The Socal market Closed sales for March was 19,184 vs 14,512 for the month of April. I know it looks bad but we only had 15,344 sales for the month of January. I've been really hustling taking 3 listing for the month of April with the 4th listing coming June 1st and I currently have one Escrow. Not bad for being lock down with this Covid-19 threat. I'm sure this market will take off again once the quarantine ends. Be safe everyone!
5766 - Number of Residential properties currently on the market
4677 - Number of Properties that came on the market last month
4362 - Number of properties that went under contract last month
4378 - number of properties that closed escrow last month
34 - Average days on the market for those that closed
13,575 - Number of properties expired or withdrawn in the last twelve months
Yes, I've ran into not just a few, but many out here in Las Vegas. Hey, they won't return your phone calls, don't feel bad, they won't return mine either. I always recommend having 3 options, that way you never feel pressured into a bad deal and can walk into a back up. You will feel better at controlling your emotions and have a better chance at a successful outcome buying, selling, or even renting.
I had an Open House this week on a property that is listed on hubzu.com for a starting bid of $234,000 and my MLS listing was for $287,260. The site says it will end the action if you are willing to pay $282,000. These numbers sound a bit confusing but I'm sure that once you play the game once or twice you will get the hang of it. Now what really has blown me away lately is the fee they are charging at the close of escrow. Hubzu is not the only one out there charging these fees but many bankers are as well, for instance, they require a $299 fee to be paid called a Technology fee and on top of that the buyer is required to pay $625 or 4.5% of the accepted bid amount whichever is higher, wow! As I've studied auctions in college, I can tell you that the property will be sold at roughly the same price with or without the fees, but as I mention the fees to one of my Open House guest, they just gave me a funny look and headed for the door...
I had an open house this last Saturday at the subject property and it kind of reminded me the last time Vegas Valley properties seemed cheap. This property is listed for $215k and would rent for $1400 per month all day long which if I do my math correctly is 7.8% cap rate per year. Now compared with other investments, etc. this seems to me pretty good. I'm not even including the appreciation which is about, let's say 8% per year right now on $215k compounding, etc. The last time properties looked this good, I was a buyer. If you would like more information about Orchid Oasis, please contact me, I'll be your boots on the ground if you are from elsewhere...
After much thought and consideration, I've decided to make a change that I know will greatly affect the service that I can now provide to my clients in the Las Vegas Valley area. BHHS is on the cutting edge of the Real Estate market here in Las Vegas and is a clear leader in just about every category. I'll have access to 4 offices, St Rose, SouthWest Sunset, Summerlin, and my new HQ our Sahara office. All offices are equipped with the latest technology in order to help me help you. To be honest, I have not found anything that I did not like about BHHS...Yet. Even my father said "I know who BERKSHIRE is" and that is a thumbs up from Daddy 🙂
If you're a landlord here in Las Vegas and your property has not rented in the last 60 days, then it might be that your property is not up to par with other rentals in the area. If the property is clean, fresh paint, and new carpet chances are your property will be rented the very first week that it's available. The only properties that are not rented right now are those that I've walked into and I tell myself "ugh! Don't touch anything". You would not believe the properties that are offered for rent that I would not let my cats live in, there are many that are just disgusting. If you are new to the Las Vegas Valley area and looking to rent you need an agent that can show you these highly desirable properties. Check out my rental requirements page henryprejean.com/rental-requirements/ if you are looking to rent a home here in Las Vegas, it will get you the information you need and help you locate a fabulous home...
Looking at the price data the average days on the market until an offer is accepted is 41 days for the month of February which tells me that we have a healthy housing market here in the Las Vegas Valley area. The average price increase from last year is 8.3% with the number of closed sales increased over last year by 10.3%. The average selling price in the Las Vegas Valley is $237,569...