The absorption rate for Las Vegas Short Sales has remained stable for February 2008 Inventory has risen dramatically (+158). Pending units has also risen dramatically by +403 units. This is because the MLS board is REQUIRING agents to change status with an offer and make it contingent on bank approval. Many under contract are no where near bank approval. Solds have increased by a dismal 3 units.
There are many reasons for the lack of closings in this market and it is outlined in this post.
Short Sale Synopsis:
- Listings 3/1/2008: 4720
- Pending 3/1/2008: 768
- Closed 1/21-2/21/2008: 67
- Month's Inventory: 70.4 (=5.8 Years Inventory.)
One thing you really need to consider when buying or selling short is to make sure the list agent is EXPERIENCED in this niche. These deals are hard to pull whether it is or is not an experienced agent.
Read here for last month's report on Las Vegas Area Short Sales.
Interesting.
I'll do a Short Sale Report tomorrow. It's definitely growing. We listed another one yesterday in MD. Got one going to settlement sometime next week.
I'm working on getting some good short sale listing agents in my network. It's not easy. Some of the agents that have been very successful with buyers are just not "short sale" ready.
Foreclosures are really hot here. I've gotten 4 new foreclosure buyers this week alone.