When the statistics came out that 2011 Las Vegas real estate sales broke all previous records, I was not suprised. Are you? The numbers are huge and send a clear message that Las Vegas is the place to buy and we’ve got a steady supply to satisfy everyone.
Over the coming weeks, I’m going to show you why we’re a better place to invest than other popular states like Arizona and Florida.
For December, 50.8% of all homes were cash purchases and 26.6% were short sales. 46% of all sales were bank-owned homes.
So how fast is our real estate selling in Las Vegas? For December, 58.3% of all homes and 63.7% of all condos and townhomes sold within 60 days. With the majority of properties selling for cash in 60 days or less, this is a fast-moving marketplace.
If you’re buying a home as your primary residence, it’s important that you love the house that it’s within your price range. I always know when someone is less than crazy about their decision, because they keep shopping to see if there’s something better.
For investors, it’s a two-pronged approach. First we figure out how much you want as a return on investment (ROI). Our average ROI is 7% after expenses. Then we find the best opportunities within your budget and parameters. Our biggest challenge is having the winning offer due to the immense competition that exists. One thing our clients have found out quickly, lowball offers don’t work.
This year we’re going to see a big increase in short sales with a faster approval timeframe. Since The Karten Group specializes in short sales, you’ll see lots of opportunities every week in the right column of the newsletter, as well as fair market sales. Next week, we’ll show you exactly how to determine the profitability of an investment property.
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