BREAKING LAS VEGAS NEWS: Homes inventory is dropping, Multiple offers on homes, Vegas is heating up again...
Vegas is heating up again...it is that time of year both in the housing market and the temperatures (although you wouldn't know it by looking out the window this morning looks like a storm is coming and the past few days have been cooler than normal).
The amount of Single Family homes for sale on the MLS has dropped and the amount of homes in Pending or Contingent status (this means they have contracts on them) has increased to more than the amount of homes for sale. This may be in part due to Short Sales taking longer to actually close than a typical sale, although I have been seeing some short sales close in 60 days from list to close, but I don't believe that is the norm.
This information was obtained from our local MLS this am and covers the Las Vegas valley, North Las Vegas, Summerlin and Henderson area for resale single family homes, not new homes.
Homes for sale in Las Vegas are comprising primarily of REO (Bank Owned) and Short Sales. Short Sales may soon be the leader in types of homes for sale in Las Vegas.
Buyers need to understand that this is typically the "Hot" season for buyers in Las Vegas. Add to that the fact that prices are so low on homes, investors are back and the first time home buyers tax credit and you have a feeding frenzy of multiple offers above asking price on a majority of the homes.
Cash buyers are back as well and in all price ranges. This may be due to the great prices and due to the fact that their money won't get much of a return right now in CD's and money markets.
This is a time for buyers to have patience and perseverance when buying a home in Las Vegas. Work with one agent and be prepared to that you may have to put in many offers on a several homes before you get an accepted contract.
You also should prepare yourself to wait and hear about your offer for approx 7 days now if you put in offers on bank owned. Why? There can be more than one reason for this, but the banks may want that time to receive as many offers as they can get and will usually pick the highest and best priced offer and they may have to submit all offers to a group of investors to approve the offer.
Some buyers may prefer to put in offers on short sales and skip the bank owned homes, but buyers need to be aware that these too are getting multiple offers as well and short sales will take longer to close. Plan on about 3-4 months from offer accepted to move in.
Do you know someone who is upside down on their mortgage and they need to sell their home?
Do you know someone who may want to buy a home in the Las Vegas area?
Then, pass on my information to them and I will be happy to help them out.
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If you are in the market to sell your Las Vegas home and are not working with a Realtor, call me. I would be happy to help you through the process of selling your home.
If you are in the market for a Las Vegas home and are not working with a Realtor, call me. I would be happy to help you through the process of buying a home.
Dawn Barrier
Century 21 Aadvantage Gold
Las Vegas, Nv
(702) 812-4550
http://www.lasvegashothomes.com/
First Time Home Buyer Credit IRS INFO
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