Las Vegas Market Stats!

Here are the stats for this week in Las Vegas!

Available:  3,952- 9% REO, 23% SS, 68% Private

In Escrow Last Week:  964- 16% REO, 51% SS, 33% Private

Closed Escrow Last Week:  670- 20% REO, 44% SS, 36% Private

There were 48 homes that X'd in the MLS that were not Short Sales or REO's!

As of today we have a 4 week supply of homes on the market, so, if not one more home because available, it would take only 4 weeks to sell our current inventory!

Tip #2 to Getting Your Offer Accepted in a Sellers Market!

Appraisal Waiver:           In a quickly appreciating market it is not uncommon to see Sellers asking Buyers to waive the appraisal contingency.  Should it make financial sense, you can offer this upfront to make your offer more desirable.  As the offer is currently written if an appraisal comes in below sales price there are three options:  1. Buyer does not have to buy.  2. Seller does not have to sell.  3. Buyer and Seller renegotiate by meeting in the middle, lowering the sales price or Buyer paying the total difference.  Here’s an example.  You purchase a home for $250,000.  The appraisal comes in at $225,000.  If you, the Buyer, has waived the appraisal condition than you would be paying the difference of $25,000.  If you did not waive the appraisal you could renegotiate with the Seller.  Often, if Buyers have the cash, they have the ability to waive the appraisal and pay the difference.  This can be VERY attractive to a Seller and helps Buyers who have some cash but are not in a position to pay all cash compete against cash Buyers.  Another way to use the appraisal to create a more attractive offer is to offer to pay a certain amount over appraisal, not to exceed the offered sales price.  For example: “Buyer agrees to pay $5,000 over appraisal not to exceed a sales price of $200,000 (This will be the price you offered.  Put a cap at the sales price so that in the instance the appraisal comes closer to sales price than you offered to pay over, you aren’t stuck paying more than you originally offered.)

Tips to Get Your Offer Accepted in a Sellers Market!

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.

Las Vegas Market Stats!

Here they are!  I've noticed that the inventory is etching up-just a little!!!!! 

Available:  3,880.  9% REO, 24% Short Sale, 67% Equity

Escrow Last Week:  964.  18% REO, 49% Short Sale, 33% Equity

Closed Last Week:  565.  20% REO, 42% SS, 38% Equity

Last week there were 49 homes that Expired from the MLS that were not Short Sales and were not REO's!

Las Vegas Real Estate Market Stats!

Here are stats for this week!

3,871 Available!  Of those; 9% are REO's, 26% are Short Sales and 65% are Equity.

985 went in P, C status last week!  Of those; 15% were REO, 49% were Short Sale, 36% were Equity.

493 Closed Escrow!  Of those; 19% were REO, 39% were Short Sales, 42% were Equity!

Only 43 non-short sale, non-REO homes expired from the MLS last week!

Also, some interesting numbers in REO:  There are only 358 available (an increase from last week) AND, there is only a 2.4 weeks supply of bank owned homes.  They are still coming on the market but are flying off the shelves!