Here is what buyers received in seller paid concessions on November 2009 Las Vegas Area (Henderson - N Las Vegas - Las Vegas) Closes:
- Less than $500: 64% ($500 only buys you a home warranty or (no and) an appraisal)
- Between $501-4000: 19%
- Over $4001: 17%
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!
Blog Disclaimer Important Notice
© 2009 Renee Burrows Las Vegas Real Estate Market Report Blog
Search Las Vegas Homes For Sale and Rental Homes Right Here!
Hi Renee! Oh, I'm so glad that you got to meet Russell and spend time with he and his wife. I know you enjoyed that--isn't he a HOOT?! I just love him and told him I was jealous that he got to meet you first!
Great concessions report--just one question: Was the amount of the concessions relative to the sales price? i.e. 1%, etc.? I tell my buyers to ask for at least 1% from the sellers but, to expect 3% costs associated with the Closing. Just curious as to the ratio in your area.
Have a wonderful week...
Renee
Is the market getting better by you and does this reflect in the lessened seller concessions?
Renee - great looking market report, and this is very good information! Thanks!
Is Las Vegas the only place in the country that is a seller's market? Why all the negative hype about Las Vegas foreclosures and over building - is that a thing of the past?
Well .....I'm not sure what to take of this. You can't sell what's not on the market. H'MMM . OK lets call it a BUYERS MARKET THAT SELLERS CAN LIVE WITH. listings must be silver plated :)
Renee - It's great that Las Vegas NV is experiencing a seller's market. A majority of my clients are receiving anywhere from 2.5%-3% in seller concessions although most don't need it just want it.
Renee,
It seems fair to assume that since most sales are bank-controlled in some shape or form, they don't have to cut any slack because investor and first-time buyer demand is rather strong.