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Old 04-14-2012, 12:50 PM
 
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Was wondering what is Vegas busy time for purchasing real estate, and likewise least busiest time. If you were planning a trip there to buy would there be any time of year that would be more favorable in terms of less buyers looking?
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Old 04-14-2012, 12:56 PM
 
Location: Lone Mountain Las Vegas NV
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Quote:
Originally Posted by modhatter View Post
Was wondering what is Vegas busy time for purchasing real estate, and likewise least busiest time. If you were planning a trip there to buy would there be any time of year that would be more favorable in terms of less buyers looking?
Las Vegas RE purchases correlate roughly with the temperature. For least competition buy when it is cold. Phoenix tends the other way...there you buy when it is hot.
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Old 04-14-2012, 01:51 PM
 
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Starting from now until end of summer will be busy. It starts to slow down Oct or so, but a lot of listing activity dies down during those times too, so it's not as simple as just wait until winter to get a better deal, since there isn't generally as much available.

Conventional sellers will tend to wait until the busier time of year to list/sell. Short sales and foreclosures, less so.
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Old 04-15-2012, 09:30 AM
 
Location: ( ͡° ͜ʖ ͡°) (╯°□°)╯︵ ┻━┻ ̡
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Right around the time from when kids are out of school till they go back. This is also the busiest time for Air Force members to switch bases. Also, people plan their vacations in the summer. I have seen numerous times on this board where people planned a Vgeas trip and decided to look at homes while they were here.
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Old 04-15-2012, 09:51 AM
 
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Thanks guys. I'm trying to figure the best time to come out. I thought waiting to Oct. might be the best. Appreciate your responses.
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Old 04-16-2012, 07:48 AM
 
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Originally Posted by WestieJeff View Post
Starting from now until end of summer will be busy.
Disagree. No inventory. Real estate agents will be washing cars by August.
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Old 04-16-2012, 09:20 AM
 
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What makes you say that eventusstultorummagister. Are you saying inventory is drying up now, so by end of August there will be little left?

We have heard the banks are holding back, and B of A planning on excusing loans for some and then rent back to them, but I think if I read correctly it is around 2000 foreclosure homes for NV. I guess if they think that plan succeeds, they will continue further. There are many different scenarios I can think of in my head from all that I have read so far.
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Old 04-16-2012, 10:14 AM
 
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LOL.. well maybe!

Quote:
Originally Posted by eventusstultorummagister View Post
Disagree. No inventory. Real estate agents will be washing cars by August.
I doubt there will be "none left", market dynamics don't allow that to happen. When short sales and foreclosures dry up, we'll be back to conventional sales and those prices will be higher. If that happens, we'll quickly learn if the market can bear paying more. By most measures, real estate here is extremely under priced compared to the rest of the country. To me, that means prices could easily swing up without available inventory.

There are a lot of wild cards right now and how they turn out could have huge impacts on the market.

If fannie/freddie decide to allow wholesale principal reductions (that is being discussed) then who knows what will happen, that could go a couple different ways.

If the IRS forgiveness on short sale/foreclosure is extended or not extended, that will have impacts, although time for a homeowner to take action on that is quickly running out.

Obviously the big wildcard is foreclosure inventory and when that may be released.

Quote:
Originally Posted by modhatter View Post
What makes you say that eventusstultorummagister. Are you saying inventory is drying up now, so by end of August there will be little left?

We have heard the banks are holding back, and B of A planning on excusing loans for some and then rent back to them, but I think if I read correctly it is around 2000 foreclosure homes for NV. I guess if they think that plan succeeds, they will continue further. There are many different scenarios I can think of in my head from all that I have read so far.
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