The Tire Kickers are here in full. Really. They are looking for a deal and are willing to wait, and wait, and wait. But, then, again, I have several Foreign (out of this country) Investors, and they are trying to get to Las Vegas as quick as they can.
The difference is that the Tire kickers are looking, searching, and NOT settling until a seller agrees to their price. I really don't blame them.
On the other hand, the Foreign Investors are wanting to get a property here as soon as they can.
Since I am working with both types of Buyers, I really can't blame them for their individual points of view. There are deals -- but the deals are not steals. So, one client type continues to drag their feet or they continually have me write low ball offers. (I really hope that these would be countered with a reasonable counter offer. It hasn't happened -- yet.)
And, the Foreign Investors want to eye ball the property in order for them to write an offer. (Unfortunately, they know that there will be another good deal if they come a little later than they already are waiting.)
And, this AM, CNBC was reporting that banks are NOT lending because they have an REO inventory that is twice what the banks have released for sale. And, they are hesitant to lend money of the very same inventory when they know that that property loan could end up back in their inventory as foreclosed upon again. (Vicious cycle.)
Still, since I am NOT selling homes. I am glad that I am NOT selling a house to an investor who is currently paying too much as I have a gut feeling that house prices will be heading down a lot more once the banks finally figure out that by holding properties while anticipating a buying spree is the real reason they are not lending. The longer they hold out, the cheaper it will be to acquire in the (hopefully) near future. (And, I thought you had to be smart to be a lender.)
For Information about Las Vegas Commercial Investment Property, contact David Howes at: david@davidhowes.net
The difference is that the Tire kickers are looking, searching, and NOT settling until a seller agrees to their price. I really don't blame them.
On the other hand, the Foreign Investors are wanting to get a property here as soon as they can.
Since I am working with both types of Buyers, I really can't blame them for their individual points of view. There are deals -- but the deals are not steals. So, one client type continues to drag their feet or they continually have me write low ball offers. (I really hope that these would be countered with a reasonable counter offer. It hasn't happened -- yet.)
And, the Foreign Investors want to eye ball the property in order for them to write an offer. (Unfortunately, they know that there will be another good deal if they come a little later than they already are waiting.)
And, this AM, CNBC was reporting that banks are NOT lending because they have an REO inventory that is twice what the banks have released for sale. And, they are hesitant to lend money of the very same inventory when they know that that property loan could end up back in their inventory as foreclosed upon again. (Vicious cycle.)
Still, since I am NOT selling homes. I am glad that I am NOT selling a house to an investor who is currently paying too much as I have a gut feeling that house prices will be heading down a lot more once the banks finally figure out that by holding properties while anticipating a buying spree is the real reason they are not lending. The longer they hold out, the cheaper it will be to acquire in the (hopefully) near future. (And, I thought you had to be smart to be a lender.)
For Information about Las Vegas Commercial Investment Property, contact David Howes at: david@davidhowes.net