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Las Vegas home sellers list property for $1

KTNV 13 Action News
KTNV 13 Action News
 2022-12-03
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With the real estate market cooling off, some Las Vegas sellers are getting creative to get more offers.

CONTINUING COVERAGE: Digging deeper: Impact of Las Vegas' sky-high home prices

As interest rates climb and home prices continue to drop, homes for sale are staying on the market much longer than they were just six months ago.

When looking at the real estate site Zillow, thousands of listings are shown throughout the valley — but zoom in towards the area of St. Rose Parkway and I-15 and you'll find a home listed for only one dollar.

"It is not a mistake," says local agent Lana Boley, "You basically have to talk to the listing agent and see what's the highest you could do for that home."

She says this is a creative strategy, and showed clients the home recently.

"Sometimes people just need to move to another state, or they have a different situation, and they don't want to wait for an offer," Boley said. "So if they would like to sell it fast, they could list it for $1, or really really low, so they could receive several offers and choose the best one."

Boley is also selling a similar home blocks away listed at around $335,000. She says the house has been on the market for a few months and the price has recently dropped.

She says it's a changing market.

"There are a lot of opportunities, especially for the first-time homebuyers," Boley said.

But it's getting harder to sell property. According to Redfin, 2.4% of the listings in the Las Vegas area were "delisted," or removed from the market without selling. That's more than double the number removed from the market one year ago.

"Houses are not really going down in value, they are maintaining in value," said mortgage lender Bryan Feldman.

Bryan Feldman, a mortgage lender from Residential Bancorp, says this is a much better scenario for potential buyers because there are more incentives for sellers to attract an offer.

"They are giving you incentives to buy like closing costs, be it a price reduction we are seeing that," he adds.

A dollar listing could catch the eye of some, Boley says, because it's different, even though it will hopefully sell closer to market value.

"I like it, try different strategies if it is not working, try something new."

Comments / 25

Pewetang
12-03

So can I legally sue these owners and agencies for false advertising? I mean it worked on Red Bull " because it gives you wings" just saying I'm broke and lawsuits is the American way.

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14
Lori Woo
12-03

Everything is a scam in LV....now even real-estate? To be legal it needs to have a time limit of taking the highest bidder or sell for asking price. A full disclosure to potential buyers or its just another scam!!

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5
legalizeEverything
12-03

oh yes bc buyers need another reason to have their time wasted. if they list for $1 they should have to sell for that.

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8

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