When will the Las Vegas Real Estate Market Pick Up??

2007-11-09T00:15:00.000-08:00

I guess this is the $64 question for everyone! I don't anticipate too much changing with our current climate for at least another 6-9 months - I am hoping that we are nearing the bottom of the downward prices and will start stabilizing soon.

With $$billions in development on the strip and the creation of so many jobs over the next few years I will not be surprised if we experience another housing shortage!

The smart real estate buyers are using this opportunity to move up to a bigger home that has now become more affordable or purchase investment properties that will actually cash flow!!!!

If you have been holding off buying you better start getting serious - there are some tremendous buys right now and especially as we enter the holidays the SERIOUS sellers are making deals! (I prefer to stay in Henderson with my own investments and have purchased a couple of great deals this year )!

For real world advice and to get an honest assesment of whether you should sell or buy in this market - give me a call - I am always happy to impart my 20+ years of real estate experience and opinions!

Rebecca McKenna
www.teammckenna.com

Why do agents take overpriced listings???

2007-10-31T09:20:00.000-07:00

There are over 27,000 homes on the market - not to mention the new construction and less than 10% of those will actually sell - so why would an agent list a home that they know has a 90% chance of FAILURE???

The "average" agent is practicing the old school technique which simply boils down to a numbers game. Their theory is if they have enough FOR SALE signs they will get BUYERS so they can sell them other homes - not yours! Additionally, I think they like having bragging rights about ALL their listings. Listing your home increases their chance of success not yours!

The unfortunate reality to this is that SELLERS are not properly educated about the realities of the market and the probable market value of their home. If you have had a home on the market this year and it did not sell you can relate to the following.

Day ONE - There is a flurry of activity to sign the paperwork, install the sign, take pictures, create fancy fliers and the anticipation is high - the agent has assured you he will sell your home with his proven marketing strategy. Then Day 2, 3, 4, 15, 30, 45, 60, etc... and NOT ONE Buyer has been brought to the home!!! What has happened to the agents unique marketing plan?? Why is the flier box empty? Why isn't he holding an Open House on the weekends?? What is going on??? Why isn't she calling us back??? You are so frustrated you can't see straight!

This is an all too common scene in this market - here are some thoughts about what you can do to prevent this from happening to you:

1. Determine your list price based on SOLDS in the last 30-45 days and then be prepared to make an adjustment based on the declining market!

2. Have WEEKLY discussions with your agent about showings (or lack thereof) as well as your "market position" and be prepared to make adjustments to the list price.

3. Keep your home in EXCELLENT condition at all times!

4. Understand that all the advertising in the world cannot sell an overpriced listing!

5. Don't hire an agent because he tells you what you want to hear - hire the one that tells you what you NEED to hear!

TEAM MCKENNA is committed to helping people achieve their real estate goals through a professional and honest approach. I am willing to answer any questions about the market anytime!

Rebecca