Few things are as exciting as watching your home vaue double in about 9 months. Such was the case when we moved to Las Vegas in June of 2003. We had made several trips out ot Las Vegas to search for a home and finally narrowed it down to a 3300 sq ft home on a half acre in a gated community in North Las Vegas. The lines had already started to form we were number 30 on a list that would eventually be over 200.
As we sat in the new home builders office he took a call from some buyers who had changed their mind. The property and home they had picked out was the same one we loved. He drew up a new contract and over the next six months the builders built our home. Each time I came by the new home office to ask questions or get an update there was a new price sheet. The home we purchased at 320000 was now 400000 and then 500000 soon it was 600000 and on and on.
To be perfectly honest, we were more focused on paint, window treatments, landscaping and sneeking in after the builders were gone to do surround sound throughout the home than we were on what was happening to the price. The builders were making subtle changes to the new homes they built but by and large we watched people pay 600000 dollars for what we had purchesed 5 months earler for half the price. It did not seem real.
It was not until we made the decision to move that price point came up again. It was the end of 2006 in September that we put our home on the market. The market was flooded with properties. Over 22000 on the secondary market not including new homes standing inventory. Just 2 years before if you wanted a property with a half acre or more in Vegas you would most likely be out of luck or pay a premimum. Now there were literally thousands of half acre properties and 1 acre properties on the market.
How did we sell our Home just after Christmas for 675000? You may be thinking by now that the lesson I learned while in Vegas was to sell sooner in a good market. That could be a lesson. You may be thinking the lesson I learned was to risk more in a good market buy more properties.
The real lasting lesson, we took away from our experience in Las Vegas was this: How to make your property stand out and sell in what many people would call an impossible market.I have scarcely touched on the difficulties of that market, sub prime loans dissapearing, builders one block over from my home offering incentives like FREE swimming pools with the purchase of a new home on 1/2 acre (asking significantly less than we were asking for our property). Real Estate agents giving away a new car with he purchase of a home. Prices were rock bottom in some places. I watched people put a property on the market for 500000 and drop it to 350000.
So how did we do it? We sold our home when we bought it! Stop scratching your head and I will explain. In over 10 years of investing in real estate we have learned how to buy the home you want. I still have one property in Vegas that I believe would sell right now in about 6 weeks. Why? Because it is in a super location, close to the strip and easily accessible to freeways, It is private, it is roomy and I am keeping it because I like to visit Vegas too.
Some things can be taught and somethings have to be caught. I love to hang out with people who have incredible gifts. In some cases they can teach me things. In other instances hanging around them and seeing how they live through challenges is the best teacher.
The link above is help for you if you need it but especially for your clients.
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