BluefoxToday blog : Las Vegas | North Las Vegas | Henderson Area Sold Terms & Trends June 2010

Las Vegas | North Las Vegas | Henderson Area Sold Terms & Trends June 2010

las vegas area homes for sale

Las Vegas Area Homes for Sale

Cash REMAINS KING in the Las Vegas Area Real Estate Market!!!  It is important for every buyer in the Las Vegas Area Real Estate Market to understand who their buyer competition is in this currently competitive seller's market LV is enjoying!  It is important to understand how a seller looks at each financing type:

Cash Offers:  Generally have less contingencies and quicker close times.  A cash offer may be accepted even if it is lower than a financed offer.

Conventional Financing:  Less strict with lender required repairs but larger down payments and more strict credit guidelines.

FHA/VA Financing:  Requires more scrutiny with lender required repairs via appraisal.  In general these take longer to underwrite and close so a cash or conventional offer looks more enticing to the seller.  FHA Requires the deed to be seasoned for several months so some flips bought at trustee's sales are generally out as options when competing with multiple offers!

Other:  Less common and creative financing types such as Lease Options, OWC (Owner Will Carry), etc.  The "other" category INCLUDES auction terms!!

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Thanks,  Renée Burrows 702-580-1783 Broker/Owner, REALTOR®
 

 

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Comment balloon 13 commentsRenée Donohue~Home Photography • August 03 2010 05:39PM

Comments

Renee....Wow, 42% Cash Buyers!  Is that typical for yor area?

Posted by Mary Kay Hopkins, e-PRO,GRI,CRS (Mary Kay Hopkins, LLC e-PRO, GRI, CRS, CRB) over 8 years ago

Renee - How many months has cash been king in Las Vegas NV?  I can't recall any of your blogs stating differently since I joined AR last year.

Posted by Michelle Gibson, REALTOR (Hansen Real Estate Group Inc. ) over 8 years ago

Mary Kay:  Wasn't very typical until 2009 but it has been the norm since :)

Michelle:  Lots and lots of months, about 18 months :wink:

Posted by Renée Donohue~Home Photography, Western Michigan Real Estate Photographer (Savvy Home Pix) over 8 years ago

Renee - We are slowly seeing Cash as a major mover. Quick close and a solution for many. Investors ..sure but many are cashing out elsewhere and cashing in on good deals here from across the country. Here's hoping the cash sales continue in your direction

Posted by Claude Cross, Charlotte NC Homes For Sale (Homes By Cross, Inc. ) over 8 years ago

Renee

I am still amazed at how strong cash is in your market

Posted by Tom Braatz Waukesha County Real Estate 262-377-1459, Waukesha County Realtor Real Estate agent. SOLD! (Coldwell Banker) over 8 years ago

I would love to have a couple of cash buyers for some of my listings. Cash is definitely king and it is amazing how true that is for your market.

Cal

Posted by Cal Yoder, Homes For Sale in Lancaster PA - 717.413.0744 (Keller Williams Elite) over 8 years ago

Renee - I can see it. After all I have won in Vegas. I can see it now, rolling the slots, or throwin the dice. Winner winner Chicken Dinner. Lets go buy a house with all this cash.

Sorry I couldn't help it. I don't even remember what movie this was from.

Posted by Ken Barker Realtor® GRI, E-Pro Certified (Dilbeck Real Estate) over 8 years ago

Renee your presentation is both colorful and informative.  I love when cash is being used in a transaction the process is shortened.

Posted by Jennifer Fivelsdal, Mid Hudson Valley real estate connection ( JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571) over 8 years ago

I love your graphs!  You will have to do a tutorial for us....  I also am stunned by the number of cash buyers... It makes me think these may be investors rather than "regular" homebuyers.  What is your take on this?

Posted by Joan Whitebook, Consumer Focused Real Estate Services (BHG The Masiello Group) over 8 years ago

We have cash buyers here in Phoenix. I guess most of the cash buyers are investors and out of state buyers. I'm seeing more buyers paying 20% + down.

Posted by Bill Travis, Broker/Owner (Captain Bill Realty, LLC) over 8 years ago

Renee,

FHA has settled in at about a third of the market, for now anyway. It'll probably stay around there since they are also tightening their underwriting criteria.  

Posted by Esko Kiuru over 8 years ago

We have a lot of cash sales here, too, and it looks like most of those cash buyers are either foreigners taking advantage of the American dream of owning a home or American investors.

Posted by Jim Frimmer, Realtor & CDPE, Mission Valley specialist (HomeSmart Realty West) over 8 years ago

Thanks all for the comments!

Ken:  LOL it is OK you can make me chuckle ANY time :)

Joan:  My take is just rock bottom prices (and we increased cash sales again in July by 3% with first time financed buyers exiting the market as the tax credit expired!)

Posted by Renée Donohue~Home Photography, Western Michigan Real Estate Photographer (Savvy Home Pix) over 8 years ago

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