[macgeek]

Originally Posted by tadtam

Maybe you should ask ZOLTAR
He watches this forum

[modhatter]

Originally Posted by Ravenx

I do not need a larger house that badly. I want to buy a larger house solely to take advantage of rates and prices, which seems to have gone out of bound sharply.

I also see that local economy has not improved that much for the re market to pick up this much steam in short time. Plus thousands of homes are still up in foreclosure and banks are hiding them from the market. It looks phony to me!

On top of all this what I hate in today's market is
1. Sellers attitude- rejecting my offers and asking me to waive appraisals on a 325k house all together.
2. Sellers asking me to cover their closing when I already cover mine.
3. The attitude of sellers who ask for 10k more than their asking even when they have only my offer and no one else.. In the 325k price range
4. Sellers asking for $130/sqft in mountains edge or $145/sqft at south summerlin which is ridiculous!
5.sellers not even showing homes, but offering to show oly if our offer is accepted!
6. Flippers having an attitude and being so adamant...though their home is sitting for 60+days..

This looks like a phony price increase... Do others also think that way or its only me?

I think you are just angry, and understandably so with what you are experiencing. It is maddening when the pendulum swings too far to one side or the other. It was maddening for sellers three years ago, and now the pendulum has swung back to the other side. What gives everyone less grey hairs (including the realtors) is when things are just stable and it isn't a buyers market or a sellers market. IT IS JUST RIGHT. Just like in the Goldie Locks story.

You are forgetting one thing however. You have a house to sell, and you will undoubtedly seek to get more for it than it will appraise for if it is in a decent enough area. Most likely you will get more for your house than it is worth (according to appraisers) and then you will need to pay more on the house you want to swap for. Your problem, to me, is more a cash problem then a value problem. You didn't say, but I assume you were selling your current house, but maybe that is not the case.

[NLVgal]

If houses are being priced above what the appraised value is, shouln't that tell you something about buying in this market?

Buy fear and sell greed- Warren Buffet

[ScoopLV]

For the houses we put offers on, appraised value is still less than replacement cost. The market is almost back to "normal" -- whatever the hell THAT means. When houses start appraising for significantly more than replacement cost (plus land), then I'll start worrying about a "bubble."

[Everdeen]

Originally Posted by ScoopLV

For [censor]ed's sake, give it a rest, Trader Vic.

Is this our guy? Kinda looks like it.

[SportyandMisty]

I was at a bar, and the woman next to me was a realtor. She said "now is a great time to buy."

[logline]

Originally Posted by SportyandMisty

I was at a bar, and the woman next to me was a realtor. She said "now is a great time to buy."

World War III could happen...
We could suffer a nuclear winter...
The greenhouse effect could go parabolic causing 90% of the world's population to die of famine...

..and there will STILL be a realtor somewhere advising that it is still a good time to buy.

"It is difficult to get a man to understand something, when his salary depends upon his not understanding it!" -Upton Sinclair

[ft_chief]

Everyone keeps saying "home replacement value" is the benchmark for overpriced housing, what is the current home "replacement value" in Las Vegas?

[von949]

Originally Posted by ft_chief

Everyone keeps saying "home replacement value" is the benchmark for overpriced housing, what is the current home "replacement value" in Las Vegas?

You could get a pretty good estimate here.

Building-Cost.net -- free residential building cost calculator

Is the Home Replacement Cost and what the insurance companies quote to replace a house(hurricane, fire) the same?

edit...

I just found this link. It answered my questions.

[ft_chief]

Thanks for the link Von! Now I understand why my home insurance is so highly insured. According to the calculator, my home has a replacement value of $238,000 excluding the contractor markup. My insurance replacement value thru Travelers Insurance is $242,000 which is very accurate. I am surprised! To get replacement cost in my community, prices would have to appreciate to 2006 levels at $260,000+.