Tuesday, December 11, 2012 at 10:12AM Here are the stats for today!!
Available:
3905 total: 362 REO, 765 Short Sale, 2778 Equity
Pending/Contingent Last Week:
876 total: 105 REO, 419 Short Sale, 352 Equity
Sold/Closed Escrow:
465 total: 39 REO, 197 Short Sale, 229 Equity
68 Homes Expired last week that were not short sale and not REO!
Monday, December 3, 2012 at 11:37AM Market Stats are ready! Here they are!
As of today there are 3,876 SFR homes available in Las Vegas/Henderson areas. Of those only 343 are REO's. 748 are Short Sales and 2,785 are Regular/Equity listings.
859 went into P or C status. Of those 116 are REO, 408 are Short Sales and 335 are Regular/Equity sales.
We had 704 close escrow last week, mainly due to month end! Of those only 84 were REO. 277 were Short Sales and 343 were Regular/Equity sales.
There were 120 Expired listing last week (non-REO, non-Short Sale). This number was high due to month end as well.
Let's look just at the REO's. Right now we only have about a 3 week supply of REO homes, that's about 2 weeks less than the overall inventory of the market. What does this tell us? What does this mean for your buyers? Well, as agents we KNOW.. we are dealing with it! Multiple offers, getting beat out, sales prices well over list. How do we help our clients see it without "teaching" them on an offer?
Easy, we use these numbers. Let the numbers do the talking!
If your Buyers are "low-balling" it's only because YOU haven't educated them enough. Time after time I hear this from agents I am coaching, "They just won't offer list, all they want to do is low ball." The only way to change this is to take responsibility and educate your buyers. The truth is, if they are motivated and in fact do want to buy, it's your job to help them understand the market. Here's the trick... you don't educate by TELLING them about the market. We educate by ASKING QUESTIONS that help them uncover and discover the market themselves.
Yeah, it's tricky. It takes time. It takes skill. It takes knowing when to ask.
Not sure how... what.... why.... when? Give me a call. Teaching agents the super-hero like skills needed to navigate effortlessly through any market is what I do.
Thursday, July 26, 2012 at 12:14PM Tip #1:
Escalation Clause: In the current market it is not uncommon to be in competition with many other Buyers on a single property. An “Escalation Clause” is a tool that can be used to make your offer more desirable. An escalation clause basically states that you, the Buyer, would be willing to pay X amount over any bona fide offer. It may be written as follows in your offer: “Buyer will pay $1,000 over any bona fide offer received on or before X date. Seller and Sellers Agent will provide a copy of bona fide offer for verification purposes.” Some Buyers feel better putting a cap on the escalation. For example: “Buyer will pay $1,000 over any bona fide offer received on or before X date not to exceed $$$$. Seller and Sellers Agent will provide a copy of bona fide offer for verification purposes.” Whether you decide to put a cap on the clause or not, if your offer is accepted you will have a due diligence period at which time you can cancel the contract. In other words, you will not be forced to purchase a home that does not fit within your financial parameters.
Monday, May 21, 2012 at 10:25AM It's Market Stat-o-rama Time! These stats have single handedly helped me land an all cash investor this week! Knowing your numbers is KEY to educating your clients on this crazy market!!
Available:
3,968 Total! (YEEEEEEE-owzers!)
28% are Short Sales, 12% are Bank Owned, 60% are Equity
1,094 went into escrow last week!
44% are Short Sales, 23% are Bank Owned, 33% are Equity
580 closed escrow last week!
31% are Short Sales, 32% are Bank Owned, 37% are Equity!
Monday, April 9, 2012 at 10:50AM It's time for another weekly dose of your Las Vegas Market Stats!
As of today there are;
6,092 SFR/Condos Available
35% are Short Sales
16% are Bank Owned (REO's)
49% are Equity WWWOOOOOWWWWWWZZZZZERS!!!
Last Week 1,469 went into escrow (accepted an offer)
46% were Short Sales
27% were Bank Owned (REO's)
27% were Equity
Last week 564 Closed Escrow!
25% were Short Sales
37% were Bank Owned (REO's)
38% were Equity
Though REO's have dominated the Las Vegas market the last couple of years, with the implementation of AB284, we've obviously seen that take a HUGE hit. REO's are still moving, rapidly!
If you've got Buyers looking at REO's (if you're selling homes then you probably do!) know this: There are only 971 REO's available today. Last week 404 went into escrow. That means we currently have just over a 2 week supply of REO's. Buyers need to MOVE if they want these homes. We are back to multiple offers over list price! Agents, if your Buyers are upset with the market, take responsibility. It's up to us as the professional guiding them through the process to educate them on the market which means as agents we MUST actually track and understand the market and the trends! Knowing the market is just as much part of your job as knowing how to use the MLS or fill in a contract... and truthfully, knowing the market will make you waaaaaaaay more money!
Go get 'em!
