Before you ask: No, Las Vegas home sales are not declining as one would think if one read Bloomberg's article this morning. I read it, and here's one who has local statistics. Real estate is local; this morning's story is undoubtedly correct on a national level. But if you're looking to invest in Las Vegas, it really isn't relevant to your goals whether sales are declining or rising in Suquamish, WA or Berryville, AR.

Sales of existing homes in Las Vegas are rising, not declining. In April, LV housing sales rose over the same month in the previous year (year-over-year sales) for the first time since 2005.

Once again, the sky is not falling. We're going through a rough patch, that's for sure. You can't buy a home here and expect to flip it...duh. My worst nightmare (as expressed in March) became a reality to some extent when the national economy did get bad enough that it began to impact our local residential real estate market. But I'm one little voice that continues to point out the obvious--that Las Vegas is a great place to invest in real estate.

A few of my clients who bought homes here in December and January are getting a little nervous. Prices have dropped, and dropped rapidly at a time when sales began to climb rapidly. These clients bought their homes at well under market value. But if you buy a home for 10% less than comparable homes in the same neighborhood, prices have to drop another 10% before your home is worth only market value. You have an equity cushion when you are buying well under market value.

So where have I been the past 10 days? Really, really busy. Sales are still rising rapidly. Prices are declining at a steady rate. Certain neighborhoods appear to be stabilizing, but it's still too early to see whether there is a pattern.

Competition for the best houses is making it very difficult to get your offer approved. My clients who heed my advice--even though they are certain that banks want to dicker on price--usually fare well. Banks don't want to dicker. They don't want to start bidding wars; they want clear, concise offers that will allow them to make quick, sound decisions. And they definitely don't want to deal with incomplete offers submitted by inexperienced agents who leave asset managers wondering what an agent actually meant.

I've had the pleasure of helping quite a few Las Vegas Advisor readers in the past two weeks. Every single LVA reader I have met has been personable, fun-loving and enjoyable to work with. I've had my share of difficult clients, just as any Realtor who's been in the business awhile has. But LVA folks are in a class of their own, and are just a great group of people: magnanimous, farsighted, and appreciative.

In this past week alone, I've shown homes to LVA readers from southern California, Calgary, and the Bay area. I've had the pleasure of telling one LVA reader today that her offer was accepted on a great little rental home in a very desireable community, and closing escrow for another reader on his Las Vegas vacation home. I feel so fortunate that I've been able to meet such genuine, warm LVA subscribers and help some of them boost their real estate portfolios. And although I've known Anthony Curtis for 8 years, I had no idea he was so widely and affectionately regarded by people from all over North America.

I even had an LVA reader agree to teach me to play poker! I'm really excited, and I'm starting to feel like part of the family.

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