Las Vegas real estate. The good, the bad, the ugly!
All the real estate experts will tell you how the Las Vegas market as a whole is doing. However the main driving force in the Las Vegas real estate market is R.E.O's or Bank owned homes being sold off at huge discounts. I am going to give you the statistics on this important driving force in the Las Vegas real estate market. What these current statistic reveal is that things are already changing in the Las Vegas real estate markets.
Prices continued to fall through April 2009 (click picture for larger image)
Las Vegas single family home R.E.O. sales prices continued on their price dive through April 2009. The median price of a Las Vegas home including condos, townhomes and mobile homes was reported to be $125,000 by the Greater Las Vegas Association of Realtors. The above median price of $129,175 reflects only single family R.E.O. sales only for the month of April.
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"Short Sales" in real estate are a very complex and unfamiliar transaction for Buyers. This article give you the information you need as a Buyer to understand Short Sales and how they work. Not understanding them can cost you a great deal of time, money and disappointment. Learn the inside of Short Sales from Max Schmidt a Las Vegas real estate Broker/agent.
We have all seen deals that are to good to be true. When we were kids we saw toys that seemed to walk on their own and come to life. "Wow, I got-ta have that G.I. Joe he fires a real bazooka!" Then when we get older we realize when we are presented with a deal that is too good to be true, right? Well maybe not. I am constantly amazed by the chances we all take thinking we can get, not just a good deal but, a deal that no other human being could think of getting. We are all suckers for the great deal and as my dad used to tell me "if a deal looks to good to be true, it usually is to good to be true and not a real deal." Even the super rich and well educated get suckered into "The Deal of a lifetime!" Look how many people stood in line to invest with Bernie Madoff who like his last name Mad-off with their $50 billion!
So here you are thinking about getting the deal of a lifetime in Las Vegas real estate because you know it is one of the foreclosure capitals of the world right now. You know that the average price of a Las Vegas home is down about 33% from a year ago and economists are saying the market is under valued for what the average income is by 18%. "Wow, I got-ta have one of those Las Vegas homes for sale! Maybe I'll even take more if I can find a good deal!"
You are looking through North Las Vegas houses on line when one leaps off the page at you. It looks nearly new and the asking price is only $44 per sq/ft. That's $99,000 for a 2,250 sq/ft home built in 2005. The other homes that size in that area are asking between $135,000 to $177,900. Wow. You call your real estate agent and immediately run over to see this beauty and after viewing it immediately make an offer at full price! What Seller could resist full price and you happen to have cash so the sale will be guaranteed right? Through your agents research you discover that comparable homes in the North Las Vegas area have sold from the lowest price of $105,000 (a beat up repossession) to a high of $215,000 (also a repossession). Your agent presents your offer and the Seller immediately accepts it on the condition that his lender approves the sale. Time to break out the Champaign and celebrate you just made the deal of the century right? WRONG! It is more likely you just got suckered. This is a Las Vegas home "SHORT SALE."
Sometimes life can be straight forward, like when your gas tank registers empty. But concerning Las Vegas real estate life is no longer what it seems. Like the master magicians that grace our famous strip there is a lot more going on behind the scenes that you may not be aware of. Historically real estate has been pretty straight forward with the standard statistics of homes sold, average sales price, and number of resale homes on the market. With the Las Vegas economy loosing some steam, the bubble bursting in Las Vegas home sales and repossessions sky rocketing it seems that Mortgage companies, analysts, auctioneers and anyone else connected with real estate have come up with a whole bag of tricks to dazzle us into thinking the end is near for the Las Vegas real estate bust.
"HURRY BEFORE THE BOTTOM GOES AWAY," "BUY NOW," "SALES ARE RISING DON'T MISS OUT," "LAS VEGAS REAL ESTATE MAY BE BOTTOMING OUT," "MAKE A GREAT DEAL AT OUR HOME ACTION." These and more have become the mantra of the real estate and news industry recently. I even have to laugh at myself for using like headlines in this blog. But not is all as simple as the number of home sales rising, inventory leveling off, and the falling median home price slowing. There are many other factors in this Las Vegas real estate market that are special and unique to this market. The behind the black curtain at the magic show stuff and many of you may be under educated in making those important purchasing decisions.
Broker/Salesman ABR, e-Pro Realtor in Las Vegas real estate. Specializing in residential and high-rise condominiums. Licensed in real estate since 1977. Video marketing background in real estate.
I have been involved with residential housing my whole working life. Beginning in 1971 when I was doing grading on a new subdivision site. In the mid and late 70's I flipped homes and have had much hands on experience remodeling. I have a had a general contractors license and worked as a home builder for many years. I ran a new home company that sold 360 homes per year and because of this I have been involved with several thousand home sales. I have developed subdivisions. I understand real estate as an investor as well as a real estate Broker/salesman. I attended the University of Utah and studied Communications, film production, marketing and psychology. My proudest achievement was raising my son as a single parent from age 1 to 15 when he left to experience how it would be to live with his mother. He is back now and I am so proud of him. In my spare time I enjoy billiards, scuba diving, remodeling, cooking, gardening, hiking, skiing and spending time with my family. I use my depth and expertise in real estate to enlighten, educate and help my clients reach their finance and real estate goals. I believe that you get back what your contribute to others you come in contact in life. I love my job and the people I meet. I am blessed with happiness and success.
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I love working with people who are serious and passionate about what they do and want. These types of people show a focus and intelligence that electrifies our relationship as we target and define their needs and desires. I am a lets get it done type of a person with focus and dedication to my clients. However, I am not the guy that will push anyone into anything as that is unethical.
Because I have so much experience in negotiating deals I believe I offer to my clients an edge that is hard to come by. I love negotiating the deal and seeing if I can get my client the extras they would like but don’t need. I love winning for my clients.
I have a heavy depth of experience in residential markets in all price ranges. Although I can help the first time home buyer and often do, I find that I offer the most to the person experienced in real estate or the executive business person. With this sophisticated group I can use the more advance techniques available to help them get what they want, with a higher success rate.
I love helping People with that executive homes and high-rise condos. I work well with entrepreneurs’ and business owners who have limited time and expect performance.
"The observations and recommendations he made to us were in our best interests, not his!"
"It was comforting and refreshing to have an individual with the class and integrity, that Max has, leading the way..."
Jerry and Tracy Crookston
Las Vegas, NV.
"It's Vegas Baby! Here we come... Max you were absolutely wonderful to us. We appreciate the time and energy..."
Bob & Nancy Maloney
Staten Island, N.Y.
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