[macgeek]

I had a LONG talk with my Realtor last night, who was trying to explain to me about the current Las Vegas market, she said "10 years ago, you where able to negotiate price, now it's a sellers market, you offer them what they list it for, or even more" "There are 4 agents in my office with 10 contracts each wanting to close"

Now to me, my BS Meter was pinning but I wanted your opinion on this.

Jonathan

[youngblud]

I offered 135 on a house listed for 130. Someone elses offer got accepted... we're guessing at around 145.

2nd offer was 130 cash on a house listed for 128. We finally got it 6 months ago. (HUD/HAP home or whatever its called)

[Prosze]

We had so many low ball offers on our house when it was listed (not a short/foreclosure) the offers were insulting. Rather stay in it than give it away.

[Robustus]

Mine (a foreclosure) was listed at 140. Offer rejected at that price; had to go to 144.

A friend of mine made ~10 offers at list on properties in the $80-$100k range, and all were rejected. He eventually started offering 10-15% over list before finally getting offers accepted.

You'd think prices would be just a little higher and the list price would be real, but I guess sellers (in many cases banks) want to fish for offers and see what happens. If you go in assuming prices are really about 10% higher and you have to negotiate a little, it's fine.

[WestieJeff]

Bottom line is that you need to make offers at comps regardless of what the home is listed at. NICE Homes listed at or below comps (which is usually REOs or shorts) seem to be getting activity quickly. The first short sale we made an offer on had something like five offers on it in the first three days, but it was a nice place and listed 10-15% below comps.

Stuff that is listed over comps is sitting (usually conventional sales where owners haven't adjusted their price expectations since 2005).

The other thing I am finding, which may be price segment dependent is that the nice homes (recently remodeled or have newer more current features) are moving very quickly at good prices and stuff that has not been remodeled or is in disrepair is sitting even if the price has been lowered to adjust for condition.

My guess on this is that since it costs more to build/remodel then it does to buy, the cost and hassle of rehabbing a property makes it more beneficial to just wait for something that is already upgraded unless it is truly a bargain basement fire sale price.

[Shipresa]

Our realtor has said the same, including each time I see something come up on MLS, he says, "If its still available" before I get to even see it.

Lets face it, these listed prices are below value, so I agree - tack on 10-15% before you consider an offer then decide if it is for you.

Sorry, I think your BS meter is off on this one.

[Kalbo]

I think now Vegas is a buyer's market not a seller's market. Many sellers would lose money if they sell now.

[olecapt]

First off folks list prices are irrelevant. They are fictions...They are simply a starting point. The may be 30% high, 30% low or right on. You have to do your homework to find out.

You find out everything that is readily available and make a strategy based on what you found.

Buyer or seller market has little meaning in this environment. It used to be that inventory of more than 6 months was a buyer market...less a seller. Makes no sense nowadays.

[LIS123]

Originally Posted by olecapt

First off folks list prices are irrelevant. They are fictions...They are simply a starting point. The may be 30% high, 30% low or right on. You have to do your homework to find out.

You find out everything that is readily available and make a strategy based on what you found.

Buyer or seller market has little meaning in this environment. It used to be that inventory of more than 6 months was a buyer market...less a seller. Makes no sense nowadays.

What's your prediction for RE prices in and around LV in 2011? Do you think they'll rise? By what %?

[Willy702]

Originally Posted by Kalbo

I think now Vegas is a buyer's market not a seller's market. Many sellers would lose money if they sell now.

The position of the owner has no bearing on the condition of the market. A house is worth what it will sell for.

Its a seller's market from the standpoint of there are a glut of buyers, of course at the going rate of a depressed market. To a realtor that is a great market, if they get a listing and the owner accepts the conditions as they are, he'll get a deal without too much effort.