I cannot begin to tell you how many non-motivated sellers have listings on the Las Vegas Real Estate market.
First off let me define a non-motivated seller. It is a seller who has their home on the market just because they "can"! They don't have to sell. They are just trying to see if they can get their price, are afraid the market is crashing and panic selling or just because.
So far, I believe it is our high inventory levels and the lack of motivation by so many sellers that has kept our home prices at stagnant levels. I do believe this is changing though!
For a motivated seller to make their property get some traffic & get sold, they are now pricing it WAY low. This is NOT good news for the listings out there that are just fishing for their unreasonable price & terms. Here is why: those homes sell for the low amount and then good luck on an appraisal when you finally do get a contract in!
Here are some possible solutions to our problem:
- We as Realtors (R) need to be responsible and not take every listing that comes our way. We need to make sure we screen our potential listing clients to make sure they have the motivation and drive to do what it takes to get it sold.
- We as Realtors (R) need to educate our sellers about market changes. A subdivision AND area Market Analysis every week or two weeks would definitely not hurt.
- Investors and Speculators that aren't bleeding bad should consider renting out the homes. We only have 3 months of rental inventory compared to 12 months of resale inventory. Prices for rentals are being driven up.
- Hold off on selling if you really don't have anywhere to go soon or quick. Be patient, wait it out!
All the marketing in the world is NOT going to sell an overpriced house where the sellers really don't have the energy or drive to make it happen. Right now, more than ever, pricing correctly will make it happen!
Just some thoughts from someone who is working in this market and has to look for the needle in the haystack....
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
Another fabulous blog, Renee! We're seeing the same thing down here in Phoenix.....(sigh)
SK
Renee,
Ah if only we lived in utopia. (Tounge-in-cheek) Rebuttal and comments to your 4 points.
Good post .
We have the same problem in Elmhurst and the Chicago area. There has been so much new construction in the past few years that everyone with a older home threw it on the market. The builders bought up the homes and drove up the prices, but now these same homes are getting amost $100,000 less because the builders put on the breaks. Now there are many sellers out there trying to score on the situation that has long since passed them by. If they would get out of the market, it would be better for the value of their homes when they really need to sell.
Amen...
so much down here is priced with last year's prices but this year's dreams!
things are sitting because sellers are stuck in the mindset that they deserve those gains.
only a few are so far upside down ...
Adam & Sharon: How frustrating huh?
Herb: Great points!
Lysa: It is great to not have to rely on feedback from buyer's agents when I do that. They see the info once a week so they can sense shifts on their own.
Richard: Absolutely!
David: YES!
Clay: Great points. We work so hard to be area "experts" that if our sign just sits and sits, how much of an expert are we going to be in the end if we cannot sell it?
Wayne: Your last sentence is so true!! Hope and luck doesn't sell houses. Effective pricing and marketing strategies do!
Bryant: Same here and ours would be a housing supply crisis of 2004 proportions if people just realized...
Heather: Thanks for stopping by and commenting. It's rough all around I learned today!
Nick: Thanks for your kind comments and I did enjoy the weekend to the fullest! Did you?
George: Prolly not :(
Midori: YUP YUP! Thanks for your great comments too!