When Should I Buy in Las Vegas

Housings trends follow a cycle and home prices tend to drop at the end of summer for multiple reasons.

First, there are the homes that were over-priced all summer and are still on the market. The owners become motivated sell after holding out all summer for the price they want to sell their home for and after making an additional 3 to 5 mortgage payments finally give in and lower the price.

This will force a community with multiple properties on the market to start a downward trend as one by one, each listing tries to undercuts the next to be the lowest on the market until the home sells. Often Sellers feel they are losing money by lowering the price when in fact if the home did not sell, the price profit the Seller envisioned was never a real number and the Seller has only lost time and money by paying additional mortgage payments.

Market value is only is often misunderstood and thought to be what your home appraised at or your neighbors home sold at. In fact the definition of market value is what one is willing to pay.

Secondly, there tend be less movement within a community after summer. Once children start school families tend to try and wait to move if possible so as not to disrupt the school. The same applies as we enter the fall months and holiday decorations appear in the store before Halloween. If given an option, many people will delay a move until after the holidays to account for family visits, travel, etc. This often means fewer homes go on the market during these months after the summer so historically inventory is reduced but it also means fewer buyers are in the market. For homes that have been on the market all summer, this impact the pricing and again we are likely to see a downward trend with buyer incentives.

If you are relocating or an investor the time to buy is now. Interest rates remaining relatively low and seller are finally after 5 years of a historically high sellers market, it is a buyers market. For those of you that think the rates have increased and are high it's important to pit this into perspective, not that long ago (1998, 1999) we we're all refinancing to get a 8% rate which at the time was a great deal.

Today with rates still in the low 6% to mid 7% it's an ideal time to pick up properties at reduced prices.

The fundamentals of the Las Vegas market remain strong. I can show you why.

Let's take a look at the market and zero in on what you are looking for and go get a great deal.

Call me for more info

Thanks

Olivia

Olivia McClellan, ABR, GRI, RRG
Broker/Salesperson, REALTOR®
Liberty Realty
7674 W Lake Mead Blvd, Ste 150
Las Vegas, NV 89128
Direct: 702-372-2671
Fax: 702-543-4845

Price Reduction on Beautiful Green Valley Home

MLS# 641792

3 Bedroom 2.75 bath Condo with garage on a 7956 ft lot

Very well cared for home on large private lot with covered patio, out door gazebo and spa. Great living space with formal living room and separate family room and 3 large bedrooms. Ceiling fans, water sftener, and satellite dish already installed. Priced to sell, compare comps and sq. footage.

Listed at $364,990

The data related to Real Estate for sale on this website comes in part from the INTERNET DATA EXCHANGE (IDX) program of the Greater Las Vegas Association or REALTORS® MLS. Real Estate listings held by Brokerage firms other than this site owner are marked with the IDX logo.

GLVAR deems this information reliable but not guaranteed.Copyright © 2006 of the Greater Las Vegas Association of REALTORS® MLS. All rights Reserved.

Olivia McClellan, ABR, GRI, RRG
Broker/Salesperson, REALTOR®
Liberty Realty
7674 W Lake Mead Blvd, Ste 150
Las Vegas, NV 89128
Direct: 702-372-2671
Fax: 702-543-4845

Las Vegas Homes For Sale

Our Current Listings:
Below are current listings from REALTORS in Las Vegas, Nevada.

Home:

599088 - 5620 Benevento Ct, Las Vegas NV 89130
603834 - Pending - 5575 Villa Lucia, Las Vegas, NV 89134
593407 - 8301 Boseck Drive, Las Vegas NV, 89145
621049 - 5042 Ridge Drive, Las Vegas, NV 89103
617726 - 8921 Rio Verde Ave, Las Vegas, NV 89147
631537 - 8713 Glistening Pond St., Las Vegas NV 89131

Condos:

599089 - 8600 West Charleston Ave, Las Vegas, NV 89117
587101 - 10233 King Henry, Las Vegas, NV 89144
614617 - 10550 West Alexander Rd. , Las Vegas, NV 89129

Red Rock Residences Tables Condo Project

9/7/06 Red Rock Residences Tables ProjectScott Nielson, Chief Development Officer said, "they are looking into various alternatives for the five acre parcel". He also noted that the condos still may be built.

This project has great potential for residental living based on its Summerlin location, views of the Las Vegas Strip and Red Rock Mountains.

If you haven't been to the new Red Rock Casino, Stations Casino, you have to stop by and check it out. The exterior design is incredible and interior is warm and inviting. They have spent millions creating a Casino/Resort that locals would go for dining, entertainment and just to relax.

Red Rock has a brand new custom spa with amenties galore as well as some of the best restaurants and night club in Vegas.