Thursday, June 22, 2006

New game takes shape as housing market cools, opening doors for buyers

The opportunity to become a homeowner in Las Vegas has widened greatly, observers say, as investors bail out of a cooling market, leaving inventory at a record high and forcing sellers to lower prices by as much as $50,000 in some neighborhoods.
It's a new game in a changing market, and old rules no longer apply, said Jason Braford, district director for ZIP Realty in Las Vegas.
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Homes are staying on the market longer. In May, 43.1 percent of homes sold within 30 days, compared with 48.4 percent in the same month a year ago, the Greater Las Vegas Association of Realtors reported. Meanwhile, the median price increased only 3.3 percent to $310,000.

Some sellers probably are wondering whether to cut their price now or hold out for more. Some prospective buyers might be wondering whether they should take the plunge or continue to rent. They might be asking themselves, "Is it time to go for a bigger house or a smaller one?"
Don't try to predict the market, Braford said. If you're looking for a home to live in for at least five years, short-term fluctuations are not important, he said.

Click here for full Story - reviewjournal.com

Friday, June 02, 2006

Commercial Real Estate Continues Uptrend

Economy is pulling commercial real estate along with it, says Lereah.

The expanding economy is pulling commercial real estate along with it, creating strong demand for space. At the same time, institutional investors are returning to the market, according to a commercial market update and forecast presented here at the National Association of Realtors® Midyear Legislative Meetings & Trade Expo.

Click here for full story - RISMEDIA