I really like this graphic by Renee Burrows in Las Vegas. It does a tremendous job of showing prospective home buyers exactly what the market is dictating with regard to seller paid closing costs. I think it goes a lot way in helping borrowers set realistic goals about if, and how much, seller concession they can expect in their market. Would love to see the same graphs here in California.
Here is what buyers received in seller paid concessions on June 2010 Las Vegas Area (Henderson - N Las Vegas - Las Vegas) Closes:
- Less than $500: 69% ($500 only buys you a home warranty or (no and) an appraisal)
- Between $501-4000: 18%
- Over $4001: 13%
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!