Las Vegas NV Area Concession Stand October 2012 (includes Henderson & North Las Vegas)

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

Las Vegas Real Estate

Here is what buyers received in seller paid concessions on October 2012 Las Vegas Area (Henderson - N Las Vegas - Las Vegas) Closes:

  • Less than $500: 84% ($500 only buys you a home warranty or (no and) an appraisal)
  • Between $501-4000: 10%
  • Over $4001: 6%

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

Most Current Concession Stand

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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Rainmaker
920,312
Larry Brewer - Benchmark Realty llc
Benchmark Realty LLc - Nashville, TN

I would think that cash buyers for the most part would rather have a lower price than to jack it up for concessions. It's not a free lunch, somebody has to pay it.

Dec 08, 2012 01:51 AM #1
Rainmaker
1,004,459
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

Top Down economics Renee, nice to see that $4.,000 plus segment take the hit.  Getting better all the time!

Dec 08, 2012 03:27 AM #2
Rainmaker
1,317,551
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

In the past few years, agents have been told in NH not to disclose seller paid concessions because it is "confidential" information.  However, appraisers see to find out and they subtract the concessions when they are doing comps.  It is therefore, quite difficult of agents to get a handle on value.

Dec 08, 2012 09:04 AM #3
Rainmaker
631,213
Nancy Conner
Olympia, WA
Olympia/Thurston County WA
Interesting stats! Although our MLS has a field for seller concessions, it is optional and rarely filled in. My sense is that in the $250,000 and under price category, sellers frequently agree to about 3% concessions for buyer's closing costs (often excluding investors from that).
Dec 08, 2012 10:35 AM #4
Ambassador
1,598,387
Florida Tolbert Team Keller Williams Advantage
Keller Williams Advantage III Realty in Lake Nona - Orlando, FL
Keller Williams Land Division Specialist

Renee,

I listed 7 in Oct and am closing 9 in Dec.  Yep I am struggling to get enough listings as well.  That is why I am ramping up the LISTINGS side and staying out in the field more.

Dec 08, 2012 10:40 AM #5
Rainmaker
544,206
Eric Michael
Remerica Integrity, Realtors®, Northville, MI - Livonia, MI
Metro Detroit Real Estate Professional 734.564.1519

Renee, without looking into my own market stats, those numbers seem to be about where our market it. Nice job.

Dec 08, 2012 11:26 AM #6
Rainmaker
1,921,168
Tom Braatz Waukesha County Real Estate 262-377-1459
Coldwell Banker - Oconomowoc, WI
Waukesha County Realtor Real Estate agent. SOLD!

Renee

I think it's great that people are not asking too much in order to put deals together. I wanted to say I understand what you said about keeping it simple this year. Back to basics. Would you have time to chat sometime coming up. Hace some ideas for piutting my business into warp drive and wanted to share. I am definitely coming to Las Vegas in January and then again in February. Like the new profile picture.

Dec 08, 2012 12:29 PM #7
Rainmaker
820,770
Juli Vosmik
Dominion Fine Properties - Scottsdale, AZ
Scottsdale/Cave Creek, AZ real estate 480-710-0739

Renee, in your Las Vegas real estate market with so little inventory, buyers need to be prepared not to ask for much.  Look at those stats. 

Dec 08, 2012 12:39 PM #8
Rainmaker
313,172
Christina Sanchez Hood
Palo Alto, CA
#SiliconValleyHOODS | Inspired Living

Renee, what an impressive report and so informative for any seller and buyer in the Las Vegas market.

Dec 08, 2012 02:42 PM #9
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2,739,883
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

I suspect that seller concessions are directly related to home owner/seller equity.  Concessions are paid out of net proceeds and if there are none. . . . .

 

Dec 08, 2012 06:59 PM #10
Rainmaker
4,797,361
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Fewer and fewer seller concessions as the market begins it's gradual rise.  I suspect with the low interest rates and possible appraisal issues, it's best to forgo concessions.

Dec 08, 2012 09:31 PM #11
Rainmaker
1,376,317
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Hi Renee, you know it's a sellers market when sellers stop giving concessions. Buyers are lucky to get a paid home warranty.

Dec 08, 2012 10:47 PM #12
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1,509,132
Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

Thank you all for the comments!

Jan 16, 2013 11:34 PM #13
Rainer
291,619
Ira Bodenstein
PNC Mortgage - Montclair, NJ
NMLS#: 445143

I have been seeing more and more seller concessions in the last year especially on high loan to vaule loans where the buyer has very little cash.  Great too to help sell a home.

Jan 17, 2013 12:33 AM #14
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