Since March our prices have been steadily rising do to the law of supply & demand. We currently have about 1.3 months (6-8 weeks) inventory for buyers. An average is about a 6 month supply so it is critical when making offers that you understand there is going to be multiple offers on every listing. In fact, 53% of all purchases in the Las Vegas Valley are CASH. Know that asking the seller/lien holder to pay for the buyers closing costs is a thing of the past, with a few exceptions. In short sales, lien holders typically do not pay for a home warranty, lender fees, HOA transfer fee, so don't ask for them or you will more likely than not execute your own offer at submission.
Anyway, regardless of the zip code in the valley, sale prices are going up. Last October, NV legislators passed AB284, a consumer protection law, that forces lien holders to swear on the lives that they have all the necessary documents to conduct a lawful foreclosure with risk of criminal prosecution!!!! This had the effect of a moratorium of sorts on the foreclosure market. On the positive side it has encouraged the banks to increase their record regarding the timeline/short sale process and approval rates. Since they have little to no hope of getting a home owner to start paying their mortgage again but still continues to occupy the home and little hope of actually being able to foreclose on it the banks need to be a little more cooperative and responsive.
Know that banks are not holding back homes that have been foreclosed on (shadow inventory). Don't get me wrong, there are thousands of home owners that are delinquent and have NO intentions of catching up but the banks simply don't have the documents on hand to facilitate a lawful foreclosure. These homes will certainly need to either go through foreclosure or a short sale. If the homes do eventually go to foreclosure, i'm "assuming" that the banks will have learned something from the past and prevent a flood of foreclosures into the market to avoid another downturn in the market.
Anyway, regardless of zip code, prices have risen! Make offers according to the "NEW" market conditions.
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