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Old 09-14-2017, 01:40 PM
 
395 posts, read 250,900 times
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Quote:
Originally Posted by Camaro5 View Post
What's that supposed to mean? The market, like the economy, goes up and down. Unless something catastrophic happens like the subprime mortgage crisis or a severe recession, nothing is going to crash like it did in 2007.

Prices are kind of high right now, but I'm seeing them being reduced since it's getting towards the end of the summer selling season. We have seven houses we're looking at. Prices are okay. They were less a few years ago, but if a person needs a place to live and doesn't want to rent, you just have to go with it.

It's different for an investor, and if that was my objective, maybe it isn't the best time to buy. But as someone looking to put a roof over my head for a good long while, it's a different story.
I get it, I'm just warning you to not over spend on a house just because a realtor says this or that house is worth X amount of dollars and will hold its value. There's a reason why Banks want people to be able to take out a home loan at these housing market prices so quickly. Like I said the housing market is going to crash because the rise of housing prices have jumped way too fast for the average median income in LV to keep up. Oregon is another good example if you take a look.
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Old 09-14-2017, 03:09 PM
 
9,966 posts, read 8,454,013 times
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Yes, and they're stuck in limbo with no current way of getting them out.

Quote:
Originally Posted by NaturalBowler View Post
How may thousands of homes are still bank owned in Vegas? I've heard over 5000. Hedge funds own some 10,000 as rentals. There is plenty of future slack, but the criminal organizations and central bankers did a great job artificially tightening the Vegas market. Kudos.
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Old 09-14-2017, 03:15 PM
 
10,768 posts, read 3,759,045 times
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Quote:
Originally Posted by BBMW View Post
Yes, and they're stuck in limbo with no current way of getting them out.
Any "stuck" would not be in the banks name. That is what "stuck' means. The thought is the owner left but the bank did not foreclose.

Actually you would expect these places to end up foreclosed on for taxes eventually. You might run into some situation where a smart owner is paying the taxes and/or HOA fees. But I expect that is pretty rare. In that case some years out they may clear the title via an adverse position action.

I am skeptical about a lot of this. We simply don't come across such houses. Been a couple of years since I have seen one.
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Old 09-14-2017, 05:59 PM
 
12 posts, read 6,618 times
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Quote:
Originally Posted by irisheyzs View Post
We just moved into a house in the 89183 Silverado Ranch area last month. Paid asking price of $269,000.00, appraised at $271,000.00 No concessions except $500.00 for repairs that were found in the inspection report. Still making repairs $2000.00 later. Came with all fairly new Maytag appliances and a home warranty. It is a nice area, and the house is perfect for us. Split level, 1600 sq, ft, beautiful pool/spa and close to everything we need and no HOA.

We put offers in on about 8 different houses in the Henderson/SE Vegas area for asking price and lost every one of them. One of them actually went $15,000.00 above asking price.
- Congrats on your purchase. Sounds like your home buying process was an ordeal in a competitive environment but it's great you've found something you like. 8 offers submitted would have drove me crazy lol but I guess the last one was the charm.
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Old 09-14-2017, 08:01 PM
 
Location: Between amicable and ornery
1,089 posts, read 1,373,207 times
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Quote:
Originally Posted by Coolcopacetic View Post
So I just purchased an existing remodeled home in Upper NW 89143 between Skye Canyon and Durango exits just below 210k sight unseen. 4Br, 3Ba, 2 car garage about 1600 sq ft. But the kicker is I paid full list price without any concessions or closing cost assistance, not to mention a refrigerator or washer/dryer which I've since shelled out an additional 5k for. Has HOA about $50 month, but no pool or gated community. I don't have buyers remorse as I like the neighborhood, area, schools, and feeeway access. Closed in beginning of June.

I'm questioning is the market really that hot at this price point where sellers are getting multiple full list offers on a regular? Looking for discussion and others to share their recent home buying experiences with zip, roundabout price, property type and description, HOA amenities, and if any seller concessions whether down payment or closing cost aaaostance etc.
We were out looking at houses while waiting for our kid to attend open house at her school. An hour later we found a new construction single-story community that we really liked. The next day we went in and put down a deposit on a lot. We told the realtor we had a home and she gave us the name of a realtor. He came over the next day and told me what to do to get ready for showings. I started getting calls the next day. In a matter of 5 days I had about 40 people run through my house. By that 5th day, we had 8 offers! 2 lowball investors, a few pre-qualified and 2 pre-approved; ultimately 2 viable offers. We live in North Las Vegas and was asking for $215k. The highest offer was $15K over pending appraisal value. We didn't think it would appraise that high so we decided to pull if off the market.

This is our first time selling and things were moving too fast. We don't want the pressure of packing and closing at the same time of waiting for our new house to be built. We were also under the impression that we had to sell in order to qualify for the new home but that wasn't the case. We plan to put the house back on the market in the spring but are also considering to convert it to a rental but not sure if we want the headache. We've upgraded like homeowners not like investors. We bought the house in 2004 and rode the crazy recession roller coaster. I'm not sure if we want to sell now and give any more potential equity away. I hope our sentimental attachment doesn't cost us in bad decisions.
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Old 09-14-2017, 09:18 PM
 
9,966 posts, read 8,454,013 times
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When I look at the Lied reports, they're still there. Maybe less then there were, but still a substantial number.

