Las Vegas 2012 Real Estate Market Trends: Short Sale Inventory
Las Vegas real estate in 2012 will no doubt be a wild and wacky and an unpredictable market resulting in broken crystal balls as it has been for the last 5 years. This I am sure of. My 2012 Las Vegas real estate market trends predictions will depend on several factors:
- Steady interest rates
- Steady underwriting guidelines (LOL!)
- Current laws
- Current market conditions
I believe in 2012 that
Las Vegas Short Sale inventory will decrease. It isn't because less homeowners are underwater, it is again, that pesky new legislation
AB 284. I have already encountered multiple situations where the Las Vegas short sale sellers get down to the wire after their short sale approval, get their legal advise and then are advised to take their home off the market because lenders are having a difficult time filing notices of default. I am not saying this is right or wrong as each specific case & approval letter should be looked at by a lawyer. This is just going to cause some complications with our inventory situation.
I think by looking at the above
Las Vegas short sale inventory watch chart, you can see that short sales are a popular alternative for buyers with our current low inventory crisis. Unfortunately those buyers may get down to the wire at approval time and have the sellers yank the listing off the market because they have been advised to do so. This scenario can happen even without AB 284 as the consequences of the terms and conditions of the approval may be insufficient for the seller.
A short sale is a difficult transaction for both the buyer and the seller (oh and the real estate professionals also!) You have to make sure all parties completely understand the process in order for a successful transaction to be completed! I don't see sales increasing with the increase of pendings in this situation.
