Las Vegas real estate, mortgage, appraisal blog

Business was cruising' along until early this February.  Usually, appraisers in Las Vegas (and the appraisal profession nationwide) suffers a slow down in November and December because fewer people are concerned about refinancing or buying during the holidays; but, early this month it really slowed down.

I have a condo and a townhouse that I completly rehabbed I have been trying to sell since December.  I have received absolutely NO offers even though they are priced WAY lower than any other comp.  I hate to admit it; but, this is a buyer's market.  Due to high interest rates, fewer buyers are able or incentivised (my new word) to buy a home (and therefore get an appraisal in Las Vegas or Nevada).  With fewer willing buyers, those who "must sell" are forced to lower their prices.  This "desperate sellers" factor drives prices downward.

After all, why would anyone buy my home when there is even one similar to it that is for sale at a lower price.  For a while, there was the "kitchen factor".  That is, the wife liked the kitchen (or whatever) so much that the homes in "turn key" condition sold at early 2006 prices.  Now even those homes have suffered a loss.