CNNMoney.com came out with their list of the most overvalued and undervalued cities in the United States. You can read the article here or see the list of overvalued and undervalued cities. They listed Las Vegas, Nevada as 41.40% undervalued as well as the most undervalued city in the United States. In 2006, CNNMoney.com wrote a similar article where they said Las Vegas was 38% overvalued.
Good news for those who own Las Vegas real estate. If you are looking to buy a home this appears to be a very good time. These inventory levels won’t be this high forever. I know the same thing is happening with Sarasota real estate. Inventories are declining and sales are increasing.
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The majority of vacation resort cities, including Las Vegas, have seen a decline in home values. Now is a great time to purchase a home in these markets.
The markets in many area have definitely over sold. In my market Orange County Ca. there are many investors coming into the market and buying up inventory as a high rate. Most short sales are getting many all cash offers. The time to get off the fence is now.
Myrtle Beach has a dramatic decrease in prices. Like many of the coastal areas across the country we are at prices we have not seen in 8-10 years.