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Old 07-23-2010, 12:26 PM
 
22 posts, read 30,123 times
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Just wondering what the average market time is for homes in the metro area. I look at listings often and notice that the ones that suit my needs are snapped up in less than 2 weeks. That includes rentals as well as homes for sale. I'm in Chicago and people here are on the market for years. My home has been on 2 1/2 weeks and I have had only 3 showings with 0 interest although the feedback is that our home shows the best of all in the immediate area. Frustrating because what if it does sell and we can't find anything for sale in LV or Henderson? I would rent as a last resort and I know that it is probably the reasonable thing to do since we are from out of state and should "Try things out before buying" but I have 3 animals. Two 28 lb dogs and one cat and I just hate the thought of renting. I really want my own place. My home is very important to me as I am home 80% of the time. I don't know how strict landlords are out by you all with decorating or doing minor things in the home. Any comments? At this point I can't decide if I want my home to sell or hope that it won't to give the inventory in LV to beef up.
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Old 07-23-2010, 02:03 PM
 
1,582 posts, read 2,813,156 times
Reputation: 1529
I agree that homes which are priced right are gone very quickly. The first house we liked was an REO which the bank was accepting all offers for 14 days and then picking the best offer. There was about 20 realtor cards there when we came and looked. It was under contract after the 14 days and went for 20k over list (it was listed at 300k). The short sale we're under contract for, had multiple offers the first day. We ended up offering 40k over list (it was listed very low, we offered at comps) and got the seller acceptance.

If the homes are reasonably nice and priced right, they will be gone right away. If they are run down or priced high they will sit forever.

Right now the market seems very strange. We are looking at custom homes, that probably makes it worse, but I see a 50k+ sale price difference in comparable houses. Not much inventory is coming available in the sections we are looking at. It's very difficult to get bearings on what is really going on with the market.

Track homes would probably be much less of a hassle.

Quote:
Originally Posted by AllieCat1 View Post
Just wondering what the average market time is for homes in the metro area. I look at listings often and notice that the ones that suit my needs are snapped up in less than 2 weeks. That includes rentals as well as homes for sale. I'm in Chicago and people here are on the market for years. My home has been on 2 1/2 weeks and I have had only 3 showings with 0 interest although the feedback is that our home shows the best of all in the immediate area. Frustrating because what if it does sell and we can't find anything for sale in LV or Henderson? I would rent as a last resort and I know that it is probably the reasonable thing to do since we are from out of state and should "Try things out before buying" but I have 3 animals. Two 28 lb dogs and one cat and I just hate the thought of renting. I really want my own place. My home is very important to me as I am home 80% of the time. I don't know how strict landlords are out by you all with decorating or doing minor things in the home. Any comments? At this point I can't decide if I want my home to sell or hope that it won't to give the inventory in LV to beef up.
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Old 07-23-2010, 02:32 PM
 
Location: Las Vegas
3,728 posts, read 7,885,118 times
Reputation: 1303
Quote:
Originally Posted by AllieCat1 View Post
Just wondering what the average market time is for homes in the metro area. I look at listings often and notice that the ones that suit my needs are snapped up in less than 2 weeks. That includes rentals as well as homes for sale. I'm in Chicago and people here are on the market for years. My home has been on 2 1/2 weeks and I have had only 3 showings with 0 interest although the feedback is that our home shows the best of all in the immediate area. Frustrating because what if it does sell and we can't find anything for sale in LV or Henderson? I would rent as a last resort and I know that it is probably the reasonable thing to do since we are from out of state and should "Try things out before buying" but I have 3 animals. Two 28 lb dogs and one cat and I just hate the thought of renting. I really want my own place. My home is very important to me as I am home 80% of the time. I don't know how strict landlords are out by you all with decorating or doing minor things in the home. Any comments? At this point I can't decide if I want my home to sell or hope that it won't to give the inventory in LV to beef up.
A friend of mine sold her house two months ago, she lives near Hwy 95 and Alexander area. Regular sale (she had bought her home for cash 15 years ago), high 200's, 1900 sq ft. mint, mint, mint condition with a pool, in a cul de sac..she sold it for CASH in 10 days. She had received another offer the same day, this one the people were pre-approved for a mortgage so they were getting financed.

