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Old 09-12-2017, 07:55 AM
 
395 posts, read 250,255 times
Reputation: 351

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Quote:
Originally Posted by vegasfan1985 View Post
When I was looking at buying a house before renting, I was told without a pre-approved letter from a lender and proof of job, bank statements, etc, I couldn't see a unit till I provided all that info.

Realtors want to know you have the money and are ready to go before moving forward.
Realtors want the most or your money that's why.
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Old 09-12-2017, 09:24 AM
 
10,683 posts, read 3,738,322 times
Reputation: 4682
Quote:
Originally Posted by vegasfan1985 View Post
When I was looking at buying a house before renting, I was told without a pre-approved letter from a lender and proof of job, bank statements, etc, I couldn't see a unit till I provided all that info.

Realtors want to know you have the money and are ready to go before moving forward.
That was your agent not the listing agent. We would suggest pre approval for a financed property in hand before looking and would suggest various lenders. But that is because it will be required to make an offer. Never heard of job proof for a home purchase...that would be included in a pre approval.

It would rarely be required before showing homes...only if we had reason to be suspicious of the buyer's capability.
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Old 09-12-2017, 12:27 PM
 
228 posts, read 431,497 times
Reputation: 148
We bought our house in 2008 so I can't remember the exact details. We were paying cash and had to show a bank/brokerage statement showing we had the money.
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Old 09-12-2017, 01:03 PM
 
Location: Las Vegas
533 posts, read 426,229 times
Reputation: 558
Quote:
Originally Posted by vegasfan1985 View Post
When I was looking at buying a house before renting, I was told without a pre-approved letter from a lender and proof of job, bank statements, etc, I couldn't see a unit till I provided all that info.

Realtors want to know you have the money and are ready to go before moving forward.
I would say you needed a better agent. When we were house hunting a couple of years ago, we had no problem viewing houses without providing any of that information. When it came down to making an offer, sure, we provided the pre-approval letter, but I can't see handing that out just to look at a house. I suppose if we were looking at multi-million dollar McMansions, the sellers might do that to keep out the looky-loos, but that wasn't our target house.
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Old 09-12-2017, 04:39 PM
 
Location: Henderson, NV
447 posts, read 342,848 times
Reputation: 587
The market is ridiculous right now. I purchased a place in 2012 and it has gone up 70% in 5 years. Everything priced near appraisal/comparables is selling within 5 days with multiple offers.

And I only see it getting more unaffordable.

People keep moving here from California with equity from the sale of their house out there. They need a place to live, but since people who currently own can't afford the property they want to trade up to, they're staying put and restricting inventory.

Builders aren't building new homes because they're expensive to build and they can't make a profit.

You have a restricted supply and an increase in demand which is fueling this increase.
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Old 09-12-2017, 05:27 PM
 
Location: Las Vegas
1,827 posts, read 1,262,611 times
Reputation: 1405
Quote:
Originally Posted by 08grad View Post
Builders aren't building new homes because they're expensive to build and they can't make a profit.

You have a restricted supply and an increase in demand which is fueling this increase.
Do you mean in California or here in Las Vegas?

I have never seen so much construction. Every where you go, new housing tracts and new apartments are being built.

If you rewind 6 or so years ago, completely different landscape. No new construction and some areas looked like they were going to be ghost towns (eg Lone Mountain)
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Old 09-12-2017, 08:50 PM
 
9,949 posts, read 8,438,330 times
Reputation: 5826
I bolded the key point here. Back in the pre-bust boom days, builders were cranking out new developments like sausages. That doesn't appear to be the case now. So lots of demand + limited supply = price run up. At some point this will bring the builders back.

Quote:
Originally Posted by 08grad View Post
The market is ridiculous right now. I purchased a place in 2012 and it has gone up 70% in 5 years. Everything priced near appraisal/comparables is selling within 5 days with multiple offers.

And I only see it getting more unaffordable.

People keep moving here from California with equity from the sale of their house out there. They need a place to live, but since people who currently own can't afford the property they want to trade up to, they're staying put and restricting inventory.

Builders aren't building new homes because they're expensive to build and they can't make a profit.

You have a restricted supply and an increase in demand which is fueling this increase.
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Old 09-12-2017, 11:46 PM
 
Location: Las Vegas
30 posts, read 25,688 times
Reputation: 47
"Sort of" true. You can write an offer contingent upon selling your home first. But the likelihood of a seller accepting it is low especially in the hot price point of homes under $325k. Want to write a contingent offer on a $500k home that has been on the market 60 days? I would do that all day long. I would do it on any home frankly but explain to you first why that wouldn't be a good idea.

Yes, most experienced real estate agents want to know that you can actually purchase a home before taking you to one. This is also what the sellers expect; They don't want people trudging through their home that have no ability to buy it. This really isn't anything new.
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Old 09-13-2017, 01:12 AM
 
Location: Las Vegas
1,827 posts, read 1,262,611 times
Reputation: 1405
Quote:
Originally Posted by BBMW View Post
I bolded the key point here. Back in the pre-bust boom days, builders were cranking out new developments like sausages. That doesn't appear to be the case now. So lots of demand + limited supply = price run up. At some point this will bring the builders back.
Maybe there is excess demand right now. but as I stated a few posts above, there is plenty of construction going on. You don't need statistics, just take a walk around your neighborhood

Coincidentally, new construction is at the same levels it was in 2008 according to this
Las Vegas - Metrostudy | Housing Starts Here
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