[Prosze]

Us too. The renters we had in it did not exactly leave it in the condition they moved in with though. We dont care though because we know we can easily rent it out again. I just don't want the hassle of dealing with slob tenants again.

[mov3_f0w4rd]

I am thinking of buying, so from my point of view is this. Prices went sky high in 2021, I bought in 2019 and sold for over $100,000 in 2021, stupid buying frenzy due to everyone staying put in 2019 - 2020 during covid.

Now prices I see online are automatically set at $100,000 - $120,000 over prices of homes bought 2016 - 2018. Everyone is assuming that they can cash in on the 2021 frenzy. Nope. Everone who were desperate to buy in 2021 for whatever personal or professional decision have already bought.

Now with 2 interest hikes and teasing of an upcoming recession, noone has a stomach to buy at $100,000 overvaluation.

[Willy702]

Market still isn't normal yet in terms of inventory and the price reductions still aren't even taking out the gains in the market since the beginning of the year. Prices will eventually show some modest drops, but sales volume has been so low for years now that it really doesn't affect the market much. If prices went down25% less than 2% of all financed homes would be underwater so there is no real crisis brewing here. Add in the much increased premiums that all varieties of PMI have been charging over really the past decade and there is a massive cushion under housing. What we might see is less treating your home like an ATM with helocs, but those are far lower in total value than seen in past periods.

Overall housing is just fluctuating well within normal safe bounds. If someone wants to buy a house at least there is more inventory to choose from. If someone wants to wait it out for a year or two, that may or may not be beneficial because good luck predicting price declines, but if it makes you sleep better at night then go for it. Demographics has been driving the bus on home demand for quite some time and they aren't changing anytime soon.

[mov3_f0w4rd]

Originally Posted by GuruChicken

Trying to sell my house and wow, the housing market seems shut down. One showing in a month, not interested though. At the end of May houses in my area were going under contract in a day or two. Now...nothing at all.

I get that the Feds raised rates twice. It's as if it scared everyone away. What about the cash buyers though? I don't mind reducing but my realtor said even those reducing quite a bit aren't getting any interest either. He said it's a scary market right now.

Anyone else going through this or a realtor with any info?

People are still foolish to buy right now, its just slowing down drastically. I am in the process of assisting my eldery family sell their house. Its in a different state which were selling 5% over asking within a week back since March. Now, luckily for my family we are in escrow. Since listing we got one offer severly below, one 15% over which got canceled 2 days later, and finally got an offer after 2 open houses and 35 day listed.

Go to zillow and search for similar housing types as yours that are sold. Check under the "more" tab and at the bottom and select what soldwithin the last 30 days. Set your price point to those similar. People are still buying at rediculous prices.



I am still shaking my head in disbelief, are people this dumb to buy at so high? Also I learned not to be too punch drunk over the potential of how much profit you THINK you will make. I don't know your situation but if you NEED to sell, don't get overwhelmed with entitlement and consider intellectually about price dropping to the current conditions.

[jwest09]

Originally Posted by GuruChicken

Trying to sell my house and wow, the housing market seems shut down. One showing in a month, not interested though. At the end of May houses in my area were going under contract in a day or two. Now...nothing at all.

I get that the Feds raised rates twice. It's as if it scared everyone away. What about the cash buyers though? I don't mind reducing but my realtor said even those reducing quite a bit aren't getting any interest either. He said it's a scary market right now.

Anyone else going through this or a realtor with any info?

Who wants to buy a house and loose thousands the first year?
Best bet. Some major property management from US, or foreign investor will purchase it to turn it into a high priced rental.

[sg8910]

I find this thread quite fascinating. I am actually thinking of getting into real estate in the Las Vegas area. I have no experience but my friends tell me i know more about real estate than most of our friends. Just really intuitive , i often find people roomates for fun via facebook marketplace. I am curious how saturated the field is in las vegas. I am currently locaated in arlington va, working in hosptiality and sales, but I am looking to move out west and Vegas in top on my list, You all seem to understand the field and looking for feedback on the real estate career market in Vegas and surrounding areas,

Thank you

[moguldreamer]

There is still a steady flow of retirees leaving California relocating to greater Las Vegas armed with cash and eager to break California residency for income tax purposes.

[moguldreamer]

Originally Posted by North Beach Person

Might water issues play a part?

Southern Californians who pay attention know their water allocation from the Colorado River is going down fast. The fear of it going to zero is probably unfounded. If they relocate to Las Vegas, they know so-called "Lake Mead deadpool" won't affect them at all beyond common sense conservation. And if they are paying attention, they know the US Bureau of Reclamation has already said they won't allow deadpool to happen in the first place.

But for those Californians seeking to break California residency for income tax purposes, I suspect water is low on their list of things they worry about compared to the other things on the their wish list.

[GuruChicken]

Originally Posted by moguldreamer

There is still a steady flow of retirees leaving California relocating to greater Las Vegas armed with cash and eager to break California residency for income tax purposes.

Send 'em on over! I want to be armed with cash for my next purchase in a different state.

My area is perfect for 55+ folks. Mostly older people in here.

[johninvegas]

i looked at the comps on our house in June and it was around 400k, today is 326k.