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!!
Most Current Las Vegas Sold Terms and Trends Report
What Areas Do You Cover for your Las Vegas Area Real Estate Market Reports?
General Las Vegas Area Real Estate Market Reports are for MLS Areas 101-606 (the average consumer probably asks, what’s that?) It means that I cover the cities of Las Vegas, Henderson, North Las Vegas including unincorporated Clark County Townships of Whitney, Paradise, Winchester, Enterprise, Sunrise Manor & Spring Valley. They do NOT cover the areas of Boulder City, Pahrump, Laughlin, Moapa or Mesquite.
View More FAQ About My Las Vegas Area Real Estate Market Reports.
Lots of dead presidents, stacks of currency are and always have been the face cards to lay down and get the deals.
Morning Renee...great report...I Hope you have a wonderful weekend too! Take care!
Great report as always. Surprise that cash is king in your area. I guess it's the quickest way to just close & get some deals.
I imagine with the prices where they are now, coming up with all cash isn't as difficult, especially if someone is downsizing and has sold first. Love the colorful, depictive reports Renee.
Those are some great charts Renee, and makes things easy to read and understand!
Renee,
The investors just don't seem to run out of money and fortunately keep the real estate market going over there.
Thank you all for the comments!