Six week Supply of Single Family Inventory! Are you convinced yet?
I have been sending out mailings and blogging about the explosive Las Vegas real estate market and the smart ones have been getting on board. Now most recently, the competition is fierce and we are moving into the new home market. Buyers beware! You are leaving money on the table if you do not work with a Realtor when looking to purchase a Brand New Home. Do not register online or view them without your Realtor because I can assure you, they work for the Builders best interest and your Realtor will know which builders are offering the best incentives and negotiate the best deal. (Make sure to find a Realtor with a proven New Home record. (I have sold 6 new homes just since January)
Why is the inventory declining?
Robo Signing law has stiffled the banks from filing default notices. What used to be 2,700 - 5,700 NOD filed a month is now down to 300! Yes I said, 300! Banks are trying new things like renting them back and doing more short sales. Whatever they can to limit their liability of past sloppy lending practices.
How much have the sales in Las Vegas increased?
Realtors sold 4.4% more homes in March 2012 up from March 2011. The median price including all cities in the Las Vegas area is up 1.7%. Some areas as much as 15%.
Are these investors?
We do have a lot of investors with Cash in the market but my client base is 50% of Cash buyers are investors planning to rent it out and the other 50% just people looking to take advantage of the financial climate of Las Vegas and weather. Many retirees are buying their retirement home now while the prices are low.
What should a buyer expect?
Don't frustrate yourself or your Realtor. Most homes are priced to sell. If they are in "decent" condition they will have multiple offers so always go in with your best offer. If there are no offers on the table yet be assured there will be and this is in pretty much all price ranges up to $500,000. We are seeing multiple offers on short sales too but be sure your agent does his/her homework. If your Realtor doesn't know what homework I am speaking of, then call me or find another agent. Research and resourcefullness is key to a successful transaction these days.
It's a GREAT DAY to be in LAS VEGAS!
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