclosures and flips."
Commercial real estate appraisers in Las Vegas will tell you the local real estate market is ruled by the herd mentality. "Developers will hear of a shortage of apartments or industrial space and huge numbers spend a year or more to bring that product to the market. Then, when all of the new development comes on line at the same time, an oversupply begins and the herd moves on to the next high demand property type," Scoggins explained.
According to Scoggins, March is when the pendulum will begin to swing back for Las Vegas housing prices. "March begins the annual selling season, and we basically didn't have one here in Las Vegas in 2006," Scoggins explained.
Until 2007, each year the trend in the annual selling season was the same, although the numbers have differed. Scoggins has made the following expert prediction: "In March of 2008 we will see the trend resume. Even a modest number of sales will jerk the slack out of the oversupply train and begin the turnaround. On March 31, 2008, the Las Vegas housing market will officially be on its way back - appreciating slowly but steadily and getting back to 2006 levels within a couple years."
Scoggins' prediction of March 31, 2008 as the date Las Vegas property values will rebound is bolstered by three key data points.
First, Las Vegas continues to attract tourists as illustrated by the fact that McCarran International Airport accommodated a record of 4.3 million passengers in July. "When talking about big numbers, this 4.7% increase over the same month a year ago is huge," Scoggins stated with confidance. "If this were some small airport, a 5% swing would be no big deal. But, McCarran is the 11th largest airport in the world and the sixth largest in the U.S."
Second, commercial development projects currently underway are providing the local economy a needed economic booster. Developers are plunging some $2 billion a year into City Center, the largest private construction project in the world. The $4 billion Echelon Place will be built between 2008 and 2010 - another $2 billion per year being pumped into the economy. Encore at Wynn Las Vegas will be completed in 2008 at a cost of $1.8 billion.
"There is over $14 billion in just four projects - another indicator the construction industry has not collapsed," reminded Scoggins. Historically, the employment of permanent workers for new large hotel casinos is an even bigger boon to the economy.
Finally, the retail sales and gambling take of the local casinos continues to fuel the Las Vegas economy and provide jobs - and commercial construction has boomed even while residential sales have busted. "Commercial appraisers in Las Vegas are doing well - we're hiring - but, Las Vegas residential appraisers, mortgage brokers, and residential home builders and their various subs and suppliers are suffering," Scoggins, Certified General Appraiser notes. "But, the pendulum swings both ways.
"Wait until March 31, 2008. Everyone in the industry is saying 18 months to two years. But this is Las Vegas, not Detroit." Stated Don Scoggins.
Scoggins is a principal of AppraisersofLasVegas.com, the largest appraisal company in Las Vegas and has been for the past seven years according to 'In Business Las Vegas'. AppraisersOfLasVegas.com appraises houses to high-rises, condos to casinos, land to large industrial complexes in Las Vegas, Henderson, North Las Vegas, Clark County and many parts of Nevada. Principals include Don Foster Scoggins, a Certified General Real Estate Appraiser, and Arthur F. Nelson, MAI, RM, Certified General Real Estate Appraiser. Both are residential and commercial appraisers licensed in Nevada to provide appraisals of houses to high-rises and condos to casinos. They are often sought after as expert witnesses in real estate litigation and sought out by the areas largest investors and development companies to provide insight as to current and future real estate values throughout the Las Vegas Valley. Visit http://www.AppraisersofLasVegas.com to learn more.