10.23.2007 | 9:38 pm | News, Real Estate Market
Well folks, here are the numbers as of today…28,301 SFR, condos and townhomes on the market. It looks like a couple of us picked up some listings over the weekend! Great job!!! There are 2239 pending or contingent and 13,507 vacant. Now here’s something interesting to note… Has anybody looked at this number yet…of 2239 pending or contingent, 1607 are listed as vacant (that would be on top of the 13,507). That means more than 2/3 of the properties that are under contract right now were vacant properties (cuz honestly, once it goes P or C, nobody changes the occupancy description). That’s bad news for owner/occ sellers, but it’s another thing that you can arm yourself with when setting a sales price with your new listing or when going for that price reduction. Hope all have a productive and exciting week!!!
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10.23.2007 | 9:35 pm | News, Real Estate Market
Something for you to chew on, going into the weekend…As of today, Oct 18, 2007, 9:30 pm, PST 
there are 28,239 SFR, condos and townhomes on the market. This equates to a 21.7 month inventory at the current absorption rate. Of those homes on the market (EA or ER), we have a 47.5% vacancy rate. There are a lot of good deals out there…go get those buyers!!! Also FYI, Lennar has some killer deals this weekend up in Providence. Just went into contract on a 1795sf home for $250k!!! Granite, stainless steel appliances, blinds and upgraded trim included! It’s getting good out there!
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10.20.2007 | 7:33 pm | News, Real Estate Market
There are currently over 28,000 single family residences, condos and townhomes on the market in Las Vegas as of today. With over 7,000 of those properties being short sales, in foreclosure or REOs, 25% of our inventory is comprised of distressed properties. Of course these numbers are higher in some areas and lower in others, but regardless, appraisers and BPO agents will soon be forced to take these properties into consideration when valuating properties for lenders and asset managers…if they are not already doing so. What does this mean? This means that property values will continue to decline for a while. With an excess of 20 months of resale inventory, the demand will not consume the supply for some time. Anywhere else in the world this would spell disaster for the housing market, but Las Vegas is resilient. We still have tremendous growth and our job market is always strong. So, we will continue to see a slow but steady decrease in housing prices for a while, but don’t wait too long, the Vegas market will bounce back. It may not bounce as high as it did when it went through the roof, but it will come back. In the meantime, you will see more short sales and REOs. If the banks are smart, they will start letting more properties go as short sales, so they have less REOs…if… In the mean time, let’s take advantage of the market!!! In every adversity, there is the seed of equivalent success!!!!!
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10.20.2007 | 7:31 pm | News, Real Estate Market
As many of you know through the media or word-of-mouth, the mortgage industry is in turmoil. According to a recent report on MSNBC, so far this year there have been over one million, that’s 1,000,000 foreclosures in the United States through October 1. And, they expect that number to reach 1.7 million by the end of the year. Nevada is leading the pack with Las Vegas driving the states numbers. For people in the real estate and mortgage industry, that may sound very dismal. But, what does that really mean to the consumer? What does that really mean to the homeowners trying to sell and the people wanting to buy? That means they need to be educated! It’s a GREAT time for buyers!!! Prices have declined to more affordable levels and it’s coming to the point again where cashfowing on a property(for investors) is within sight. For our sellers, they need to understand the dynamics of a declining market. You can price your property high and chase the declining market with your price reductions, losing time and selling for an overall lower price. Or, you can price aggressively (5 - 10% below what is ON the market now) right out of the gates and get your property sold!
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10.19.2007 | 8:46 am | News
Thank you for visiting and welcome to my Las Vegas real estate website. I am Lowell Caro Jr. with Keller Williams Realty and would be happy to help you with your real estate needs in the Las Vegas, Nevada area.
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