If you listen to the news you know the Las Vegas is going through its share of foreclosures, and national news outlets are telling of great deals. If you are attempting to buy a home, you know it’s not like they said it is…
Las Vegas real estate buyers are in full force in Las Vegas, buying Las Vegas real estate at a record pace. Inventories have been dwindling for months as offers on homes continue to go up. Some homes are selling in a couple of days, and those that are on the MLS for over a week and in good shape get a “T”, signifying temporarily off the market. When the status changes to “T” it means please don’t send any more offers. A “popular home” can get upwards of 40 offers in a weekend.
A competent REALTOR understands the market and can assist in preparing an offer the bank will say yes to, and make a Las Vegas homes for sale become your own.
The following information represents Las Vegas homes for sale that sold and how they where paid for. A total of 4,316 Las Vegas homes sold, of those 1,894 homes were sold to cash buyers for 98.5% of the asking price, sorry to disappoint those that hear they can buy at 30% discount because they are paying cash. FHA and Conventional Loans constituted 2,055 of the homes sold, of which FHA buyers were wiling to pay up to 101% of list price.
A good sign that things are improving a bit are the re-appearance of flippers, although Las Vegas real estate buyers buying with FHA loans may not be able to buy their renovated homes for a few months as restrictions apply. Not all Las Vegas homes sold were foreclosures, private sellers and short sales were included in these numbers.
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