I do real estate in Las Vegas. I am gearing up for the rush as investors see the current top and panic so they are on the last musical chair.
Our house has been on the market for 15 days now without a serious bite. Supposedly the Phoenix housing market is hot but we have only had one call this week.
Sales of foreclosed or marginal properties effect the comps and appraisals of homes sold that are in top condition in the same neighborhoods.
That’s not to say that the later sells for the price of the former, but it does cut 5% off the top in my experience recently selling a home.
There is a lot of foreclosed property in some of the bigger markets that has been sat on or rented. As that comes on the market, it will help keep the prices from getting too heated, but yes, we are seeing the flippers again.