Most have heard of the "buy low, sell high" concept. So, now that home prices are down, why not jump in and make that purchase? It seems many buyers are holding out. They want to wait until the market "hits the bottom". There is considerable negative psychology surrounding the industry as a whole and it has made people nervous, if not scared. Ironically, in these times of fear people can get the best deals. Many will miss out because they are looking for some red flag indicating the perfect time to buy. By the time many do purchase prices will be on the rise once again.
For example, the downturn in the Las Vegas market is anticipated to be short lived. With huge numbers of employee needs in the next couple of years residents will be relocating to the valley in droves causing inventory to run dry and prices to climb.
Few mortgage applications are being submitted when the truely savvy are making their move. Wise investors will reap the benefits of "buy low, sell high" while others will jump on the band wagon late and "buy middle, sell middle" or worse, "buy high, sell low" which is what many faced in recent months. The key to wise investment is to go against the grain. Get ahold of our team of Las Vegas Realtors to learn more about the market.