A shift is happening in our market... we are up tp 6600 homes on the market. What does this mean.
Are we still seeing multiple offers... YES - on turn key homes - price ranges vary, YES on lower income properties 50-150k.
However we are seeing more inventory out there than we have in the last 6 months.
The big question is will this soften our sellers market out there. If inventory continues to rise - absolutely.. Will inventory continue to rise... This is a very interesting question. I anticipate some short sales falling out from 6 months ago - some buyers will re-negoitate - some can't becuase their interest rates are higher and can no longer afford the home.
REO's are back... not a lot, but enough that it is increasing our levels.
Investors flipping their properties... with rate of return not being what it used to be, we anticipate investors selling off their properties as well.
Our investors pulling away from our market. - With prices increasing investors are seeing their traditional rate of return drying up. With more rentals on the market it drives the rental prices down. We are seeing some investors pulling away for the time being.
As you can see - their really is no answer yet. What I can tell you though if you are a buyer and have a loan, you need to capitalize when our inventory levels are higher. If you are a seller, then u need to consider to sell asap... the longer you wait, and if inventory levels continue to rise, then housing prices will soften.
So stay tuned... I will blog about mls statistics next.
Author:Brenkus Buyer Phone: 702-752-0044 Dated: August 8th 2013 Views: 703 About Brenkus: ...
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Rick and Teri Have been top producers for over 30 years in the Southern Nevada and have been ranked in the top 50 agents in the US by the Wall Street Journal out of over 1.3 million agents. They have sold over 7,000 homes in both stable and challenging markets. Their strategies and incredible systems to represent buyers and sellers can not be matched! Sellers enjoy netting top dollar in the least amount of time with their massive marketing and ability to stay ahead of the curve! This Top Producing Team has consistently been in the top 1% of agents Nationally for the last 30 years. They are national speakers and are highly sought after by many who want to get to the next level in their business. They also serve on Professional Standards at the Greater Las Vegas Association of Realtors and are Senior Faculty Instructors. Their list of credentials are endless!
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