Boyd L. Erickson, Principal, Finnegan Erickson Associates, Henderson
The housing market will rebound earlier than the rest of the country because of the opening of the mega resorts on the Strip – which will require more employees – resulting in the need for more housing.
Amy Lessinger, Broker/Owner, RE/MAX Realty Affiliates, Reno
The housing market has dropped about 23 percent since the peak in 2006. The median was moderately stable for most of 2007, which indicates it is nearing the bottom. I expect an additional 5 to 8 percent drop in the median this year and prices will flatten toward the end of 2008.
Jim Howard, President, Desert Community Bank, Las Vegas
I predict the housing market to flatten this year and start growing in volume next year. Values have almost bottomed out and inventory of unsold homes is beginning to stabilize or shrink now. Las Vegas has always been a hot housing market and will continue to be.
Doug Geinzer, Founder, Recruiting Nevada, Las Vegas
I do not see the housing market turning around until mid-2009 when new job creation creates a demand for more home ownership. We will absorb the excess inventory that continues to get recycled by the investors who created the spike in housing costs to begin with.
Richard M. Haddrill, President and CEO, Bally Technologies, Inc., Las Vegas and Reno
It will bottom out in about a year. Las Vegas should rebound nicely over the next five years with the pipeline of casino construction projects and our favorable business environment.
Jill Dalesandry, Vice President Escrow Operations, Nevada Title Company
If you talk to 10 business leaders, you’ll get 10 views on the housing market. What is certain is that the Las Vegas market will improve before the other markets. We’ll see a challenging 2008, with improvements in 2009, as prices stabilize.