SnapShot of the current market in Las Vegas today….
[What a buyer can expect]
UpDated: February 3, 2013
MARKET HAS SHIFTED TO A SELLER’S MARKET
~~There are prevalent bidding wars and multiple offer situations on properties. (Up to 30 offers within days of list—seen up to 80 offers–Most cases property is removed from the market to stop additional offers flowing in to seller)
~~Sales price is increasing — Appreciation — Trending Upward – [SEE BELOW CHART]
Compliments of Ticor Title – Las Vegas
~~New Home Builders Sales Pricing is increasing
~~Inventory is very very lowand continues to decline [SEE BELOW MLS INVENTORY WATCH CHART]
~~Seller’s Net is King
MLS INVENTORY WATCH— Las Vegas, North Las Vegas, Henderson
~Banks/sellers are selling at or above the Fair Market Value [FMV] of today….FMV is a discount of 50-60-70% off original sold pricing of 2002, 2003, 2004, 2005, 2006.
~Also the banks/sellers are absorbing the loss on the huge deficiency on the defaulted mortgage for the winning buyer.
~The banks/sellers are also delivering clear and marketable title; whereas they are paying for all delinquencies with penalties & interest [water, gas, electric, sewer, property taxes, hoa fees, etc.] and liens on title that have been left by the previous defaulting owner for the buyer.
~The banks/sellers are also paying for the Title Commitment insuring that they are delivering clear and marketable title for the buyer.
~The banks/sellers are also paying for Realtor fees. [This is approximately 4-6% of a sales price for both Seller and Buyer agent share]
~The banks/sellers are paying for their own closing costs. No buyer contributions are requested by the banks.
~The banks/sellers are selling properties in “As is” condition; whereas no repairs are made.
~The banks/sellers are paying for the Home Owner’s Association Resale Package.
Although Las Vegas is experiencing appreciation and low inventory, the Las Vegas pricing is still low now. A buyer may expect a unprecedented great deal today in one of the most exciting cities on this planet!
Fabulous Las Vegas!!
Julia St. Marie, RRG, ABR, RSPS
Phone: 702-355-H-O-M-E (4663)
View Detached Homes: http://www.LVRealEstateLady.com
View Condos: http://www.LasVegasCondoHeaven.com
CLICK HERE FOR GOOD NEWS – LAS VEGAS