The housing market in Las Vegas can be described as one way... Ridiculous. Depending on if you are a buyer or sell that ridiculous can be good or bad. The inventory as of this morning is 3,490 single family homes plus about 1,000 condos or townhouses. The problem lies that there are bout 4,200 homes purchases and closed every month in Las Vegas. So bottom line is there are simply not enough homes to go around.
Who is buying these homes? There are two main groups purchasing, first are the investors, trying to grab everything they can before prices go too high. The second group are first time home buyers that simply want to purchase a home. The second group are the one getting effected the most because the investors come in, pay cash and get their offer accepted. The first time home buyer is typically relying on a low down payment and financing the bulk of the purchase and needs to rely on the home appraising for the purchase price in order to get the mortgage. If you are looking to purchase right now, the best thing to do when writing an offer is as follows:
1)Do not make a low ball offer on a property you really like.
2)Make the offer clean - meaning don't ask for too much if anything.
3)Find out from your real estate agent what the seller is asking for from the buyer.
4)Don't get excited. It may take making multiple offers before you finally get one accepted.
I was speaking with a co-worker that had a listing for a single family home and she received 110 offers within 3 days. No doubt it is a battle out there right now if you are trying to buy a home.
Don't give up, if you are in need of a good Realtor that will be persistent and work for you, contact me at 702.286.3434 or email me at lvhomesbymike@gmail.com
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