On today’s edition of Las Vegas Real Estate Now, your hosts Harvey Blankfeld and Shelley Brown cover a variety of topics including For Sale by Owner real estate deals, the (alleged) soaring home prices in Las Vegas, not to mention Shelley’s fun fact of the day.
As you might guess, For Sale by Owner is a case where the owners are themselves selling the home without the help of a realtor. In Vegas, one of the biggest benefits of a for sale by owner deal is not having to pay commission to a Las Vegas realtor, which varies according to the real estate agent and nature of the deal, but is often in the range of around 6%. However, Harvey points out that even without an agent receiving a commission, there are still numerous costs that the seller must bear, and that can amount to as much as 2% of the final sale price. Moreover, in ‘For Sale by Owner’ sales, buyers have been known to demand lower prices, since they know that the sellers aren’t paying any commission to a realtor. All of this is food for thought for those who think that skipping a Vegas real estate agent will always get them a better deal in the Southern Nevada housing market.
In his fact of the day, Harvey takes a look at new statistics released by Realtor Mag, which lists 7 markets in the US where home prices are soaring and which places Las Vegas in second. You can read the full article here:
According to RealtorMag, the median home price in Las Vegas jumped 26.9% over the past year to a total of $177,500. Harvey takes a deeper look at this high figure and cautions how it’s not really indicative of the true situation on the ground. As it turns out, much of that price jump is inflated by increased sales of higher priced homes, rather than a pure jump in home prices across the board. Harvey’s advice is to not automatically believe that the market is as good as you hear, nor as bad as you hear.
Shelley rounds off up the discussion with her fun fact of the day of how around 100,000 people in Hong Kong live in so-called caged homes. These ‘homes’ offer a whopping 6” by 2” of space, with a bed on top and storage area underneath. Not exactly spacious or even remotely comfortable is it? Las Vegas homes for sale, by contrast, offer a median square footage of around 1,500 sq ft.
As always, please be sure to tune in each and EVERY Saturday at 11 AM to RERNLV on AM720 KDWN.