Are You Going to Miss The Boat?

No one wants to believe it, but things are heating up in the Las Vegas real estate market. Yes, we're number one in foreclosures, but its also an amazing time to get a great deal.

Last week, I showed a first time buyer couple eight homes, even though I had ten lined up. When we arrived at number 8, they said STOP! This is the one we want. So, I called the listing agent only to learn that 4 other offers were being submitted on this exact property. We are back in the multiple offer stage.

I will be the first to admit that this seems to be restricted to homes listed at $200,000 and under, but with all the bad news floating out there, who would believe we were actually getting multiple offers on properties.

Do all properties deserve multiple offers? Of course not, but there are some outstanding properties for a steal right now. Out of the over 27,000 properties listed over 24% are either in contingent or pending status. I think that's amazing for a bad real estate market. Over 10,000 are listed at $200,000 and under and 29% of those are under contract.

So I'm telling all my clients, if you find the house that works for you or you're looking for a great investment, now is the time to jump. Because there is a 1 in 3 chance the property you like has other people who like it too, and it may be gone tomorrow.