LAS VEGAS (KTNV) — With the real estate market cooling off, some Las Vegas sellers are getting creative to get more offers. As interest rates climb and home prices continue to drop, homes for sale are staying on the market much longer than they were just six months ago.
As interest rates climb and home prices continue to drop, homes for sale are staying on the market much longer than they were just six months ago.
When looking at the real estate site Zillow, thousands of listings are shown throughout the valley — but zoom in towards the area of St. Rose Parkway and I-15 and you’ll find a home listed for only one dollar.
“It is not a mistake,” says local agent Lana Boley, “You basically have to talk to the listing agent and see what’s the highest you could do for that home.”
She says this is a creative strategy, and showed clients the home recently.
“Sometimes people just need to move to another state, or they have a different situation, and they don’t want to wait for an offer,” Boley said. “So if they would like to sell it fast, they could list it for $1, or really really low, so they could receive several offers and choose the best one.”
Boley is also selling a similar home blocks away listed at around $335,000. She says the house has been on the market for a few months and the price has recently dropped.
She says it’s a changing market.
“There are a lot of opportunities, especially for the first-time homebuyers,” Boley said.
But it’s getting harder to sell property. According to Redfin, 2.4% of the listings in the Las Vegas area were “delisted,” or removed from the market without selling. That’s more than double the number removed from the market one year ago.
“Houses are not really going down in value, they are maintaining in value,” said mortgage lender Bryan Feldman.
Bryan Feldman, a mortgage lender from Residential Bancorp, says this is a much better scenario for potential buyers because there are more incentives for sellers to attract an offer.
“They are giving you incentives to buy like closing costs, be it a price reduction we are seeing that,” he adds.
A dollar listing could catch the eye of some, Boley says, because it’s different, even though it will hopefully sell closer to market value.
“I like it, try different strategies if it is not working, try something new.”
*Story originally appeared on Channel 13 News & was written by Joe Moeller*