Roberta's Las Vegas Real Estate Blog: REALTOR.com - Las Vegas Home Buyer Interest Booms!

REALTOR.com - Las Vegas Home Buyer Interest Booms!

It's not really a surprise that leading online real estate search, REALTOR.com, is reporting that this July's Las Vegas web traffic for home searches is up 93.9% over last year's results. Home sales in Las Vegas have been increasing each month since the beginning of 2008. With the continued growth and new jobs being created over the next few years, the interest is understandable. For homes that offer exceptional value it's been typical here in the Vegas valley to have multiple offers at and above listing price.

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I'd also have to add that Las Vegas isn't the only area that has this increased traffic. It ranked #2 behind Stockton-Lodi CA, and overall they are experiencing a 29% year to year gain in traffic nationwide, with 26% more time being spent on the site to search. Page views at REALTOR.com are also up 22%, and the sister site MOVE Network has page views up 11%, indicating a lot of interest across the country. To see the increases in other areas, you'll find a list by clicking here.

A National Assn of REALTORS® survey reports that 84% of home buyers search online. I think you'll also find that most agents offer their own web searches for their market. Speaking for myself, I offer free Las Vegas real estate searches without any registration required, for both new and resale homes, MLS resales only, and another option for resales in a different format that some may find easier to use. These are all excellent tools available for today's home shopper to browse at their convenience.

For those that are ready to take a closer look or feel ready to buy, I'd recommend contacting an agent for a number of reasons. On some real estate search sites there are listings that don't exist, or at prices that aren't real. As more homes are selling here in Las Vegas, there are many times that a listing may already be under contract or pending approval. Agents have access to even more information than these online tools provide, and can put you on a personalized search specifically to fit your needs, with the results conveniently arriving in your email.

While we're at it, I'd also strongly suggest home shoppers get pre-approved for a mortgage. A REALTOR® can also help you with that, and a fairly simple process. For those self funding, you should have a bank letter of proof of funds available. Remember there is no obligation to buy, or does pre-qualifying tie you to a specific lender. I've heard of some buyers that 'just wanted to browse to see what is available'. Then they stumble into an incredible deal, only to miss it because they weren't prepared and someone else beats them to being accepted.


Having this financial information also gives you an idea of the price range you need to be looking at, instead of wasting your time looking at those that aren't a fit. That may not only be for the amount you qualify, but more importantly what will be affordable to your personal budget. Other considerations are the add-ons to a monthly payment. Property taxes and insurance, and Homeowners Assn or Assessment fees if any, that may have you wanting to adjust your range.

Typically in Las Vegas an offer will only be accepted if accompanied by a pre-approval. In some cases a buyer must be pre-approved before a listing agent will allow the home to be shown. With the bank owned foreclosures the lenders not only mandate it, but some may want you to also qualify with them before submitting an offer. Even if not required, having one makes your offer much stronger and can improve the negotiating position. Put yourself in the seller's shoes, receiving offers that have financing in place and those that don't...which would you accept?

In any case it doesn't make much sense for a buyer to create their own limitations on such a major purchase. Leisurely finding a home online, then rushing to find an agent and financing, could be costly.

 

 If you are interested in relocating to Las Vegas or would like information on Las Vegas real estate, please email me roberta@search4lasvegashomes.com or call me at 702-354-8988. I look forward to hearing from you!

 

 

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Comment balloon 9 commentsRoberta LaRocca • August 29 2008 02:44AM

Comments

Robin:  We have the same effect occurring here in Cape Coral, FL.  We ranked numbr one in foreclosures and everybody is calling.

Posted by Chris Canzano, Billion Dollar Broker - Cape Coral, FL (Villa Realty Group, Inc.) about 10 years ago

People are looking for bargains I am sure!!! Seems buyers all want a deal.

your friend in Charlottesville!

Posted by Charles McDonald, REALTOR®, Blogger, Principal Broker®, Owner (Charlottesville Real Estate Solutions) about 10 years ago

Villa: You're half right...the name is Roberta. :-) 

Yes, the list link I posted does show increases across the country, and Ft Myers / Cape Coral had a traffic gain of 69.5% on the site. Good that the interest is there.

One, some are able to buy after being priced out of the market, and if NAR's chief economist Dr. Lawrence Yun's prediction is correct for Las Vegas, the 10% - 50% gain in the next 5 years would also benefit them. The other is clearing out foreclosure inventory for the market to stabilize. While I hate to use broad terms like months of supply to define an entire market, Las Vegas has dropped to 8 months even with the influx of foreclosures. That indicates, generally speaking, inventory is headed in the right direction.  

Charles: Yes, and there are some great deals to be had across the board. Even more in the $400k to around $1 million or so range. You can't believe the home values you'll see there. Some truly incredible properties at amazing prices.

 

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

Roberta: interesting numbers for all of us. As you mentioned above, the interest in my area and yours have improved greatly and we can see it by the numbers of sales. I thought that 80% of home buyers search for properties online so I stand corrected. Some say we are about half way out of the woods and that sounds right.Good point about all these search engines potential buyers are using, you cannot beat local MLS.People can look all they want but the bottom line is the sales and these are strongly up in both our areas.Its not surprising with all the prices having being pulled down by short sales, foreclosures and auctions.Thank you for sharing. 

Posted by LLoyd Nichols, SW Florida Homes (Premier Florida Realty of SWFL) about 10 years ago

Lloyd: Yes it is good news, and a sign of increasing consumer confidence in the market.

Yes, some of those online searches....I just had this crop up with a client. I sent them a list of properties from the MLS, but it didn't jive with their online searches. They sent their results to me, and what they had found was either Pending, Contingent, or what they said they didn't want, short sales.

One was also a feed into a search site from RealtyTrac, and it doesn't exist for sale on the MLS and hasn't since 2004. Out of curiosity I was able to track it down by using the limited teaser information they provide...unless you 'subscribe'. There was a foreclosure action on the property in Feb. at the amount they 'priced' the home, and by the beginning of May another lender picked up the deed. As of today, almost 4 months later, the original owners are still listed with the county assessor. Any changes usually appear within 30 - 60 days max.

They only charge $50 a month for a subscription for this....quality information, when you or I can provide a listing of what is actually available on the MLS for free. 

 

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

Roberta - Even with market down and the high number of REOs, many people have a interest in Las Vegas. Being one of the fastest growing cities in the country, entertainment capital of the world and all the new buildings popping up all over The Strip and around Las Vegas, there will always be interest in the city that never sleeps. I really like all the info that you have on your blog, thanks!

Posted by Robert Vegas Bob Swetz, Las Vegas Henderson Homes for Sale (Realty ONE Group) about 10 years ago

Robert: No problem, glad to pass it along.

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

Roberta ... nice article about Las Vegas Real estate moving forward with positive sales, in the right direction.  I agree and suggest strongly for our home shoppers get pre-approved for a mortgage or home loan and that a REALTOR® can also help you with that.  Best wishes to you at Las Vegas. Harrison

Posted by Harrison K. Long, REALTOR , GRI, Broker associate, Attorney (HomeSmart, Evergreen Realty) about 10 years ago

Harrison: Thanks! Yes, the pre-approval is the way to go, and besides being fairly painless, can save a lot of time and aggravation. Best to you & yours in SoCal!

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

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