[frankaustx]

Hi --

I'm doing a little research and was wondering how difficult it is right now to sell in the Las Vegas market.

I'm also wondering whether location matters overly much or if the market tiers (meaning: starter, middle, luxury, etc.) are having different results.

Would really love to hear what people are experiencing.

Thanks!
Frank

[airics]

in my opinion, the high end houses ($450k+) are dropping like flies, the market is very shaky, so i would say hard to sell
the low end side seems to be selling well as the inventory is dropping the bank repos are selling at list or higher for the most part...

[ZX14TJ]

A sellers ability to move their house quickly is purely related to price. A house even in the worst part of town could sell in a matter of hours, with multiple offers, if priced with that goal in mind.

[olecapt]

Originally Posted by ZX14TJ

A sellers ability to move their house quickly is purely related to price. A house even in the worst part of town could sell in a matter of hours, with multiple offers, if priced with that goal in mind.

But that is likey 20% or more below what you could get for it if you simply waited a while. There is around a 15% differential between the low end REPOs which sell fast and the non-REPOs which sell slowly

So wait more than six months and make 20% or so more. Interesting tradeoff.

There are also places so impacted by the REPOs that there is no other plausible price.

[ZX14TJ]

Originally Posted by olecapt

So wait more than six months and make 20% or so more. Interesting tradeoff.

Waiting more than six months in the current situation could net 20% or so less than selling today at a competitve price. Trends are currently pointing down. In a declining market, time = further loss of value.

[airics]

zx--- doubt it in vegas, take a look at the prices of the bank repos, they are selling for list or more plus there are less of them around..

[olecapt]

Originally Posted by ZX14TJ

Waiting more than six months in the current situation could net 20% or so less than selling today at a competitve price. Trends are currently pointing down. In a declining market, time = further loss of value.

Nah...The areas heavily impacted by REPOs appear to be slowly approaching REPO pricing which appears to have leveled maybe going up a little. . Areas with low or no REPO impact are dropping very slowly if at all.

It will be interesting to see how the market works out the confilict between REPO impacted and non-impacted areas. Does it all work down to the REPO price? Does REPO price work up to the non-REPO price? Do they meet in the middle?

It does not appear that there is another 20% in this downturn.

[airics]

hey olecapt, i get an email from my agent everytime a bankowned hits the market.. it seems to be really slowing down and also the ones that i am getting now are the builds in the 80s and 90s.... amazing how some of these "shacks", the bank still wants $150k for a 1200sf home in poor condition..

[olecapt]

Originally Posted by airics

hey olecapt, i get an email from my agent everytime a bankowned hits the market.. it seems to be really slowing down and also the ones that i am getting now are the builds in the 80s and 90s.... amazing how some of these "shacks", the bank still wants $150k for a 1200sf home in poor condition..

Depends on where. If the ground is worth 120K it makes little difference what shape the house is in.

I have seen lots of REPOs pricecd to comparables. Only certain of the low end is getting the big discount.

[ZX14TJ]

Originally Posted by airics

zx--- doubt it in vegas, take a look at the prices of the bank repos, they are selling for list or more plus there are less of them around..

This goes to show how important price is. The amount a house sells for over/under list has nothing to do with anything beyond the list price. List a $200K house for $100K and it should sell for 200% of list price. On the other hand, list the same house for $267K and it should sell for 75% of list price.

Bank repos frequently sell at list and more because banks list their houses at competitive prices and want to move the REO inventory.