For several months the Las Vegas real estate market has been at a virtual crawl. There are currently 25,000+ single-family residences for sale, 38,000+ listings if you want to count commercial and land and everything in between.
I have several listings, fairly priced (for a stabilized and sometimes declining market) and in good conditions and locations. We've had MANY showings on these listings and lots of positive feedback when I call showing REALTORS® for feedback. But, NO offers. I've talked to many other local REALTORS® who have the same problem. Houses ARE selling but it's taking much longer than the 8 to 10 hour listing periods of just a couple years ago. In 2004 the average length of time on the market was about 7-10 days, now it's 90+ days (which is really more average and realistic).
A few weeks ago on a Friday night I receive a call from a fellow REALTOR® who says she is faxing me an offer on one of the homes I've had listed for several months. She did, but within a half hour after receiving her offer across the fax machine comes another offer from another REALTOR®. My seller's are out of town (on vacation for a week)...counter offers are being dealt with via phone, fax and e-mail. Lo-and-behold, while counter offers are still out to prospective buyers, yet another offer comes in.
We finally pull offer #1 together and we opened escrow. Sellers are tickled because, although they had to wait several months for it, they were thrown unexpectedly into the multiple-offer frenzy of a couple years ago and they got just about what they wanted for their home.
Priced right your home will sell...you just need to wait a little, be patient and look forward to the chaos ahead!
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