Las Vegas Area Sold Terms - Cash, Conventional, FHA, VA, OTHER!
Although Cash lost a little ground in October (only 1%:) 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. FHA 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!!
Renee - interesting, but perhaps not all that surprising given your market, that cash remains so strong. It is here as well in certain market segments but certainly not across the board.
Jeff
Renee - These charts are beautiful. By the way, congrates on 500,000 points. I didn't even notce it went by so fast.
Renee,
Great market report and cool chart. What an interesting paradox between the FHA and cash transactions being so strong.
Jeff: I think investor targeted markets are definitely seeing a ton of cash. Cash went down 1 percentage point this month. Nothing to sneeze at but it is worth to note. FHA and conventional gained 1 point of the closes. Maybe it's from the increase of short sales closing!
Larry: Thanks man!
Tom: There is no yin or yang or flow. It's either an all cash investor or a first time fha buyer. Can't tell you how fun it is!
An interesting report. We are finding that due to the condition of some of the foreclosure properties, they will not get past FHA or VA.. and so they only can be purchased by those who have cash..
Renee,
It's nice to see that the conventional mortgage still hangs in there at 24% despite having tougher underwriting guidelines.
Renee - I guess cash is still king - at least in some deals. We don't see as many cash deals around here but it's a good % (depending on price points too of course) ~Rita
Hi Renee...that's a pretty swanky Graph all in Black. You must Comment way over ten a day :O))
Renee,
Very cool graphs and charts.... One of these days I will master those.
Ann Hayden in Wildwood, MO
Hi Renee,
You need a brake ! Take a vacation ,go to Florida or somewhere where is relaxing and beautiful,have some fun,take some pictures,show them around.
Keep warm !
Zijuzijazijana
Renee, doesn't seem like anybody has any cash here in our area!
Hey, we got a greenlight from BS. I never did get that email. I'll send you my private mail address.
Renee,
Sharp looking graphs. What program did you use to create them? They don't look like typical Excel graphs.
Troy Trumm
Joan: True and sometimes they can't get past conventional here either!
Esko: And it gained a little ground this month too!
Rita: We didn't either until prices fell through the floor (so to speak!)
Fred: Yesterday it was something like 150 comments! I didn't hit my goal of 200. I will hit it today!
Ann: Let me know if you need assistance!
Eva: I do need to get to Florida someday soon!
Bob: Sweet, I resent it to the address it came from, twice, weird!
Troy: Yup, it is excel! I use the newest version: .xlsx
Love your charts!! Cash IS King . . . but when I spend it, it's "Queen" ;-)
I enjoyed your cocktail social networking images. I haven't seen those around, yet. I also love your charts and graphs and have been wrestling with excel myself trying to come up with a visual representation for dry numbers. FHA is also hot in Colorado.
Interesting info -- I like seeing the comparison between cash, FHA, and VA. Thanks for sharing.
Carla: LOL! I prefer "Princess".
Sabrina: I think FHA is hot all the way around! Thanks for the compliments!
Kathy: It sure helps to know this about our markets when we are working with buyers and sellers who need to make decisions!
Renee,
You are very nice to offer to help. Thank you. I am trying to play with excel but life keeps happening and I never seem to get to spend much time on it.
Ann Hayden in Wildwood,MO