No Problems...just opportunities!
In my younger days before I left the nest, if I would complain about my “difficult” life, my parents would advise me that I should turn my problems into opportunities rather than dwell on problems I had. I found it to be good advice through the years. Every community has its challenges but the measure of its citizenship and its leaders is how do we rise above those challenges and move forward. Las Vegas, the crown jewel of the Northeast Highlands, is a destination point because of its “can do” attitude and its small town charm.
We have no industry here with exception of our tourist trade which is a “win-win” situation for all concerned. Tourists stroll the Plaza taking in the sights and “damn authentic” history of the town. Many of them become enamored with Las Vegas and consider moving here.
Most informed and thoughtful potential Buyers first make a “scouting” trip to see if Las Vegas meets their personal search criteria. Every age group has its own concerns. The quality of education concerns most young parents. Seniors are chiefly interested in the availability of medical care and the fine arts. Needless to say, both age groups are very interested in the cost of housing and the availability of the houses that interest them.
Most young people who are looking to purchase generally need a “starter” home which is a 2BR/1BA house. Seniors are looking for a one level house, and they are usually downsizing so they want a house that is in the 1800-2200 square feet range. I almost forgot the segment of our population between the ages of 32 to 62. These are looking for larger homes reflecting the size of the family. Not only are they interested in the cost of a home, the quality of education for their children, but are there jobs here that would enable them to purchase.
At a New Mexico Finance Authority meeting I heard a local “housing” expert complain about the cost of housing in Las Vegas. In response to her concern I stated that in Las Vegas we recycle old homes. To restore an old home bringing it up to code is an expensive proposition. We have not had a new subdivision until recently. We do not have “tract” homes in large subdivisions where developers can shoot them out fast and quick. We have what I would call custom homes. We sell existing homes which are more expensive due to age and reconstruction. Do we have problems in this area? You bet we do, but these can be turned into opportunities if we have the right attitude and work toward solutions.
Driving around town one sees a considerable number of Realtor signs indicating that we have many homes and properties for sell, and we do. In our local (Las Vegas) MLS we have 474 properties for sell representing all classifications of property. In the month of July there are 17 properties under-contract in our local MLS. That means that we have 3.5% of all the properties listed for sale in a position to actually close. Once a property is “under-contract” it does not mean it will actually close because there are many slips “twixt the cheek and gum”. Two obstacles to closing are inspections and the funding process.
The availability of funding is a real problem. The crash of the market in 2008 led to the passage of the Dodd-Frank bill which has hurt the real estate market in Las Vegas for sure. In 2008 there were $113,940,000 loans in Las Vegas and San Miguel County. In the first five months of 2016 there were a total of $19,500,000 loans in Las Vegas and San Miguel County. In May of 2016 there were 42 mortgages recorded and of these only 11 were from “local” banking institutions. Our local banks provided 26% of the loans recorded in the courthouse. This is a problem, no doubt, but maybe we can turn that problem into an opportunity. I believe we can with leadership in all areas.
If you are looking for real estate call a local realtor and let them help you find the home or property that is the best fit for you. Realtors know the area, they will help you in all areas of purchasing a property. The Las Vegas Board of Realtors take pride in the professionalism of its members. Call a local Realtor and see if they can turn your “problem” into an opportunity that you will love and cherish.
Rocky Mountain Real Estate.