Mastermind $100k club is on Tuesdays. Today our group brainstormed on the Las Vegas real estate market. How it is now a seller's market with multiple offers on each property listed for sale. There is less than 5 months of inventory for desirable neighborhoods. Therefore sellers are dictating sales price. Now banks who represent 90% of home sales are not paying for repair costs, home warranty, sometimes closing cost because sellers now have options. If buyer A doesn't want to buy the house there is buyer B, C, D, E, sometimes pass buyer Z. Can you believe it? I can! Home prices in Las Vegas has dropped more than 50% more in other local areas, it's time to buy. Mortgage payments coupled with low interest rate is beating out rental payments. Why not build your home equity now instead of paying for someone else's mortgage.
Century 21 Hardee-Team Realty - Houston, TX
Houston\Tomball Realtor (832)816-8066
Hi Shall-Ching, what great news! It is a nice change to hear that Sellers are in control. The buyers have gotten a big head and are used to getting their way, its about time it turns around again.
Oct 13, 2009 03:15 PM
Coldwell Banker D'Ann Harper REALTORS® - San Antonio, TX
San Antonio REALTOR, San Antonio Homes For Sale
National media keeps beating the drum about lack of jobs in Las Vegas. Is the buying population locals or out of towners?
Oct 13, 2009 03:23 PM
Keller Williams Realty Las Vegas - Las Vegas, NV
Banks are now in control and so are sellers. About 50% ar first time home buyers, the other half are investors usually out of towners with cash. Cash buyers are trumping buyers with loans. Some smaller banks are not considering FHA or VA loans. They want fast cash. Now cash buyers certainly have an advantage!
Oct 18, 2009 09:51 AM
Rainer
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Xiao-Qing (Shall-Ching) Lu
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