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.
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!