Las Vegas NV Area Real Estate Market May 2010 Concession Stand

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

Las Vegas Area Homes for Sale

Here is what buyers received in seller paid concessions on April 2010 Las Vegas Area (Henderson - N Las Vegas - Las Vegas) Closes:

  • Less than $500:  66% ($500 only buys you a home warranty or (no and) an appraisal)
  • Between $501-4000:  19%
  • Over $4001:  15%

This pretty much means that sellers aren't giving up much of anything since Las Vegas is a Seller's Market and in dire need of sellable inventory!  Inventory levels are rising just slightly and we are seeing some movement/improvement in this sector which is good news, especially for buyers who want/need closing costs!

Last Month's Concession Stand

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

 

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Ambassador
1,507,822
Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

Lenn:  About 3-5% for a financed buyer and 1% for an all cash buyer.

Tammie:  You got that!

Cheryl:  You are welcome.

Jun 26, 2010 10:03 AM #4
Ambassador
1,597,323
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

This flys in the face of national media that keeps trumpeting that Nevada is the motherlode of upside down mortgages and you guys are a welfare state. Sure doesn't look that way to me in Vegas at least.

Jun 26, 2010 10:06 AM #5
Rainer
332,782
Irene Kennedy Realtor® in Northwestern NJ
Weichert - Lopatcong, NJ

Renee,

I'm envious that you have access to this data. Our MLS only lists the sale price. As with Lenn's VA area, 3% is common but we cannot tell which sales had it.  Many agents don't even put the type of financing, as it is optional.

Jun 26, 2010 10:50 AM #6
Rainmaker
563,737
Chris Olsen
Olsen Ziegler Realty - Cleveland, OH
Broker Owner Cleveland Ohio Real Estate

Hi Renee -- Wow, a seller's market, great for sellers finally eh?  How much have prices decreased from the peak on average?  Is it the price drops that lowered inventory levels that caused the market to change or???  I don't keep up with the Vegas market at all.

Jun 26, 2010 11:25 AM #7
Rainmaker
516,433
Russell Lewis
Realty Austin, Austin Texas Real Estate - Austin, TX
Broker,CLHMS,GRI

Step Right UP!

Glad to see things closing for you in your area and that sellers are finally getting some relief!

Jun 26, 2010 11:59 AM #8
Rainmaker
1,558,015
Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

Hey Renee . . . is the zip, zero, nada, doodley-squat on "traditional" sales, or are these REO's, or shorts?? 

Jun 26, 2010 01:15 PM #9
Rainmaker
135,600
Paul Francis
Francis Group Real Estate - Las Vegas, NV
Las Vegas Real Estate Agent - Summerlin Homes

Nice Pie Chart Renee!

However... I think That's going to change... REO inventory is going back up on the MLS and my price change notifications in the areas of Las Vegas I specialize in have been going nuts in the past two weeks.

The vast majority of May closings were pre 04.30.10 contracts so while no seller concession may be listed... the first time homebuyers tax credit was certainly an incentive. Too bad we'll really never know how many of these sales and terms were influenced by the first time homebuyers tax credit.

Bank of America is also getting aggressive on closing out those Countrywide loans from owners who have not paid their mortgage in a year or two...

The Tax Credit is over and buyers buying anything with any terms just to get money back in the form of a tax credit are over... No more Free Mortgage Payments!

I think the Servicers that have been sitting on the vacant homes to control inventory and did not put them up for sale before the tax credit expired made a Big, big mistake...

I guess we'll see in your future seller concession reports...

 

Jun 26, 2010 01:19 PM #10
Rainmaker
131,486
Shelley Rowton
Move To Realty - Austin, TX
ABR, RSPS - (512) 507-5779 MoveToRealty of Austin

What a great piece of information for buyer (and sellers) to have!  I'm going to see if this information is hidden somewhere in my MLS's statistics....Thanks for the idea (I might just have to copy you)...!

Jun 26, 2010 01:21 PM #11
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Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

Renee - wow, a reall sellers' market now?

I'm impressed by the analysis - first of all that you did it, but also by the results. Do you fiond that the data are reported reliably? I don't see much noted in our MLS even though concessions should be cited. I would not trust the data in our area.

Jeff

Jun 26, 2010 01:59 PM #12
Ambassador
3,151,026
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Hi Renee!  I stopped by to check on you and found your amazing graph and report has been featured!  You go girl!

Love the graph and am still amazed that the vast majority of the home sellers don't have to pay any concessions--that is unheard of here--at least for now!

Have a wonderful weekend...

Jun 26, 2010 02:35 PM #13
Ambassador
517,506
Virginia Hepp - Mesquite NV REALTOR
ERA - Mesquite NV Homes For Sale - Mesquite, NV
Mesquite NV Homes and Neighborhoods - Search MLS

Mesquite seems to follow Vegas - seller concessions seem to be down here, too.

We have a new MLS system - hopefully it will provide some reports when it goes into effect - right now it is manual labor to pull statistics.

I gave your name and number to 2 guys at a car dealership yesterday - maybe you should mail me some cards?

Jun 26, 2010 06:09 PM #14
Rainmaker
3,048,869
Tony and Suzanne Marriott, Associate Brokers
BVO Luxury Group @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

RB - looks like u r very very busy - tell us all how u keep those all plates spinning!

Jun 26, 2010 06:21 PM #15
Rainmaker
431,912
Shanna Hall
Real Estate Solutions - Kirkwood, MO
I love selling houses!!!St. Louis, MO 314-703-1311

I really like your way of looking at things- very interesting way to draw in clients!

Jun 26, 2010 07:02 PM #16
Ambassador
2,734,902
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

That's the difference.  In some area of my market, closing, even for a cash buyer can be 3-4%. 

Jun 26, 2010 10:23 PM #17
Ambassador
920,146
Missy Caulk
Missy Caulk TEAM - Ann Arbor, MI
Savvy Realtor - Ann Arbor Real Estate

HI Renee,

Great graph and study of seller concessions in Las Vegas. I see more seller concessions in the low to mid market buyers. Not so much in the high end buyers here in Ann Arbor.

 

Jun 27, 2010 12:39 AM #18
Ambassador
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Melissa Zavala
Broadpoint Properties - Escondido, CA
Broker, Escondido Real Estate, San Diego County

Renee; Where do you get that information? I really like the presentation.

Jun 27, 2010 02:17 AM #19
Rainmaker
3,031,387
Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

Renee, I must say I am surprised at the stats!  Interesting!  I would have thought more would have received concesssions, especially in your area....

Jun 27, 2010 03:48 AM #20
Rainmaker
1,333,244
Michelle Gibson
Hansen Real Estate Group Inc. - Wellington, FL
REALTOR

Renee - Last year almost every single one of my buyer's wanted the seller to pay for their closing costs, but this year that hasn't been the case and surprisingly (sarcasm) I've had no appraisal issues.

Jun 27, 2010 05:26 AM #21
Rainer
215,888
Frank & Jodi Orlando
Frank & Jodi Orlando Get Us A Home Realty Atlanta Homes Sale - Cumming, GA

Hi Renee, nice graphic and stats. Glad market has turned.  Been to busy to visit the Rain lately, expanding biz....

Jun 27, 2010 01:48 PM #22
Rainer
215,888
Frank & Jodi Orlando
Frank & Jodi Orlando Get Us A Home Realty Atlanta Homes Sale - Cumming, GA

Hi Renee, nice graphic and stats. Glad market has turned.  Been to busy to visit the Rain lately, expanding biz....

Jun 27, 2010 01:48 PM #23
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