Single Famliy Home Inventory report 7/11/12 for Las Vegas Valley

This week we have 3771 of which 923 are short sale and 330 are REO.
We would normally have 10k-15k homes on the market.
This is causing mulitiple offers on most properties.  We are seeing Buyers pay over appraisal on non-distressed homes.

Las Vegas Valley Single Famliy Home Inventory report 6/26/12:

Total homes for sale 3695. This is in Las Vegas,Henderson and North Las Vegas combined (no condos or townhomes).

Out of the 3695

REO: 366

Short Sales: 950

The remaining properties are flips and resale.  We are finding that a large number of these are listed above the comparables in the neighborhood and above appraisal. 

Do to this incredibly low inventory we are seeing multiple offers on most  properties.

 

Shrinking Las Vegas Inventory

Single Family Home Inventory for Vegas Valley

Single Family Home Inventory for Vegas Valley 6/20/2012

Total homes for sale 3753 this is in Las Vegas,Henderson and North Las Vegas combined (no condos or townhomes).

 

REO: 385

Short Sales: 966

That leaves 2402 as traditional sales and investor flips.  We are finding that about half of these are over priced and won't appraise.  Also, several of these are not accepting VA or FHA for various reasons.

Single Family Home Inventory for Vegas Valley

Single Family Home Inventory for Vegas Valley 6/15/2012

Total homes for sale 3760 this is in Las Vegas,Henderson and North Las Vegas combined (no condos or townhomes).

REO: 395

Short Sales: 957

 

The rest are traditional sale and investor flips.

Las Vegas Valley Inventory report 6/6/12:

Inventory report 6/6/12:

Total homes for sale 3791 this is in Las Vegas,Henderson and North Las Vegas combined (no condos or townhomes).

REO: 378

Short Sales: 1018

Do to this incredibly low inventory we are seeing multiple offers on almost every property. Some as high as 60 offers on a single home. When buying a home, Patience IS a virtue.

Vegas Valley Inventory - Single Family Homes

Vegas Valley Inventory - Las Vegas, NLV, Henderson

Our current inventory as of 5/14/2011

Total on the market- 3963 Single Family Homes

485- Foreclosures / REO

1145- Short Sales

 

It's getting to be slim pickings,  Multiple offers on most properties right now. 

This makes it a great time to list your home, especially if you are short selling.  A quick offer will get your home off the market so you won't have to worry about people going through your home.  It will also get an answer from the bank quicker and get that hardship out from under you.

AB 284 EFFECT ON SHORT SALES

Great example of how AB 284 has slowed the input of new foreclosures to the market. We had a short sale fall out. The buyer backed out. We put the home back on the market at noon. We had our first offer by 1 pm. and multiple offers by 4 pm. My phone did not stop ringing. We had this home on the market last year and had trouble getting any showings because it is in a rental restricted HOA. No investors allow only owner occupied buyers. Now I have agents begging me to help them get it for their clients. This is why SHORT SALES are the next wave of real estate. I think now is definitely the time to short sale if you are thinking about doing it.

AB 284. What does it mean for Short Sales?

If you are not aware of Nevada Assembly Bill 284. It was a bill passed last year making it harder for banks to file a "Notice of Default" thus slowing down the foreclosure process. We are already seeing a decrease in foreclosures. The Vegas valley is expected to see a potential increase in home values starting this spring due to lack of inventory. Many real estate "experts" think this will kill the market since banks have a harder time filing the NOD thus removing foreclosures and short sales from the market but I my opinion I think it will only slow down the foreclosure process. These experts also say it will make people thinking of short selling not move forward with their short sales thinking the banks might not foreclose on them. I disagree with that since most people that are upside down on their homes and have a hardship keeping them from being able to make their payments will not stop the short sale because they NEED to get out of their current situation. Along with the stress of a short sale, Most people do not want to wait and see if the bank will foreclose on them and force them to move. I think it gives the home owner needing to short sale the opportunity and time needed to get it approved. I also think it will make banks more proactive in the short sale process. We are already seeing that now with larger banks doing pre-list short sales by doing the appraisal and valuation prior to the seller even listing their home. If the banks are more motivated to do a short sale they will do it faster with less problems or hassles. I can only hope that AB-284 will be the motivation needed.

Short Sales- As unique as the people who are working on them.

We are working on several short sales today. It never ceases to amaze me on how different each one is. Just like each file has a different negotiator assigned to it, each transaction is as unique. We have one where the bank is working closely with us and setting the current list price to help get it sold. We have another that has been verbally approved but wouldn't send us the official approval letter, So we had to contact a VP in charge to get them to move on the file, We were told we would have it by Friday. Each transaction presents its own individual situation but with proper preparation and knowing what is needed, we can normally anticipate what the bank will want and have it ready for them the moment they ask.