Special offer

Las Vegas Area Real Estate Inventory Shortage Report!

By
Services for Real Estate Pros with Savvy Home Pix B.1000860.LLC

The Las Vegas Area is still experiencing inventory shortage.  Here is what I am seeing:

Moratorium inventory is coming on to the market (Fannie/Freddie started unleashing big time end May/early June - Wells and IndyMac started their releases end June/early July.)  Still haven't seen much of Bank of America or Countrywide inventory out there.  I get this information from examining tax records and being an active Realtor showing these new listings.

Multiple offers are streaming in still.  I have heard from several REO list agents that lower cash offers may take precedent over financed offers.  This is to avoid appraisal issues and shorten the escrow time.  This, in essence, means that asset managers are cutting losses to avoid longer days on market and escrow fallouts.  I have started tracking sold terms to verify this info (even though I know with my own buyers that cash is easier to get an acceptance on!)  In one month, closed cash transactions rose 2%. (Most Current Las Vegas Area REO - Foreclosure Market Report)

Investors are buying foreclosures at the trustee's sales.  They are rehabbing them and putting them back on the market.  All and all, with deed seasoning rules by lender underwriters, this is again leaving the FHA financed buyer out in the dust and room for only the all cash or conventional buyer.

Depending what the end of the month closing bell brings to us, we still need a ton of inventory to get us out of a seller's market and get some first time buyers into a home.  The First Time Buyer's only other alternative at this point is a short sale and the probability of those closing is still pretty slim (was hoping to see number improvement in the last several month, we did but not as much as I hoped for!) (Most Current Las Vegas Area Short Sale Market Report)

I am seriously doubting we are going to see the DUMP of foreclosures that many are expecting.  Foreclosures are not going to end any time soon, no they aren't.  I don't see the all time high buyer interest that is SUCKING UP all of this BRAND NEW REO - FORECLOSURE inventory going away any time soon either!  So there you have it - the supply is coming out but the demand is eating it up as fast as it can come out!

Normally we top out with pendings in May - they still rose to this month.  Inventory is down since my last mid month report (two weeks ago) -223 @ 11791 units and pendings are up +237 @ 13349 units.  Sales for July will be between 4500-5000 units.  We have been hanging steady for a week now with 11800-ish listings and 13400-ish pendings.  That does show me we are getting the inventory with the end of the month closes rising.

What else can I say other than, HAPPY HOUSE HUNTING!  It's a challenge and you can probably find peace in the fact that you are not alone!

I write my own stuff and pull my own stats - this is not a report copied and pasted from a title company!

DISCLAIMER:  The information, photographs & content  contained within Renee Burrows' blog is the property of Renee Burrows.  You must obtain written permission from Renee Burrows or use the Active Rain "reblog" function and reblog the post in  its entirety without revision if you would like to use any of this content.  Opinions expressed are those of Renee Burrows may not necessarily be opinions of past and present brokers.  Many articles may be time and date sensitive so please always look at the date posted.  For most current brokerage and contact information, refer to my Active Rain profile.

All statistical information I used to create this report was obtained from GLVAR MLS.  Information Deemed Reliable but not Guaranteed.

Posted by

Thanks,  Renée Burrows 702-580-1783 Broker/Owner, REALTOR®
 

 

copyright 2006-2013 Renee Burrows, REALTOR®, Savvy Home Realty Solutions  702-966-2494

Blog Disclaimer Important Notice

Realtor/MLS Member, NAR, NVAR, GLVARAccredited Buyer's RepresentativeSeller Representative SpecialistSenior Real Estate SpecialistAt Home with DiversityResort & Second Home Property SpecialistShort Sale Foreclosure Resource

 

 

 

Sell Las Vegas Home          Las Vegas Homes for Sale     Las Vegas Rental House

              

 

 

 

Comments (5)

Greg Knowles Santa Barbara Ca.
Fidelity National Title Group-Santa Barbara - Santa Barbara, CA

I love hearing there are multiple offers, it gives me hope. I'm also glad to see you don't use some silly title company report. :o)

Jul 31, 2009 08:25 AM
Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

Greg:  There is nothing wrong with those at all ;)  I just want people to know this is my original work, which takes time, not the clicking of the mouse and highlighting of fields and pasting someone else's work!

Jul 31, 2009 08:52 AM
Richard Stabile
Re/Max Real Estate Limited - Oradell, NJ
Bergen County New Homes Builder Realtor

Renee:

I love it! It's a shortage!

You bring tears to my eyes of joy.

Richard

Jul 31, 2009 04:01 PM
Janie Coffey
First Coast Sotheby’s International Realty - Ponte Vedra, FL
Uniting Extraordinary Homes w/ Extraordinary Lives

we are seeing a massive REO shortage, but it will all show upsoon, likely in the Fall.  Multiple offers are strong and investors are chomping at the bit! great post and very informative!

Aug 01, 2009 01:47 AM
Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

Richard:  First time buyers have different tears at this point :(  We need a ton of inventory to stabilize.

Janie:  We are getting about the right amount of REO inventory but the problem (as if it is a problem, lol) buyers are taking it off the shelves as soon as it is stocked!

Aug 01, 2009 05:30 AM