Monday, May 14, 2012

Las Vegas Homes Inventory is Low

Yes, as of right now (5/14/2012 at 2:52 P.M.) only 4747 properties available for sale in the MLS (excludes hi rise and multi dwelling properties).

What does that mean for a Las Vegas home buyer?

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Well, now is not the time to lose your cool. Your energy and time should not be wasted on getting upset or frustrated.  If you have decided you want a home in Vegas then get serious and get moving.

Find a property and make your best possible offer.  Repeat those two steps until you have a property under contract. Find a property and make your best possible offer.  Find a property and make your best possible offer.  Find a property and make your best possible offer. Got it?  Seems pretty easy, right?  Well, some buyers find the property then think and think and think some more.  Then when they are ready to make an offer - oops its gone.  Find a property and make your best possible offer. 

There will be multiple offers.  Don't worry. Keep going and don't stop until you have a contract.

There will be properties you can't see (yes, appt. only or no showings until some auspicious event occurs).  Make an offer subject to inspection.

Don't be afraid to make offers based upon the pictures in the MLS.  You can always withdraw your offer (prior to acceptance) if the property doesn't meet your needs.

Dismissed short sales before?  Lately, short sales haven't been taking that long.  Add short sales to your criteria.  However, even short sales are selling quickly and generating multiple offers.

Make the offer as attractive as you can.  Depending upon your finances there might be things you can do.  Reduce or remove seller contributions towards your closing costs.  Waive the home warranty requirement (you can purchase one after you close).  Cash buyers can close super fast. 

Tweak your criteria.  If your criteria is super narrow consider opening it up a bit.  Lower bedrooms needed or open the area up a little bit. Consider an older home.  Ask your agent if they have any ideas on how to increase the inventory that you can view. 

Stick with one person.  Running all over town talking to five million agents?  Why would any agent spend anytime looking for homes for you?  Serious buyers find an agent and stick with that person. 

I know it is a frustrating time right now.  These are just a few tips on how to increase your chances on getting an offer accepted and your Vegas home into escrow.

Any questions?  Call me at 702-807-3339 (Cindy).

1 comment:

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