Vegas Real Estate Market

[kewlJ]

Last week I placed my home back on the market. Housing prices have gone up significantly since I purchased the house. I'd like to claim that was good investment planning on my part, but I can't do that....it was just dumb luck. Just so happened when I was ready to buy, prices were low, just off the bottom following housing crash and with the passing of my partner/spouse this spring, I am ready to sell and move on.

So after doing some research, I placed the house on the market last week at almost exactly a 50% increase of what was paid. Had an open house and the realtor just called informing me 2 offers have been made this morning, both slightly below asking but pretty close.

My first reaction is that maybe I priced too low. But then again, I am ready to move on and would rather not have a long drawn out process, so if I get the price I wanted, I am happy. Still a long way from that though. We will see what happens.

[regnis]

Kewl--too much info that may allow people to find your identity. I'd be a little more careful.

[kewlJ]

Kewl--too much info that may allow people to find your identity. I'd be a little more careful.

Yeah, you are right. I deleted some details.

You know, I STILL don't think like that, even after having been burned. I guess that makes me the dumb one.

[monet]

I purchased my home in the spring of 2013. Housing prices were low but had risen some off rock bottom a couple year prior. Last week I placed my home back on the market. Housing prices have gone up significantly in those 5 years. I'd like to claim that was good investment planning on my part, but I can't do that....it was just dumb luck. Just so happened 2013 was when I was ready to buy and with the passing of my partner/spouse this spring, I am ready to sell and move on.

So after doing some research, I placed the house on the market last week at almost exactly a 50% increase of what was paid. Had an open house yesterday and the realtor just called informing me 2 offers have been made this morning, both slightly below asking but pretty close.

My first reaction is that maybe I priced too low. But then again, I am ready to move on and would rather not have a long drawn out process, so if I get the price I wanted, I am happy. Still a long way from that though. We will see what happens.

The market here has jumped through the roof. Our house had around a 25% increase in the last year but the way I understand it is the prices and value have gone up but the houses aren't selling right now compared to a few years ago. You might want to take that into account meaning that if you are getting close to your offer you might want to take it. However if you can hold out I wouldn't doubt your house will keep going up. Your choice though.

[kewlJ]

Our house had around a 25% increase in the last year but the way I understand it is the prices and value have gone up but the houses aren't selling right now compared to a few years ago.

This doesn't make a lot of sense to me Monet. But then again, lot's of things don't make sense to me.

I don't want to hold out though. I am ready to move on. The house served my needs while we were here and I will have fond memories, but with the passing of my partner, I really want to move on.

My favorite part of the home and what I will miss most of all is the back yard area, deck, and swimming pool. I actually installed a water cooling system, so that we can actually enjoy our swimming pool during the summer, unlike many here in Vegas that don't use their pools because the water is 90-95 degrees. In the fall we spent every Sunday out back with friends and family, barbequing and watching football. I will really miss that. But life goes on. You make new traditions.

[monet]

Our house had around a 25% increase in the last year but the way I understand it is the prices and value have gone up but the houses aren't selling right now compared to a few years ago.

This doesn't make a lot of sense to me Monet. But then again, lot's of things don't make sense to me.

I don't want to hold out though. I am ready to move on. The house served my needs while we were here and I will have fond memories, but with the passing of my partner, I really want to move on.

My favorite part of the home and what I will miss most of all is the back yard area, deck, and swimming pool. I actually installed a water cooling system, so that we can actually enjoy our swimming pool during the summer, unlike many here in Vegas that don't use their pools because the water is 90-95 degrees. In the fall we spent every Sunday out back with friends and family, barbequing and watching football. I will really miss that. But life goes on. You make new traditions.

I don't know how to explain it to you if you don't understand but I will try. I guess this is a sellers market right now meaning that more houses are up for sale compared to the amount of buyers and buyers have the advantage of picking and choosing. I guess more supply compared to demand. You can look that up under the Las Vegas/Nevada Real Estate Market right now online... those articles explain it better. Personally I bought this house before the crash at 180k and after the crash it went down to a low point of 120k. Last Year when I looked up the estimated value it was around 145k and now when I look it up it is at 200k not counting upgrades like how I put in all new flooring, 410 AC/Heater Unit and some other upgrades which make the value go up. They tell me the best way to increase value is to upgrade your bathrooms and kitchens and to put walk in showers in the bathrooms right now which seems to be a desired option.

[dannyj]

KJ, so without going into too much detail, are you just looking to downsize? Staying in Vegas I assume.

