Las Vegas NV Area Sold Terms & Trends January 2012 (includes Henderson & North Las Vegas)

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

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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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Ambassador
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Jerry Newman
Brown Realty, 210-789-4216,www.JeremiahNewman.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Good Morning, Renee. Excellent reporting for the Las Vegas area with some very colorful graphs. There is not doubt that "Cash is King" in your market area for January 2012.

 

Feb 27, 2012 10:18 PM #1
Ambassador
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Norma Toering Broker for Palos Verdes and Beach Cities
Charlemagne International Properties - Rancho Palos Verdes, CA
Palos Verdes Luxury Homes in L.A.

Renee - I like your succinct breakdown on the pros and cons of each type of financing.

Feb 27, 2012 11:18 PM #2
Rainmaker
820,870
Juli Vosmik
Dominion Fine Properties - Scottsdale, AZ
Scottsdale/Cave Creek, AZ real estate 480-710-0739

Very interesting, Renee.  Your graph shows the way homebuyers purchase their Las Vegas homes - financed/cash, etc - has remained fairly consistant, despite all the "predictions" that FHA backed loans would increase dramatically.  Great report on your Las Vegas real estate market trends for financing.

Feb 27, 2012 11:20 PM #3
Rainmaker
3,479,301
Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

hi renee...I love the way you break down the type of financing too....I should do that sometime...

Feb 27, 2012 11:39 PM #4
Rainmaker
934,300
Larry Brewer - Benchmark Realty llc
Benchmark Realty LLc - Nashville, TN

Hi Renee - I just read in Forbes that Henderson is one of the safest cities in America.

Feb 27, 2012 11:39 PM #5
Rainer
308,174
Jennifer Chiongbian
Specializing in all types of Manhattan apts & townhouses - Manhattan, NY
Real Estate Broker - NYC

That's pretty impressive in terms of all those cash transactions.  Maybe I will jump into the Vegas market again for a little place for myself.

Feb 28, 2012 01:19 AM #6
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Lee & Pamela St. Peter
Berkshire Hathaway HomeServices YSU Realty: (919) 645-2522 - Raleigh, NC
Making Connections to Success in Real Estate

Renee, just wanted to stop in and say hi...  and to see how things are going in your world.  I can see why you say cash is king!  A whopping 52% of your sales are in CASH...  I'd love to see if I could find stats like these for the Triangle...  But I'm fairly certain the green and purples colors in your chart would be reversed here!! :)
Pamela

Feb 28, 2012 03:46 AM #7
Rainmaker
325,921
Esko Kiuru
Bethesda, MD

Renee,

Knowing the Vegas market's continued vulnerability, it's surprising how many investors are still plunking down cash for real estate there. Hopefully things turn around soon.

Feb 28, 2012 11:48 AM #8
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Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

Thank you all for your fabulous comments!

Mar 23, 2012 01:31 AM #9
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