It is incredible to see that over 68% of all real estate closings in April were bank owned (REO) or short sales. The traditional equity seller is such a small percentage of the real estate market it makes me wonder if the market is being unduly influenced by the banking complex.
Are banks not releasing short sales in order to artificially inflate the real estate prices?
Are the banks taking less foreclosures because they can’t handle what they have ?
Are banks taking less foreclosures because the law has caught up with them?
Are banks taking less foreclosures because they have lost the original paper work on loans?
I don’t know. It could also be none of the above. For whatever reason there is a critical lack of inventory available in Las Vegas. There is only about a month supply of home son market to be sold. It leaves buyers at a big disadvantage even though prices are still reasonably low. However, if you have equity and will need to sell in the next 3 to 5 years it may be a good time get your home on the market. This is a short term sellers market in a long term buyers market. If the banks begin to release more homes on the market, Las Vegas Real Estate will take another rapid dip in prices. If prices continue to go up quickly more sellers will quickly enter the market and the market will level off again once supply meets demand.
If you have a home you want to short sell, the market condition s are in your favor also. There are a number good reasons to sell right now and very few good reasons to wait if you will be moving in the next 3 to 5 years. It is highly unlikely prices will ever get near the peak of a few years ago. If you want to move up to a bigger house, now is a great time to sell the old one and buy before prices to later appreciate. If you wait to sell when prices go higher you will also be paying more for you next home. You would be better off to sell and buy a larger home now that would allow you to gain more from future appreciation
It is a crazy economy and a crazy real estate market. Sellers are winning for a short time so it would advantageous to talk to a Realtor to find out more.
Chris LaHaie Realtor List with Chris Prudential Americana Group, Las Vegas, NV email@example.com