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Old 07-21-2007, 01:40 AM
 
Location: South Strip, NV --> Philly (Fall 2009)
2,404 posts, read 10,689,706 times
Reputation: 637

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there's plenty of buyers, its just that the sellers are pricing the homes wayyyyyyyyyyyy too high...
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Old 07-21-2007, 07:01 AM
 
1,755 posts, read 5,333,895 times
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Quote:
Originally Posted by lvkewlkid View Post
there's plenty of buyers, its just that the sellers are pricing the homes wayyyyyyyyyyyy too high...
Not truly motivated sellers yet. Most just testing the market, and hoping for a miracle.
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Old 07-26-2007, 11:15 AM
 
Location: New York, NY
307 posts, read 928,109 times
Reputation: 81
After today's report on new home sales, it just confirms the sorry state of real estate and it's affect on the stock market is already being seen, down 600 points this past week. For all those who have been pumping the real estate market, like realtors, trade groups and the people who bought over the past 3 years, the reality is beginning to sink in, there will be no recovery anytime soon.


WASHINGTON (Reuters) - Sales of new homes fell 6.6 percent in June to a lower-than-expected level and prices slumped from May, according to a government report on Thursday that pointed to ongoing weakness in the housing sector.

Moderator cut: copyright

Last edited by Marka; 12-19-2007 at 04:05 AM..
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Old 07-26-2007, 11:43 AM
 
56 posts, read 558,740 times
Reputation: 55
Default Housing Slump

There is a lot of talk about sellers not being motivated. I am not so sure that is a fair statement against seller's. There are seller's out that have well maintained homes and are beautifully staged and their listing sales price is well within the CMA and are more than motivated, but there are still no buyers. Why is the blame on all the seller? Should a seller expect to give their house away and the equity they have built into, by care and maintenance and upgrades, etc. If the industry would stop pointing toward the seller, by saying "seller must lower prices to get the market moving
up-wards", there very well could be a change in perception of the buyers. Just as anyone, regardless of purchase, rather it be a car ,house, clothes, etc. If you are constantly receiving the message prices are to high, seller of product must lower, than what do think is going to happen? NO BUYERS
So what happens to the market? Seller's will eventually get frustrated and take their house off the market, and as such this obviously will decrease the inventory, but how will that encourage BUYERS? It's one less house to look at, but that does not change the price.
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Old 07-26-2007, 12:02 PM
 
89 posts, read 297,580 times
Reputation: 25
Default Dive, Dive, Dive!

graph.aspx.gif (image)

LV prices are going down, down, down.
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Old 07-26-2007, 12:40 PM
 
56 posts, read 558,740 times
Reputation: 55
Default Housing Slump

Quote:
Originally Posted by asik View Post
graph.aspx.gif (image)

LV prices are going down, down, down.
OK, but has it reduced inventory or increased sales?????

If the market has not responded with decreased inventory and increased sales, then it would appear to obvious to me as I stated in my earlier post, IS IT TRULY SELLER"S PRICES????? OR THE BLAME....
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Old 07-26-2007, 01:03 PM
 
Location: Issaquah, WA
818 posts, read 3,699,279 times
Reputation: 258
The fact that Las Vegas' economy is still strong and that the population is still increasing at the same rate means that the only negative variable in the housing equation is an overabundance of investor owned homes on the market. A small decrease in price along with the gradual sales of this inventory should help the market stabilize. Of course, this is only my opinion, which should be taken with a grain of salt, just like Chicken Little aka asik and his misleading line graph.
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Old 07-26-2007, 01:06 PM
 
Location: New York, NY
307 posts, read 928,109 times
Reputation: 81
Quote:
Originally Posted by beach08 View Post
OK, but has it reduced inventory or increased sales?????

If the market has not responded with decreased inventory and increased sales, then it would appear to obvious to me as I stated in my earlier post, IS IT TRULY SELLER"S PRICES????? OR THE BLAME....
Seller have not yet accepted the new reality of the real estate market. As time goes by many sellers have to sell due to relocations, financial difficulties, changes in living status and many other reasons. Those sellers will continue to lower the price until their home sells thereby bringing down prices of similar. Buyers can always rent and wait until the prices come down.

Update Stock market now down 700 points since last week!
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Old 07-26-2007, 01:09 PM
 
Location: New York, NY
307 posts, read 928,109 times
Reputation: 81
Quote:
Originally Posted by Chest Rockwell View Post
The fact that Las Vegas' economy is still strong and that the population is still increasing at the same rate means that the only negative variable in the housing equation is an overabundance of investor owned homes on the market. A small decrease in price along with the gradual sales of this inventory should help the market stabilize. Of course, this is only my opinion, which should be taken with a grain of salt, just like Chicken Little aka asik and his misleading line graph.
Unfortunately most of the jobs created by the hotels on the strip do not pay enough for the employees to purchase homes at current prices.
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Old 07-26-2007, 01:30 PM
 
Location: Las Vegas
201 posts, read 964,553 times
Reputation: 92
I somewhat disagree. There are a lot of various casino positions that offer a salary range high enough to support home ownership not to mention most casinos have their own credit unions/programs. I think Chest Rockwell was spot on in his analysis. The growing population are not just low wage casino based employees. And most are not 1st time home buyers. The majority most likely have sold their previous home to help finance their new one here.

p.s. CNN just mentioned that mortgage rates "may" come down by fall this year.

Quote:
Originally Posted by SHEPNYC View Post
Unfortunately most of the jobs created by the hotels on the strip do not pay enough for the employees to purchase homes at current prices.
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