We can check some of the statistics for Las Vegas Real Estate to make a few deductions.
REO . . . Ave Price – $148,975 – The average is now higher than short sales.
Short Sales . . . Ave Price – $140,890 – Declined again in July.
Classic Sales . . . Ave Price – $218,380 . . . An increase of more than 3% over JuneThe trend we are seeing in Las Vegas Real Estate has people seeing more value in the traditional equity sale. People are releasing that when you buy a short sale or bank owned property you can run into delays and problems.Combine with a lower than normal inventory level and it is not hard to see the reasons behind the statistics. If you own a home that has equity, your property can be priced at a premium and be sold for more money than the short sale. Many buyers are willing to pay a slightly higher price for a home they can close on in 60 days. You never know if a short sale will ever close.Part of the reason for short sales never closing comes from the banks new push to offer homeowners better deals and better loan modifications once they get serious about selling their home short. There is an absurd number of short sales sitting in the pending category. The pending category means that a home is under contract for sale. Typically most homes under contract would move from pending closed status within a few months. There are over 10,000 homes that are short sales sitting in pending status currently. This is a ridiculous number and it is a very clear indicator that all short sales are not slam dunks and many people will not ever get the home they think they are buying.This should be noted by both buyers and sellers. If you are considering selling in Las Vegas and you have equity in your home, you are going to be able to sell at a premium. If you are a buyer you should be looking for more equity sales rather than short sales or REO sales because you will be able to get into a home sooner and with less delays in most cases.
It is being called a recovery but I am not so sure Las Vegas Real Estate is on the way back as of yet. The telling sign is the dramatic decrease in bank owned properties for sale while they are still holding thousands of units off the market and the enormous back log of pending short sales that are not getting closed. Time will tell if the positive talk has been a little early.
Chris LaHaie Realtor
List with Chris
Prudential Americana Group,
Las Vegas and Henderson NV