[jjameson922]

Now that my point has been explained, I would also say that I don't think you should take what is going on in the market as a "sign you shouldn't buy." Instead, use it as a wake up call that you alone have not been dropped down into a tub of butter. There are many buyers out there and if you are serious about buying into the market, begin looking diligently and you will find a property you want. It doesn't have to be a reo to be a good deal.

[pommysmommy]

Do any of these properties ever sell at the listed price?

[olecapt]

Originally Posted by pommysmommy

Do any of these properties ever sell at the listed price?

Sure. But it is a knowing market. We often watch a REO priced too high take three or four price drops and then it gets five or six offers in a couple of days.

REOs are priced all over the map. Shorts are almost invariably priced low. Non-distressed are often priced high.

you need to figure out what is reasonable in a neighborhood and base your price on that.

[pommysmommy]

Originally Posted by olecapt

Sure. But it is a knowing market. We often watch a REO priced too high take three or four price drops and then it gets five or six offers in a couple of days.

REOs are priced all over the map. Shorts are almost invariably priced low. Non-distressed are often priced high.

you need to figure out what is reasonable in a neighborhood and base your price on that.

Thank you. Is there a web resource available that shows home sales by price in Las Vegas?

[ocean2026]

I've said this before on other threads - there is a wave of buying among speculators GAMBLERS who want to bet without evidence that this is the bottom. They lose at roulette and bet again ... They were wrong in 2007 and now they are back at it.

This bottom feeding speculation will be hot as long as the roulette wheel keeps turning. When the sad reality hits and the numbers come out- they will be RED and no one will be in the BLACK! After all if they can't find renters or they can't sell it immediately for higher - many will dump what will that do to the market. Their chips will be confiscated and we will wait for somone else to play.

[BUGBULLY]

Originally Posted by pommysmommy

Do any of these properties ever sell at the listed price?

We actually got ours about $10,000 below list, but I think our offer had more cash involved so that is why we got it. Our agent was actually pushing us to bid higher or accept the banks last offer which was about $6,000 over our offer. Then they ended up accepting ours. You never know.

[pommysmommy]

Originally Posted by BUGBULLY

We actually got ours about $10,000 below list, but I think our offer had more cash involved so that is why we got it. Our agent was actually pushing us to bid higher or accept the banks last offer which was about $6,000 over our offer. Then they ended up accepting ours. You never know.

That's good to hear. It seems that cash gives a buyer a distinct advantage.

[olecapt]

Originally Posted by ocean2026

I've said this before on other threads - there is a wave of buying among speculators GAMBLERS who want to bet without evidence that this is the bottom. They lose at roulette and bet again ... They were wrong in 2007 and now they are back at it.

This bottom feeding speculation will be hot as long as the roulette wheel keeps turning. When the sad reality hits and the numbers come out- they will be RED and no one will be in the BLACK! After all if they can't find renters or they can't sell it immediately for higher - many will dump what will that do to the market. Their chips will be confiscated and we will wait for somone else to play.

Simply incorrect. I see virtually no speculative buying. I see a whole lot of investors particularly at the botton end paying cash or high down. But these are virtually all positive cash flow deals. Once you get above 100K the market is over half FHA and VA...both of which are owner occupied. The invenstors at the bottom are getting over 15% even above 100K you can still do 7 or 8%. Where else can you get those kind of returns?

There is no shortage of renters at the bottom. The apartment guys may be in trouble as the large numbers of small houses hit the market at attractive prices...but there is every indication of a healthy rental market for SFRs and condos.

[lvkewlkid]

could we please keep the topic on Iron Horse Est...There's already a topic about the bottom and the Real Estate Market, thanks!