I was in New York City, when this "sensationalized, let's write about the seedier side of life and Las Vegas because that's what sells"... cover story in TIME MAGAZINE hit the news stands. I read it and have been meaning to comment on it and set the record straight.
If you missed the article - here is a link to it on Time's website :
Today, I read Paul Francis's blog and brilliant review of the story - so I highly recommend checking it out!
Las Vegas Real Estate Agent Creates Brouhaha with Time Magazine Article
I agree with Paul whole-hearted-ly. He chronicles the fallout from the article with links to the various other newspaper articles. My initial reaction to the Time article was - wow, talk about painting a grim picture and making it appear that the examples the author used were the rule rather than the exception. Suffice it to say, although there may be a small percentage of foreclosure homes in a "trashed-out" state and one can always find someone who attempts to take advantage of a situation - the reality in Las Vegas is we are moving inventory - from REOs to short sales to traditional resales.
And the majority of the inventory is in good shape. And, the majority of "struggling" homeowners in Las Vegas are dealing with stress, crisis and serious decisions. They are looking for real solutions and we, as an industry, can step up now to be part of the solution and not the problem. Short sales can be a viable answer for homeowners who are doing their best to avoid foreclosure and have a legitimate hardship that is documentable.
In August 2009, foreclosure (REO) properties accounted for about 70% of all single family residential (SFR) sales. Another 12% of August sales were short sale transactions. The average sales prices across the Las Vegas valley is currently about $125,000. The prediction remains that shorts sales and REO properties will dominate our market for 2-3 years at a minimum.
So, as a Las Vegas real estate professional, what are you doing to focus on the business you want to attract?
- Have you made the investment is your time and education to learn everything you must know in the current market?
- Have you made the appropriate adjustment in your business plan to skillfully handle both foreclosure and short sale properties?
- Do you feel comfortable sitting down with a prospective purchaser or home seller and explain the market and possible options and solutions for their real estate needs?
If the answer is no or not quite - consider seriously attending the Certified Short-Sale Professional designation course that Steve Kitnick and I teach every month in Las Vegas. Join almost 350 CSP graduates in leveraging the knowledge and power of the most-cutting edge training available for short sales. This course is ever-evolving and loaded with "how-to" steps and techniques to help you embrace the reality of our short sale market.
Visit my Training Schedule page for all upcoming training class dates.
