Lunacy in Vegas housing market

DeadPhish · Oct 14, 2009

From CNBC today...Lunacy in Las Vegas Housing - Realty Check with Diana Olick - CNBC.com

But back to Katie. Her Realtor, who is also an old friend, emailed Katie the following warnings before her arrival on the Vegas strip:

- This market is crazy and many things are just not going to make any sense.
- I can guarantee you 99.99% of the listings emailed to you will no longer be available by the time you get here.
- Properties are selling in the blink of an eye.
- Properties are getting multiple offers within a few days of being on the market, the most offers Iâ€™ve heard a house had recently was 44 offers (I know, crazy).
- This market is crazy and many things are just not going to make any sense.
- 40% of all transactions are cash purchases, which makes it harder for the buyers who are financing to get their offers accepted.
- We have 1/2 the inventory we had a year ago and 4 times as many buyers as we did a year ago.
- Chances are we will have to submit several offers to have the chance of getting 1 accepted.
- This market is crazy and many things are just not going to make any sense.
- You will probably leave not knowing if you have a house or not because banks take 2 to 3 weeks to respond, because this market is crazyâ€¦ you know the rest.

I'm guessing you noted the crazy part. Katie is looking in the $150-200,000 price range. Despite the warnings, Katie was completely unprepared for what she found. In seven days, she saw 50 homes. All but one were foreclosures.
Click to expand...

a_gray_prius · Oct 14, 2009

Cnbc

burritos · Oct 14, 2009

Cash is King.

Lunacy in Vegas housing market

DeadPhish Senior Member

a_gray_prius Rare Non-Old-Blowhard Priuschat Member

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Lunacy in Vegas housing market

DeadPhish Senior Member

a_gray_prius Rare Non-Old-Blowhard Priuschat Member

burritos Senior Member