.

SmartMoney Blogs

Real-Time Advice
Our real-time advice on how market shifts and news impact you and your money

Cities With Least Realistic Home Prices

3 Most Realistic:

Las Vegas

  • Median listing price: $120,000
  • Median sales price: $121,800
  • Difference: +1.5%

Some cities are actually posting median sales prices that are higher than asking prices. Experts say investor demand for distressed homes in Las Vegas often leads to bidding wards that drive purchase prices up to the asking price or more. An epicenter of the housing crisis, the Las Vegas market by some accounts is treading along the bottom. As lenders try to sell the homes they previously foreclosed, they’re pricing them either at or slightly below current market value, says Brad Snyder, a Las Vegas realtor with ZipRealty. That’s also the case with homeowners trying to avoid a foreclosure by selling their home in a short sale, he says. (With a short sale, a home sells at a price that’s lower than the amount the borrower owes the lender.)

Collectively, foreclosures and short sales account for about 80% of sales in the metro area, Snyder says. It’s unclear how long that trend can last. The narrow difference between the listing and the sales price could get bigger if foreclosures spike again. Last year, the Nevada legislature passed a bill requiring lenders to clear more hurdles before foreclosing on a home. That’s helped restrict the number of properties selling on the cheap in the area for the time being.

Getty Images
«»

Comments

We welcome thoughtful comments from readers. Please comply with our guidelines. Our blogs do not require the use of your real name.

Comments (5 of 36)

View all Comments »
    • -1′

    • I am NAR and you can rely on my “data.” Trust me…Have I ever lead you wrong before?

    • The truth is that banksters are MANIPULATING the nationwide RE market by carefully rationing the amount of distressed properties that they allow to TRICKLE onto the open market.

      At the same time, most Americans currently buying homes are FHA-sponsored DEADBEATS who can barely manage to scrape together the prerequisite 3% downpayment. Is it any wonder that 15% of these slobs fall into DEFAULT (yet again) withing the first 24 months?

      Good luck trying to “fix” the U.S. economy by openly promoting
      F-R-A-U-D.

      Why would ANYBODY with REAL

    • my best friend’s mother-in-law brought home $12987 the prior month. she is making income on the laptop and got a $519600 house. All she did was get fortunate and follow the steps explained on this link (Click on menu Home more information) http://goo.gl/z7U5j

    • Here in the Inland Empire (California’s San Bernardino / Riverside Counties) the asking for resale depends upon the seller. Whether the seller is selling short or bought too high and wants to get their money back. The medium 4 bedroom 3 bath 3,000 square foot home is $425,000 being listed as $500K plus. The selling price however averages $328K and is going downward on buy offers going lower. The figures are based upon 76 resale homes sold.

About Real-Time Advice

  • How breaking news — in the markets, Washington, and around the world — affects you and your money. Have a question about how current events may change your financial future? Email us at ask@smartmoney.com.

.