There are currently over 25,000 homes and condos for sale in Las Vegas, but this number is misleading as many of these homes have no chance of selling at this time due to incorrect pricing for the current real estate market conditions. One can sell a bottle of water for 3 dollars but the greatest Las Vegas Realtor couldn’t sell a home when another house which is just like it and on the same street is priced for $20,000 less.
The other issue I would like to discuss is why the Las Vegas real estate market was dead last year and is starting to pick up now. The answer is that a significant percentage of owners have to sell their property now, and they happen to be banks. The other is that with every sale of a foreclosed home in Las Vegas, the prices for the neighborhood kept dropping over a two year period.
Talk about unreasonable pricing, one home that sold for $310,000 was listed for as high for $675,000 two years ago and sold for more than the asking price of $299,000. Another house that was purchased for $415,000 three years ago sold for $289,000. Prices on a few homes have dropped $80,000-$120,000 from their purchase price in 2004-2005. 4 out of 6 homes that closed escrow in 2008 were bank owned, 1 was sold at a Las Vegas foreclosure auction, 1 was corporate owned and the others were by private sellers.
A home does not have to be a foreclosure or short sale to sell in Las Vegas, regular houses can be sold if the price is right. Actually regular sales and short sales have many advantages over foreclosed homes and this is due to the fact that an owner should logically do his /her best in order to get the top price for their home, so at the minimum they keep the house presentable and if any minor repairs to the house are required, the owner will take care of them. But an owner who has lost his down payment and is being evicted from the house couldn’t care less about the house’s condition when they leave it. I have seen houses that were badly vandalized by their evicted owners. The other issue is the all important disclosures which private sellers have to provide to the buyer and banks don’t.
Las Vegas MLS shows 7 contingent sales. Two of these are in a golf community and all are short sales or foreclosures. Perspective Las Vegas home buyers should accept the fact that if they don’t buy a new home, the chances are that they will purchase a foreclosed or short sale home. Thus extra time should be allowed to conclude these types of real estate deals. The history of one home is particularly noteworthy. This a Christopher built home which fronts a golf course in Painted Desert Golf community. It was purchased for $282,000 in 1998 and was listed for sale on October 2006 for $495,000. The asking price for this home dropped to $470,000 shortly after and remained there until Dec 2007. After another 4 price drops this home went under contract for $299,000.
Now imagine what has happened in the last 6 months to justify the price drop of $170,000 in the last 6 months. Las Vegas real estate prices have dropped in the last 6 months, but I guarantee you that the price for a $470,000 have not dropped 36%. This N.W. Las Vegas golf home was hopelessly overpriced for the current market conditions as are probably over 75% of the properties that are listed for sale.
33 homes in 89149 are currently listed for sale in the Las Vegas MLS and three of these are foreclosed, 13 short sale homes and 2 brand new homes which are listed by Astoria homes which is a new homes builder in Las Vegas. These homes are priced competitively.
Click here for Las Vegas homes for sale $250,000-$350,000 in the zip code 89149 market snapshot . I have explained Las Vegas, Henderson and North Las Vegas homes market trends snapshot in the web-site.
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