[airics]

Originally Posted by Cubicle Dweller

Count me as a potential buyer who has given up for now. I don’t have FOMO, I have FOOP (fear of over paying). I saw one house that just hit the market in my target area that the seller bought new last year for $438k and now they’re trying to sell it for $100k more?! They did not add a pool or any landscaping - the backyard is still just crushed gravel.

Another house in the area sold for $475k last year and the seller did put a lot of money into the backyard along with some other improvements. the asking price is now $519k - it has been sitting for 120 days. At least in that case I can justify the increase given the improvements (I did tour that house).

It makes sense. They paid 438. 15% increase makes it 504 and they have to pay 8% (w concessions) to sell it. 544 roughly.

Heck there’s one on jones (Redfin is the realtor I think) that was reduced to 437
It was bought in December for 250. Now that’s ridiculous. Even if it was in shambles, max would be 50k to fix. And it doesn’t have a pool and it’s 2400sf 3br. However, it is 1/2 acre unfinished. Imagine the pool you could put in

I wouldn’t pay that kind of cash. If you wanted to be close to Vegas, as a retiree (I don’t know your age). , I’d consider pahrump at 30% less or mesquite

[Code Stemi]

Originally Posted by Cubicle Dweller

Count me as a potential buyer who has given up for now. I don’t have FOMO, I have FOOP (fear of over paying).

Same here. It will be interesting to watch what the local housing market in LV does during the fall and winter.
And if it will ramp back up next spring as it did this year.

[Cubicle Dweller]

Originally Posted by airics

It makes sense. They paid 438. 15% increase makes it 504 and they have to pay 8% (w concessions) to sell it. 544 roughly.

Heck there’s one on jones (Redfin is the realtor I think) that was reduced to 437
It was bought in December for 250. Now that’s ridiculous. Even if it was in shambles, max would be 50k to fix. And it doesn’t have a pool and it’s 2400sf 3br. However, it is 1/2 acre unfinished. Imagine the pool you could put in

I wouldn’t pay that kind of cash. If you wanted to be close to Vegas, as a retiree (I don’t know your age). , I’d consider pahrump at 30% less or mesquite

Unfortunately retirement is awhile a way for me and I need easy access to a good airport for work. IMO, the sellers who have upped their price by $100k are dreaming - the house is smaller than comps at that price point and even slightly bigger homes at that price point either have nice landscaping and/or pools. If the nearby house that increased by $45k but had noticeable improvements has been sitting for months then this one won’t go any time soon. Plus it backs up to a slightly busy road and the one that has been sitting for months does not.

If prices do continue to climb then I’ve got a good lead on a nice income-producing property on the east coast with long-term tenants which will be foreclosed on this winter. Elderly owner who doesn’t feel like going broke to save it. I’ll put my money there versus gambling on LV real estate but still rent and take advantage of the tax breaks I’m enjoying as a NV resident.

[bayview6]

Originally Posted by chahunt

What's your source on the growth statistic?

Google “migration Las Vegas population growth”. It’s an article on Patch.

[harry325]

Originally Posted by MaryoVilla

Let's think about this for a minute, 6.5% is average service charge, could go low or high. Nowhere in their website that says they charge a specific percentage. All fees to include net proceeds are on the offer sheet, it's up to each home owner if they want to take it or not. When you are seller you have plenty of options, don't let advertised numbers scare you, inquire and you may get a good deal, nothing wrong with that.

And good point about being selective, in the offer sheet they gave me it showed comparables, recent sales and average days on the market--based on that, that's the offer they gave me. Btw, the offer wasn't ungodly amount, just at appraisal. I have a gated community. Every situation is different, look around as you may not need a Realtor, it's as simple as that.

Take a look: https://www.opendoor.com/w/faq/what-...l-to-opendoor/

I requested an offer two weeks ago.
OpenDoor’s offer for my house was close to the market, right at half point between Redfin and Zillow, almost $500k. However, the fees they wanted was more like 9.5%; I was surprised as the fees were too high.

[lvmensch]

Originally Posted by harry325

I requested an offer two weeks ago.
OpenDoor’s offer for my house was close to the market, right at half point between Redfin and Zillow, almost $500k. However, the fees they wanted was more like 9.5%; I was surprised as the fees were too high.

