What do you call an opportunity when everyone agrees it is a good one and lots of people have reported making money on it? Too Late! Right now, all the market indicators that I can see point to this being the time to buy; especially the bank repos. But this is true only for select price ranges and select areas. For most areas and price ranges in Las Vegas I believe prices will fall further. But these are not the properties investors are looking for. Investor properties have just about leveled out. In some of the prime rental areas, single family homes are currently selling for about 102% of asking price for well priced properties.

Sales Volume

The market started changing in January of 2008. Currently, sales of single family homes are at near record highs. See the graph below. However, the majority of sales are in the $200,000 and less price range; most of these are bank repossessions because of the incredibly low pricing. These are the properties investors target since they are affordable, have good appreciation potential and there is a ready demand for such properties.