Cash REMAINS KING in the Las Vegas Area Real Estate Market!!! It is important for every buyer in the Las Vegas Area Real Estate Market to understand who their buyer competition is in this currently competitive seller's market LV is enjoying! It is important to understand how a seller looks at each financing type:
Cash Offers: Generally have less contingencies and quicker close times. A cash offer may be accepted even if it is lower than a financed offer.
Conventional Financing: Less strict with lender required repairs but larger down payments and more strict credit guidelines.
FHA/VA Financing: Requires more scrutiny with lender required repairs via appraisal. In general these take longer to underwrite and close so a cash or conventional offer looks more enticing to the seller. Requires the deed to be seasoned for several months so some flips bought at trustee's sales are generally out as options when competing with multiple offers!
Other: Less common and creative financing types such as Lease Options, OWC (Owner Will Carry), etc.
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Renee ... Excellent post and thanks for this great information about Las Vegas local sold home market in June, and comparison between cash buyers and financing, VA, FHA, and conventional.
Are you saying that 38% of home buying at LV in June was all cash. Wow! That's amazing but not totally surprising considering amount of money now in accounts and hands of investors.
You know of course that you are the BEST at presenting your information by graphs and charts. Thanks.
Renee,
Can't beat cash. It's intriguing to see how FHA has moved above Conventional in market share. The lower down payment and more flexible approval requirements help FHA.