If you are a manager or decision maker in a Real Estate Investment Trust (REIT) and own some Las Vegas Area (Las Vegas, Henderson, North Las Vegas) Residential Real Estate ~ THIS POST IS FOR YOU! If you have inventory that is not returning the ROI the trust projected or if vacancy rates are unusually high, you may want to consider listing the property soon!
Las Vegas Area Sellers are currently enjoying a seller's market with multiple offers and prices being driven up! You may want to consider getting a comprehensive resale market report INCLUDING absorption reports for the property subdivision from Maria Jose Escudero and Renee Burrows of Burrows Group @ Nevada Realty Solutions! It may just make sense if the property was purchased recently at a discount in bulk!
Here are some absorption numbers and charts:
Short Sales have a very low probability of closing and they make up a majority of the inventory. REO is not getting on the market due to: bulk sales, rentbacks and moratoriums. Here is your opportunity to see if the numbers make sense! Buyer interest is at an all time high with interest rates so low and tax incentives so high for first time buyers!
Renee ... Thanks for this excellent local Las Vegas housing market report with graphics. It's good to see that you pay such careful attention to the local market.
Here in Orange County, CA, we also need more inventory of saleable properties. Short sales here also have a low probability of closing and make up a majority of the inventory.
Renee
Here's hoping all your coll calling and prospecting results in hundreds of new listings.
That is amazing how much of your market is dominated by Short Sales and then REO's. I need to run some numbers on ours and compare markets.
Harrison: This is so frustrating with lack of inventory isn't it?
Tom: Thanks!
Heather: Would be interesting! I could make graphs all day long if I had the time! My next ones will be a breakdown of terms. The next several months will prove to be interesting with financed vs cash buyers so I gotta start tracking!