[Croce]

Originally Posted by LV2ndHome

In some cases a person could be boob for paying appraised value (or even less), and in some cases paying over appraised value can be a great buy to an individual.

Agree. I think as one grows older, it's more important to obtain what you want as opposed to squeezing the last nickel from a seller and getting the best deal. If you find the right house, in the right location and you overpay - so what? Generally in this market, that means the seller didn't lose as much as he/she "theoretically" should have. It also means your heirs won't have quite as much of your money to spend after you're gone. Enjoy life.

Good luck,
Croce

[cgarcia112]

Be patient! There are still products out tree if you have good credit and a good, steady, job.
Shopped around, still getting very low down financing at a decent rate... If you wanna go conventional then the rates are even better.
Almost all my friends said my demands on a home were unrealistic in LV, big house, big lot, west Summerlin, buy perseverance and patience in this mRkt pays off.


---
I am here: http://maps.google.com/maps?ll=36.195429,-115.258110

[007 license to sell]

I posted this article in another place but it sounds like it needs repeating for potential buyers.
Here is the latest update regarding home prices in and around Las Vegas. Only a few zip codes saw increases in prices. Housing prices haven't found a stable footing in Vegas yet, so anyone looking to purchase needs to know that whatever they purchase could lose value after the purchase. Analysts can't seem to agree when Vegas could see a stabilizing housing market some say 5 yrs some say 10 or 20. So when making a purchase don't look at it as an investment look at it as something to enjoy. And if you can't afford the risk of further depreciation buying at this time may not be for you.

Click on link below:

Home prices decline in 53 of 58 Southern Nevada ZIP codes

[jhiker1o]

Originally Posted by 007 license to sell

I posted this article in another place but it sounds like it needs repeating for potential buyers.
Here is the latest update regarding home prices in and around Las Vegas. Only a few zip codes saw increases in prices. Housing prices haven't found a stable footing in Vegas yet, so anyone looking to purchase needs to know that whatever they purchase could lose value after the purchase. Analysts can't seem to agree when Vegas could see a stabilizing housing market some say 5 yrs some say 10 or 20. So when making a purchase don't look at it as an investment look at it as something to enjoy. And if you can't afford the risk of further depreciation buying at this time may not be for you.

Click on link below:

Home prices decline in 53 of 58 Southern Nevada ZIP codes

My oldest sister would like to buy a bigger house, I suggested that she wait a few years and 'till one of my nephews graduate from college. This way she does not have too much finances to worry about. It looks like prices will be down for a while. She's been in the house with her family for over 2 decades.

[eventusstultorummagister]

Paying more than something is worth is a strategy now? Redonkulous.

[dynimagelv]

DA#$ thats twice in a row Ive agreed with Evenrumplestiltskinster.

and I can't rep ya

[ScoopLV]

Originally Posted by eventusstultorummagister

Paying more than something is worth is a strategy now? Redonkulous.

Nobody seemed to mind overpaying for real estate in 2004.

[eventusstultorummagister]

Originally Posted by ScoopLV

Nobody seemed to mind overpaying for real estate in 2004.

I know at least one person who didn't fall for it...

[LV2ndHome]

Originally Posted by eventusstultorummagister

Paying more than something is worth is a strategy now? Redonkulous.

You are substituting "worth" for "market value" or "appraised value". Obviously one should not pay more than it is "worth" to them, but worth to a specific individual can easily be more than market or appraised value.

Suppose you are in the market for an investment property. There are 2 available that meet the criteria you are looking for. They are 10 miles apart, but otherwise the properties, neighborhoods, income potentials, appraised values etc are mirror images in every way. Property A happens to be next door to you while Property B is 10 miles away. Suppose your neighbor across the street has the same idea, so it will take a little above appraised value for you to buy Property A due to his competition, while Property B be can be bought for appraised value.

It would be foolish for you to not pay a little premium for A over B for many reasons. Strictly dollars & cents wise you can manage a rental next door much more efficiently which provides the extra return on the higher purchase price. You can oversee repairs & maintenance more cheaply than traveling across town or paying someone else to do it, you can keep a closer eye on things and nip problems in the bud, say tenants being abusive to the property for example, before the damage becomes more excessive and expensive to repair, etc.

There is also additional intangible value to you in Property A. You have control over who your neighbors are on that side, which adds a quality of life value to you.

In short, it would be foolish for you to pick Property B over Property A simply because A is slightly over appraised value while B is at appraised value. Property A could easily provide a better ROI due to the more efficient management even if you want to strictly argue only dollars and cents.

[kcoliver]

Just a quick note on appraisals. We paid $10,000 more than the appraised value of the house where we live. WHY? Well, the appraisal only came in with comps for square footage. There is a large workshop (permitted - fully finished with heat and air). The shop was not a consideration for appraisal. (Living area only). How much to put this shop in if we bought house in same area then added shop? About $50,000. Keep in mind building costs(or costs to refurbish) Just as LV2ndhome says....sometimes you get what you are paying for...and to get what you WANT, can cost way more to add on.