By Quentin Fottrell and AnnaMaria Andriotis
3 Most Realistic:
- 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.