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Old 08-20-2012, 02:06 PM
 
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I'm helping my parents house hunt here in Vegas & am growing weary of the housing market! They've put offers in on 3 different homes and have lost every single deal due to multiple offers. The market has gotten crazy out here. Cash is king with all the investors sweeping up homes & condos. No thanks to the new law allowing residents of foreclosed homes to remian living in them rent free. Anyone else experiencing this frustration?
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Old 08-20-2012, 02:30 PM
 
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I was listening to a vegas real estate show yesterday and they were saying that inventory is EXTREMELY low currently and 54% of all sales were cash sales, putting the squeeze on financed buyers.

further, they said that the normal and customary inventory level for the secondary market is 25,000 units... currently there are 3,500 units for sale. no wonder new home sales are rising.

Glad I bought new when I did.
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Old 08-20-2012, 02:35 PM
 
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Quote:
Originally Posted by MSchu View Post
I was listening to a vegas real estate show yesterday and they were saying that inventory is EXTREMELY low currently and 54% of all sales were cash sales, putting the squeeze on financed buyers.

further, they said that the normal and customary inventory level for the secondary market is 25,000 units... currently there are 3,500 units for sale. no wonder new home sales are rising.

Glad I bought new when I did.
Same here. I would hate to go through what people are going through today.
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Old 08-20-2012, 02:38 PM
 
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Gee thanks for rubbing it in guys
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Old 08-20-2012, 02:53 PM
 
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3 bids is not nearly enough to be successful. Make dozens of offers if you need to. Don't fall in love with a single home because you'll set yourself up for disappointment. It takes a lot of effort to pound the pavement, but that is what is required.
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Old 08-20-2012, 03:15 PM
 
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And yet, the house next door to me has been sitting there unoccupied for months. It's a manipulation of the market IMHO.

Back when we had the boom I had an instinct that the whole thing was unsustainable, but I ignored it and didn't sell.

This market I believe is under-priced and again, unsustainable. Prices will level out eventually. The feeding frenzy is a temporary thing. ( Again, only my opinion and I am far from an expert )
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Old 08-20-2012, 04:30 PM
 
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Tell your parents to big "one thousand dollars over the highest bid" up to the top amount that they want to pay for the house. I did this and got the house (5 other bidders) for one thousand over the asking price. Hope thsi helps
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Old 08-20-2012, 04:31 PM
 
421 posts, read 898,277 times
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Also make sure that they are preapproved if they are not paying cash
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Old 08-20-2012, 04:49 PM
 
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^that doesnt seem to be the issue these days with 54% of the sales going to cash and almost zero inventory. it's not qualified buyers that are the issue.
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Old 08-20-2012, 06:51 PM
 
15,826 posts, read 14,463,105 times
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If the market has gotten artificially pumped up, rent for a year, and see what happens. If there is, in fact, a big overhang of defaulted bun not yet foreclosed houses, eventually, they'll hit the market.
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