Jun. 16, 2006 - Strategies for a buyers market in Las Vegas

 It is a buyers market in Las Vegas

Gone are the days of 2004/2005, the days of multiple offers and properties that were sold almost before they had been on the market a half a day.  Agents putting will accept offers until Wed. noon and after PM that day you will either have a counter offer or a rejection.  I once called on a house to see if it was still available and was told yes.  Not a half hour later I was on the road to pick up my clients.  My cell phone rings and I was told they had accepted an offer.  To get my clients in a house during this time, I searched at night and found a home I knew they would love.  I called the seller and made arraignments for my clients to see the house at AM and we wrote the offer at AM.  Lucky for me it was accepted.  It was a crazy time and I for one am glad it is over.  Prices were driven up so far that it had almost cut out the middle income people and of course lower income stood not a chance.  I really hate that as I think everyone should be able to have the American Dream if that is what they desire.

So those days are gone for right now and it is a buyers market.  We have a record number of homes on the market both new and resale.  Builders are offering unheard of incentives for buyers and agents a like. Some sellers are lowering their prices as much as 50K and offering bonuses to agents.  Unheard of for a long while.

As a buyer you need to plan your move, find an agent you feel comfortable with and research markets together.  Have your agent do a market analysis on areas you are interested in so that when the time comes you have a good feel on what to offer. You will want to know what the turn over rate is in the area and if it is a good resale area.

At the time of multiple offers buyers were waiving inspections to gain favor with the sellers.    There  are plenty of horror stories out there now because of that.  Make sure you do all your inspections.

Be in your comfort zone, get pre-qualified with thoughts to the future.  Mortgage rates are not as good as they were and they don't look like they are coming back down anytime soon.  So know in advance what you you are comfortable spending on payments, including taxes etc.

When you find that home you want, be patient.  If your first offer is countered, don't get discouraged.  Some sellers have not mentally adjusted to the new market of 2006.  If you really want the house counter back, even if it is the same amount you offered before.  This will let the seller know that it is your bottom line.  If he is serious about selling he may reevaluate his position.  Negotiating is a good thing in this market.

HAPPY HOUSE HUNTING!!!!