Las Vegas Home prices have dropped throughout 2008 and the trend could continue through the fall and winter. As more and more foreclosures hit the market, banks will continue to offer these homes at prices below market value in an effort to get them off of their books. So with that in mind, you have to determine if it’s the right time for you to sell your Las Vegas Home.
If you determine the time is right to sell because of divorce, loss of job, job relocation or any other reason, it’s important to understand the Las Vegas Real Estate Market.
Unless you purchased your home before 2003 or put a substantial amount down, it’s unlikely your home has any equity and is most likely worth less than you owe.
This means, you have two options:
- You can pay the difference that you owe at close of escrow
- You can attempt to sell your home as a short sale
You have the option of selling your home and paying the difference at close of escrow but that amount could be substantial! Not only do you have to factor in the difference between the offer amount and what you owe but also have to include real estate commissions, closing costs and taxes.
Selling your home as a short sale is not guaranteed! A short sale is when your lender agrees to accept an offer for the purchase of your home at a price less than what is currently owed. A short sale usually requires some type of hardship like divorce, loss of job or job transfer. A short sale package has to be completed and submitted to your lender for approval and this can take anywhere from 3 weeks to 16 weeks! Having an experienced Las Vegas Real Estate Agent that specializes in Las Vegas Short Sales is a must if you decide to sell your home as a short sale.
If you can afford to hold off on selling your Las Vegas Home in this market, I highly recommend it! The Las Vegas Rental Market is doing very well and you have a greater chance of renting your home than selling. Having an experienced Las Vegas Property Management firm representing you is important. With so many homeowners losing their home to foreclosure, they are being forced into the rental market. Completing a credit check is very important to determine the potential credit risk of your tenants.
Obviously your situation will play a key decision on whether you can afford to rent your Las Vegas Home instead of selling it in this real estate market.
Feel free to contact us at 702.376.0088 to discuss your situation.