Did Las Vegas Area First Time Home Buyers Miss Out on the Tax Credit?

Probably is a nice & safe answer.

It IS possible but not highly probable. We live in a sity of gambling, risks and bets

Right now it is taking a good 45-60 days to close on a financed home in the Las Vegas Area. The guidelines for first time buyers that are eligible for the tax credit is that they have to be IN CONTRACT by November 1 and CLOSE by November 30.

Both of these timelines are issues at this point if you are still searching for a home or just beginning your search.

Inventory situation is DIRE. There is only 2.8 months of inventory on the Las Vegas Area Resale Market (less than 6 months is a seller's market). This includes short sales. The REO (bank owned, foreclosure market has less than one month of inventory and multiple multiple multiple squared offers are streaming in on REO homes.

Good luck if you can get an accepted contract by November 1 that isn't a short sale. Short sales can take months for bank acceptance.

If you are one of the lucky ones to get something accepted, there are too many variables (lending, title, etc) that are extending escrows. Plan for a 45-60 day escrow once you do have acceptance on any other home than a short sale. Sick of reading my stuff? Well go to Ken Cook's post: How Long Does It Take to Close "Today"?

Read: WHY Las Vegas Pendings Aren't Closing

It's probably best if you are a vacation/second home purchaser or all cash investor to push your home search beyond the magic date of November 1. Very few concessions are currently being given and prices are being pushed up.

The $8000 question to first time home buyers: is it really worth $8000 if you are overpaying for a home (maybe waiving an appraisal contingency) or giving up seller paid concessions (closing costs). You may actually be coming out ahead or even by waiting for inventory to rise or use some patience for a short sale.

Am I being negative? I don't think so. I think it is called setting realistic expectations up front!