Selling homes sooner rather than later in Las Vegas

 Las Vegas is seeing an increase in short sale listings and an improvement in the closing percentages from those short sales.  However, a short sale is not the only available property on the market.  There are people selling in Las Vegas that do have equity.  The short sales and sales of bank owned property amount to over 50 % of the sales occurring over the past several months.  However, this also means that there are nearly 50% of the sales being equity sellers.  Even though it was stated in November 2011 that 80% of homeowners were underwater, half of the current sales are of homes that were not upside down. 

There are statistics showing a slight increase in sale price over past few months.  This is due to the lack of inventory.  People have been waiting patiently for the market to improve before they sell their home but people may be misled into waiting longer and longer.  The lack of willingness to sell or the lack of ability due to underwater mortgages is tipping the market into a short term sellers market.  Anyone who needs to sell in  the next 12 months should be considering doing so as soon as possible to take advantage of the lack of inventory.  We have seen some property get as many as 10 offers the first week on the market because there is such a small number of houses for sale in the city and surrounding areas.

The circumstances are not likely to lead to a sustained increase in home prices in Las Vegas, however.   What is driving prices up now is the fact that so many people are on the sidelines waiting for market improvement before they list their home for sale.  There is not enough selection for all the available buyers.
Cash offers and offers above list price made by people who lost out on other homes due to higher bids, have added upward pressure prices.  This window, that could help sellers get their home sold quickly at a slightly higher price, will likely close  as soon as home owners see a price gain.  As more and more homes hit the market while their owners hope to capitalize on the price trend, the market will  soften  again as supply begins to exceed demand.  The result will again be more stagnating prices.

We will continue to see large numbers of short sales in Las Vegas and we will continue to see high volumes of bank owned homes being sold.  The people that need to sell in the next 12 months should be actively considering getting a head start on the process and take advantage of this window that may lead to a faster and more lucrative sale. 

Chris LaHaie Realtor
List with Chris Prudential Americana Group, Las Vegas, NV


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