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Las Vegas Listing Inventory: Only Serious Sellers Need Apply!

I cannot begin to tell you how many non-motivated sellers have listings on the Las Vegas Real Estate market.

First off let me define a non-motivated seller. It is a seller who has their home on the market just because they "can"! They don't have to sell. They are just trying to see if they can get their price, are afraid the market is crashing and panic selling or just because.

So far, I believe it is our high inventory levels and the lack of motivation by so many sellers that has kept our home prices at stagnant levels. I do believe this is changing though!

For a motivated seller to make their property get some traffic & get sold, they are now pricing it WAY low. This is NOT good news for the listings out there that are just fishing for their unreasonable price & terms. Here is why: those homes sell for the low amount and then good luck on an appraisal when you finally do get a contract in!

Here are some possible solutions to our problem:

We as Realtors (R) need to be responsible and not take every listing that comes our way. We need to make sure we screen our potential listing clients to make sure they have the motivation and drive to do what it takes to get it sold.
We as Realtors (R) need to educate our sellers about market changes. A subdivision AND area Market Analysis every week or two weeks would definitely not hurt.
Investors and Speculators that aren't bleeding bad should consider renting out the homes. We only have 3 months of rental inventory compared to 12 months of resale inventory. Prices for rentals are being driven up.
Hold off on selling if you really don't have anywhere to go soon or quick. Be patient, wait it out!

All the marketing in the world is NOT going to sell an overpriced house where the sellers really don't have the energy or drive to make it happen. Right now, more than ever, pricing correctly will make it happen!

Just some thoughts from someone who is working in this market and has to look for the needle in the haystack....

All the Best,

Renee Burrows
Realtor®

Nevada Realty Solutions - Your Dream, Your Investment, You\'re Home!
8942 Spanish Ridge Avenue
Las Vegas, NV 89148
direct: 702-580-1783
fax: 702-995-8237
Renee@ReneeBurrows.com
http://www.ReneeBurrows.com

Posted by Renee Burrows - Las Vegas NV. ASK ABOUT -1st Time Buyer Down Payment Assistance! on 04/04/2007 10:39 AM

Comments (15)

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Originally posted at: Nevada Real Estate >> Las Vegas Real Estate Specialist: Las Vegas Listing Inventory: Only Serious Sellers Need Apply!

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15 Comments on Las Vegas Listing Inventory: Only Serious Sellers Need Apply!

APR

2007

Another fabulous blog, Renee! We're seeing the same thing down here in Phoenix.....(sigh)

Renee,

Ah if only we lived in utopia. (Tounge-in-cheek) Rebuttal and comments to your 4 points.

There are a lot of Brokerages and Agents that have only been taught to take the listing at any price. Given a large inventory of real estate you will then have a listing to advertise and a large inventory of other agents listings to show for your new buyer prospects.
That would require extra work and may cause the Seller to withdraw their listing. Then the Agent would have nothing to advertise and no way to sell your well priced listing if they have no buyers.
A great opportunity lies within number 3 for the savvy Investor who analyzes this criteria correctly.
The market has never needed inventory from a Seller who's only motivation is " If they pay me what I want I'll Sell " attitude.

Good post .

Hi Renee, Add the Daytona area to Vegas and Phoenix. I like your CMA idea... I love this site, I learn so much!

We have the same problem in Elmhurst and the Chicago area. There has been so much new construction in the past few years that everyone with a older home threw it on the market. The builders bought up the homes and drove up the prices, but now these same homes are getting amost $100,000 less because the builders put on the breaks. Now there are many sellers out there trying to score on the situation that has long since passed them by. If they would get out of the market, it would be better for the value of their homes when they really need to sell.

Amen...

so much down here is priced with last year's prices but this year's dreams!

things are sitting because sellers are stuck in the mindset that they deserve those gains.

only a few are so far upside down ...

makes you wonder why agents will take these listings - the calls have got to be next to 0 and the marketing is only costing them money... and when the place does not sell... guess who will be to blame it certainly will not be the seller.

Renee your first solution says alot we as REALTORS need to say NO to these potential sellers, as you said they are fishing to see how much they can get and really do not care if they sell their property or not. What we as REALTORS need to remember is that it does not help you to market yourself when it is your name out on that sign in front of that property. How many other people in the neighborhood would be giving you a call to list there property or give you a referral when the property takes over a year to sell, if it sells at all.

12 months of resale inventory is a lot. It will take awhile for that to turn around. Sellers are always the last to learn of a down market. Overpriced listings do no one any good. I was in a class of 30 once and the instructor asked how many of us had turned down a listing. I was the only one who raised their hand. Many Realtors base their business on hope and luck.

Renee, If all the overpriced "nonsellable" listing s were removed from the MLS in my market. Inventory would be cut in half. Some of the prices I see are just flat out laughable. I saw one a couple of weeks ago at $625,000!!! The highest price EVER for a resale in my market was $369,000. There have only been 8 resales ever over $325,000 EVER. And now a REALTOR priced a home at $625,000!!! What a waste of time and money.

Great post Renee. You can throw just about all of Cape May County in there as well

APR

2007

Adam & Sharon: How frustrating huh?

Herb: Great points!

Lysa: It is great to not have to rely on feedback from buyer's agents when I do that. They see the info once a week so they can sense shifts on their own.

Richard: Absolutely!

David: YES!

Clay: Great points. We work so hard to be area "experts" that if our sign just sits and sits, how much of an expert are we going to be in the end if we cannot sell it?

Wayne: Your last sentence is so true!! Hope and luck doesn't sell houses. Effective pricing and marketing strategies do!

Bryant: Same here and ours would be a housing supply crisis of 2004 proportions if people just realized...

Heather: Thanks for stopping by and commenting. It's rough all around I learned today!

and here is Renee, telling it like it is!! there is nothing that indicated 'humble opinion' after i read your bogs. :) these funky sellers pricing way over make no sense. as Bryant mentioned, there are some that are living in the stratosphere, or any other level of the ozone that is far away. There is a listing for 400K in one area that has only 3 sales at 325K. and the house is missing some asphalt shingles. helllloooo! anyone home. keep those blogs coming Renee!! :) enjoy the weekend.

APR

2007

Renee, some Sellers just don't get it. They waist their time as well as their Realtors time when they insist on putting their house on the market at a price that it will never sell at. I have one up the street from me that has been on the market for five months at the same price. Think they would get the message.

APR

2007

Renee-What a great post! This has been my rant since last year. I say if you do not need to sell, now is not the time, take your property off the market so the sellers who need to sell have a chance! Sales may increase because you are able to find the seller's who want and need to sell.

Nick: Thanks for your kind comments and I did enjoy the weekend to the fullest! Did you?

George: Prolly not :(

Midori: YUP YUP! Thanks for your great comments too!

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