Nevada Real Estate >> Las Vegas Real Estate Specialist: February 2008

What "Pent Up Demand" Means.

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!


Thanks,  Renée Burrows 702-580-1783 Broker/Owner, REALTOR®
 

 

copyright 2006-2013 Renee Burrows, REALTOR®, Savvy Home Realty Solutions  702-966-2494

Blog Disclaimer Important Notice

Realtor/MLS Member, NAR, NVAR, GLVARAccredited Buyer's RepresentativeSeller Representative SpecialistSenior Real Estate SpecialistAt Home with DiversityResort & Second Home Property SpecialistShort Sale Foreclosure Resource

 

 

 

Sell Las Vegas Home          Las Vegas Homes for Sale     Las Vegas Rental House

              

 

 

 

Comment balloon 10 commentsRenée Burrows • February 25 2008 11:35AM
What "Pent Up Demand" Means.
share
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… more
Economic Conditions for the Las Vegas Valley February 2008
share
Economic Conditions for the Las Vegas Valley December 2007 Housing Conditions: Foreclosure/Short Sale Listings (2/23/3008): Total Listings 23269; Foreclosures Commenced: 1820, 7. 8% of all listings; Short Sales: 4731, 20. 3% of all listings; Bank… more
Las Vegas, NV Real Estate: Pendings Up 536 Units in 11 Days!
share
Las Vegas, NV Area Pendings for single family, condos and townhomes are up 536 units in 11 days and listings are down 332 units in the same time frame Buyer interest is ranging from first time buyer to experienced investor. The frenzy is mainly… more
Las Vegas, NV Area Bank Owned Listings: We Are Seeing a Seller's…
share
The bank owned market is officially a seller's market. We have seen all the signs in the last two months as the December auctions have jump started the interest in this market! I am EXTREMELY happy to report that since those December auctions: … more
Rhodes Ranch Area Active Listings/Sold/Rental Real Estate Market…
share
This Rhodes Ranch Area resale market report was generated on February 17, 2008 (graph on bottom): Active Listings : 452 Under Contract: 99 Sold 1/11-2/11/2008: 42 Months Inventory: 14. 1 Low: $115, 000; High: $3, 490, 000; Median: 260, 000(listing… more
Las Vegas, NV Real Estate Good News: Listings Down, Pendings Up!
share
Las Vegas NV Residential Real Estate still has a long way to go BUT with listings down since December and pendings up, it shows the market is M-O-V-I-N-G!! Using statistics from my December Slice-of-Pie reports here is the good news: All SFR,… more