Roberta's Las Vegas Real Estate Blog: Las Vegas Real Estate - Gloom & Doom.......or Opportunity Knocking? Part 2

Las Vegas Real Estate - Gloom & Doom.......or Opportunity Knocking? Part 2

  For Part 1 click here

For home buyers, there is not only the price break, but an incredible selection. A chance to find something within a reasonable time frame, and without on the spot, 'close enough' decisions, or having dreams dashed with 'just missed it' or bidding wars. 

 
I moved here during the housing boom, and had several agents that were too busy to return a call or an email. Even when I found one it took 6 months of searching to find my home. Yes, I received updates of the latest few homes that were 'close' to what I was looking for, and I can't recall the number of times I just missed a newly listed home, sometimes by only an hour. I actually got lucky and found my home myself......one that slipped through the cracks because of mistakes in the listing. My agent had passed it by and I almost did, but couldn't figure out why the schools listed were across town. The tiny room sizes, that sounded more like belonging to an RV, didn't match the square feet of the home, making me wonder if the foyer was the size of a basketball court. Then after my research to find all the mistakes, I had to make my offer from across the country sight unseen, so I didn't lose my find. While more than happy with my purchase, it was far from a pleasant experience.
 
My parents followed me here to continue their retirement in the sunshine, but also experienced the shock of the boom. First when they considered building new and finding that they couldn't chose a specific lot, but could select choices and hope to 'win' one in a lottery. Then they decided they didn't want to wait and wanted a resale. Oh boy, even after what I had been through and what they just experienced they still didn't get it, this market was crazy. They started catching on when they saw a FSBO 3X5 posted on a rec center bulletin board, dated that morning. It was only noon when they made the call, excited that they made this find......and probably to rub it in my nose for telling them it wasn't going to be easy. The shocked on my father's face was priceless, as he listened to this seller tell him the house was sold after taking 1 of the 5 offers that morning........from his lone ad on that index card. Good fortune came our way only 2 months into the hunt. We found another just listed and in spite of the stack of cards and a pending offer, we just happened to be there when the owners daughter called. The offer hadn't been accepted, and they were hoping for 45 days to close, instead of the 30 in the one presented. After an on the spot decision and a slight bidding war they came away with this one, but again, not a pleasant experience.
 
 
So it seems for that Vegas is a 'buyers market', offering some better prices and even some great deals compared to a short time ago, and a much less harried experience. It also seems that for most owners that have owned past the traditional 5 year window, they can price their homes to sell and or offer incentives, and still not take a loss. That seems like an excellent opportunity for both sides.
 
The only Las Vegas housing Gloom and Doom appears to be with the short term buyers, over leveraged, and mostly the flippers.........along with real estate agents. Yes, agents must also accept the reality of a normal market and return to working for a living. No more being a clerk at the counter with a line out the door. No more pointing to what is left for the day, saying that's the price take it or leave it......NEXT. No more star on the forehead for getting asking and above prices in hours or days, just from throwing out a listing.
 
 
Our opportunity comes from becoming what we were licensed to be.......real estate agents. Professional, creative, educated, helpful.......and most of all providing a true service to our customers and earn our commissions, not have them handed to you. Only those that do can feel that sense of accomplishment and know their success was based on what they achieved, and not just being the checkout clerk.
 
 
Up next - The Future of Las Vegas Real Estate

 

Comment balloon 6 commentsRoberta LaRocca • September 25 2007 10:54PM

Comments

I think every market experienced a big boom.....now it's scattered markets for different areas of dropping, stablizing with a large inventory.

We have to go above and beyond to make this work. In every market we have to adjust and go with the ups and downs...and only the strongest will survive. Keep up the good work on these posts!

Posted by Celeste "SALLY" Cheeseman, (RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE (Liberty Homes) almost 11 years ago
Sally:  You are right. Only the strong will survive and when the boom returns, I will be ready!  Thanks for your support.
Posted by Roberta LaRocca, REALTOR®, Broker, Salesperson, Property Management (Simply Vegas Real Estate) almost 11 years ago
Hi Roberta,
I am reading these posts in reverse order I am afraid (sorry).  This market is a challenge for many areas but we just have to work harder and smarter.  We'll make it!
Posted by Cynthia Tilghman, Realtor® Onslow County NC Home Specialist (Kingsbridge Realty, Inc) almost 11 years ago
Cynthia: That's ok that you are reading them in reverse.  I believe that I will make it because right now I have the time to learn as much as possible while it is slow.
Posted by Roberta LaRocca, REALTOR®, Broker, Salesperson, Property Management (Simply Vegas Real Estate) almost 11 years ago

while the method of buy and hold assures a modest investment over the long run, a shrude timing significantly maxumizes one's profit. But who can say for sure when the market has reached it's bottom...or that it is currently at the bottom? The common concencus by market analyst predict a 30% further decline in the next 6 to 9 months! I might have to reneg on my lender's offer for now: I just hope I'm not charged for their administration service!! 

Posted by David Teitelman about 10 years ago

David: Unfortunately analysts look into a crystal ball, a guess at best, and a broad overview. Even their 'predictions' can be twisted by the media. You might want to read this post.

http://activerain.com/blogsview/532603/Las-Vegas-Home-Prices

I'd suggest looking closer at the actual market, including price point and location, to base your decisions. There are variables that apply, and don't show in analyst generalizations. Especially where Las Vegas is concerned, as it is often used as a headline grabber.

 

Posted by Roberta LaRocca, REALTOR®, Broker, Salesperson, Property Management (Simply Vegas Real Estate) about 10 years ago

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