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Greetings to all you Luxury Buyers and Sellers

Posted by Kenneth Lowman on December 10, 2007
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Greetings to all you Luxury Buyers and Sellers. The reality has begun to sink in that our market has returned to a challenging and competitive one which requires a professional, active and aggressive Real Estate Broker to get results. Although we are still seeing pockets of strength particularly in the ultra-luxury price points, the number of homes for sales has grown dramatically. When the supply of homes increases, pricing and promotion become so critical in getting a home sold. At the same time, Las Vegas remains a desirable place to live, the market has not crashed and Sellers are not forced to “give away” their homes.

Realtors are not Magicians for either Buyers or Sellers. We cannot consistently sell property for any more than fair market value, nor can we convince many Sellers to sell for much less than fair market value. Time and time again I see Sellers expect more than anybody else around them has sold their home for. A recent study has shown that up to 90% of appraisers are pressured into appraising homes higher than fair market value. Yet when you go to a Doctor, you would’nt dream of pressuring the Doctor into a better analysis of your condition, instead you would want the truth. The Seller has the greatest influence in the asking price, yet he is often the most emotional and least qualified to determine that price. Please, when pricing your home, listen to the professional advice of a knowledgable Real Estate Broker.

Some Buyers now believe they can purchase for 50 cents on the dollar. I can assure you I see very, very few Sellers that are willing to accept an offer in this kind of price range. Instead they will skim the market by reducing their price gradually until they find the “sweet spot” in the market that produces a fair market value offer. Further, if the home is truly desirable, in a good location and priced fairly it will sell in a reasonable time frame. Although many asking prices have come down, many of the selling prices have remained stable and are still far above prices from just five short years ago. When purchasing a home, the Buyer too should listen to the professional advice of a knowledgable Real Estate Broker when they are determining an offer price.