I haven’t blogged on Vegas in a while so this article on a Realtor convention in Las Vegas is a great read.
I like to follow California and Las Vegas real estate to spot trends that may be coming our way.
Vegas inventory has swelled to a nearly 13-month supply, according to the article! Yikes! I thought the Phoenix area inventory was off the charts at 7.6 months.
Many Vegas real estate agents are dropping out of the business.
“If you make good money, you have worked so hard,” Brass said. “You have to give up your family life and your free time. You work seven days a week, 16 hours a day. That is the part the consumers and public do not see or understand. All they see is you put in the key opening the door and think it looks simple.”
That is so true! The hours are killer but it’s fun… when you’re making money.
“They have false expectations of profit. A home they bought for $300,000 three years ago, they expected it to be worth $700,000 today. In reality, it is only worth $500,000, and they think they lost $200,000 in the market rather than see the gain.
There’s some interesting psychology going on there. Sellers may feel they were robbed of $200,000.
We Realtors market your home and shepherd the transaction through to a successful closing. We don’t make the market. We are often in the position, however, of interpreting the obvious signs the market is sending the seller but which the seller just can’t see because of the emotion involved. “You’ve had only 2 showings in 3 weeks. I agree it’s priced below comps but the market is saying the price is still too high. I’m sorry.”