Rob Anderson, Both Buyer and Seller in Henderson, NV

Realtors... Did any of you notice that prices over the last year here in Vegas dropped 31%? Why, I remember

Asked by Rob Anderson, Henderson, NV Tue Dec 30, 2008

last year this time, everyone was screaming buy, buy, buy. What happened to all your enthusiasm? Oh, thats right, you all came back to reality. If it wasn't for greedy realtors and brokers pushing people into houses they couldn't afford, and stupid people trying to buy a 500K house on a 30K income, none of this would have happened. You should all be ashamed of yourselves.
Not all realtors and brokers contributed to this mess, I realize that, but the bulk of them did. I hope you all lose your homes too because you can't sell any houses. Hell, you guys get paid for doing very little work anyways.
Now before you all scream that I don't know what I am talking about, my wife was a real estate paralegal and dealt with you guys on a regular basis and said 95% were worthless, lazy, and out for a quick buck. To the 5% who give a crap, I hope you can come through this. For the 95% who are worthless, you need to suffer wth the mess you created

Help the community by answering this question:


Hello again

To the realtors who were good enough to respond, you would seem to be the ones doing a good job and thanks. I have had bad experiences with realtors in the past and found it much easier to sell my home on my own and have done so successfully.

My big problem with this whole mess as I mentioned is I did things the right way. Saved 20%, put it down, got a 30 year fixed, live within my means, and now I am totally hosed. Had I not put down anything, I'd be 80K ahead of the game right now in the same situation.

Its especially frustrating when I look at friends and coworkers who bought more than they could afford stay in their homes without making a payment for over a year because the bank won't foreclose on their particular property because it would be a huge loss to the bank. How is that fair? Oh, but if I quit paying, because my house isn't 600K, I would get foreclosed on immediately.

This whole situation sucks. I lost everything I made over 15 years on my stupid house which wasn't even the one I really wanted when I moved here, but what I could afford. Now, for what I spent back then on this piece of crap, I could have paid cash for something better.

I hope everyone who made this mess burns in hell.
1 vote Thank Flag Link Wed Dec 30, 2009

To the two agents who answered, I 'll give you credit and agree with what you both said. This whole situation is a mess. We tried to relocate for a better job last year and only could stay for 6 weeks in the new place before moving back to Vegas for the simple reason of not being able to sell our home. Even worse is there are several opportunities at work right now that would be advancements that I have to ignore because of the house.

What irks me and many of my colleagues is we pay our bills put down 20% and now the government is bailing out everyone except those who did it right.

If it were up to me, we would reassess everyones homes to current market values and let those of us with credit scores over 750 who haven't missed a payment refinance at 3% at the CURRENT value of the home. This then frees those of us with cash up to spend more and helps everyone out, but hell, what do I know.

Instead, lets bail out those who can't manage their money in the first place only to see them failing again 6 months later.

What a joke.
1 vote Thank Flag Link Thu Jan 1, 2009
Well Rob,
I wish only the best for you! You are right some unscrupulous agents and loan officers and and appraisers were only thinking about the money. But the majority of us are professionals that have businesses and positions in the community and do not do what you have accused us of! We are advisors and we do not put a gun to anyones head to do anything! People in this country should take responsiblity for their own actions!

The simple reason this situation happened is that the government was pushing homeownership for people that had no income, credit or assets! Lending to this group makes no sense at all! So they defaulted in huge numbers! Another reason is greed. When people saw what others were realizing from their investments they had to buy with no thought at all! They had to buy something now and did not care what it was! And don't forget Wall Street- they made Trillions on packaging these loans and selling and reselling them! Did they know what would happen- I dont know but they made much more than they have lost now! What goes up must come down! Just like the tech boom of the late 90s! And every other boom!

See us professionals will present you the information to make a decision and its up to the principles to decide what they want to do! There are bad apples in every profession but the vast majority of Realtors are good, hardworking honest people! I wish you the best my friend, and hope you have a happy and prosperous New Year!
1 vote Thank Flag Link Wed Dec 31, 2008

How many downturns has the American economy gone through in its history, and how many people say everytime, "we'll never see those times again?" It happens every time and every time we pull out of it and prices go higher than they ever have before. Buildings are nothing more than an organized collection of commodities. Do commodity prices go up or go down?

Lets take your dream spot, Lake Las Vegas, for example. You mention you are interested in condos there. There are luxury condos in Lake Las Vegas right now priced at $108/sq. ft! There are units in there that once sold for over $700K that are now listed at less than $220K. How much further do you think the prices will drop on this particular property? Not Lake Las Vegas in general, but on this specific property.

By the way, the average price per square foot for condo units that closed in the last 90 days is just about $238 / sq.ft.

Everyone makes such a big deal about this leaking pipe, people even saying the lake would be drained. It's really just ridiculous. The drainage pipe was due for its 10 year maintenance after being there for 10 years. The pipe did the job it was supposed to.

This is why I say there is no such thing as a good or bad time to buy real estate, just good and bad opportunities. There are some outstanding opportunities out there for those that weed through the hype and sensationalism.

Best wishes,

Mike Dobranski, REALTOR®
Keller Williams Realty - The Marketplace
Las Vegas / Henderson, NV

1 vote Thank Flag Link Tue Dec 30, 2008

One thing you have to realize is that when the average and median prices go up and down, it is not a universal number and all prices go up and down in unison. This time last year, and throughout the entire year, there have been properties that were priced so well back then, that they would still be incredible buys today.

The people that were wise enough and fortunate enough to take advantage of these incredible deals have spent the last year doing things like making their home their own, receiving a very attractive return of investment through positive cash flow, have been taking advantage of the many financial benefits of home ownership, etc.

I agree with you that people have been mislead and unethical things have been practiced, but there is blame to be passed around to a whole bunch of people. I know for a fact this year there have been people that myself and my trusted lender have suggested they hold off on purchasing a home until their financial affairs were better in order, but they wound up keep going down the line of other Licensed Real Estate Professionals and Lenders until they got a yes. Will these people face foreclosure? No one knows until after it happens, but like I said, a lot of people have blood on their hands with the mess we are in.

From the tone of your post, it seems like you have had a bad experience with a real estate professional, and I am sorry for that. Unfortunately, just like every profession, we have our good eggs and our bad eggs. There are people in every profession that do what they do to make a "quick buck," but the true professionals understand that great wealth in this business is built on the referrals of our past clients, friends and colleagues. The way we receive referrals is through offering great service and solid professional expertise.

Again, I'm sorry for whatever wrongs have been done to you. My hope is that a few bad apples doesn't totally spoil the cart.

Best wishes,

Mike Dobranski, REALTOR®
Keller Williams Realty - The Marketplace
Las Vegas / Henderson, NV

1 vote Thank Flag Link Tue Dec 30, 2008
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