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Your Partner in Real Estate
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Greater Las Vegas MLS Real Estate Inventory
( Las Vegas, N. Las Vegas, Henderson )
Updated - 02 / 01 / 10
Single Family - 8,484
Townhomes - 667
Condominium - 1,174
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Total Inventory: 10,325
Mortgage Interest Rates
30 yr FXD ~ 4.875% -
15 yr FXD ~ 5.250% +
30 yr IO ~ 5.750% =
15 yr IO ~ 6.000% -
5/1 ARM ~ 5.125% -
3/1 ARM ~ 5.375% -
FHA ~ 4.875% =
VA ~ 5.125% =
Bank Owned Foreclosures (REO)
Active Foreclosures = 1,805
Active Short Sales = 4,836
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Market Summary
The real estate market continues to move along with properties under $150,000 being acquired by an active group of investors within 14 days on the market. We are noticing an increasing number of Buyers at the daily auction site, and regular investors moving aside to analyze the activity. Our current inventory is over 10,000 properties that are actively on the market, with over 50% being a short sale or an REO listing.
Interest rates across the board have increased slightly over the past week, with 30 yr fixed just under 5.50%. The underwriting conditions have tighten for sub-prime borrowers, although we still have programs to assist Buyers in the sub-prime market. We have been able to locate a few loan programs that will allow the Seller to contribute up to 6% of the purchase price to help the Buyer with their closing costs and a rate buydown.
Inventory for the foreclosure & short sale market has decreased over the past week, with the most activity in the city of North Las Vegas. We have been able to negotiate directly with mortgage banks for our clients who are buying foreclosures & short sales. This is time consuming to close the escrow, but has resulted in significant savings below market value. Our escrow closings for foreclosures & short sales are averaging $.70 cents on the dollar of the trust deed sale.
Our Seller representation has created a marketing plan to get more exposure for our Feature Homes. This includes Open House weekends, Direct Mail campaign, Local Home magazines, Virtual Tours & a Internet Campaign, including realtor.com . We have added 2 new magazines & 4 new websites to market our listings. We also offer Buyer Agent incentives to get our Feature Homes noticed above the 10,000+ homes currently on the market. Our current listings are averaging 72 days on the market. Sellers must be prepared to enter our current market conditions, by pricing their home correctly and offering incentives.
Michael Cosselman
(702) 375-3997
mcosselman@realtor.com
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