[Half Smoke]

you guys are so effing lucky to be able to own nice homes at those kind of prices. where I live, a suburb of DC, the prices are inflated because of all the wealth here. new 3 bedroom condos (even some older ones if they're high rises and well maintained) go for over $1 mill. many homes that are nice, but not mansions push up well over $1 mill. nothing, absolutely nothing, even a house that is tiny and old and a fixer upper goes for less than 400K. but living in an area where there are so many wealthy people has its advantages (and no I'm not wealthy, I bought a long time ago and because it's a low rise condo it hasn't appreciated that much) - better roads, schools, shopping, restaurants, transportation, security, etc.

[Rob.Singer]

Kewl--too much info that may allow people to find your identity. I'd be a little more careful.

True, but it's almost as if he WANTS the world to know--or at least, believe in--all these strange and personal things he posts about himself. At any rate, his credibility level remains at an all time low simply because he's anonymous. And I really don't believe anyone gives a hoot about digging into his true name...which I've known since the day after he threatened to kill me, and which he knows. Either way, he's just another insignificant, anonymous self-proclaimed LV "AP" with "super anti-ID/anti-facial recognition" powers to the general forum public. To me however, he's just a little twit who's too scared to support his plethora of online BS.

[kewlJ]

I don't know how to explain it to you if you don't understand but I will try. I guess this is a sellers market right now meaning that more houses are up for sale compared to the amount of buyers and buyers have the advantage of picking and choosing. I guess more supply compared to demand. You can look that up under the Las Vegas/Nevada Real Estate Market right now online... those articles explain it better.

I understand supply and demand Monet, or thought I did. lol But prices being up while there is no demand (no one buying) is what you stated that didn't make sense to me. But that's ok. Well see what happens.

KJ, so without going into too much detail, are you just looking to downsize? Staying in Vegas I assume.

OMG, Yes I am staying in Vegas. I love Vegas. I bleed neon. From the time my plane landed on my first visit, I knew this was my home. (and it took several years after that for me to move here). I don't think I will ever leave Vegas, although someday (not now), I may buy a ranch or property an hour or so outside Vegas. I also could see myself someday having a second home somewhere else and splitting time, but I don't think I will ever leave Vegas.


Immediate plans are still up in the air, although we are going to have to really start planning now. My brother and I are going to continue to live together for now. We both play blackjack for a living. Partners actually splitting profits. We have discussed buying a condo or renting an apartment in a nice secure complex. I have concerns over buying a condo together as my brother is in his mid/late 20's and someday I would think will find a lady and settle down and want some privacy. I don't want to hold him back. But with no one on the horizon like that for him, we are both sort of in bachelor mode (slightly different though).

He also seems to have some interest on finding a place closer to the strip or even downtown, right in the thick of things. I have done that, and prefer a place a bit away from everything and want to be fairly close to Mom, who resides in Summerlin. Well see what happens. Best bet right now, is probably to rent a place that we both like.

[kewlJ]

True, but it's almost as if he WANTS the world to know--or at least, believe in--all these strange and personal things he posts about himself. At any rate, his credibility level remains at an all time low simply because he's anonymous. And I really don't believe anyone gives a hoot about digging into his true name...which I've known since the day after he threatened to kill me, and which he knows. Either way, he's just another insignificant, anonymous self-proclaimed LV "AP" with "super anti-ID/anti-facial recognition" powers to the general forum public. To me however, he's just a little twit who's too scared to support his plethora of online BS.

You are such a moron. Everyone laughs at you, but it really isn't funny, it is sad.

If I had "super anti-ID/anti facial recognition" powers I wouldn't have to work as hard as I do at identifying and playing within levels that different casinos tolerate. I could go hog wild betting much more and make much more money. You just continue to show your ignorance about AP play.


The rest of your post, just more of the Rob Singer alternative reality. Just complete non-sense. You don't know my name. I didn't threaten to kill you. You are just delusional.

More importantly you are irrelevant, which you hate. You and Alan have that in common. You think your trolling, attacks and name calling, somehow makes you relevant. It doesn't. It makes you a joke....make that more of a joke. But I am done even answering you. You ARE irrelevant and from now on I will treat you as such.

Crazy, UGLY cousin Eddie mooching electricity and internet off his kids. You probably raid their fridge when they are at work.

[Rob.Singer]

Kew you must take a ton of time trying to figure out what pretend story to write about your anonymous self. And now you threw in another whopper with the "little bitch brother" angle that we're apparently supposed to think is the normal, non-corrupted dysfunctional family member....after the weirdo partner and the nutjob mother, that is. And oh----junior is also a "bj pro"!

I know you're claiming I don't have your name or address but what else can you say except lie about threatening to kill me. And you also know why I'm keeping the info private. No one cares about you anyway--that's obviously the reason why you can't help yourself as you try to come up with a personal story or two that'll pique anyone's interest and make you feel relevant in your desolate world. If you weren't such a fairy chicken and accepted my physical challenge then when I stop by to greet you and the ebt clan before Christmas, you wouldn't be so terrified.

Tell me, does baby bro squeal like a stuck pig when worried sick too?

