What's a buyer to do?

So much data, so little time to decipher. We've got May's numbers to report in Las Vegas. Before I report that, let me say this. IF YOU'RE A SELLER AND YOU NEED TO SELL IN THE NEXT 3-5 YEARS, SELL NOW! Hope that message is clear enough. Sometimes sellers ask me what they should do, I answer directly like this and then years go by and they ask me again. I think they think I'm just trying to get a sale out of them? Anyways, here's the good news. We sold 4,942 homes in May alone. Huge number. Almost 20% more than this time last year and that was with the tax credit (remember that "great idea" coming from Washington?).

Of those sales, 1365 were traditional, 826 were short sales, 746 sold at auction, 2005 were foreclosures (REO). The average sales price for all of those combined was $106,200 which is a decline of 14% from last year. We're still trending down. As I reported last year, unfortunately condition is playing a factor in the decline of prices as banks don't want to repair these homes and unhappy occupants are leaving on bitter terms and that's reflected in the condition of these homes.

This summer will be hot in Las Vegas for real estate buyers again. We're still seeing multiple offers on anything less than $175,000 if it's in good shape. Luxury homes are selling but much less frequently as financing is difficult in the jumbo arena. Rates are still very reasonable and if you qualify it's definitely a great time to buy if you plan to hold for 10 years or more.

The price per square foot for resales is about $70.35 and for new homes it's $99.49. There were only 9 high rise condo closings in May. Not a good place to put your money in my opinion.

If you're a buyer who's feeling secure with employment and income, you've saved money for emergency purposes and you're ready to commit to being a homeowner, NOW is a great time to buy. If you're an investor, wait until the fall/winter (less competition). If you're a seller with equity, sell now. If you're a seller who's underwater, sell now and be prepared for a lengthy negotiation period. Feel free to contact me anytime with your questions and I'll give you straight answers. You may not like what you hear, but it's the truth and that'll "set you free."