The absorption rate for Las Vegas Valley Area Short Sales went up slightly for January 2008. Absorption still remains high and above the two year mark. Inventory has increased sharply (+191units). Pending units have increased sharply by +330 units. Solds have decreased by -221 units. Absorption up by almost 9 months
There are many reasons for the lack of closings in this market and it is outlined in this post.
Short Sale Synopsis:
- Listings 2/15/2008: 6771
- Pending 2/15/2008: 2295
- Closed January 2009: 221
- Month's Inventory: 30.6 (=2.5 Years Inventory.)
Short Sales Currently Account for:
- 33.5% of All Las Vegas Valley Listings
- 8.4% of All Las Vegas Valley Sales
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
Experienced agents are so very important -- I always advise an attorney in these cases as well as the contracts with the lenders are very technical and full of legalese which can adversely impact the buyer.
Renee:
It seems it is getting better in Las Vagas. I hope it continues, it will take a bit longer. As long as they sell, we will eventually rotate out of this situation.
Best
Richard
Renee,
Great job presenting this information.
Renee the percentage of short sales blows my mind, but I know you guys have seen worse. Thanks for sharing.