Ask a REALTOR® Advice Column

Today's “Ask a REALTOR ® ” column answers some common questions about the advantages of using a REALTOR ® . We also address some questions about property taxes, a subject that has been making news lately.

Question: I’m a veteran, and I could use some more information on any benefits I can use to help me buy a home here in Las Vegas. Any advice you can share with me?
-Tim G., Las Vegas

Answer: We’re always happy to offer advice, especially for those who have served our country. For starters, you should find a qualified REALTOR® to help you assess your needs and find properties that best meet them. As a veteran, you may also be eligible for additional resources. This can all be explored with your REALTOR® and your tax advisor. For example, you may qualify for a VA loan and/or a discount on your real estate property tax, depending on your situation. Happy house-hunting!
-GLVAR VICE PRESIDENT DEVIN REISS

Question:I’ve seen a lot of news this past year about the local housing market. It seems like some experts are wondering if some kind of housing “bubble” could burst here. I bought a small home in Summerlin more than two years ago. Do you think my house will continue to go up in value?
-George M., Las Vegas

Answer:That question comes up occasionally, especially from national media and other people who don’t live here. Like most local and national housing experts, GLVAR leaders don’t believe there is a “bubble” in the local housing market, much less one that is about to burst. We see a strong and stable housing market in the Las Vegas area. Keep in mind that Southern Nevada continues to be one of the fastest growing areas of the country. Thousands of people move here every month, and they all need a place to live. This creates continued demand for housing at a time when the cost and availability of land here limits the supply. We think home prices will continue to rise gradually in 2006, as they did in the latter part of 2005. There was no way local housing prices could continue to skyrocket like they did in 2003 and 2004, when we set national records for an annual price increase of more than 52 percent for the median-priced home here. The bottom line is that we think it’s still a good time to buy a home. But sellers need to be realistic. Since you bought your home near the beginning of our unprecedented housing boom, you can probably sell your home for much more than you paid for it. Going forward, you should not expect to see that same kind of appreciation you experienced since you bought your home in 2003.
-GLVAR TREASURER PATTY KELLEY