Las Vegas NV Area Sold Terms & Trends December 2010 (includes Henderson & North Las Vegas

By
Real Estate Broker/Owner with Savvy Home Strategies Realty, LLC-REALTOR®-Estate-Probate 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 101-606 (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 1 time:

Re-Blogged By Re-Blogged At
  1. Kenny Salame 01/23/2011 05:29 AM
Topic:
Real Estate Market Trends
Location:
Nevada Clark County Las Vegas John S. Park
Groups:
Posts to Localism
Market Updates
City and State
Market Reports
31 Days of January - New Years Resolution
Tags:
las vegas market report
las vegas homes for sale
las vegas nv real estate

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Rainmaker
420,042
Nevin Williams
Fairway Independent Mortgage Corporation - Cary, NC
Senior Mortgage Advisor

Award winning charts and information regarding the Las Vegas real estate market.  This is why Rene is #1 in Las Vegas!

Jan 23, 2011 03:18 AM #1
Rainmaker
495,414
Steve Scheer
Realty Oasis - Metro Brokers - Highlands Ranch, CO
Highlands Ranch Real Estate - Denver Real Estate

Interesting the comments about the cash offers, I've seen more of them as well.

Jan 23, 2011 03:45 AM #2
Ambassador
1,505,091
Renée Donohue
Savvy Home Strategies Realty, LLC-REALTOR®-Estate-Probate - Las Vegas, NV
Las Vegas Real Estate Broker - www.urLVhome.com

Nevin:  Thanks!

Steve:  Yep!  Hopefully some cash is moving to Denver!

Jan 23, 2011 03:52 AM #3
Ambassador
696,162
Lee & Pamela St. Peter
Berkshire Hathaway HomeServices YSU Realty: (919) 645-2522 - Raleigh, NC
Making Connections to Success in Real Estate

48% cash deals???  Renee, that sure takes care of the lender delays doesn't it?? :)  As usual another wonderful market report!

Jan 23, 2011 04:02 AM #4
Rainmaker
78,430
Kenny Salame
All Western Mortgage Broker # 14210 - Las Vegas, NV
NMLS ID 313873

Renee great post once again. As a lender we are starting to see some quick turn times on Underwriting from lenders. Most of the delays we are seeing now is the asset managers or bank delays on the approval process.  

Jan 23, 2011 05:22 AM #5
Ambassador
1,505,091
Renée Donohue
Savvy Home Strategies Realty, LLC-REALTOR®-Estate-Probate - Las Vegas, NV
Las Vegas Real Estate Broker - www.urLVhome.com

Lee & Pamela:  Yep, mostly delays due to HOAs!

John:  I am sure!

Jan 23, 2011 06:27 AM #6
Rainmaker
1,870,642
Tom Braatz Waukesha County Real Estate 262-377-1459
Coldwell Banker - Oconomowoc, WI
Waukesha County Realtor Real Estate agent. SOLD!

Renee

Amazing how strong cash is in Las Vegas. Hope you have a super 2011.

Jan 23, 2011 01:43 PM #7
Rainmaker
1,870,642
Tom Braatz Waukesha County Real Estate 262-377-1459
Coldwell Banker - Oconomowoc, WI
Waukesha County Realtor Real Estate agent. SOLD!

Renee

Amazing how strong cash is in Las Vegas. Hope you have a super 2011.

Jan 23, 2011 01:43 PM #8
Rainmaker
2,929,023
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo & Home Sale Specialists

Renee, Wow 48% all cash! Is there because there are investors who are buying foreclosures and then flipping them?

Jan 23, 2011 11:28 PM #9
Rainmaker
835,336
Elyse Berman
Best Connections Realty, Inc. - Boca Raton, FL
PA, Boca Raton FL (561) 716-7824 CRS, ABR, GRI,ePR

Renee,  Cash is king in Boca too.   Like you, we've been seeing more cash deals lately.  With prices down, people from out of the area and out of the country are coming in to invest and buy property.  Beautiful graphs!

Jan 25, 2011 11:12 AM #10
Ambassador
1,505,091
Renée Donohue
Savvy Home Strategies Realty, LLC-REALTOR®-Estate-Probate - Las Vegas, NV
Las Vegas Real Estate Broker - www.urLVhome.com

Thanks all for comments!

Larry & Sheila:  Stuff that is bought on the resale market in lower price ranges with cash is usually held investments.  Most of the flippers are participating at the foreclosure sales!

Mar 03, 2011 01:02 AM #11
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