July 2010 Newsletter

by Mesquite Realty on July 7, 2010

Real Estate in Mesquite Nevada seems to be very different than what is happening in nearby Las Vegas. As of July 7, 2010 there are 284 total listings for homes, townhomes, and condos on the Mesquite MLS. We have 230 re-sales, 31 REO or bank owned, and 24 short sales properties for sale.

The Mesquite MLS reported 65 closed sales in June 2010. Of those 42 were re-sales, 15 bank owned, and 8 short sales. The bank owned properties still are selling the fastest. 65% of the bank owned properties sold last month compared to only 18% of the re-sale properties.

Closing Costs Information: If you are purchasing… a Southern Nevada condo, home or townhome and plan to pay with cash your closing costs typically run about ¼ to ½ of a percent of the purchase price. If you are getting a loan plan on 2% to 3% of the total purchase price to cover your lender fees, closing costs and title insurance.  Sometimes a lender may allow you to roll the lenders fees, title fees and other closing costs into the mortgage of the home.

If you are selling… you should plan on about 1½% on top of the price or percentage commission paid to your Nevada Realtor for listing and selling your Southern Nevada condo or home. For example, if you are to pay a 7% total commission to your Nevada Realtor, to be split equally between the listing agent and the other agent bringing you a buyer. In this example your total closing costs would be about 8½% of you total purchase price. This will pay for the Settlement fee, Owners Title Policy, County Transfer Tax (in Clark County), commissions, tax pro-rations , insurance, HOA etc.

Please note- the 1½% is based on the seller not paying any of the buyers closing costs or extras like appraisals, inspections, etc.

Getting a Loan? If you are, get started early. If you are working with someone at your local bank or a local lender in Mesquite, visit with them about getting a conditional approval. Then you will only need to find a house and you will know exactly what you qualify for and what your payments will be. Loans are taking longer as banks are finding it hard to part with the money. Many good borrowers are having to do overkill just to satisfy over zealous bank underwriters.

Have a great summer,

Brandon Park, Buck Schaeffel, Chris Schaeffel, Deb VanWagenen

The Mesquite Real Estate Team from Bower Realty.

Share This Post

{ 0 comments… add one now }

Leave a Comment

You can use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

Previous post:

Next post: