So why are so many buyers still sitting on the sidelines? I have been busy calling my buyers who have been sitting on the fence and letting them know "now is the time". I am also alerting the non-motivated sellers that have been patiently waiting behind the golden gate that the gate will be opening soon.
It has definitely been a challenge to get those buyers to jump off that fence but with the bargains (builders, resales, short sales and foreclosures) that are out there, the jump becomes swift and painless no-brainers! While I have been looking at properties with one client, I spot something for another at deep discounts. Just as I predicted, prices are going down slightly (and I it is my humble opinion they are bottoming out,) builder's incentives are disappearing as quick as standing inventory in the entry level market is! Weekends are insanely busy for builders who have their homes priced right (search) and this past weekend I sat in a builder's office and there were so many people in there we were packed like sardines!
So what do you think of buying now? "Where are all the bargains?" North Las Vegas seems to be the hot spot right now and I opened two NLV escrows just this week alone!
So do you think we should go looking today or tomorrow? "I want to wait for awhile!" Building permits are still being pulled at a 1:2.5 purchase ratio right now which will lower the amount of inventory in the resale market very soon. Why not buy now when homes are still relatively inexpensive, you can get incentives and closing costs paid by motivated sellers and you have a CHOICE with plenty of resale inventory and 4-6 month dirt lot build outs?
Economicallly speaking, Las Vegas Real Estate proves to be a good value:
- No Income Taxes
- Low, Capped Property taxes: 3% Owner Occupied, 8% Non-Owner Occupied
- Low Unemployment Rate
- Land Scarcity
- Many many new residents each month!
- Great weather (well for the most part!)
- Impending Boomer Retirement (it's all about the sunbelt, baby!)
So you aren't convinced to buy yet? "It's cheaper to rent!" We can't make more land, the people are still coming here in droves and rent prices are CLIMBING! In the entry level market single family (read: NOT CONDO) market, there is almost no disparity between rent prices and the price of a new mortgage payment - especially when you factor in that mortgage interest TAX DEDUCTION!
Are you ready to buy now? "But, but, but, but.....the newspaper and TV channels say....." Let me stop you right there. The newspaper and TV channels say LIST prices are going down and our valley's wages cannot support this, right? "uh huh" List prices don't change value of real estate, SALE prices determine value, along with a couple of other things such as property condition, area and concessions. Also, this valley is home to a large percentage of boomers, tipped workers and investors, those types of residents do NOT make real wages and housing remains incredibly affordable to them!
Can we go today? Sure, does 2 or 3 sound good?
Well I haven't really been able to make a same day appointment for several weeks but it makes for good drama:)
Colleen you are such a great inspiration and motivator!
All the Best,
Realtor®
Nevada Realty Solutions - Your Dream, Your Investment, You\'re Home!
8942 Spanish Ridge Avenue
Las Vegas, NV 89148
direct: 702-580-1783
fax: 702-995-8237
Renee@ReneeBurrows.com
http://www.ReneeBurrows.com
Renee if you ever want to move to Austin, I can guarantee you a position! I'm Very,Very Busy...leased home yesterday to couple relocating for DELL and wanting to lease for 9 months while building home. Showing homes Thur/Fri to couple from Maryland (snow), then showing homes Sat/Sun to local couple, then showing homes Mon/Tue to couple from Chicago (again Snow), Just hope to continue with the trend after that! It's cold here at the moment and just wish it was warmer for the snowbirds when they come in!
Being on the serious side, I know things are swinging the other direction there and know your a go getter. The market there is lucky to have agents such as your self to provide the service and guidance the buyers and sellers need. So just walk over and push them off the fence!
Danny: YES! I think we are going to be seeing more than normal of that in years to come!
Chris & Sharon: Congrats and I don't know about you but I love that feeling and rush of being so insanely busy that the days turn into nights!