I am not surprised at all!
Read some of Las Vegas New Construction reports from mid September 2007 till mid November 2007.
Las Vegas new construction is moving. Two weeks ago we were seeing standing inventory to 6 month builds in the entry level single family new construction market. Today we are seeing waiting lists and price increases. Oh yes I also "got the memo" from one new construction representative that "their product is selling quickly and you (as in me, the Realtor) have no leverage anymore".
Go ahead, laugh, the market sucks right?
Rents are rising, rental vacancies are low and for people who can buy right now, there is no disparity in some areas.
Laugh even harder!
You aren't the only buyer out there (I know it is hard to believe!) so if you want to be a professional buyer (one that likes to look and offer but never buys) and find a property that is priced REALLY low make sure you lowball 50 cents on the dollar, ask for the family farm, firstborn, closing costs, rate buydowns. Oh don't forget the refrigerator and washer and dryer. The all cash investor will sneak up behind you and steal that property that you think is yours for the taking.
People think I am joking when I tell them there are certain new construction and resale markets that are moving. They also think I am joking when I tell them that the vacancy rate is low for rentals and that rental prices are being pressured upward.
Who is really going to have the last laugh?
Save the lowballs for the submarkets that have high inventories, be realistic when you are going in submarkets with low inventories.
Maggie: to be quite honest, not all areas and price ranges are moving swiftly. Just some :) It's always best to work with a Realtor who knows where those deals are :wink:
Kris: One of my pro buyers hopped on the bandwagon today. Hoping to get 2 or 3 out of the 15-20 tire kickers on board by the end of the month!
Jay: It is only up from 2003 lows. This definitely a jump start to our real estate market!
Linda: Just depends where the good finds are. It isn't a bad market, it isn't a good market. It's just a market swamped with an over abundance of inventory!
Missy :)
Andrew: :wink: Thanks for stopping by and your input!
Renee,
Good post! You tell them! Those professional buyers are a waste of our time. Now, can you come and tell the buyers here in CA too? j/k I guess that's my job. :)
Dave