Las Vegas NV Area Real Estate Market July 2010 Concession Stand (includes North Las Vegas & Henderson)

Deborah:  Yup, Las Vegas is still a seller's market however we are moving towards stable market territory with the tax credit expiring.  Which means - people who work with savvy agents who understand this may get more in concessions!

Drew:  BLAH!  You are making me want to great a new and intense market report here.  I would say it depends on analysis of the individual property on whether you are going to get concessions negotiated or not.  It is ALL about net in negotiations.  I don't understand why a cash buyer would want concessions for closing if they could just pay a lower price (make sense?)  IOW, if I personally know where that net is going to come in at no matter what, the cash buyer is going to be paying the same.  So yes, cash purchases rarely ask for concessions.  Some do get concessions and I believe that is from something happening DURING the escrow and inspections period that forced renegotiating.  Back to individual properties - it depends on the price point, absorption (how many active listings vs pendings vs sales) and activity (multiple offers, showings, etc) the home has received on whether you will ask for concessions.  This is a net number game and working with a true professional who understands the net component can help the buyer tremendously from over-paying, under-paying and winning the bid in a multiple offer situation.

Eric:  Of course I don't mind when my non-competitors adopt or borrow :)  This also shows TRENDS to buyers such as if your market is swinging into a seller's market then you could show the buyers where they need to put their offers in and how "clean" they need to be!

Rebecca:  Thanks :)

Bruce:  First time buyers seeking the tax credit "ate" it, haha!

John:  Our market is shifting again currently.  Back before the tax credit expired, barely any concessions were given or considered when buyers found themselves in multiple offer situations and would give up the concessions to give net so the property would appraise.  Also, sellers would take away concessions when a property would appraise low.  NOW we are seeing inventory building and concessions are coming back in style but see my responses to Drew & Deborah - all things must be considered and it all boils down to net for the seller.

Cheryl:  Thanks as always :)