So buyers, are you sitting on the fence waiting for that 5 figure number of moratorium listings to be dumped on the Las Vegas Area market? It's already started with Freddie and Fannie and thus far, we have absorbed it because buyer interest is so high!
The media keeps scaring people with big numbers: boo! Ten Thousand (10,000) is NOTHING and will be absorbed quickly (interest rates, economic and lending conditions willing!) 10,000 won't even bring our market out of a seller's market!
Today Hubble Smith reported in the LVRJ that there is between 20,000-30,000 homes that are rarin to go into foreclosure. I say BRING IT ON so we can get some of these buyers into contract. If we have 20,000 units dumped on our market overnight we can finally have a STABLE market.
This will not happen however: Fannie and Freddie are doing rentbacks and selling in bulk to REITs. If we are lucky, we could get another 10-15K units and it would still still remain a seller's market.
Our market is in dire need of sellable inventory. We currently have less than 12700 units on the market, over half are unsellable because they are overpriced or short sales. We are hovering at 13000 pending and contingent properties. Right now we are looking at over 4000 closes for the month of June so if we had 22000-24000 units (after 9000-13000 units are thrown out there) on the market it would still be a seller's market. Pendings are still rising at a phenomenal clip EVEN with all the closes and we didn't experience the traditional leveling in May.
REPEAT: In a nutshell, our market can afford (currently) to have 9000-13000 units dumped on it overnight and it would still remain a seller's market. Buyer interest is so high I know we could absorb it easily!
Buyers: don't be a bench warmer! Start practicing your swing and get in the game. You never know when you will hit your homerun!
Call us today at 702-966-2494. We will help direct you to some great pre-qualification sources and give you a buyer's consultation so you will be ready to submit your winning bid on the home of your dreams!
Hi Renee! Funny but, I was just telling my hubby about your reports and your area as he read to me some article that he found about how poor the market is there! The media makes me CRAZY--where ARE they getting their stats?! Great post and contrats on being in a major seller's market again; I'm ready for that too!
Renee:
Amazing, but Fannie and Freddie are running out of sync with the market and should be flowing it in. They will sell in bulk and they will still come soon. The rent backs are old depression tactics. I have been saying all along they need more talent to get out of these properties than they did to get into them.
Richard
Debe: I have no idea and one major media resource was throwing out some inventory numbers that MAY have existed in April! I am sure they will report it after the majority of the moratorium inventory gets released and is absorbed. It is also likely there will be gratuitous pats on the backs for generating the interest in the newsrooms.
Richard: Oh no, they are flowing it in, I thought I said that! That is probably a majority of the inventory coming on the market in the last month!! It's being gobbled up quickly.
What is considered a sellers market? There may be a lot of houses selling, but if you price anything low enough, someone will buy it. That doesn't mean sellers are making a killing does it? Maybe I am looking at the wrong houses in Vegas, but the several hundred I looked at are priced lower now than they were five years ago. Is that really making sellers happy, the kind of market they want?
Brian: a post just for you m'dear! Prices are lower but have you placed a bid on one or several recently?