My girlfriend took the all cash deal, and she was packed up and moved out within 30 days!
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Old 07-23-2010, 04:44 PM
 
Location: Here and there, you decide.
10,773 posts, read 21,289,482 times
Reputation: 3325
i've been to some reo's that i was too late to make an offer, within 48hrs of listing
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Old 07-23-2010, 07:39 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 30,847,700 times
Reputation: 2661
Gimme a spec. Location and price range and type...and I can probably give you a reasonably accurate answer....

I can also provide a generic answer but it only works if you buy a generic house.
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Old 07-23-2010, 07:39 PM
 
7 posts, read 12,618 times
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I'm curious what your "needs" are in a house, because we are having a very difficult time buying a house in the Henderson area, and my wife and I both have credit scores 780+. Good houses in good areas go very fast. Therefore, in order to get one you have to bid high and bid fast. Bidding over the list price isn't the problem. Problem is, bank still needs to appraise the house for selling price.

We have already had two offers get countered with the only contingency being that if the appraisal comes in below sales price, that we make up the difference in cash.

Are there really buyers who are willing to do that????
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Old 07-23-2010, 07:41 PM
 
7 posts, read 12,618 times
Reputation: 11
Oh, and we bid on a Reo that collected 15 offers in 6 days.
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Old 07-23-2010, 07:52 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 30,847,700 times
Reputation: 2661
Quote:
Originally Posted by msgolf01 View Post
I'm curious what your "needs" are in a house, because we are having a very difficult time buying a house in the Henderson area, and my wife and I both have credit scores 780+. Good houses in good areas go very fast. Therefore, in order to get one you have to bid high and bid fast. Bidding over the list price isn't the problem. Problem is, bank still needs to appraise the house for selling price.

We have already had two offers get countered with the only contingency being that if the appraisal comes in below sales price, that we make up the difference in cash.

Are there really buyers who are willing to do that????
Yup...got one going down as we talk.

Don't recommend it though. Try a few more. If they want that clause they are pretty sure it won't appraise.

Counter back that you won't or split it. See how interested they are...

Note that seems to be a problem on "doll ups". One way out of that is don't look at "doll ups". Stick with shorts and REOs if you want a buy.
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Old 07-23-2010, 08:05 PM
 
Location: Bethesda, MD
317 posts, read 859,371 times
Reputation: 111
Quote:
Originally Posted by olecapt View Post
Yup...got one going down as we talk.

Don't recommend it though. Try a few more. If they want that clause they are pretty sure it won't appraise.

Counter back that you won't or split it. See how interested they are...

Note that seems to be a problem on "doll ups". One way out of that is don't look at "doll ups". Stick with shorts and REOs if you want a buy.
I feel some way.
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Old 07-23-2010, 09:38 PM
 
Location: ( ͡° ͜ʖ ͡°) (╯°□°)╯︵ ┻━┻ ̡
7,111 posts, read 10,196,169 times
Reputation: 3837
Quote:
Originally Posted by AllieCat1 View Post
Just wondering what the average market time is for homes in the metro area. I look at listings often and notice that the ones that suit my needs are snapped up in less than 2 weeks. That includes rentals as well as homes for sale. I'm in Chicago and people here are on the market for years. My home has been on 2 1/2 weeks and I have had only 3 showings with 0 interest although the feedback is that our home shows the best of all in the immediate area. Frustrating because what if it does sell and we can't find anything for sale in LV or Henderson? I would rent as a last resort and I know that it is probably the reasonable thing to do since we are from out of state and should "Try things out before buying" but I have 3 animals. Two 28 lb dogs and one cat and I just hate the thought of renting. I really want my own place. My home is very important to me as I am home 80% of the time. I don't know how strict landlords are out by you all with decorating or doing minor things in the home. Any comments? At this point I can't decide if I want my home to sell or hope that it won't to give the inventory in LV to beef up.
This is sure to slow down as the $8,000 tax credit is now gone and the economy(job rate) is still declining. Which equals less people buying becasue of no incentives and more people losing their jobs which leaves more empty homes.

My current realtor is overloading me with emails full of homes that fell short of loan approvals or homes that are all of a sudden "back on the market"
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