THERE ARE SHARKS SWARMING IN THE LAS VEGAS DESERT! We have buyer interest at an all time high. Agents stealing keys from lockboxes so no one else will show the property (ongoing prob for a while actually.) Multiple buyers in a single resale home at one time that makes it look like new construction model homes. 10,20,30,40,100 offers on a single property. Serious buyers that cannot get an offer accepted to save their lives, and they bid way over asking price!
Our active inventory is threatening to go under 14,000 units, as of right now our pendings are at 12,349. The inventory is down 700 units and pendings are up 400 units from 2 weeks ago. I would call the situation "dire" if you are a buyer.
So here's the million dollar question of the day. Will the interest rate hikes today be the shark repellent we need to get more inventory? Are the buyers searching at the high end of their PQ? (My financed ones are not.) Did anyone take a gamble with their escrow and not lock in to the 4's because they were waiting for rates to go down and are now priced out of their house? Will we see fall outs? Can I get an accepted contract PLEASE?
I might be the only one happy that interest rates edged up today. I want to win on some of these contracts and get a freakin new escrow ;)
Renee ... I am with you and would be a bit more comfortable if the conforming $417K loan rates went up a bit. Then we wouldexpect to see more seller comfort adhomes on the market and that the under $400K offerings cool off.
Best to you.
Renee,
I wish the builders would vanish in my market. This would help diminish our inventory which would increase demand & lower supply. ;)
Perhaps. In fact, very likely.
In fact, they're inching up already.
Renee - I've been telling buyers for months tat this was coming, and they all just wait for it to happen. I'm not one to say I told you so, but in this case, I might, just so tey will listend next time.
Hi Renee,
You are not the only one who is happy about the interest rates going up,so am I.I had my mortgage at 11% for 8 years,than at 9% on the next property but when I wanted to refinance it in 2004 to lower rate or sale the house with the profit I ended up loosing everything. I went to Europe,cause I would have to become homeless in USA.Why? My neighbours had to help poor people first and switched some paperwork on me.I'm still working on the issue.
Greetings from Europe,
Zijuzijazijana
Renee, you and your sellers can count yourselves lucky. Particularly, if they have to sell because of loan problems.
It sounds as though property values should be holding up pretty well. I had heard LV was in a bad way for awhile. Sounds as though that has changed. I hope so.
Renee - this is a good post, and if the rates have gone up and they may in fact be priced out of the home, and may to consider a lower price point.