[Scott456]

Originally Posted by 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.

You are talking about home price as an investment tool. You bought in 2019 sold in 2021 and made a $100K (assuming this is the net profit after 5% agent commission). I hope you have another house to live in(?)

[Floridaman777]

Prices have gone up a lot since 2018. My investment house went from 350K to 670K in a nice area of Henderson.

I just rent it out however - actually i got higher rent from a new tenant last month than the previous tenant. Rent is temporarily going up a little....

[mov3_f0w4rd]

Originally Posted by Scott456

You are talking about home price as an investment tool. You bought in 2019 sold in 2021 and made a $100K (assuming this is the net profit after 5% agent commission). I hope you have another house to live in(?)

No I bought a 3 bed house to move my elderly mom in to take care of her. After 8 months she hated it and moved back home (another state), now in senior home. Didn't need a large house for myself (no wife/kids) and got stuck with it for several months. Then 2021 prices went sky high, sold to zillow buying program for 1% commission + typical fees.

I still want to buy but now a smaller maybe condo, 2-bed house, so stuck currently paying high rent, wasting away instead of building equity.

I lucked out with the price hike, otherwise I'd loose money if I tried to sell the house without it. Also zillow buying program was great for me but bad for them, they inflated estimates and they lost a lot of money. Their buying program got shut down a couple of months later.

[moguldreamer]

Originally Posted by mov3_f0w4rd

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.

Probably better to set the price 5% lower than homes sold within the last 30 days.

[moguldreamer]

Originally Posted by Floridaman777

Prices have gone up a lot since 2018. My investment house went from 350K to 670K in a nice area of Henderson.

I just rent it out however - actually i got higher rent from a new tenant last month than the previous tenant. Rent is temporarily going up a little....

I'm glad it is working out for you. At the other end of the spectrum, I've had the Tenant from Hell.

[Willy702]

Originally Posted by moguldreamer

Probably better to set the price 5% lower than homes sold within the last 30 days.

Zillow is showing about a 2% monthly drop in estimated value for my Vegas homes so listing for about 5% less than current estimated value seems about right. I think where sellers are going to be disappointed is the over list price offers are pretty much gone so depending on how they mentally gauged value will have a big impact.

[Willy702]

This story a realtor was telling me about a client he's struggling with having this problem now, was a good email exchange we had over it. He bought a house in 2012 so its up a lot from paid price. Client looked at the house values near end of 2020 and saw 660k. Looks again in June 2021 and it was 735k and thought ok I'm thinking of selling and talked to the realtor, was told it might sell for 760k assuming 25k over list which was pretty common. While he was talking to him the value went up every month so the client just held out and didn't list. House gets to 810k by end of the year and he's now thinking about how brilliant he was waiting and also about taxes and waits. According to Zillow its worth 842k in March and he's getting ready to sell but his wife wants a decision about future home in another state first. They finally decide over Memorial Day to list it, Zillow says its 866k at this time. Realtor tells him interest rates and inflation have spooked buyers, he should list for 850k. They delay about a week because they are thinking no, we made all our decisions anchored on this 866k and maybe we get to 900k. Finally gets listed at 859k. Of course little traffic as mentioned by OP and no offers other than lowball offers everyone gets on listing. Lowers it to 849k, still little going on. Realtor says he's almost about to let the client out of his contract because he and his wife are just a disaster, blaming realtor for the issues and all, but ultimately client calms down and they lower it to 846k, token amount just to get attention. Finally a bid shows up, its 820k. Some negotiation goes on and they agree with 823k.

So client is thinking crap, we "lost" about 75k because 900k was anchored in his mind. Wife complains that they could have gotten an e-buyer to pay a few percent under the 866k Zillow mentioned, so she's thinking this realtor cost them 6% plus 25k making her upset. Outside observers are going wow look at all those price reductions, the housing market is falling apart! Yet, if the Zillow number was correct, the house sells for 13k over what it was "worth" at the start of the year. Homebuyers trying to get into the market are saying house sold for 25% more than it was "worth" in 2020, no way that all is justified.

Moral of the story we agreed is that one's view of the housing market really is whatever they want it to be. Things could be great, things could be terrible, things could be overpriced, things could be about to fall, etc. In the end, houses are worth whatever they can sell at and all the tools and information these days are misleading people to opine much differently than this simple truth.

[movin1]

A good realtor should look at recently sold comps and recommend a reasonable selling price. Never price it below what you think you can get, buyers will make a lowball offer to start in this market. If you know what houses like yours are priced at, you know what the competition is. What you don't know is how low other sellers are willing to go to sell their homes.

[mlulu23]

The infamous housing bubble has finally burst.

[Cold Warrior]

Originally Posted by mlulu23

The infamous housing bubble has finally burst.

Has it?

Las Vegas has a median home sale price of $420K, a 13.5% increase from last year. Homes stay on the market for an average of 37 days and receive an average of 2 offers.

Redifin.