Crazy Las Vegas Real Estate

Posted at 9:57 AM, Aug. 28, 2006

For 3 months now the Las Vegas real estate market has been at a virtual crawl.  There are currently 20,000+ single family residences for sale.  I have several listings, fairly priced (for a stabilized and sometimes dropping market) and in good conditions and locations.  We've had MANY showings on these listings and lots of positive feedback when I call showing REALTORS® for feedback.  But NO offers.  I've talked to many other local REALTORS® who have the same problem. Houses ARE selling but it's taking much longer than the 8 to 10 hour listing periods of just a couple years ago. In 2004 the average length of time on the market was about 7-10 days, now it's 90+ days  (which is really more average and realistic). 

On this past Friday night I receive a call from a fellow REALTOR® who says she is faxing me an offer on one of the homes I've had listed since the end of May.   She did, but within a half hour after receiving her offer across the fax machine comes another offer from another REALTOR®.  My seller's are out of town (on vacation for a week)....counter offers are being dealt with via phone, fax and e-mail.  Lo-and-behold, while counter offers are still out to prospective buyers, yet another offer comes in.

We finally pull offer #1 together and today we open escrow. Sellers are tickled because, although they had to wait 3 months for it, they were thrown unexpectedly into the frenzy of a couple years ago and they got just about what they wanted for their home.

Priced right your home will sell...you just need to wait a little, be patient and look forward to the chaos ahead!