Approximately 11% of the current resale market, closed sales, are foreclosures or short sales. 5% are short sales and the other 6% represent foreclosures. There are currently around 7100 properties listed for sale of which 5,900 properties are in escrow and 1300 of those in escrow are short sales. Larry Murphy of Salestraq estimates that over the last 4 years approximately 100,000 homes were foreclosed on. Mr. Murphy believes that another 100,000 will be foreclosed on before we reach a normal balanced market situation. Properties that are in a distressed situation have become a much smaller part of the market but are still very sought out as buyers are looking for a great deal or a sweat equity position. Though there is sometimes a chance to get a distressed property at a discount, more often than not the banks are getting very close to fair market value. Everyone’s situation is different, but you might not want to go through the additional hassle and extended timeframe for very little savings. Whenever pursuing a distressed property ensure you are working with a real estate agent that is familiar with the process. Check out all of the distressed properties here: https://goo.gl/SQdVav
Snapshot as of March 7, 2017 reports 5,657 single family detached homes on the market. May 2009 the figure was 13,346. The number of sales has risen
considerably over the last two years but the inventory has been shrinking keeping us in a “sellers” market. A balanced market, one which is neither a buyer or seller market, has 6 months of inventory. This means that if not another single house was built or listed for sale we would have enough homes to last 6 months. Our current inventory as of March 2017 is nearly 1.5 months. With scarce inventory and buyers in a frenzy to purchase, it could make NOW the right time to start that short sale you keep putting off. If you bought between 2005-2008 you should definitely give us a call.
If you are one of the millions of americans still underwater on your current mortgage, give us a call today to find out all of your options. The worst thing you can do is keep ignoring the situation.
Las Vegas Valley Realtor® Joshua Holmes views his role in assisting buyers and sellers as more than a career- it is an opportunity to create a positive impact on the life of another.
Holmes believes in creating a powerful partnership with his clients. His business approach is direct and successful: he attentively listens to client needs and matches them to an ideal property. Holmes assures an honest and efficient transaction.
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"“Josh says what is true and to the fact. He is able to make sense out of nonsense. Josh always has called me back and has been able to answer my questions about real estate. Josh knows where to locate the answers and the best deals for a new home owner or investor. Josh is the bomb.” Steven & Sharron Goldman"