Pulte Homes Drop Prices
According to Greg Geiber, an analyst with A.G. Edwards & Sons, Inc., Las Vegas homebuyers are laying low this time of the year.
Geiber states that many buyers are waiting for home prices to drop. Geiber went to Las Vegas to visit many of the new home communities to assess the situation in Las Vegas and said that he was "somewhat astonished to say the least by the dearth of interesting purchasing a home".
Many of the problems seem to stem from Pulte Homes announcing that they were decreasing the price of their homes by 25 percent instead of 5 percent.
When Pulte made the announcement weeks ago rumors were spread that the Las Vegas real estate market was dead. Since the announcement by Pulte, many agents have been contacted to see if other companies were going to drop prices.
Gieber says that this is not a good sign for the housing market, but many others contend that this will not set the Las Vegas housing market back as far as some are predicting.
