Are We There Yet?

One of the most common questions I get from buyer’s is “Are We There Yet?” "When do you think the Las Vegas real estate market will hit bottom?” Well, I can tell you that people much smarter than me think we got there.

The banks are no longer dumping bank-owned properties on the market, whether by design or not. Many agents I speak with think the banks are now leaking out inventory instead of flooding the stressed market because they recognize that scarcity drives desire. And its working. This current strategy is driving multiple offers on the houses that are available, and sometimes causing prices to go up even in our distressed market. Here is the latest article in our local paper the Las Vegas Review Journal.

The standard conversation these days regarding any property you’re buyer is interested in goes like this with your buyer and the listing agent or someone on the listing agent’s team. “OK, let me check on the status. Hello, how many offers on this property? Only 20, OK thank you.” That is, if you can get them on the phone. Many REO or Bank Owned Property Listing Teams don’t take phone calls but specify they will only respond to emails or text messages. Of course, your buyer can’t believe that’s how it works but unfortunately its true.

So now, if you’ve been waiting to get a great deal, the time to buy is now. Yes, of course we want you to buy now, but this time we really do. Condos that sold for $800,000 3 years ago can be purchased for $150,000 or less. Homes are being sold are prices that are 1/3 of what they cost to build 3 years ago. The government is willing to give you $8,000 as a tax credit that doesn’t have to be paid back but you must buy before December 1st. So huge discounts combined with tax credits, sounds like a buyer’s dream.

So, when I get a call from a buyer who's trying to decide if its time to buy, I tell them "Absolutely! What are you waiting for?"