Real Estate Financing Las Vegas update Hello welcome to Todd Miller TV. I have a great update for you today. Normally, on market update one of the things we talked about are the sale price of the home, what is going on with the market?
There is very interesting statistics that gets overlooked so when I talk about it today. First of all if you hear noises in the office, please excuse that. This is a busy real estate office of people selling properties and consulting with clients so you are going to hear other people talking a bit. So when we pulled the last 30 days of sales data in the Las Vegas Real Estate market and we have more, we had about 3700 sales, okay. This is over the last 30 days, 3700 sales.So instead of breaking them down by like how many REOs, how many short sales, how many fare markets, what I did was I broke them down by financing type mean how do people pay for these. There is 4 big ways to finance and most markets it is either conventional loan and FHA loan VA loan or cash. Then you always have one or two that got finance for some renovation finance or something weird.We are just going to stick with those because that was for the 3700 made up so the number one winner for most ways to financing is probably surprising and it is probably surprising that it was number one in the amount and that was actually cash so cash was 51% of all 3700 sales were cap sales which is pretty crazy and you can bet that most those cash sales were investors and most of them were at the bottom end to basically if you are down in the 140 below range it is a predominantly that is where the cash sales were.The number two surprisingly that is just probably going to surprise you are a home buyer out there you are probably thinking your FHAs is so popular but it was not FHA, it is conventional 23%. 23% of all loans or evolved property so almost a quarter of more that was conventional financing was these people putting 20% down. So these two numbers here tell me that people have got money to buy houses because you know years ago maybe 4 or 5 years ago most people are putting nothing down and then some people could put a little bit down or you know at the most they would put some conventional almost no one is paying cash in 2004, 2005 and 2006 for home.So this tells me people have cash then we have FHA surprisingly only 21% of all sales last month. That is only about 5th. That is not very much to think this is extremely popular, easy to qualify for a program only 3% down, you would think everyone would want to buy using this but apparently these people are winning. They are the ones getting their offers submitted and accepted and then finally VA was only 5%.VA was 5% another super popular one basically nothing down you have to get veteran qualified for it so anyway this is the updated one I wanted to go through just show you the financing types, where are going to see this as similar real estate markets like in the Phoenix market probably in places like Florida, — Detroit, any place for the values that work about similar to where they are and where there is a really good return and if you look back and if you check some of the other videos I did where I talked about investors and the cap rates that they are getting you will see why so many people are just coming in with cash and taking it out of the stock market now they are CDs and putting it into a real estate asset, because it does make sense at this point.So anyway that was the update for today, I hope you found that informative. I hope you can use it to you know make some money for yourself and make good investment choices anyway that was— that is my update and we hope to see you on another video. Thanks a lot.