Las Vegas, NV Area Real Estate has had pent up demand for real estate since I got my license in 2005. People continue to move here in record numbers. Real estate for them was either a) unaffordable or b) they were unable to obtain a loan because loan products tightened.
I cannot say this enough, real estate is MOVING here. I read a depressing article online this morning saying prices still have to correct here is a direct quote: Analysts said this overabundance of unsold homes would continue to depress sales and prices for some time to come.
Pendings are up another 200 some units from an article I wrote 5 days ago. I am expecting pendings to double from January to March 2008.
New construction prices have corrected and bounced up already, REO's have an abundance of attention since three auctions in December and what we have is complete insanity here in the Las Vegas area.
I had three sign calls on a listing that was under contract midweek last week just this weekend. This is in a neighborhood with half to three quarters of a million dollar homes, mind you. I had two Realtor (R) calls on the same listing asking what are the odds of it falling out of contract. I have had TWO Realtor (R) calls in the last week on a house I had listed and it went under lease option contract in August of 2007, expected to close in August of 2008, asking what are the odds of it closing because they have interested clients. This is a three quarters of a million dollar house. I had a friend list an REO property at around noon on Saturday. She had 20+ calls from Realtors(R) and by 3 PM a Realtor (R) had stolen the key out of the lockbox so her clients can be the lucky ones to get this home. We are seeing multiple offers on bank owned properties and I am dealing with buyers playing that game right as we speak.
There are a couple of things I want to point out:
DO NOT LISTEN TO THE MEDIA. I am expecting REO prices to bounce up slightly. With pendings rising so quickly, in the next month we will see the beginning of the closings and some absorption. While their logic is correct, they are using January's numbers without foresight. When you look at February's pending numbers, you can see the game is changing.
~AND~
DO NOT EXPECT A SAME DAY APPOINTMENT when you are calling me blindly. We are running ourselves ragged and it isn't unusual for us to be booked solid a week out. Please make sure you share your wants and needs with us AS SOON as you start your online search so we can prepare to show you homes properly and you will have everything you need when you are ready to make an offer. All my clients are special to me, just because the media is saying we are slow, does not mean that it is true!
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Renee has over 20 years of negotiating, sales and marketing experience to bring to your Las Vegas, NV Real Estate transaction. Full time with probate & estate experience!
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Once the credit markets either get corrected or correct themselves.....could be a big difference in how long it takes depending upon which course of action we as a country takes, but when it does happen, we will see some pent up demand. People still WANT to buy homes....they are simply afraid to at this point in most markets!
Bob Mitchell
ValueList Real Estate Services, Inc.
Renee -
How many buyers expect that they can submit offers at 90% of list price and have a chance of getting the home they want? Are you starting to see sales again at over 100% of list price?
Do you have any large rental communities available in your area? How is the rental market out there?
Renee - ya know the Media (most of the time) is nothing more than a BUNCH of over-hyped trash that are border line lies...
OK the part about an agent STEALING THE KEYS out of the box is an ABSOLUTE classic!! That one goes down in the books! I NEVER heard that one before, you should have bolded that sentence, to get a few more eyes popping there, like mine did when I read it!
I gave you almost 4 months notice there girl, so I know I am in there, in pen, wait BOLD MARKER,,,, heeeh eee
Equitably scheduling and serving multiple clients requires quite a balancing act, but I'm sure you're up to it.
I couldn't agree with you more Renee. It's all about the facts and giving the correct information about our respective markets.
Hi Renee -- great points in your post. I'm experiencing tremendous excitement in the market right now (my showing's and offer post) and then the follow-up post on the final accepted offer. I'm thinking business is rocking right now. And hey, we were just down in Las Vegas for a NRBA meeting -- wild time!
Hi Renee - There is so much hype in Vegas about foreclosures and they are getting bid up over list price, while many fabulously priced non foreclosure properties are still sitting on the market bevuase the word "repo" does not appear in the search field of our MLS. I think we are experiencing the "herd mentality" of the buyer - the same mentality that got us into this topsy turvery market to begin with - with folks buying homes they couldn't afford in an effort to play flip that house.
AS FOR MEDIA HYPE & THE NEGATIVITY- IT IS PRETTY BAD - i AM TIRED OF BEING OFFERED 50 CENTS ON THE DOLAR FOR MY LUXURY HIGH RISE LISTINGS - FIGURES THAT ARE 1/4 OF THEIR CURENT REPLACEMENT COST!
I am seeing the same type of activity in my market in Southern Oregon. We are extremely busy with buyers and pending listings. Our local media never writes anything positive.
Renee - Happy to see that you are busy! And you are right, don't listen to the media... they only report what they want us to hear. I remember the days that I ran myself ragged, although I'm busier now than in the past 6 months I look forward to those 12 hour days of the past.