North Las Vegas | Henderson | Las Vegas NV July 2010 Sold Terms & Trends

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

las vegas area homes for sale

Las Vegas Area Homes for Sale

Cash REMAINS KING in the Las Vegas Area Real Estate Market!!!  It is important for every buyer in the Las Vegas Area Real Estate Market to understand who their buyer competition is in this currently competitive seller's market LV is enjoying!  It is important to understand how a seller looks at each financing type:

Cash Offers:  Generally have less contingencies and quicker close times.  A cash offer may be accepted even if it is lower than a financed offer.

Conventional Financing:  Less strict with lender required repairs but larger down payments and more strict credit guidelines.

FHA/VA Financing:  Requires more scrutiny with lender required repairs via appraisal.  In general these take longer to underwrite and close so a cash or conventional offer looks more enticing to the seller.  FHA Requires the deed to be seasoned for several months so some flips bought at trustee's sales are generally out as options when competing with multiple offers!

Other:  Less common and creative financing types such as Lease Options, OWC (Owner Will Carry), etc.  The "other" category INCLUDES auction terms!!

Last Month's Report

Most Current Las Vegas Sold Terms and Trends Report

What Areas Do You Cover for your Las Vegas Area Real Estate Market Reports?

General Las Vegas Area Real Estate Market Reports are for MLS Areas 101-605 (the average consumer probably asks, what’s that?)  It means that I cover the cities of Las Vegas, Henderson, North Las Vegas including unincorporated Clark County Townships of Whitney, Paradise, Winchester, Enterprise, Sunrise Manor & Spring Valley.  They do NOT cover the areas of Boulder City, Pahrump, Laughlin, Moapa or Mesquite.

View More FAQ About My Las Vegas Area Real Estate Market Reports.

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

 

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Re-Blogged 2 times:

Re-Blogged By Re-Blogged At
  1. Mary Ann Griffin 08/25/2010 06:29 PM
  2. Team Carver 08/25/2010 08:31 PM
Topic:
Real Estate Market Trends
Location:
Nevada Clark County North Las Vegas Commerce Village
Groups:
Posts to Localism
Market Updates
Nevada/Las Vegas REO, Fourclosure, Short Sale Specialist
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Market Reports
Tags:
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las vegas nv real estate

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Rainmaker
1,331,888
Michelle Gibson
Hansen Real Estate Group Inc. - Wellington, FL
REALTOR

Renee - I couldn't agree with you more, buyer's must know their competetion, especially when their in real estate markets like ours.  My July market report was very similar to yours: 45% cash, 26% conventional & 24% FHA.

Aug 24, 2010 08:04 AM #2
Rainmaker
158,250
Deborah "Dee Dee" Garvin
C2 Financial - San Diego, CA
C2 Financial

Renee, As always, your market stats and graphs are SOOOO good....but, darn lady...this cash thing is killing me.  I may to start selling real estate to make a buck! 

Aug 24, 2010 08:41 AM #3
Ambassador
1,151,448
Craig Rutman
Helping people in transition - Cary, NC
Raleigh, Cary, Apex area Realtor

That's quite interesting that nearly 1/2 of the sales in your pie chart were cash sales. You have to love that. Quick closings, no worries about loan approvals.

Aug 24, 2010 10:00 AM #4
Rainer
104,743
Debbie Aldrich
The Watts Group Real Estate - Cottonwood Heights, UT
Salt Lake City Realtor - Salt Lake County, Cottonwood Heights

Renee, I sure wish cash were king here.  You are right , however, cash is king in this market, you either have it or you don't.  Unfortunately most don't have it.  I love your graphics as usual, tells a great story as to what is happening in your area. :)

Aug 24, 2010 11:37 AM #5
Rainmaker
642,873
Sun City Grand Homes Surprise AZ Real Estate Leolinda Bowers Designated Broker Leolinda Realty
Leolinda Realty - Surprise, AZ
Sun City Grand in Surprise Arizona

You are the Statistical Queen of Las Vegas!  70% of my transactions are conventional, what percentage is it in Summerland?

Aug 24, 2010 06:29 PM #6
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1,507,152
Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

Michelle:  Soundsd like our markets are mirroring each others!

Deborah:  LOL!

Craig:  It's pretty nice.  The sales can still get choked up by seller contingencies or title issues like HOA demands but they are pretty smooth for the most part.

Debbie:  Thanks!

Leolinda:  Not 100% sure but cash sales may be higher in Summerlin due to the popularity of the area.  The more popular areas have even more cash flowing through it!

Aug 25, 2010 01:25 AM #7
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Western Michigan Real Estate Photographer
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