Mesquite Market

Mesquite Nevada homes for sale and local builders have a new head wind, Sun City Mesquite. They are celebrating one year in the market with the announcement of construction of 41 spec homes. They were on “Talking Real Estate” yesterday and said the average base price was in the mid $130 per square foot.

During their first year here in the Mesquite market they basically only did pre-sale homes. They are changing that approach, becoming more aggressive and building homes as standing inventory. Brand new homes, finished , ready to move in, being offered with great incentives, and below $150 per square foot.

Seller’s of existing homes are not going to be able, any longer to ignore this giant standing in their backyard. The Mesquite Nevada real estate market for homes has changed forever. I remember saying that on Radiomesquite.com the day they opened, June of 2007.

This new approach by Sun City Mesquite,for our little market is like having a thousand pound gorilla in the room with you. The Mesquite Nevada homes market for existing has been selling on average above $160, this year, above $170 last year , and above $180 the year before that.

For the Mesquite Nevada homes marketthis is more than just a real estate cycle down turn, it is a new market, new competition. Pulte/ Del Webb, Sun City Mesquite also said yesterday on “Talking Real Estate” that the newest Mesquite Nevada Golf course will be open at Sun City late 2009.

Sun City Mesquite will be building new home here for many years. Based on the fact that the average asking price for existing homes listed over the past thirty days was over $175 per square foot it seems Sun City Mesquite is going to continue to do very well, and the existing home owners will have to wait.

For more information about Mesquite Nevada Real Estate.

Chris W. Miller

ERA Brokers Consolidated

Mesquite NV  89027

702- 346-7200

435-862-5951

Mesquite Market

Nevada Farm and Ranch Land

Nevada Water Rights

Lincoln County Land Market

chris@mesquitemarket.com

As inventory grows and sales slow in Mesquite, builders continue to start new homes because that is what builders do, they build. Plans for new projects of all kinds are presented and approved, and the dirt movers around town are staying busy.  Mesquite continues to grow with new unsold condo/town home complexes and single family neighborhoods. 

Sellers remain stubbornly fixed on last year’s prices while buyers today are looking forward to next year and trying to guess where the market is going. Maybe sellers need to try to step into the buyer’s shoes, read the news, and ask themselves, would they buy that house, at that price, today? Could it be a better value tomorrow? 

Try this, what are the chances it will cost more tomorrow based on today’s news? What are the chances it could cost less tomorrow? Which do you think is a stronger influence, fear of loss or possibility to gain? The idea of buying a house that could be worth less than you owe or paid is paralyzing for most buyers. 

What will motivate today’s buyers? Confidence they can’t go wrong? (Like last year!) Confidence in the market? Of course a very good deal or at least what they perceive as a very good value might motivate them, but then there is that fear. Sellers offering very good deals today are selling their properties even in the face of today’s news.

So what is a very good value today? Current market value minus 10 %, 15%, 20%, and how does a seller know the current market value if last months appraisal may already be obsolete? These are not easy questions, and as a working real estate professional I am amazed how some sellers seem to think they know the exact answers. No offense intended it is a tough market to figure, even armed with all the current market facts and trends. Honestly those sellers who think they know exactly, based on last years prices, are the ones with the houses sitting “for sale” on the market. That is a telling sign of something! 

If the predictions from economists like Robert Shiller, Mark Zandi and a growing host of others prove to come true, today’s sellers who do drop their asking price and sell now, may come out smelling like a bed of roses. Many in and out of the industry are saying “the sooner today’s sellers confront and accept the inevitable truth, the facts about today’s market prices, the sooner the market can begin to heal itself.” 

So the Real question is; When Will Sellers Know Best?

Chris Miller

Mesquite GMAC Real Estate

Mesquite NV  89027

702 346-9050

Mesquite Market

chris@mesquitemarket.com

 

 

 

 

The U.S. economy is strong enough that further interest-rate increases wouldn’t push it into a sharp downturn, said Jeffrey Lacker, the president of the Federal Reserve Bank of Richmond, on Monday. 

“The economy is resilient enough to withstand further tightening,” Lacker said in a breakfast speech to the Greater Baltimore Committee.  Lacker said he is much more worried about the danger of persistently high inflation rates than of an economic downturn. There are “tentative signs emerging that the housing market may be stabilizing,” Lacker said.  

Chris Miller

Mesquite GMAC Real Estate

Mesquite NV  89027

702 346-9050

Mesquite Market

chris@mesquitemarket.com