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How are some of your listings so cheap?

Are they just open for bidding? If so, how long are bids being taken?
  • April 13 2011 - Summerlin North
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Answers (1)

Hello Ricky,

Welcome to Las Vegas Real estate!  Prices haven't been this low since 2000.  To answer your question, Listings are so cheap because of the law of supply and demand.  Our supply of Foreclosures and short sales has continued to outstrip demand for the last 3 years.  Mostly though I think it is because Banks want to get rid of their properties and do not want to be on the wrong side of the price slide, so they actually create a self-fulfilling prophecy by pricing themselves under comparable homes in the area, thereby exacerbating the decline.  This is of course for Buyers, but Bad for Sellers.

There are occasions when we see Banks putting homes on the market under priced by more than a little in order to stimulate their own mini-auction on the property.  I had an offer on a home yesterday that by the time the Bank accepted an offer (not mine even though we raised the price 3 times) there were more than 32 offers in a 3 day period.  This is not so much the case, but, if a home is priced right, it will garner several offers within a few days.  This leads to the best advise I could give which is that if you are interested in purchasing a home in Vegas, get with a great agent who knows the market, whom you feel you can trust to look out for your best interest, and then don't waist your time with a bunch of low-ball offers.  Have your agent comp the home and be prepared to pay the price that the home comps out at.

Hope this helps.  Best of luck, and thanks for reading.
  • April 13 2011
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