Sue Naumann, president of the Greater Las Vegas Association of Realtors

Steve Marcus

Sue Naumann says the business she and her husband own, Tsunami Properties, is seeing more home sales each month, but for lower prices.

By Buck Wargo

Monday, April 13, 2009 | 2 a.m.

Sue Naumann, president of the Greater Las Vegas Association of Realtors, has spent her career in real estate. She and her husband, John, own Tsunami Properties.

How much further will prices fall?

I don’t have a crystal ball. I never thought they would go this low. It depends on what happens in Washington, D.C.; on consumer confidence being restored; and on people knowing they are going to have a job tomorrow. I do believe the housing market should be the primary focus in Washington.

How would you fix things by waving your magic wand?

The $8,000 tax credit was a very positive thing for first-time homebuyers. Now, had it been for any homebuyer and a $15,000 tax credit, that could have made a difference. The other thing is maybe to make it easier for people to refinance.

What is your best guess on prices?

When I moved here in 1992, the median price of a home was $95,000. We saw the obscene increases during the frenzy of a couple of years ago. But I think if you look at the 10-year time frame, it is a steady increase of 4 percent a year. I personally believe we are at the bottom.

How do you see sales going?

We are generating more and more sales every month. The prices for the sales are not as high as they were before, so you have to sell many more homes to make the same amount that you would previously. But that is not a bad thing either.

Do you think people will walk away from their homes even though they can afford their mortgage payments?

Homes are more of a long-term investment, not a short-term investment. Most people are in it for the long haul.

Is Las Vegas going to have another housing boom?

It depends on what happens in the rest of the country, what is going to happen with the Big Three automakers. If they can’t do business like they have done in the past, there are a lot of people’s jobs at stake. The economy in Las Vegas is not horrible. It is kind of the Promised Land for some people.

A version of this story appeared in a recent In Business Las Vegas, a sister publication of the Sun.