Las Vegas, Nevada Real Estate Agent’s Las Vegas Homes, Condos, Land, Commercial Real Estate and Personal Blog

Las Vegas homes priced between $200,000 and 250,000 in 89149 in Nort West

Greater Las Vegas MLS shows 70 sold homes in $200,000-$250,000 price range since Jan 1, 2008; the true number of sold houses are higher as some foreclosure are not sold by Las Vegas Realtors and are sold in foreclosure auctions. 15 out of the 70 have sold in less than 14 days on the market. Actually one of them sold twice in less than 4 months and they say the Las Vegas residential real estate market is dead.

The majority of these homes sold after a price drop of $25,000-$60,000 and a few houses sold quickly because they were priced right from the get go. 3 out of 15 homes actually sold for more than the asking price. Those who like to keep beating a dead horse, miss on great deals. A good deal is a good deal, no matter when or where. The price per square foot for many of these homes was in the $90 range, with the exception of a Painted Desert home and other similarly situated houses. The average price per square foot for these homes was in the $150 range.

Contingent or pending sales include a 2646 square foot two story home that was built in 2004 on the larger side and a one story, 3 bedrooms, 1700 square foot, 2005 house. Again, 16 out of 17 are bank owned homes or short sales. It is easy to see how Las Vegas foreclosures have affected the housing market as private sellers have a hard time to compete with (REOS) bank owned and short sale homes.

Of the 58 Las Vegas homes that are listed for sale in 89149, the vast majority are foreclosures and short sales. Short sales usually are priced less than foreclosures due to the fact that some Las Vegas Realtors set a low price for their listings, hoping that when they contact the bank with an offer, the ROE division will take them more seriously  to come back with a counter offer.

Doing this sends the buyer and his agent as well as the seller on a wild goose chase which normally ends in failure as the bank may not answer in a reasonable time. The perspective short sale buyer could miss on other opportunities. I have read stories about frustrated buyers who had not gotten an answer from the bank for two month or longer. That is why I advise my clients to make sure that the short sale is approved by the bank, these cut down on the bank response time.

I am adding a market snapshot to my posts since it gives you a great deal of information in one place. You can see how many homes have sold in the zip code in the last three months, how many homes are listed for sale, asking prices versus sold prices, how many days on the market and number homes that have sold for more than asking price, or less. Las Vegas MLS Market Snapshot also gives you satellite, map, hybrid and bird’s eye view of any home in Las Vegas coupled with school and community information. The only shortcoming of the market analysis is that it doesn’t take into account foreclosed or auctions homes that have not involved a realtor since it gets all its information from the Las Vegas MLS.

I have gone in to quite a bit of detail in this post in order to show that the Las Vegas real estate market is very local and market trends can vary wildly with price range, location, and amenities, and that the biggest factor in selling a house is correct pricing, no matter what market trends are. A house in 89149 sold twice in four months after all.

Related web-site links: Las Vegas homes and condos and commercial real estate for sale,  Getting the best deal for your Las Vegas home or condo, Buying Las Vegas resale homes for sale