I made over 200 comments on blog posts this past weekend and there sure are a lot of these posts out here! I am shouting it from the rooftops - NOT TO WAIT THIS TIME. With the expiration of the last one looming to be in contract on Nov 1 and closed by Nov 30, 2009.............there was a LOT OF LAST MINUTE buying fury and anxiety.
Here's the good news: Listings have gone up around 200 units.
Here's the bad news: We still only have 2.4 months of inventory = Seller's market = inventory is super slim pickins. 6 months is a stable market. We are on track for 3500-4000 units closing this month (phenomenal for November) so with that pace of closes, we still need 10000-15000 new active units put on the market to make this swing from a Seller to a Stable Market.
SO here's some sage advice if you are one of the lucky ones that qualify under the new tax credit's extended and expanded guidelines:
Save yourself some anxiety, DON'T WAIT UNTIL THE LAST MINUTE TO GO SHOPPING!!!!!!!!!!
You must be in a binding purchase contract by May 1, 2010 and you must close your purchase by July 1, 2010.
The REO (foreclosure) market is VERY low on inventory, it's tapped dry. Yes, inventory is coming on the shelves quickly but it is leaving in a fury of multiple bidding wars and going to the almighty cash buyer who can close quickly with less contingencies than a financed purchaser.
If you are financed you should consider your alternatives that have more inventory than REO (which may require a little more patience than bidding on 20+ homes!)
These alternatives are short sales and new construction. Contact me today and we can get you set up on several home searches in the resale market and I also have a tool that will deliver new home floorplans right to your email.
Short Sales and New Construction can take on average of 4-6 months to close
Financing the property after you are in a ratified contract can take 45-60 days!)
What are you waiting for? (If you are a first time buyer, you may also qualify for down payment assistance.)
Now there are absolutely no excuses for you to miss the deadlines!
© 2009 Renee Burrows Las Vegas Real Estate Market Report Blog