If I said we had a housing shortage, people would think I'd lost my sanity.

It certainly feels like a shortage. If you look at raw numbers, the fact is that we still have an oversupply of homes in the Las Vegas area. But with most of the homes on the market priced well beyond what buyers are willing to pay, most homes just aren't going to sell any time soon.

If I had a dime for every time I heard someone say, "The seller needs to get real and drop the price if he wants to sell it," I'd take all those dimes and buy every REO I could get my hands on right now. When you have a mortgage that's twice the value of your home today, you can't sell it except as a short sale or by coming out of pocket with a big chunk of money. No matter how motivated most sellers are, they can't drop the price low enough to sell their home.

So we have an oversupply of homes for sale. But with only 2100 REOs on the market and fierce competition for those homes, it feels like a shortage. The good news for some sellers is that their homes are getting shown more now. With strong demand for homes today, and fewer REOs on the market, buyers are beginning to look at some of these privately-owned homes again. I'm seeing increased activity on my listings. This may change again, at least for awhile, when the banks release more REOs.

Here at Top10RealEstateValues.com, we continue to grow. I'm proud to introduce 3 new agents. Lucy Stewart is a former Clark County zoning director, and brings a wealth of knowledge in land use and planning to our team. Linda Masciola has years of experience in real estate sales. Patricia Hernandez is bilingual, and a former restaurateur. I'm disappointed to have lost Cailin, who moved on; she is a bright young woman and future superstar.

We recently introduced a cellphone application to a limited number of our clients who agreed to be "beta testers". This application allows our clients to search for homes very easily from their own cellphones – very handy for clients who want to drive neighborhoods and view homes without being trapped in the back seat of a Realtor's car. Buyers can find the price on any house on the MLS, and this gps-based application will map other homes for sale in the neighborhood. So far the feedback is great: easy to use, fun, and very helpful in finding the best deals in any area. We'll roll this out soon to all of our clients; in the meantime, if you'd like to be a beta tester, just ask.

As an aside – my clients can't accuse me of holding them hostage, trapped in the back seat of my car until they buy! I drive a Corvette; a two-seater. As any of my clients who've been out looking at homes with me can attest to, riding with me would be a very scary experience. My driving style could best be described as Creative, Freestyle Driving; those white lines and road signs are merely suggestions. My clients prefer to follow me in their own car, quickly becoming adept in Intuitive Driving techniques. What is Robin about to do? Will she turn on that street 12 feet ahead without ever slowing down or even using her turn signal?

So I'm not the hard-sell type. I sell a lot of homes; I must be doing something right. I think people appreciate that I'm  there to advise and counsel, not to "sell". I listen well, and I show my clients just what they tell me they are looking for. When I take them to the perfect home, they make an offer. I don't ever want to influence someone's decision; I prefer to help buyers see the pros and cons in any home they view.  After all, that's how I want to be treated.

It's times like this that make me so happy to be a Realtor.

Real estate is all about giving people the key to their new home – their new lifestyle. It's not about recognition, as your broker would have you believe. It's not just about being a community leader, as the real estate association would have you believe. It's not just about the paycheck, as your kids seem to believe.

It's about calling Kris and Sandi late on a Friday night to scream, "Congratulations!" because you know they are going to be so excited – and you get to be a part of that. It really is this simple; being a Realtor is about opening that door and standing aside while your clients walk into their empty new home, with nothing in hand but a key, their dreams and some ideas. Being a Realtor is fun, and I'm so excited that I have the best job in the world!

After 13 months of working to help this disabled vet and his wife buy a new home, I got to make that call tonight. A year of struggling to get credit issues resolved, and pleading with Kris to keep his spirits up every time he suffered another defeat. Finally, we’re home.

Four weeks ago we thought we were there, just as we have several times in the past. But after clearing every hurdle you can imagine, the appraisal came in at $135,000 on their $155,000 home.

I offered a rebuttal when the appraiser said the value would come in under $130,000. I showed why this particular model was more desireable than the comps the appraiser was using. This helped, but the appraisal still came in very low at $135,000. My clients have shopped for a year; they know full well they couldn’t get an offer accepted on this house today for $155,000. With 1862 REOs on the market today, homes are generally selling for above list price.

My clients love the home they’ve been trying to buy for 2 months. Before we start looking for another home, I suggested, let’s just see if the bank will reduce the price to appraised value. The banks don’t have to do this; the house would sell again for $155,000 to a buyer with a conventional loan who can pay the difference in cash.

Last night, I received the signed Addendum lowering the price to $135,000. And then I woke my client’s up with the good news. Hey, this is hard work…I have to find my fun somewhere.

We’re going to have one helluva housewarming party. It’s all good.

The foreclosure tsunami continues to recede. As of this morning, there are only 1,899 REOs listed on the MLS in Las Vegas, creating the shortage that is resulting in multiple offers on everything from McMansions to doghouses. 

According to a group of Asset Managers who held a panel discussion for the Nevada Association of Hispanic Real Estate Professionals in Las Vegas yesterday, we may see the banks releasing more REOs to the market soon. This should help relieve the feeding frenzy that is making offers of $10,000 to $20,000 over list price commonplace.

Juan Martinez, NVAHREP President, did an incredible job of bringing a group of Asset Managers from various banks together to face a sea of Realtors at NVAHREP's monthly luncheon. Over 500 Realtors turned out to find out firsthand what on earth happened to the assets.

With most moratoriums having expired, we should see some of those REOs that the banks have been holding back show up on the market soon. No one yet has an accurate count of the number of empty bank-owned homes that remain unlisted. Our Top10 researcher, Ron, found at least 6,000-10,000. I've heard figures as high as 30,000, but I don't think there are anywhere near that many.

Expect to see a steady stream of REOs hitting the market as the tide rolls back in. Not a tsunami. Look to see REOs – and good deals – coming to the market over the next 3 or 4 years.