Las Vegas Homes, Condos, Land and Commercial Real Estate Blog

In order to show the kind of real estate market that we deal with in Las Vegas, I decided to publish another rejection letter; I have removed the house number and the name of the REO assistant’s name in order to protect their privacy.

“GATESVILLE – REJECTION NOTIFICATION

This is to inform you that the seller decided to accept another offer on this property. This property received more than 45+ offers.

Thank you again for your offer and patience.

Sincerely, T.C./Executive Asst.”

I don’t see how this can continue as last time that we had a rush on Vegas properties (2003-2006), it obviously did not last. How can a buyer get a good deal on a Las Vegas condo or house when 45 plus buyers are competing with him/her?

Furthermore, banks are not crazy enough to wholesale what they can retail and sell in a couple of days. 45 offers on homes will result in double digit appreciation that I wrote about in the last blog. The question is, is this going to continue? I certainly hope not and 20 plus offers on a home or condo is temporary, but even 3-4 offers on homes or condos in Las Vegas  will result in appreciation, but not double digit.

This is not good for Masoud, as I am sick of abnormal conditions in Las Vegas real estate. I don’t even know what normal is anymore, but one thing is for sure, this isn’t 20^th century real estate and the methods that worked 3-4 years ago are short cuts to failure. Welcome to 21^st century real estate.

At times, people do things without thinking it through, like paying $15,000-$20,000 too much to gain an $8,000 tax credit, which may or may not be extended after December 1^st. Well I highly doubt that the US Congress will make any announcement about this until late November as they want people to buy as many homes as they can by then.

Related web site pages:  Best way to buy a home or condo in Las Vegas, buy Las Vegas house for sale, buy Las Vegas condo for sale, Las Vegas real estate

Masoud and Karen Saberzadeh

Realty One Group, Las Vegas, Lasvegasaber@yahoo.com, 702-478-7800