When we talk about buying investment property in Las Vegas, there are a few key statistics you need to be aware of before you jump into the market. While it’s a good time to enter, you need to get a sense of where our market is in the Las Vegas area.
We have about 3,400 listings right now, in a market with a 2.1 million population. A normal or healthy market should have about 15,000 to 17,000 listings to support a population of that size. We are also definitely a heavy investor market.
The second important statistic for you to consider is this: 61 percent of all offers that come in on homes are cash. This tells us that these are investors, and they are pushing around a lot of money. You can be sure that these are hedge funds and big players in the market who are competing with the average mom and pop investor. A few years ago, we had a lot of real estate owned and bank owned inventory in the real estate market. Right now, however, that ownership only makes up about 13 percent of the inventory. The majority of this current market includes listings that are flipped houses and short sales and the remainder are REOs.
The Ravago Group can assist you in finding the right property because we know what makes a good investment property. It’s what we manage all day long, every day of the year. We are probably best suited to help you because we can identify what will be available and what will make a good investment in the long term. We have a unique knowledge of what renters are looking for, and what sorts of properties will earn you a good return on your investment. When we help you decide what to buy, we’ll also be hoping for the opportunity to manage the property for you. Therefore, we’re going
to make sure you make a wise and educated decision that will not only make you money, but provide us with an opportunity to take excellent care of the home and the tenants who eventually live there.
Investing in Las Vegas real estate can be a challenge, and we’d love to help you work your way through it. If you have any questions, or you’d like to talk about potential opportunities, please contact us at Ravago Group Property Management.