I don’t know about you, but I’ve been out enjoying this fantastic November weather lately. I played a round of golf at Red Rock last week. I won’t be joining the tour anytime soon but we had a blast slapping the ball around. I also took the boat out to Lake Mead for the final fishing trip of the year. It was Saturday evening and we nearly had the place to ourselves. We caught a few and relaxed under the stars. It’s been perfect for my three mile runs after work. I just started taking my six month old Weimaraner to drain a little of the penned up energy!
On November 1st, I begin preparing for 2014 here at the office. My main focus is to add bricks to the existing foundation. Find ways to increase our customer service, make better use of time, attract more new business, and become more profitable. I’ll do some serious reflection on this year and look at what was successful and not along with where we really need to improve. Goals will be set with a game plan for achievement.
Have a happy Thanksgiving!
Market Facts & Opinion
October statistics reflect the continuation of increased active inventory in the Las Vegas Valley. To be precise, inventory without a pending offer increased 11.7% from September to October. Today, we have 8,800 total units active. (Single Family, Townhome, Condo)
The market absorbed approximately 3,200 units in form of sales in October. That’s a decrease of approximately 2% from September and 12% from one year ago. With that being said, that equates to only 2.75 months of inventory which is historically low.
After a 1% dip in the median price from August to September, the median increased by 2.8% to $185,000. It’s still a far cry from the all time high of $315,000 in 2006. We’ve come a long way in only one calendar year with the median increasing by 32.1%.
The median price of active listings with no offers declined 1.7% from September to October which has been the recent trend. The amount of days a property takes to sell also increased by 2.9%.
Interest rates remain ridiculously low. While I’ve heard a little gruff about 4.xx% interest rates this year, you don’t need to reflect on history very long to change perspective.
When I review the statistics, I see a mixed bag that leads me down the same road I’ve been predicting. The balance bar is progressively moving from a seller’s towards a buyer’s market. On top of the monthly statistics, I have the advantage of “feeling” the market. How many showings on my listings vs. offers, listing inquiries, strength of offers, how discriminating are buyer’s? The feel backs up the statistics.
I want to stress that every circumstance in this business is custom. We are currently representing a buyer in Summerlin that was involved in two healthy multiple offer situations. (We contracted the 2nd) In contrast, I have a listing in Mountains Edge near the median price that had consistent action the first week that netted one solid offer. Frankly, the buyer’s offer was well above where it needed to be to get an acceptance. I have a listing in Henderson that is priced in the slot, clean, has been shown a half dozen times and hasn’t sold.
We’ve negotiated $75,000 price reductions for our buyer’s this year and had many need to pay above asking. It depends on the circumstances.
The moral of the story is that the Las Vegas market rarely makes traditional moves in any direction. In the last decade we’ve seen prices double, slashed by 60% from that high, and now shoot up 32% in one year. Hire a professional that has the ability to represent your best interest with applicable experience. That means they are constantly seeking new skills, following market trends, and actively participating in the market full time.
Philosophy of the Month: Attitude
Last month I discussed philosophy itself. I defined it as the “Lover of Wisdom”. It’s the information you’ve acquired throughout your life that occupies the real estate between your ears.
Attitude is one of life’s greatest challenges. To take it one step further, one of our biggest daily challenges. My definition of Attitude: It’s how we feel about the knowledge we have and the philosophy we choose to employ.
Dissecting attitude is a complicated task but I’m going to list some of the major variables:
Faith-Do you believe in your future?
Influence-Both negative and positive
Associations-Who are you around and what are they doing to you? Is it OK?
Gratitude-Thankful for things like family, friends, health, etc…
Are you doing the best you can?
Are you taking 100% responsibility for your life?
How you feel about other people. (Assumptions, Generally good or bad?)
How you feel about your job or career.
Your perspective on this great country.
Investing the best of yourself into others.
Big One: How you feel about yourself. (Self Image)
We’ve all heard the old analogy: “Attitude is Everything”. I’ll take it one step further. Attitude and happiness is as much a cause for success as success is the cause for attitude and happiness. I think we’ve been programmed to think that once we achieve desired success, we will magically be happy and optimistic. I think success is important but what’s more important is finding a way to be happy with today’s circumstances while you pursue your ambitions. That’s what leads to the greatest success, ultimately.
To improve our attitudes (Which we all can benefit from), we have to begin to change our perspective. That’s done through education, positive influence, and newly formed good habits. Slowly, we rewire our own minds. Our old philosophy is diluted and replaced by new ideas.
Will negativity every cease to exist in our daily life? Where it no longer affects you? I’ve read philosophy that states it’s possible at the highest level. I’m just not sold yet. I think the key is to have the ammunition and resolve to win the battle between your ears. How quickly can you beat negativity into the corner and get back on track to a positive day and outlook?
I’m certainly not puffing out my chest and claiming I’ve mastered my own attitude. I’m still working on it like everybody else. I will say that it’s come a long way and I hope it continues to improve with action and time.
Quote of the month:
“Happiness is when what you think, what you say, and what you do are in harmony.” –Gandhi