Would they even pop up on your radar? They wouldn't be in any of the MLS tracking systems. They're not for sale, they're not in foreclosure. They're perma-delinquent. The banks have written them off. They can't find the paperwork, nor were the mortgages correctly recorded. They're zombie houses.



Quote:
Originally Posted by lvmensch View Post
Any "stuck" would not be in the banks name. That is what "stuck' means. The thought is the owner left but the bank did not foreclose.

Actually you would expect these places to end up foreclosed on for taxes eventually. You might run into some situation where a smart owner is paying the taxes and/or HOA fees. But I expect that is pretty rare. In that case some years out they may clear the title via an adverse position action.

I am skeptical about a lot of this. We simply don't come across such houses. Been a couple of years since I have seen one.
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Old 09-14-2017, 09:27 PM
 
Location: Las Vegas
1,831 posts, read 1,267,646 times
Reputation: 1415
Quote:
Originally Posted by foundapeanut View Post
3 years out, an agent told me a low end house, not in a good area will start at $300,000. Which is why all the apartments going up now. Thinking eventually the luxury ones will sell as condos. But you know what they say about opinions.

Every real estate agent in this town will tell you something different. I know one that will say the Summit is the hottest buy in town. Doesn't mean a thing, most can't or won't spend that on a house.

If the OP's happy that is the only important thing.

I can guarantee that house was a repo, was a ripped up mess before some flipper bought it, fixed it and sold it to you. Hope they did quality work on it.
why listen to a real estate agent? any peanut can get a job as a realtor in under a week.

their job is simply to facilitate transactions and show houses. nothing more.
certainly not to comment on their opinion of the state of the market, that could get them in hot water.
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Old 09-14-2017, 09:42 PM
 
10,768 posts, read 3,759,045 times
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Quote:
Originally Posted by OmegaSupreme View Post
why listen to a real estate agent? any peanut can get a job as a realtor in under a week.

their job is simply to facilitate transactions and show houses. nothing more.
certainly not to comment on their opinion of the state of the market, that could get them in hot water.
You really suggesting that those who are intimately involved with the RE market should not comment on it?

You do need to understand the role of the RE Agent. But the Agent is concerned with velocity...not selling price. And we certainly dislike low inventory. And sharply rising prices reduces the customer base.

But mostly we tell the truth as we see it. Though, as I can personally attest...you can end up hopelessly wrong.

And there are things an agent should never say...like "this place will appreciate forever". But to observe we appear to have a strong market for the next two years barring a US recession is perfectly fair. And it is a message people should deal with...if your selling you may pick up a good bit by waiting. If you are buying don't wait. If you are buying and selling there is a minor advantage to going soon but you need to look more closely as all classes don't move at the same rate. For instance if selling in 89143 and buying in 89134 you may well do better to wait. But not if the transaction is the other way.
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Old 09-14-2017, 10:26 PM
 
Location: Las Vegas
1,831 posts, read 1,267,646 times
Reputation: 1415
Quote:
Originally Posted by lvmensch View Post
You really suggesting that those who are intimately involved with the RE market should not comment on it?

You do need to understand the role of the RE Agent. But the Agent is concerned with velocity...not selling price. And we certainly dislike low inventory. And sharply rising prices reduces the customer base.

But mostly we tell the truth as we see it. Though, as I can personally attest...you can end up hopelessly wrong.

And there are things an agent should never say...like "this place will appreciate forever". But to observe we appear to have a strong market for the next two years barring a US recession is perfectly fair. And it is a message people should deal with...if your selling you may pick up a good bit by waiting. If you are buying don't wait. If you are buying and selling there is a minor advantage to going soon but you need to look more closely as all classes don't move at the same rate. For instance if selling in 89143 and buying in 89134 you may well do better to wait. But not if the transaction is the other way.
Being a realtor does not qualify you as a market expert

If you start speculating and giving your opinion you could get sued

I know it's a very slim chance but it only needs to happen once to ruin your life and your broker's

Why do we need real estate agents anyway?
I'm kind of surprised at how long that industry has lasted, it is a redundant job as I see it, well it will be in the next few years
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Old 09-14-2017, 10:34 PM
 
10,768 posts, read 3,759,045 times
Reputation: 4702
Quote:
Originally Posted by OmegaSupreme View Post
Being a realtor does not qualify you as a market expert

If you start speculating and giving your opinion you could get sued

I know it's a very slim chance but it only needs to happen once to ruin your life and your broker's

Why do we need real estate agents anyway?
I'm kind of surprised at how long that industry has lasted, it is a redundant job as I see it, well it will be in the next few years
Nonsense. If you give specific advice to a client you may have some risk. But telling the world it appears that Las Vegas is going up pretty steadily for the next two years or so has no risk. And that is true...There you go...sue me.

My blanket policy holder might be annoyed but I would not notice. Nor would my broker.

The good RE Agent brings understanding to a client who needs it. That is why it did not and will not go the way of the stock broker or the travel agent. A much more needed service.

And you find it redundant and unnecessary because you are not smart enough to understand why it persists.

your problem not the RE Agents.
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