LAS VEGAS (KLAS) — A young couple who relocated to Las Vegas from California took a unique approach to find their dream home amid a sizzling real estate market: They put flyers on homes asking owners to sell.
Rob and Annie Adlerstein are new parents of twin girls. They are living temporarily with Annie’s parents, as they look for a home with room for all four of them, plus extra space for a guest room and office.
“In this kind of situation, it seemed almost impossible to be competitive,” Rob said about the current market conditions across the Las Vegas valley.
In May, the median price for an existing home came in at a record $342,300, according to economics firm Applied Analysis. The price marks a nearly 19% increase from 2020.
The Adlersteins estimate they looked at 30 or 35 homes, but after putting down offers on several, they kept getting outbid.
“You know, the next day, it’s sold to somebody who gave $20,000 or $30,000 over with a cash offer,” Rob told us.
After months of searching in the Summerlin neighborhood they wanted to call home and no luck, Annie’s mother came up with a plan: flyers.
“I would walk with the twins, the girls,” Annie shared, “It was a way to get out of the house, and I would just put it on the door.”
“Hello, we have 9-month-old twin girls, and we are looking to buy our first time,” the flyers read. “We really love the look of your home, and we were wondering if you were interested in selling it.” A dedicated email address for inquiries followed.
“Have you ever seen where somebody goes to these lengths to get a home?” the I-Team’s David Charns asked realtor Truman Hopkins of Urban Nest Realty.
“Never,” Hopkins replied.
“Insane for lack of a better term,” is how Hopkins describes the current real estate market. “It’s a very limited number of homes available. There are more buyers.”
More people are choosing to call Las Vegas home, whether for the weather or the lack of state income tax, Hopkins said. People flooding into the market also have cash on hand and are willing to pay well above asking price.
“When I’ve held some open houses, there are a lot of buyers coming from northern California to get away from their tight market and their high inflation of prices,” Hopkins shared.
With about 2,400 listings in May, the number of homes on the market is down nearly 67% year-over-year, data from Applied Analysis shows.
The Adlersteins ended up finding a new home, but not with the help of the flyers. They did end up paying $40,000 above the asking price.
“They countered with $10,000 over our offer, and they said if we agreed to that, it’s ours.” Rob said.
They plan on renting out the home at first to get back some cash. They are also weary of a potential bubble burst but look at their new home as a long-term investment.
“Even if it takes a big dip, hopefully it will come back,” Rob said about the market. “If not quite this high, we won’t take a huge loss on it, and we’ll have lived there for a good amount of time in a home that we love.”
Compared to the median price of an existing home at nearly $350,000, the median price of a new home across the valley is about $407,000, according to Applied Analysis.