jueves, septiembre 07, 2006

Ridiculous Prices Clash With Reality


The Las Vegas overpriced market is showing heavy signs of stagnation and if you want to sell, really sell, better forget the sometimes rosy tales of brokers and agents.
It doesn’t matter what they say, the fact is that there is a glut of houses and condos after a few months of sales frenzy. Single family homes sales are at an all time low where only 38% of those listed in 2006 were sold and condos didn’t fare any better, just 40% sold of those listed. In the meantime, prices are down.
In January, the average price for a single family home was $382,518 while in September is $369,607.Condos fared a little bit better, since many would be buyers, who can’t simply afford the inflated prices of single homes, had to settle for condos, and prices accordingly went up from a January average of $220,205 to a September price of $ 251,904.
How much more can everyone afford to sustain this unrealistic market? So, if you are selling, get a comfortable chair and be prepared to wait a long time, unless you revise your expectations. On the other hand, if you are planning to buy, just sit and wait, things will get better, if builders and sellers are serious about doing business.
The stats mentioned are not my doing, they come from the very people who, by nature, are always optimistic, the Greater Las Vegas Assoc of Realtor. The link to that is: LasVegasRealtorCom
Also, if want to know how I managed to squeeze out of this mess on my own, check the link on the side bar.
Good luck.