Thursday, December 01, 2011

December is the "Black Friday" of Real Estate

For the past three years clients have been telling us they want a “steal of a deal” on Las Vegas real estate. So how come most of them stop looking in December? All month long, December is the Black Friday of real estate!

Savvy shoppers know that December is the best time of the year to buy property for a number of reasons. And that has never been more true of homes for sale in Las Vegas at the end of 2011 with interest rates and prices at an all time low already.

1. Motivated sellers! Many sellers will take their home off the market until after the holidays. This indicates a seller who is less motivated to sell. A seller who keeps their home on the market and easily available for showings wants to make that deal.

2. More negotiating room! Banks and other companies holding Las Vegas foreclosures want to clear their books so their year- end bottom line looks better to stockholders.

3. Less competition! There is less competition from other buyers who are distracted with holiday shopping and company parties. Or they may be waiting for more inventory to come on the market with the New Year. Yes, there will definitely be more listings after the first of the year, but again, these are likely sellers who are not as motivated to sell and may have until late spring or early summer to move.

4. Undivided attention! Real estate agents are less busy during December and have more time to hunt down that really special deal on your behalf. Listing agents are more willing to present lower offers to their sellers. Real estate agents may literally become your best friends during these slow months as they try to keep their sales moving.

5. Easier financing! Federal regulators have been threatening to tighten up mortgage guidelines yet again in 2012, and may also raise the amount of down payment required for FHA buyers. Not to mention that interest rates may also rise. A small percentage of increase in the interest rate means less buying power.

So this holiday season you have a choice: plan for the holidays, or take advantage of real estate’s annual Black Friday deals and plan for your future.

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