With 25 years experience in residential real estate sales between Los Angeles and Las Vegas you tend to think that you have seen it all. Well…I haven’t. The Las Vegas real estate experience is brand new and based on my feeling, what we are going through now is going to be the new norm for quite some while.

What is the new norm?  The new norm will be made of up of 3 kinds of sellers…equity sellers ( those that have mortgage below the present market value of their home) , the short sellers ( those who own more that the homes market valve) and REO sellers ( property that have been taken back by a bank or private lender for non-payment of the debt.)

The new norm will be made up of very little appreciation if any. Home values will continue to move up and down in very little movements. We will not see huge swings in either direction.

The new norm will be in how easy or hard it will be for a buyer seeking a loan to actually get  one due to the changes taking place in the lending arena. Buyers who lost they homes during this great recession and who want to buy again will have a waiting period in order for the lenders to feel comfortable enough to take a risk again on these buyers.

The new norm is that with the prices being where they are, and the interest rates being where they are, it’s an unbelievable time to invest or to purchase a home to occupy. These 2 factors will be with us for some time to come.

So… let me me know what you are thinking.

Neil Schwartz…Broker/salesperson…Coldwell Banker Premier Realty