[Alan Mendelson]

Take the money and run. The Vegas market is so inflated it's doomed to have a correction. Besides that the peak home buying season ends in late July. Sell now or regret it later.

[mcap]

Seems to be a bill that was paid for with EV no?

[LarryS]

You have a home with otions thatpeople want including the upgraded cooled pool.

Unlike some people looking to sell, time is not of the essence. You dont have another home being built that you need to move into by a certain date. Or you dont have a job moving you by a certain date.

You have all the time in the world.....at least thats how you should present it to prospective buyers.

Dont tell them you want to move on...as far as they are concerned you will sell your home and get the price you want even if you have to wait a few months.

You hold all the cards in this market if you have a couple of people interested. Let them get in a bidding war.

I remember when i moved to Ca in 1999, I was riding around with an agent, looking at homes with my wife...and I asked her when we find a house we like ..how much can we generally bargain down the price. And she laughed and said......houses are selling above asking...and that i will be lucky if i get the house at the asking price. What a shock compared to the NJ market that I left.

When you get a market like this and you dont have alot of pressure to leave quickly.......play the game to your advantage. Just like when you have a favorable shoe...dont let up. ..or settle........get as much as you can under the conditions that prevail.

You dont seem strapped for money so if you find multiple people who love your home....and are willing to give a bid so soon.......jump on the opportunity to not give in.

[kewlJ]

Just a quick update. In the last 7 days, I have received 5 offers from 3 different parties. I just got off the phone with the realtor and told her to accept the last offer, which is just a tad over my asking price. I am really very happy getting this price.

I do feel like if I really wanted to milk the situation, I could hold another open house or two, have more people tracing through my house, and quite possibly generate more interest and offers, but I really don't want to do that. I want to move on and am ready to do so quickly. The final offer is from a young family, who is pre-approved for a mortgage of the amount they will need and they want to have closing before the school year starts, which is the end of August here in Vegas. I don't know if that is doable, with inspections and all, but that would be awesome. I am really ready to move on to the next chapter and home. Next, sort of immediate project is finding that next home.

[kewlJ]

Seems to be a bill that was paid for with EV no?

I guess I missed this comment, mcap. Great point, though!

[mcap]

Your choice to accept an offer rather that wait a couple weeks yet. At some point those buyers would may move on to other properties if you don’t appear serious to sell. other buyers/buyers agents begin to wonder why a home isn’t selling in a normal timeframe, the exact same house listed at the exact same price may sell better if it’s been on the market for three weeks rather than three months because of that stigma. Obviously you’re not having trouble selling...just if your going to sell it’s time now that you’ve gotten that sort of offers and above asking price, it’s just time unless you’re pulling off market.

[Dankyone]

Yup...underprice the property and let it fly w multiple offers. I think that’s the right strategy when selling a house. People think there is something wrong with a house that has been on the market too long.

[kewlJ]

Things are moving very chaotic(ly) and quickly now. I officially accepted that offer as mentioned. The family wanted a quick settlement so they could start the new school year in their new home. Completely understandable, but who knew Clark County school district starts school so early. August 13. WTF?!? That is still the middle of summer! Poor kids. Settlement date first week in August. That doesn't allow for much time in finding a new home and moving.

Had house inspection on Monday which went very well. One very minor issue. Easy fix.

In the meantime, my brother and I have been looking at condos. I want a secure highrise building. He wants to be close to the action, either near the strip or downtown. I really don't want to be downtown, nor too close to the strip. We want 2 bedroom and 2 bath and that doesn't leave anywhere for out of town guests to crash (maybe the livingroom). We had almost decided we might have to rent short-term until we find somethings as there just is no time, when today he informed me he had 2 places he wanted us to look at tonight.

Ended up we signed an agreement to purchase a place tonight. I told ya things were moving fast...too fast for me. What the hell happened to my nice relaxing life of just a few months ago? Nice 2 bedroom, 2 bath highrise condo. Bedrooms on opposite side to provide for a little privacy. Really nice view of the strip, but not too close. Condo is currently empty, so we were able to get a very quick settlement date. also first week in August but several days before my house settlement. That is 2 weeks. Now all I have to do is scrape together the money.

Condo prices, like house prices have gone up considerably here in Vegas in last couple years. The condo is still less than the selling price of my house and I am going halves with my brother, but lending him part of his share. Since settlement on the condo is before settlement of the house, it will take all my available funds and then some. I literally have to spend the next day or two moving money around and cashing in 10's of thousands of dollars in casino chips. That is known as a chip inventory, for those who might not be familiar. Still may have to take a short-term loan from Mom for a week or so to cover moving expenses. And this means both my brother and I are on an unscheduled vacation from blackjack play for the next 3 weeks to a month. I mean seriously....where is my nice normal life of just a few months ago?