Did you hear the news? Las Vegas sales for Feb 2008 are up approx 11.7% over Jan 2008, according to GLVAR sources.
Not surprising to me as I have been out showing homes in Summerlin & Green Valley & putting in offers only to find out the home has 4-6 other offers on it as well! Of course, this is very frustrating to my buyers, but we wait, and wait on a response to our offers, then we counter or put in our best and highest offer, and we wait and wait some more, only to find out we were outbid! So we move on to the next home and start all over. This seems to be most prevalent on homes priced under $300,000.
So folks, it is not all doom and gloom, homes are selling, just at a slower pace than the boom times and at much lower prices,(great for buyers, stinks for sellers-unless they have owned their home for quite a while).
Days on market seems to be picking up on some homes as well. Again, those that are priced right are always the ones to go first. But many buyers who have been sitting on the sidelines are starting to realize this might be the JUMP IN time to start looking & put in their offer.
I'm sure we will still have a rough year compared to the recent boom of the past few, but in the long run this will most likely be the best for housing and the consumer.
Due to the beautiful climate we have over the next month or two, coupled with historically great interest rates, lower home prices than a year ago and still many resale homes to choose from, I anticipate March sales to be up.
Keeping up the faith & hanging tough in Vegas,
Dawn
