Las Vegas Real Estate Futures

It's not too hard to pick up something from the media and hear doomsday news about the real estate industry. Generally, the media picks up a story from a heavily speculated real estate market such as Arizona, Florida or Las Vegas real estate and pinpoints a story of a homeowner that paid too much money for their real estate in 2005. Now the prices have gone down  resulting in the homeowner losing valuable equity and their great investment in real estate not being such a great investment for the short term.

These same real estate markets all seem to have something in common - an increase in prices due to speculation by real estate investors that were fueled by sensationalized stories in the media - much like a heavy gust of wind can make a fire turn into an inferno. (Historically, real estate is supposed to be a long term investment and not a ponzi scheme.)

For Las Vegas real estate, we often hear in the media that the market is slow, foreclosures are dramatically up over last year, list prices are going down and Las Vegas homes are sitting on the market for much longer. We often hear the reasons for this is because the real estate market is slow and there are no buyers.  "Your home is not selling because the real estate market is slow."

That's certainly not what we ever want to tell our Las Vegas home selling clients. It's much more beneficial to do a current market study for the past 30 days (including a competition analysis) for homes in the immediate area and see what needs to be done to get the home sold. Putting a home up for sale and reducing the price later on is certainly no way to seriously sell Las Vegas reale estate. We see an incredible amount of homes overpriced to begin with and our opinion is that the practice of buying a listing is a very irresponsible practice. Unfortunately, real estate agents know very well that Las Vegas home owners will often list their Las Vegas home with agents that will tell them what they want to hear and not what they need to hear.

New home builders are generally much more in tune with what is actually going on in the local real estate market and price accordingly. When we worked for a new condominium developer we had to do weekly statistical reports including foot traffic, sales, competitor studies (other new condo builders in the immediate area) and direct area market studies of the resale condominium market. What was happening in California or Florida did not matter even though this developer did have a new condominium project in Florida as well. We did not care what the Florida sales team was doing and they certainly did not care what our sales team was doing.

More often then not, when a Las Vegas home seller that has their home up for sale with another Las Vegas Real Estate agent and asks us why their home is not selling and asks our opinion, we've pinpointed other reasons besides the excuse of "The Real Estate Market is Slow". We've seen instances where Dawg the Bounty Hunter could not find the house in question for sale, the marketing pictures were horrendous and lately, more often then not, it's just flat out overpriced.

Many real estate professionals know the effect that the media can have on the psychological perception of the consumer concerning real estate and we can tell you, it certainly does not make anybody's job easier.

Is it as easy to put a home in the Las Vegas MLS, put up a sign and sell as it was two years ago? No, but in our opinion selling homes in todays real estate market is still easier then selling real estate in the late 1990's due to incredible technological advances with on line real estate marketing.

For potential Las Vegas Real Estate home sellers reading this, get your information from a local real estate professional that statistically tracks market data and not the general media. If you really want to know what's happening in Las Vegas, ask the people on the front lines. What's happening in the General real estate news may not be so common in your area of Las Vegas. Regardless, you need to be in tune with Current and Local Las Vegas real estate market conditions relevant to your home so you are not making large financial decisions based on Yesterday's statistics.

• Salestraq

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