With a 167% increase in foreclosures from 2006 to 2007, Nevada tops the list of the hardest hit states in the nation. Two Las Vegas Realtors have taken their show on the road in an effort to make a dent in the down market. Wayne Newton would be proud.
Sin City Realtors Barbara and Marshall Zucker noted that 40% of all home sales in their market were foreclosures. Seeking to help their clients find the bargains, they bought a bus, dubbed it the “Vegas Foreclosure Express” and begin offering tours of repossessed homes. They screen houses, select the best, and take their clients, 24 at a time, on ten minute tours of each property – the real estate version of speed dating. Along the way, they offer onboard counseling on finance and home buying. It would appear that they are raking in the chips - since February they have closed several deals and have over 26 offers pending. Operators have revved up to tap this market in other struggling states as well. Cesar Dias, the originator of the foreclosure tour, hit the road in Stockton, California in September 2007, bringing his brokerage back from the brink of bankruptcy.
In Eugene we have much to be thankful for. Oregon ranked 22nd in the 2007 foreclosure rankings, and while the current inventory of Eugene homes for sale is about twice the average vs. one year ago, median sale price has only declined 6.1% since market peak in June 2007.
I’m not aware of any plans for a foreclosure tour in Eugene. Buyers are still buying (some getting great bargains). Sellers are still selling. The smart ones have taken care of their home's condition and hired a skilled REALTOR for help with presentation, competitive pricing, and a targeted marketing plan to attract the attention of qualified buyers in town and across the country. And hopefully, what happens in Vegas stays in Vegas!
Cheers, Bobby
bobby@alternativerealtor.com 541 225-8081
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Sources: Associated press, Fortune Small Business, Eugene RMLS
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