Thousands of Las Vegas homes get zero offers for November

[Dback Jon]

https://www.fox5vegas.com/news/thou...Jbxkh7ypgjIG8CXxnUwZ59ssVK4c5APiGuk9uqh_KXm7M

Potential home buyers in the Las Vegas Valley said "no" to real estate for the month of November.


New data by the Greater Las Vegas Association of Realtors shows 10,000 single family homes were on the market and by the end of the month, 7,000 homes had zero offers on the table.

That’s a 54 percent difference compared to 2017 and the highest number of homes in Las Vegas to not get an offer in two years.

Realtors are telling Las Vegas residents that they shouldn’t panic. Even though the market is changing, Las Vegas’ market is still ahead of the game.

 

[crisper57]

Canary in the coal mine.

 

[ozzfloyd]

Sold my house in March in 5 days on the market. I have 3 friends in the same zipcode who have had their homes on the market for 3 months with no offers. I poke around on Zillow all the time and most of the same homes I looked at 6 months ago are still there, many with large price reductions. I'm extremely glad I didn't hold off selling.

 

[jf-08]

The sellers are overpricing their houses. A well-priced house will sell.

 

[Southpaw]

P or R ?

 

[ozzfloyd]

You must be registered for see images attach

 

[crisper57]

P or R ?

It's Trump's fault!

FTFY

 

[LVG]

https://www.fox5vegas.com/news/thou...Jbxkh7ypgjIG8CXxnUwZ59ssVK4c5APiGuk9uqh_KXm7M

Potential home buyers in the Las Vegas Valley said "no" to real estate for the month of November.


New data by the Greater Las Vegas Association of Realtors shows 10,000 single family homes were on the market and by the end of the month, 7,000 homes had zero offers on the table.

That’s a 54 percent difference compared to 2017 and the highest number of homes in Las Vegas to not get an offer in two years.

Realtors are telling Las Vegas residents that they shouldn’t panic. Even though the market is changing, Las Vegas’ market is still ahead of the game.

I'm watching the market closely for personal and professional reasons. My experts are telling me it's worse than what is being publicly reported.

 

[crisper57]

I'm watching the market closely for personal and professional reasons. My experts are telling me it's worse than what is being publicly reported.

I'm sure that is because most of what is being reported are lagging indicators. I think we are in the midst of a downturn, we just don't know it yet.

 

[Dback Jon]

P or R ?

Good point - @LVG or @Linderbee - EE?

 

[LVG]

Good point - @LVG or @Linderbee - EE?

We're making P&R Great Again, Jon.

 

[LoyaltyisaCurse]

Sit on your cash...swoop in when RE market corrects...

 

[Kel Varnsen]

Sit on your cash...swoop in when RE market corrects...

K. Lemme know when house prices hit $4.36.

 

[BigRedRage]

I'm sure that is because most of what is being reported are lagging indicators. I think we are in the midst of a downturn, we just don't know it yet.

patiently waiting to invest.

 

[BigRedRage]

Sit on your cash...swoop in when RE market corrects...

yep.

 

[MaoTosiFanClub]

Sit on your cash...swoop in when RE market corrects...

Agree but also don't wait for a 2008-type Armageddon in the housing market. Probably 15-20% declines at most.

The loans aren't as exotic/risky and even with building ramping back up the level of new housing starts is like 50-60% lower than it was at the boom. The glut of supply won't be there during the next downturn so it won't be hit as hard.

 

[Brian in Mesa]

My dad and his wife didn't make any offers, but instead are having a brand new home built up there. I guess that isn't really reflected in those stats. Plenty of new home building going on in Vegas.