Las Vegas Real Estate Market Seems to be Slowing Some, Affecting Short Sales
The current real estate inventory here in Las Vegas has been steadily creeping up over the past 5 months. At present there are 15,063 homes on the market which are not yet under contract. Of those 7,400 are short sales. That is a pretty good sized inventory in itself. Foreclosures make up 3,000 and that number is expected to climb.
This has an effect on sellers who are trying to short sell as properties take longer to get an offer due to the higher competition. Short sales have increased in popularity as an alternative to foreclosure. This is a good thing, but unfortunately, the numbers of buyers in the real estate market have not.
There is good news. Short sale processing times have come down significantly as the government has encouraged short sales and lending institutions have been moving quicker on approvals. The most important information sellers should take away from these trends is not waiting to long to get their home on the market. You can’t assume it will get an offer right away. You may eat up valuable time waiting for an offer and be left with a very short time to get a short sale approval before foreclosure.
Paul Rowe is the managing agent for the short sale division with Team Sena and can be reached at 702.376.0088.
About the Author
Paul Rowe is a real estate investor and REALTOR® with Shelter Realty Inc. He can be reached at (702) 376-7379. With hundreds of short sales negotiated successfully over the past 12 years, Paul works exclusively with distressed property owners and potential foreclosure and short sale victims in Southern Nevada who owe more on their mortgage than their property will appraise for.