Las Vegas Real Estate News – The Las Vegas Market Stabilizes

April figures are out, and my anecdotal evidence of a bottom, or stabilization holds up.

Hubble Smith in Today’s Review Journal says:

AT LAST, POSITIVE SIGNS IN HOUSING

A few snippets, but the link above will take you to the full story.

Here in Vintage Vegas, the numbers have improved almost 100% since January. The ratio of homes under contract to homes listed has moved from 10% to 20%.

Most of the sellers who were still holding out for a price they would have gotten 2 years ago are off the market now. Some have rented and some are just staying put.

New sellers coming to market for the first time, now know that they have to be competitive. Usually their homes will be in much better condition than anything that’s a bank owned property or a short sale. They deserve to get a better price, and there’s a market that’s willing to pay it.

The buyers are looking at the total cost of becoming an owner. Is it smart to buy a broken down, crappy home and spend 60,000 to make it livable when you can buy a nice house for only 50,000 more? Most of the buyers I’m working with now think so.

My Anecdotal evidence? 14th street is sold and closed. Bracken is about to close. 2204 Frontier Ave. 1312 Houssels Ave, 1400 Manzanita, Seaton Place, Ridgeview, 2012 10th Street, are all under contract. They weren’t broken down houses, but the sellers all made reasonable acceptable deals.

The sale prices of these homes builds the new base, and establishes new price points that will hold up in the future, without the extreme pressure of of speculation and resultant housing shortages.