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SVTPerformance's Chain of Restaurants
Road Side Pub
Time for a rant...super frustrated with trying to find a house to buy
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<blockquote data-quote="jpro" data-source="post: 16423141" data-attributes="member: 72690"><p>Honestly, part of the problem in our area is California's mass exodus. People are leaving the SoCal market because a shack with a door is $500K and here you can get a really nice house for that price if you are not that selective on location. If I see one more CA license plate here my head is gonna explode. LOL</p><p></p><p></p><p></p><p>We're not technically even looking for a "deal." We're just looking to pay market price (which again, according to experts, is artificially inflated by 20%). Think about that...if they are 20% inflated, a house that sells for $500K is really only a $400K house. Obscene! </p><p></p><p></p><p></p><p>Based on the early days of the Coronavirus thread in the Politics section, I figured this thread would lure you in. Had been wondering if you found a place yet. </p><p></p><p></p><p></p><p>Currently renting so that's not an option. However, I agree with you. If I was a homeowner, rather than look for someone to steal my money by buying I would upgrade my current home. </p><p></p><p></p><p></p><p>+65,000</p><p></p><p>The saddest thing is that people are playing games with a basic necessity (housing). We have a huge housing crisis in our country, and it seems like it is getting worse. </p><p></p><p></p><p></p><p>Not exactly. I know in my opening that I said inventory is low, however, there is plenty on the market. Some are too small, some are too big, some are just the right size. We want to keep the kids in specific schools, so our geographic area is limited. However, in "nicer" parts of Green Valley (the area of Henderson we are looking in) there is more inventory and they are overpriced too. I have seen two cases recently of houses that were very nice that were priced at market value and they went faster than a C8 from a dig.</p><p></p><p>Interesting stat from a local realtor that I follow on YouTube: there have been almost 2K offers fall through in the metro area since March. Think about that...offer made, then the buyer backs out. That doesn't sound like a favorable market for sellers. However, also according to him, the amount of inventory is 3.1 months, which is high for Vegas, but generally still considered a "seller's market." Every time the Redfin app notifies me that a house is back on the market I get some level of satisfaction knowing that the greedy ass seller lost a deal. </p><p></p><p></p><p></p><p></p><p></p><p>Interesting point about the appraisal. With house #3 in my original post, this is definitely the case. The house went on the market two days ago and we immediately texted our realtor and the last line of my text was "I think it is way overpriced." Usually he just texts us back and tells us when he has set up the showing but this time he texted and said "give me a call when you are free." I thought this was weird so I called him and he said he ran the comps and the house is overpriced by at least $60K. He also said he found out a realtor bought it, made upgrades, and is trying to get her money out of it but she bought it too high to begin with. He said if an appraiser comes in there is no way in Hell it will appraise for anywhere near asking price (remember, he has been a realtor in Vegas for 30 years and specializes in our exact area). Shit is crazy!!!</p><p></p><p>Our realtor's exact words (almost): "Let's wait until next week. She will realize she is coming in way too high. If by some miracle she gets an offer closes to her asking price, which would be absurd, she should take it. And God have mercy on the fool that buys it because this town is going to eat them alive if they are that stupid. And good luck getting it to appraise for anything close to that." </p><p></p><p></p><p></p><p>The comps are houses that have sold. Only completed sales are comps that set the value, not other houses that are on the market. Other houses on the market can impact asking price, but completed sales are the guide that sets the value. </p><p></p><p></p><p></p><p>Agreed. We will end up making an offer on house #3 next week but we are not going to negotiate. If that doesn't work out, we will try with house #1. If that doesn't work, we will try house #2 as it has been on the market for just over 3 months. Think about that...you're priced so high that your house has sat on the market for 3+ months and you lowered your price twice! Reality check should have hit you some time back around April Fool's Day! LOL</p></blockquote><p></p>
[QUOTE="jpro, post: 16423141, member: 72690"] Honestly, part of the problem in our area is California's mass exodus. People are leaving the SoCal market because a shack with a door is $500K and here you can get a really nice house for that price if you are not that selective on location. If I see one more CA license plate here my head is gonna explode. LOL We're not technically even looking for a "deal." We're just looking to pay market price (which again, according to experts, is artificially inflated by 20%). Think about that...if they are 20% inflated, a house that sells for $500K is really only a $400K house. Obscene! Based on the early days of the Coronavirus thread in the Politics section, I figured this thread would lure you in. Had been wondering if you found a place yet. Currently renting so that's not an option. However, I agree with you. If I was a homeowner, rather than look for someone to steal my money by buying I would upgrade my current home. +65,000 The saddest thing is that people are playing games with a basic necessity (housing). We have a huge housing crisis in our country, and it seems like it is getting worse. Not exactly. I know in my opening that I said inventory is low, however, there is plenty on the market. Some are too small, some are too big, some are just the right size. We want to keep the kids in specific schools, so our geographic area is limited. However, in "nicer" parts of Green Valley (the area of Henderson we are looking in) there is more inventory and they are overpriced too. I have seen two cases recently of houses that were very nice that were priced at market value and they went faster than a C8 from a dig. Interesting stat from a local realtor that I follow on YouTube: there have been almost 2K offers fall through in the metro area since March. Think about that...offer made, then the buyer backs out. That doesn't sound like a favorable market for sellers. However, also according to him, the amount of inventory is 3.1 months, which is high for Vegas, but generally still considered a "seller's market." Every time the Redfin app notifies me that a house is back on the market I get some level of satisfaction knowing that the greedy ass seller lost a deal. Interesting point about the appraisal. With house #3 in my original post, this is definitely the case. The house went on the market two days ago and we immediately texted our realtor and the last line of my text was "I think it is way overpriced." Usually he just texts us back and tells us when he has set up the showing but this time he texted and said "give me a call when you are free." I thought this was weird so I called him and he said he ran the comps and the house is overpriced by at least $60K. He also said he found out a realtor bought it, made upgrades, and is trying to get her money out of it but she bought it too high to begin with. He said if an appraiser comes in there is no way in Hell it will appraise for anywhere near asking price (remember, he has been a realtor in Vegas for 30 years and specializes in our exact area). Shit is crazy!!! Our realtor's exact words (almost): "Let's wait until next week. She will realize she is coming in way too high. If by some miracle she gets an offer closes to her asking price, which would be absurd, she should take it. And God have mercy on the fool that buys it because this town is going to eat them alive if they are that stupid. And good luck getting it to appraise for anything close to that." The comps are houses that have sold. Only completed sales are comps that set the value, not other houses that are on the market. Other houses on the market can impact asking price, but completed sales are the guide that sets the value. Agreed. We will end up making an offer on house #3 next week but we are not going to negotiate. If that doesn't work out, we will try with house #1. If that doesn't work, we will try house #2 as it has been on the market for just over 3 months. Think about that...you're priced so high that your house has sat on the market for 3+ months and you lowered your price twice! Reality check should have hit you some time back around April Fool's Day! LOL [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
Time for a rant...super frustrated with trying to find a house to buy
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