Holy Cow! A turn around in the Las Vegas Homes market?
Last night, 4/23/2008 News 8, the news actually reported home sales had increased and that we might actually be seeing a turn around in the Las Vegas Homes market. We may have seen the worst. Sorry should have given a warning before just saying that. I know I almost fell out of my chair. Positive news on TV. Does that even sell?? Well I’ll take it!!
I’d worry about multiple offers on homes soon but we’re already there. I’ll take that too!
Las Vegas Home Market
The Las Vegas Home market is still showing strong positive signs. As of April 22nd, 2008 the total number of residential properties on the market has continued it’s decline to 21,884 from the exact search I have had since November 2007. That number down from nearly 30,000. Yeah I know, I keep stating the declining numbers of available homes in our market, but if the media can beat there negative dead horse than I’ll beat my positive one ( not the nicest analogy but let’s move on).
Considering the number of preforeclosure-short sales (see previous articles) and foreclosure properties coming onto the market hasn’t decreased (actually increasing) these numbers become even more impressive. The Las Vegas home market is gearing up to surprise a lot of people and may be as soon as this summer.
Hind site, as it’s said, is always 20/20. How many people will say I wish I had bought at the bottom of the market? It has to be one of the toughest decisions people make in buying real estate!
Las Vegas Home market
As time goes by in our Las Vegas home market, I am dealing with more short sales and bank owned properties, like any active Las Vegas real estate agent. With each and every offer, counter offer, addendum, and disclosure in our ever evolving Las Vegas market it has become brutally clear that not only the buyers need to be pre-qualified, but the inexperienced, overwhelmed, or ill prepared selling agent should also be considered. In this Las Vegas market with all of the bank owned and short sales properties both buyers agent and seller’s agent really need to know what they are doing and have the time and patience to do it right or it’s a recipe for disaster. The importance of experience on both sides of any real estate transaction has always been important but in this Las Vegas market it has become paramount to the success of the transaction and representation of the client. The right real estate agent is now more important than ever in this ever changing Las Vegas market, call me to talk more about Las Vegas bank owned and short sale properties.
Home warranty response
I didn’t think anyone actually read my blogs. Thank you for your response! Here is a home warranty review website that seems to be credible from one of the readers “shortan”. I hope it helps.
Thanks again!!
http://www.homewarrantyreviews.com/reviews
Residential for sale
The total number of residential homes/condos for sale continues to fall in Las Vegas. For the past 2 months I have the same search programmed into our Las Vegas real estate for sale and it consistently drops every 3-4 days when I submit the search to the MLS. In Nov/Dec of 2007 we were nearly up to 30,000 homes on the market, the most I have ever seen here since I have been in real estate. Since that time the home numbers leveled off and started to decline. As of today, march 12th 2008, the exact same search is at 22,684 homes/condos currently for sale in Las Vegas. Thats around 7000 fewer homes on the market in 3 months!!
2 more “experts” this week claimed we may have indications of being at the bottom of the market (national news) . If the nay sayers don’t hurry us up into this recession pretty soon they just might have to change their tune. Won’t that be nice??
I know the buyers I am currently working with are feeling the pressure as we try to submit offer after offer on the low priced homes in Las Vegas only to find 5-10 others have beat us to it. Hopefully soon all of our price ranges and homes will find themselves busy with buyers as well.
Boulder Ridge in The Ridges at Summerlin
If you are considering building a custom home or simply want to live in elegance you won’t want to miss these homes.
Christopher Homes has mastered the art of luxury home building. I have only seen a few custom homes that even come close to the beautiful included appointments here. The floor plans and elegance of these homes and surroundings are truly nothing short of incredible. Homes range in square footage from around 4000 sq. ft. to nearly 6000. Prices starting at approximately $ 1.7 Million.
These aren’t your typical Las Vegas homes and with Christopher Homes sharp attention to detail you won’t ever want to leave home.
The community offers a 24 hour guard gate as well as a gated entrance into Boulder Ridge. You’ll also have access to Club Ridges with tennis, pool, and work out facility.
Boulder Ridge in The Ridges is truly one of the finer home possibilities in all of the Las Vegas valley.
Call today for your personal tour of these incredible homes. Bill (702) 499-4461 billfitzz@gmail.com
Fairway Hills in The Ridges at Summerlin
Fairway Hills offers town home living with a low maintenance lifestyle. Toll Brothers has typically built luxury homes and it shows in this highly appointed contemporary town home development in the beautiful Ridges. Square footages range from just over 1900 sq. ft. to well over 3000. Prices begin in the mid 600’s.
Being a resident at Fairway Hills has it’s benefits too! You’ll enjoy your own clubhouse for entertaining and relaxing. Offering workout facility, kitchen, media room, pool, spa, BBQ area, and even a fire pit to relax around on cool nights (yes, Las Vegas actually has cool nights).
For your personal tour or more info call or email Bill @ (702) 499-4461 or billfitzz@gmail.com
Summerlin - The Ridges
The Ridges in Summerlin are nestled in the elevated beauty of the western mountain foothills and Red Rock Canyon. You’ll find the guard gated communities and custom home sites intertwined through the Jack Nicklaus “Bears best golf course” with some of the most spectacular mountain and strip views in all of the Las Vegas valley.
The Ridges offer 3 of the more luxurious home choices available in Las Vegas real estate. Toll Brothers builds the Fairway Ridge Townhomes (luxury low maintenance townhome living) , Christopher Homes Boulder Ridge (an incredible collection of homes that rivals most custom homes) , and for those who must have the one of a kind custom home, custom homes sites that will take your breath away. The Ridges are truly unique in Summerlin and Las Vegas.
Call today for more info or a personal tour Bill (702) 499-4461 or billfitzz@gmail.com
Las Vegas homes for sale
In continuing with yesterday’s article the market is showing indicators. The total number of Las Vegas homes and condo’s for sale has slowly dropped (supply) from a peak of nearly 30,000 over a year ago to todays search of the same being below 24,000.
I have had the discussion with quite a few people and everyone seems to know the correct answer. Not being the all knowing investor/real estate agent I can tell you it’s all speculation. What I can say is yesterday I wrote an offer for another investor on a very well priced home. I am now one of 5 offers on the property (demand) , most investors. I can say from my experience with investors recently that it is still a buyers market for the most part.
Supply is falling and demand is increasing. Buy low-sell high. Obviously there are quite a few that agree and many more that don’t. It’s tough to know when the time is right. Always has been too! I hope it continues!!
Bill (702) 499-4461 or billfitzz@gmail.com
Home warranty for your protection
Home warranties are something to consider to protect your real estate investment. They are relatively inexpensive for what they do cover. The typical warranty runs between $350 to $500 per year. While not everything is covered they are quite comprehensive. The warranty can be renewed every year for as long as you’d like.
I try to negotiate a warranty on every real estate transaction that I’m involved with. There’s nothing like getting a call from one of my clients saying my air conditioning just quit (August in Las Vegas of course) and all they have to pay is the $50 deductible, priceless!
Call or email today to talk more (702) 499-4461 or billfitzz@gmail.com