What happens in Vegas…

With a 167% increase in foreclosures from 2006 to 2007, Nevada tops the list of the hardest hit states in the nation. Two Las Vegas Realtors have taken their show on the road in an effort to make a dent in the down market. Wayne Newton would be proud.

Sin City Realtors Barbara and Marshall Zucker noted that 40% of all home sales in their market were foreclosures. Seeking to help their clients find the bargains, they bought a bus, dubbed it the “Vegas Foreclosure Express” and begin offering tours of repossessed homes. They screen houses, select the best, and take their clients, 24 at a time, on ten minute tours of each property – the real estate version of speed dating. Along the way, they offer onboard counseling on finance and home buying. It would appear that they are raking in the chips - since February they have closed several deals and have over 26 offers pending. Operators have revved up to tap this market in other struggling states as well. Cesar Dias, the originator of the foreclosure tour, hit the road in Stockton, California in September 2007, bringing his brokerage back from the brink of bankruptcy.

In our local market we have much to be thankful for. Oregon ranked 22nd in the 2007 foreclosure rankings, and while the current inventory of Eugene homes for sale is about twice the average vs. one year ago, median sale price has only declined 6.1% since market peak in June 2007.

I’m not aware of any plans for a foreclosure tour in Eugene. Buyers are still buying (some getting great bargains). Sellers are still selling. The smart ones have taken care of their home's condition and hired a skilled REALTOR for help with presentation, competitive pricing, and a targeted marketing plan to attract the attention of qualified buyers in town and across the country. And hopefully, what happens in Vegas stays in Vegas!

Cheers,
Bobby

bobby@alternativerealtor.com
541 225-8081

Sources: Associated press, Fortune Small Business, Eugene RMLS

Market Action Update for Lane County 2008

Here is a little info on the current market in our area...

March Residential Highlights
Looking at March 2008 compared with March 2007, the number of new listings decreased 9.5%. Additionally, the number of closed sales declined 29.1% and pending sales decreased 28.7%. See table above. At the month’s rate of sales, the 2,074 active residential listings would last 8.4 months.


First Quarter/Year-to-Date
When comparing market activity for January-March 2008 with the same period in 2007, new listings fell 1.5% (1,770 v. 1,796). Closed sales dipped 30.3% (643 v. 923) and pending sales decreased 27.4% (809 v. 1,309).


Appreciation
Comparing the average sale price for the 12 months ending in March 2008 with that of the 12 immediately prior, it appreciated 2.3% ($264,500 v. $258,500). Using the same formula, the median sale price increased 2.1% ($232,900 v. $228,000).

All information from Market Action March 2008 provided by RMLS



Tawnya Madsen, Broker

Tawnya@AlternativeRealtor.com

541.729.2350

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