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!
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.