[RCCCB]

14k over list and still lost the bid on the home.
CRAZY TIMES...

I'll keep looking, but it seems to be a lot of highest and best action going on.

[olecapt]

Originally Posted by RCCCB

14k over list and still lost the bid on the home.
CRAZY TIMES...

I'll keep looking, but it seems to be a lot of highest and best action going on.

Below 75K you can no longer buy at the comps. You need to be a few percent over maybe 5% below 50K. The market below 50K is over 80% cash so you are just one of the boys.

[RCCCB]

There hasn't been that much on the market since April, so there are lots of folks bidding on the fewer good things I am sure.

The place I just lost a bid on needed a missing heater, holes patched in a few walls, work to stucco outside and the carpet was GONE (THRASHED).
The offer was about 35% over asking. I think considering the needed things that would be costly to repair that I was probably above comps.

I'm not a mind reader and don't know.
I was told I was in backup position for a house on Bonita that I bid a bit over 60K on 6 weeks ago.
Close but no cigar so far.

Hard to read the market. The highest and best stuff makes it harder yet IMO.

Love Vegas, so hopefully I'll get something at some point. :-)

[rpachigo]

Originally Posted by RCCCB

There hasn't been that much on the market since April, so there are lots of folks bidding on the fewer good things I am sure.

The place I just lost a bid on needed a missing heater, holes patched in a few walls, work to stucco outside and the carpet was GONE (THRASHED).
The offer was about 35% over asking. I think considering the needed things that would be costly to repair that I was probably above comps.

I'm not a mind reader and don't know.
I was told I was in backup position for a house on Bonita that I bid a bit over 60K on 6 weeks ago.
Close but no cigar so far.

Hard to read the market. The highest and best stuff makes it harder yet IMO.

Love Vegas, so hopefully I'll get something at some point. :-)

What would you like?

[RCCCB]

Originally Posted by rpachigo

What would you like?

I am looking for something in 89104 or 89107.
Liking 2 car garages, so I am leaning heavy toward 89107.

I want over 1000 feet of home.
1200-1400 would be ideal.
I prefer all tile.
Would like a patio cover in the backyard.
Don't want to live next to neighbors that look like they were ex cast from a prison movie.

I don't mind some holes in walls needing repaired, or if there are bedrooms with horrible carpet needing to be tiled, that's OK.
I look for the plumbing, building and electrical to be fairly sound.
I look for no major water damage or termite damage.

"FROM THE MARKET"
I happened to bid on properties where people wanted it more and were willing to spend more for it.
In especially my last attempt I thought I came in way over list and still lost.

The listing of homes has seemed slow to me the last 8-10 weeks.
Guess I should have done this more like 4 months ago, new baby stuff kind of made that impossible though.

We'll see, either we get a lot more new stuff or there will be less supply and demand may raise prices out of the areas I am willing to spend.

[rpachigo]

Las Vegas median home price falls 1.2 percent in May

Las Vegas median home price falls 1.2 percent in May - Breaking News - ReviewJournal.com

Counting 737 condo and townhouse units sold in May, Las Vegas had nearly 4,000 total sales, one of the best months on record, said Sue Naumann, president of the Realtors association.

“We had a bank moratorium that expired June 1, but I still don’t think they’re going to flood the market,” she said. “It would be devastating if they did.”

Real-estate owned inventory, or bank-owned homes, fell 29 percent from a year ago to 2,992, roughly one-fourth of the total single-family home inventory, David Brownell of Keller Williams Realty said. There were 3,092 REO closings and 6,029 pending sales, up 124 percent and 78 percent, respectively, from a year ago.

[RCCCB]

Highest and best drives me bonkers. Their greatest hopes is for some emotional woman to overbid the place by at least over 10k over other bids.

Moratorium, yep, now how if they have a ton of inventory do they hold onto it to keep the market high? Their bleeding money already, so how do they do that?
Also, empty homes left so for a bit get broken into. Two places I bid on were broken into before listed and one during the listing.

No easy answers and this is more confusing than I thought the whole thing would be.

[olecapt]

Forgot that?

Still no rise in REO rates...

REO inventory continues down...

Still looks like the bottom.

[tony soprano]

Originally Posted by olecapt

Forgot that?

Still no rise in REO rates...

REO inventory continues down...

Still looks like the bottom.

So your position is that median housing prices can continue down after the bottom has been reached? It's just a lower bottom?

[olecapt]

Originally Posted by tony soprano

So your position is that median housing prices can continue down after the bottom has been reached? It's just a lower bottom?

Nope. We are in the bottom. I have no crystal ball on how it will play out.

And I could well be wrong. Particularly if a significant increase in REOs does occur.

Median will eventually follow average...or they will both bounce around for a while...

I have never claimed to see what happens next. I think it is possible we could get a significant price increase. Or we could simply lay here for six months.

What I do think is that the 3 and 4% per month declines we have been dealing with have stopped. Some selected areas are heading up. Others continue down. And the downs are not where I would have expected them to be.

So this thing continues to teach humility. Whatever you are sure will happen does not.