The absorption rate for Las Vegas Valley Area Short Sales remains stable for Sept/Oct 2008. Absorption still remains high and just slightly under the 2 year mark. Inventory has risen at a slower pace than normal (+207 units). Pending units has also risen by +110 units. Solds have increased by +15 units. No changes as pending and list prices for last month's report were pulled a month late and on the same date as this report.
There are many reasons for the lack of closings in this market and it is outlined in this post.
Short Sale Synopsis:
- Listings 11/14/2008: 6690
- Pending 11/14/2008: 2198
- Closed 8/28-9/28/2008: 298
- Month's Inventory: 22.4 (=1.87 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 the most current Las Vegas Area Short Sale Report.
Read here for last month's report on Las Vegas Area Short Sales.
If you need to sell your home via a short sale by a proven short sale expert, you can either fill out the form on this page or you can call 702-966-2494 and press option 0. If you would like to buy a short sale property you can call 702-966-2494 and press option 1 for a Realtor or option 3 for Financing Questions. Be sure to ask about down payment assistance (zero down/100% loans) for first time buyers through grants and bonds! Para español presione el cuatro
Renee
Stable is good because it represents potential progress that will soon take place.
Sincerely
Tom Braatz
Tom: Absolutely! We do need more closes in this department. With all my reports it seems almost all sectors have been enjoying stability last three months!