2011 Las Vegas Home Sales Break Record
Proof of Las Vegas real estate market conditions stabilizing. You can't have sales without buyers. Without buyers, Home values plummet. 2011 was a record year for Las Vegas real estate in sale transactions. Certainly good news when it comes to flushing out all of the big Las Vegas home loans out there that are strapping Las Vegans in Debt.
Las Vegas Real Estate Sales
The most closed resale sales EVER in the history of Las Vegas real estate.
And then.. Nevada Governor Brian Sandoval signs into law AB 284 in October of 2011.
As I predicted (and many other Las Vegas real estate agents) back in November:
There is a going to be a backlog of Las Vegas properties in the foreclosure process where Las Vegas homeowners have not been paying their mortgage are not going to be foreclosed on for qute some time.
Which basically means that there is going to be an inventory shortage of Las Vegas homes available to purchase.
Current Las Vegas Real Estate Conditions - Probability of Buyers is High
There are several Las Vegas real estate buyers who can afford to pay a mortgage wanting to buy something and can't. 33 offers on this Las Vegas Bank owned home in five days. Everybody has heard stories of the under priced Las Vegas homes just to get a bunch of offers in... this one was priced at fair market value. All because the inventory is shrinking due to current Las Vegas real estate conditions.
Las Vegas Homes sitting vacant... Absolutely a shame with the amount of vacant Las Vegas homes out there where the mortgage is not being paid... along with the HOA dues and everything else when I have clients that want to buy these Las Vegas homes today.
No shortage of Las Vegas Real Estate Buyers, Just a shortage of quality Las Vegas Homes priced right.
For Las Vegas Real Estate Owners that Need to Short Sale and Move on in Life
With all of the buyers out there that want to buy, it's probably an excellent time to get the Las Vegas short sale process started. If the Las Vegas home is your primary residence, The current Mortgage Forgiveness Debt Relief Act of 2007 is set to expire on December 31st, 2012. Unless it's extended again, the property needs to close by that time in order to not have to pay taxes on the amount that the lender forgives.
For those Las Vegas home owners out there that just plan on walking away and doing nothing, they may be in for a rude surprise when it takes their lender well over a year to foreclose on the Las Vegas property nowadays. In other words, the chances of the Las Vegas home finally being foreclosed on by Dec. 31st, 2012 if the formal process has not already started, is slim to none.
These are probably the best conditions that we've seen for Las Vegas Short Sale sellers since the first half of 2009 when the $8,000 first time home buyers tax credit was in play. Las Vegas Home Inventory had also been reduced and Las Vegas real estate buyers had little choice but to pursue Las Vegas short sales with clean, solid offers that did not waste everybody's time.
If you own Las Vegas real estate that is worth far less then what you owe on the property, you might want to consider getting in on the market as soon as possible to take advantage of the current situation.
Simply fill out this Las Vegas Short Sales form for an absolutely free consultation from a Las Vegas real estate agent with years of experience actually closing Las Vegas short sales.
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