You are out of the sweet spot so you are a risk. At around $350,000 I have heard they get down to 8%. But I am skeptical they get much lower. Purportedly they average around 8.5%

[Willy702]

Originally Posted by Cubicle Dweller

Count me as a potential buyer who has given up for now. I don’t have FOMO, I have FOOP (fear of over paying). I saw one house that just hit the market in my target area that the seller bought new last year for $438k and now they’re trying to sell it for $100k more?! They did not add a pool or any landscaping - the backyard is still just crushed gravel.

Another house in the area sold for $475k last year and the seller did put a lot of money into the backyard along with some other improvements. the asking price is now $519k - it has been sitting for 120 days. At least in that case I can justify the increase given the improvements (I did tour that house).

Nothing wrong with this line of thinking, but what would get you to make a deal? Does it take a decline of a certain %? What about 3 years of a stagnant market? Most who decide to sit things out don't have the discipline to follow such a plan. Or worse they are behind the market pretty much forever as many people in CA are. They had a chance at some point to buy but didn't and the market just ran away from them so they may never have enough income to buy.

[JonathanLB]

I still am bummed I wasn't in the position to buy at the bottom of the market or near it for Las Vegas, because I ended up being elsewhere with my GF, though it's even worse because I had the cash. I saw this condo in a mid-rise place, Boca Raton, South end of the Strip if I recall correctly, there was a penthouse unit that was 3,000 square feet, 3 bedroom, 3 bathroom, originally $1 million, for sale $199,000 during the recession "cash only." But that's so cheap who cares if it's cash only, less than $200K for a 3,000 square foot place in a building made out of steel and concrete, with all of these awesome amenities. I think there may have been some concerns at that time whether the HOA would remain solvent, which is probably why the unbelievably cheap price. That being said, there were deals like that all over the Valley and now those days are long gone.

Vegas seems to fall the hardest when the bad times hit, but it rebounds drastically as well, so it's either the worst market or the best market lol.

[Cubicle Dweller]

Originally Posted by JonathanLB

Vegas seems to fall the hardest when the bad times hit, but it rebounds drastically as well, so it's either the worst market or the best market lol.

THIS - which is the primary cause of my FOOP. It’s extreme in one direction or another and a friend in the real estate industry (but not in Nevada) warned me about that when I mentioned I was looking to buy.

I’m fortunate enough that it’s not a matter of affordability (Vegas prices still look attractive compared to the N.Y.-metro area). I just don’t want to be in a situation a few years from now where I have to move for work and I have to take a loss AND deal with a demanding buyer once the market becomes a buyers maket again (and it inevitably will). When I sold my previous home the buyers were demanding and extremely annoying - don’t want to relive that again. I can deal with demanding buyers if I’m not losing tens of thousands. I missed the boat and it’s a bummer, but it is what it is.

Florida has a very similar market and prices have also gone through the roof again over there. Both Vegas and Florida have a lot of foreign buyers and low-wage service economies which heavily depend on tourism. And Florida was pretty much in as bad of shape as Vegas after the crash. I have a relative in Miami in the same situation and he’s decided to sit the market out too and stick with renting. He’s lived in Miami his entire life and has seen these cycles before.

I don’t think there will be a massive crash like last time, but there might be a correction. Sure, people from California are moving to LV, but probably only retirees, those with remote jobs without kids, those who are willing to take a pay cut or low-wage earners who have crappy jobs in CA so the jobs in LV aren’t any better or worse. I don’t know much about the schools in California but for the most part they’re likely better than CCSD which is a factor for parents that care about education. So it’s not like the entire state of CA is going to move to LV, only certain segments of the population can / will.

[Cubicle Dweller]

Originally Posted by Willy702

Nothing wrong with this line of thinking, but what would get you to make a deal? Does it take a decline of a certain %? What about 3 years of a stagnant market?

Good questions with several variables. The first one being my job and if I decide to stay there for another few years (I’ll have clarity by the winter - my employer is being acquired and the dust should settle by then) or if I decide to take another job, will it also be remote. If I decide to stay or take another remote job, then probably I’d be satisfied with prices staying stable for just one year assuming the US isn’t at the start of a massive recession. It wouldn’t even take a drop in prices (although from my perspective that would be nice). If prices continue to go up at the current pace then it just seems like they will have farther to fall during the next economic downturn.