“It’s only a matter of time until the pendulum swings.” How many times have I said this, dear readers? It looks like we just might have reached the bottom of the market in Las Vegas. And not just the bottom in sales that we saw in February, as I'd predicted. Yep, I'm talking the long-awaited bottoming out of prices.

About 6 weeks ago, I noted in this column that certain neighborhoods appeared to be stabilizing. In two neighborhoods, I couldn’t find houses for clients for the same price that two other clients had paid just a few weeks before. Anecdotal evidence of a bottom, but I was seeing a trend.

Earlier this week, a Las Vegas reporter wrote that Las Vegas housing prices had returned to their 23-year historic norms, based on several factors. More good news for Las Vegas homeowners.

Also this week, figures for May were released indicating a price increase for the first time in many months. It’s too early to tell whether this is a pattern. But my gut feeling is that prices are beginning to rise, in large part a result of the pressure on the lower end. I’m waiting for confirmation from my researcher.

Investors have been competing to add investment homes to their portfolios as out-of-state buyers rush to get their Las Vegas vacation or retirement home while the prices are so low. This pressure on the lower end of the market may very well be the beginning of the pendulum’s swing. It certainly feels like it when my clients are frequently unable to buy houses at the list price.

One Las Vegas Advisor reader from Canada has made 7 offers on investment homes in the past 2 weeks. All were close to list price, and at least half were at list price or over. Only one offer has been accepted. And then the poor guy was detained by Customs for 7-1/2 hours for carrying a little too much cash. Missing his flight put him at risk of completing his due diligence within the stated deadlines; we're seeking an Addendum extending the deadline so that he doesn't miss out on a great opportunity.

I have another client from New York who has 4 offers out; 3 are decent offers. None of these offers are at list price, despite my urging. All have pools, which makes them much more desireable at this time of year. None are cash offers. So this poor guy is starting out with 3 strikes against him. Like Gui Zhong, he'll strike out a few times before he listens to my advice.

If you are considering buying a Las Vegas property, you might want to check out our Top 10 Real Estate Values, and schedule that trip you’ve been putting off.

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