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. The "other" category INCLUDES auction terms!!
PS TOOK A SNEAK PEEK into August's numbers yesterday (official reporting not done until approx Monday the 7th) and large CASH CLOSE PERCENTAGE INCREASE EXPECTED!
Cash is truly KING in all markets but especially in this one! Hey, I just wanted to say I really enjoyed your insightful comments on Bill's post this morning about over paying for a house! Excellent ideas and well put!
Hi Renee, Vegas was built on cash. Love to have the lightbulb contract there.
Do you hang around the Hotels and hand out your cards to the high rollers?
Renee,
It looks as though Vegas is lighting up and can I get in on the lightbulb contract?
Great information as always.
Russell: WHY THANKS!
Al & Peggy: I don't but a funny thing is that a Realtor I know does. He does get clients that way!
Sharon: HAHA! You should just buy stock in NVenergy ~ my last electric bill was $400.
Hi Renee,
I like the way you presented this data in different ways. What program did you use for the graphics?
I have never run the data for the entire city of Chicago, but I think I will start to look at that data. Instead, I look at the payment trends for the neighborhoods where my clients are interested in buying, to see if their payment method would be a match for a specific neighborhood. In some areas, the cash buyers get all the foreclosures, in other neighborhoods the conventional, FHA and 203K buyers have a shot at the REOs.
Renee
You are one awesome real estate agent; amazing how things are starting to turn around. Thanks for the email.
I like Cash offers but I think some buyers thinks that gives them the right to discount their offer well below reason. The lack of contingencies is nice. You always provide great statistics in your blogs. I'm sure the locals appreciate it.
Wow, there is a lot of cash floating around. We have noticed here too that many are paying cash, even in higher end. Other than that most have been FHA. ~Rita
Renee - These are the best looking charts i've ever seen. Great job on the presentation.
Renee, That is a lot of cash deals, good going. Hang in there.
Renee - bad for me but good for you! Oh well we can win 'em all : )
Laurie: I have a specialized CMA set up to run the specific data by subdivision for clients! It is essential for offer writing! As for the graphs, just wrote a post on that ;)
Tom: You are welcome!
Brian: !!!!!!!!!!!!!!!!!!!!! (agreed)
Rita: Cash and FHA use to be head to head now there is a slight difference. Still seems mostly cash or FHA!
Larry: Thanks!
Debbie: The financed buyers are trying!
Nevin: LOL! Units sold are up so you are still getting something, haha!