“It’s already under contract.” Those four words are used frequently in our Las Vegas real estate market now.
That’s because 69% of all homes that are listed in our Multiple Listing Service (MLS) are just that, under contract. Yes, there are nearly 22,000 homes ON THE MARKET, but less than 6,700 are actually AVAILABLE.
As a buyer in this market, finding the right home isn’t easy for several reasons:
- Many properties end up with multiple offers, and the best properties have offers the very first day they hit the market.
- 60% of the Las Vegas homes for sale are short sales, which take a significant amount of time to purchase. Because of this, many real estate agents tend to ‘lock up’ two or three homes for one buyer, placing the property in ‘contingent’ status and making it no longer available. This is done because it is difficult to tell what may happen when the banks review the offers on these homes, or how long each home may take to get processed.
- In October, the Nevada Legislature passed AB284, which is a bill that forced banks to have proper documentation in order to file notices of default and foreclose on homes. This dried up the foreclosure market temporarily, which is why there are so few bank-owned homes for sale in Las Vegas now. In the last several weeks however, the banks have started their filings again, so this should change soon.
Las Vegas is heading toward the busy season for home buyers and therefore the competition is going to be high. Though the number of available homes is small now, it should increase over the next several months as banks begin foreclosing again and some of the short sales get released back into the market, giving buyers more choices.
If you, or anyone you know, is considering purchasing a home in Las Vegas, I’m here to help.