Randy Milmeister Realtor & Probate Specialist

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2230 Corporate Cir #250
Henderson, Nevada 89074
United States
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The Las Vegas Market in 2022 The Biggest Mistake I See People Make with Real Estate

It’s hard to believe, but there are still a lot of people who think a real estate crash is coming. I say, “Tell me that you don’t know anything about real estate, economics, nor current affairs without telling me.” The only thing crashing now, or the near future, is the value of the dollar. Because of that, and other factors, real estate values in Las Vegas will continue to increase. Even though home prices in town have increased over 30% in the last 2 years, I predict they’ll continue to rise almost 1% per month for 2022, barring another black swan event.

Smart people, high net worth people, know to buy assets, like residential and commercial real estate, as inflation hits a 40 year high. In addition to more money moving into RE investment because of inflation, the cost of building homes, for example, increases dramatically. Construction costs are a factor of both materials and labor. Does anyone think either will be cheaper in the next couple of years?

This leads to builders not being able to keep up with current demand and growth, adding more pressure on prices. There were less homes built in the last 10 years than any decade since the 1960’s. Babies are being born faster than homes being built. CNBC published an article stating, “The U.S. is short 5.24 million homes, an increase of 1.4 million from the 2019 gap of 3.84 million.”

The most compelling reason behind low home inventory and rising prices are Institutional investors, including pension, insurance, hedge funds. They have been buying homes for rentals since 2008. So, there are tens of thousands of homes that are off the market forever.

I heard recently from 2 acquisition managers that they expect to buy almost twice as many homes in 2022 as they did in 2021. And, they’re not limited to resale, but homes as they’re being built directly from Homebuilders. Call me for more details about what’s really happening in real estate.

After helping a lot of families over the years as a Probate Real Estate Specialist, I’ve found that a substantial amount of stress, aggravation, time, and money could have been saved if they protected the estate.

The best piece of advice that I can give any property owner to avoid this costly mistake is to set up a Living Trust. Most of our estate plan is to live forever. Estate planning is the only way to protect assets, reduce tax obligations, and avoid probate. Only about 5% of property owners have their real estate protected in a trust. Not having your property in a trust is like filing a civil lawsuit against your own estate, with the government left in charge. Do you want a judge to appoint his friend… or your sister who you haven’t talked to in 10 years…or the son who will blow it all in 6 months to be in charge of your life wealth?

Probate can cost 5-20x the cost of setting up a proper Trust and can take 6 months to years, tying up the assets. In addition to eliminating Probate, it, a) ensures that your assets and beneficiaries have some privacy, b) minimizes claims and, c) eliminates ongoing court costs and attorney fees.

The pandemic has caused me to analyze my level of service. I’m offering anyone a complimentary hour with my high-powered Estate Planning attorneys because I don’t want to see anyone I know go through the expense and stress of Probate. Call me to get a consultation with an attorney who specializes in protecting families, and ultimately wealth in real estate.



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