If I were able to buy a Las Vegas home right now, I would, without a doubt. If I could afford to have two of them, I would jump at the opportunity. I have found nice homes in areas close to everything that are under $250,000, sometimes even under $220,000. Actual houses with 3 bedrooms and 2 baths and a yard. Sometimes even a pool.
The problem is, when I take buyers to see these homes that are discounted TWENTY TO FORTY PERCENT or more below what was paid in 2005 or below what non-distressed sellers are asking, they balk at the condition of these short sales or bank owned homes. When a buyer sees a nice house in good shape, they compare it to a model home and nitpick it to death. A tiny scratch on a white wall that you're going to paint anyway? "It's a dump! I want all my closing costs paid!" When they see a home that needs a lot of TLC for the price, they run away screaming.
I'm not in any way trying to complain if I have a buyer in this competitive market, I am just thinking "How can I educate my buyers into seeing the big picture?" I explain to people how AMAZING the Las Vegas real estate market is right now. There are serious bargains out there for those who look. Forbes Magazine cited Las Vegas as #2 for job growth in the nation. There will be 200,000 new jobs in the next five years. This town is going to keep growing until it spills up and over the top of the valley and fills in the outlying areas that developers can get their hands on. Coyote Springs, Pahrump and Fort Mojave, AZ are all places people will soon be commuting from to get to their job in Las Vegas. Those will be hour-long or greater drives each way. We are talking MAJOR metropolis in a decade.
Five years ago, you could get anywhere in town - from Summerlin to Green Valley - in 20 minutes. I know. I was here. I have grown up as Las Vegas has grown up.
I am doing my best to educate my buyers about the amazing opportunity one has in this kind of market. IF YOU CAN BUY NOW, BUY RIGHT NOW. If you're working with an experienced, full-time agent, you will find yourself a great deal, there are many out there.
Denise Willer is an outdoor enthusiast. In her free time she enjoys her family. If you are interested in more information about this article in particular, or Las Vegas real estate in general, please call Denise at (702)810-0082.