What types of financing were used for Sold Homes in Las Vegas over the last year?
The following data represents “Sold” Single Family Residences of the Greater Las Vegas Area which includes: Las Vegas, N. Las Vegas, & the Henderson area. These numbers were generated from the local MLS System (Multiple Listing Service). The date range for the closed escrows is 01/19/2015 – 01/19/2016.
- Total Sold Homes = 29,750
- Homes sold with a Conventional Loan = 10,637 (36%)
- Homes sold with FHA financing = 8,903 (30%)
- Homes sold with buyer using “CASH” = 6,880 (23%)
- Homes sold with VA financing = 2,787 (9%)
- Homes sold with “other” financing = 543 (2%)
There are several ways a person can interpret this data. It is worth noting that, 75%, of the Single Family Residences were sold with a form of secured financing. I believe this is healthy for a market, as with financed properties, an appraisal accompanies the transaction. An appraisal provides a good “checks and balances” process of a market place. There are certain situations in which buyers will pay over the appraised value for a home. But, in today’s market, this is not the norm. This may also be an indication that less investors are purchasing homes and more “end users” are buying the homes, which I believe is also healthy for a real estate market.
If you would like specific data on a particular subdivision or area of Las Vegas or Henderson, please reach out to me and I will provide you with that data.