lasvegasrealestate411

Las Vegas Real Estate: Cash Is King

Interesting article and just some thoughts about what I see in the field since I'm doing this every day:

I'm getting buyers that have been looking at real estate in Las Vegas for a couple of years but never purchased before because the prices did not make sense to them... now they look at the same homes two years later and are in disbelief how low they are priced.

We also get buyers that are reading articles on how great of a deal Las Vegas real estate is, how much it's gone down from the highs and everybody is here to buy.

Something they all seem to have in common is chasing the same foreclosures that have been underpriced from current market value (my use of that term is just from what actual recent sales prices are) which is being skillfully accomplished by the people in charge of this to get everybody bidding the property up in price...

It's not uncommon to come across a bank owned property priced below market value in a desirable area and have 30 offers on it within a week. You would think that we are running out of land and homes for sale when you see the prices get bid up over market value. :)

It's also very common to hear the "Top Ten Values" being used and using the speculated prices of yesteryear being compared to today's asking prices like this is supposed to be the reason to buy.

Kind of like using the statistic of how many people are moving here every month that is based on how many out of state drivers licenses are turned into the DMV... which does not take into account how many people are leaving and turning their Nevada drivers licenses into other states DMV's. (In other words... the use of "net inflow" of 5,000 to 6,000 people moving into Las Vegas a month may be misleading -- as it was several years ago.)

Something else that everybody seems to fail to mention is how many more foreclosures are in the works and not yet available for sale. I've been tracking foreclosures for sale on just the Las Vegas MLS and it just keeps growing... despite quotes from a Poker Dealer that everybody is here buying everything up.

There are certainly some good deals going on here... but don't get irrational and think that everything is a good deal from sources that may not be entirely thoughtful to begin with.

Just a couple of thoughts because speculators did their damage to Las Vegas once already. We primarily do short sales and actually experience first hand what actual owners feel right now.... many of whom bought for the wrong reasons in the first place.

Please buy everything in Las Vegas that you can... just buy for the right reasons.