Welcome back! Today we have the Beautiful Gloria wood back to talk about this market, are we headed towards a market crash? Let’s cover what is actually going on in this market, how many short sales and foreclosures are out there, will you be able to find a deal, what’s happening with this interest rate?
Why are there so many houses on the market and why are they there for so long?
One reason for this is that the home could be going through a foreclosure process which makes it kind of tricky to sell quickly. Probate is another reason why a home would be on the market for so long, this adds extra steps to the homebuying process. One of the last reasons is that a home could fall out of escrow and this could definitely make a home stay there for 90 days plus easily. Because of all these reasons it could really slow down the purchase time line and then a potential buyer will question what’s wrong with it when it’s easily just a simple reason above.
How does Gloria calculate what your home is worth?
With the Pandemic homes were getting priced over what the house was worth because of the bidding wars. One great way to calculate a home is to research on a year to year basis what the property is appraising for, you would take that percentage and add that to every year which should give you a estimated number of what the home could be worth now had we not gone through the pandemic.
How Many Foreclosed Homes are in Las Vegas Now?
Right now in Las Vegas there are 150 (subject to change) Foreclosures and short sales mixed. The probability of someone finding one of these and getting the deal is a little difficult due to investors coming in with cash offers.
In all seriousness, we cannot predict the future or tell you exactly what’s going on in this market now. However we can share what we know with facts and statistics. The home buying process is there when you’re ready, our goal is to help you achieve your goal so please reach out so we can get your action plan together now!