We have owned two houses in the past (before moving here) so we are experienced home owners. When we moved to the Vegas metro in January 2018 we decided to hold off on purchasing to figure out where we wanted to settle due to our kids and the schools they are attending. We also wanted to get a "feel" for different areas/neighborhoods. We are all settled in and had been planning since last fall to buy during the spring real estate season. COVID 19 has thrown a wrench into these plans, not because we don't have income but because inventory is super low. No worries, we can be patient and wait for the right one. However, here is what is frustrating AF: "Experts" estimate that Vegas real estate values (pre-COVID) are artificially inflated by about 20%. I don't like overpaying for anything! And here is the kicker...since COVID, it has inexplicably gotten worse! There are 3 houses on the market that we are interested in. One is in the development right next to where we are renting. It is listed at $560K and a home in that hood has NEVER sold for north of $550K. We went to look at it but before we did we did our homework and thought if it is turnkey that it is a $500K - $520K home. The pics looked great. We went through the house and it needs work. Our realtor is a 30 year veteran and said he would put it in the neighborhood of $475K but only if you are willing to come up with more cash to update it (Kitchen, one bathroom, and a bunch of misc stuff). Second house is listed at $600K and is only a 3 bedroom. Comps are scarce, but same floor plan in same gated community sold last summer for $467K. And this house has been on the market over 3 months and started at $625K. It needs some updates in the second and third bathrooms and the backyard is small. It is nicely updated, so even if you put a premium on the upgrades you're looking at $500K maximum because there is a ceiling for 3 bedroom homes that no matter what you do to them, it will only increase the value so much. Last house...just went on the market yesterday. Completely updated and upgraded. Fantastic...we love it. It is in a family oriented neighborhood we like. Comps are at upper $300's to around $400K. The listing price is $500K. It is owned by a realtor who bought it for $435K and upgraded the kitchen, master bath and one of the secondary baths so now she is trying to get her money out of it...only one house has sold for over $500K in this development ever, and it is a 3500 sq ft house that was completely custom. The house is a 4 bedrooms and is the smallest floor plan in the community (2200 sq ft). The only houses that have sold for over $450K in the hood are 3000+ sq ft homes on large lots, which this house is not. Greed is king in Vegas. We keep thinking these houses will sit on the market, but if you have spent any time in Vegas you know that this place is especially filled with morons with more money than brains. Part of me is hoping the housing market crashes here just like the gaming industry has. Vegas is in for a world of hurt economically, yet these fools are overpricing houses by $100K. FML Sorry this post is so long...just frustrated!