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snowpixie Profile
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are we in another housing bubble?


i live in Las Vegas, i'm trying to buy a house for my elderly parents. It's crazy.

Houses that are decent, get multiple offers
and you get in pricing wars that drive up the price.

i have been looking for 9 months now. I am so sick of looking at houses.
i thought with the shooting that maybe the real estate market had cooled perhaps it would correct itself price wise as well. Homes have gone up a average of 30k in the last 90 days.

Nope the market is red hot. Saturday the perfect house went up for sale. My realtor couldn't get a appointment to see it until today. It was that booked. Five realtors tramped through the home with clients while i was there. We went to put in a offer and my real estate agent told me the realtor for the seller already gotten multiple offers. My real estate agent told me i would have to put in a full offer and pay cash. In order to secure the home.

 

i don't have cash to buy a freaking house. This is crazy, here we go again. Last time i bought a home in 2003 we had to put our names in a hat and who ever got the longest straw got to buy the home.

Obviously, history is about to repeat itself.
What says you, about the real estate market in your city?
10/18/2017, 3:51 am Link to this post PM snowpixie Blog
 
Rigby5 Profile
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Re: are we in another housing bubble?


quote:

snowpixie wrote:

i live in Las Vegas, i'm trying to buy a house for my elderly parents. It's crazy.

Houses that are decent, get multiple offers
and you get in pricing wars that drive up the price.

i have been looking for 9 months now. I am so sick of looking at houses.
i thought with the shooting that maybe the real estate market had cooled perhaps it would correct itself price wise as well. Homes have gone up a average of 30k in the last 90 days.

Nope the market is red hot. Saturday the perfect house went up for sale. My realtor couldn't get a appointment to see it until today. It was that booked. Five realtors tramped through the home with clients while i was there. We went to put in a offer and my real estate agent told me the realtor for the seller already gotten multiple offers. My real estate agent told me i would have to put in a full offer and pay cash. In order to secure the home.

 

i don't have cash to buy a freaking house. This is crazy, here we go again. Last time i bought a home in 2003 we had to put our names in a hat and who ever got the longest straw got to buy the home.

Obviously, history is about to repeat itself.
What says you, about the real estate market in your city?





I am surprised because just a few years ago, Las Vegas was the very worst hit by the real estate collapse. I heard that with foreclosures and unfinished units, that there was only 50% occupancy in Las Vegas.

May I suggest that if occupied units are so hard to find, that you may want to consider contracting to get an abandoned, unfinished home, completed? You will find that if you can act as the contractor and supervise the carpenters, plumbers, electricians, etc., you can cut costs almost in half. You will also find that uncertified labor is much cheaper, and certified workers are willing to inspect and certify for very little.

As for paying cash, that is not hard to do.
All you have to do is be pre-qualified for the mortgage from the bank.
They still have to send their appraiser over also, but they often just do a drive by.
It can be done in just a few days, if your bank is willing.

Also I assume you have been looking on Trulia, Zillow, etc.?

Trulia link

Zillow link

Craigslist will also be less because no broker's fee.

craigslist link
10/18/2017, 5:13 am Link to this post PM Rigby5
 
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Re: are we in another housing bubble?


We live outside Ottawa, Canada. Housing is considerably cheaper here than in Toronto or Vancouver but greater Ottawa is now over a million people and there is just not enough housing for all the people moving here.

---
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"libido sciendi"..... the passion to know.
10/18/2017, 9:27 am Link to this post PM Noserose
 
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Re: are we in another housing bubble?


Housing around us has taken a turn, few are building new homes, older homes are no longer being retro repaired as considered "Too expensive" by those looking to purchase rendering many old homes unsaleable and relegated to destruction. As HVAC, insulation, electrical supply, fire detection/prevention aspects, types of more environmentally friendly construction, fears of Radon on old stone footers/foundations and or cracked concrete materials, expensive costs as to roofing due to pitch or number of peaks/vales even to cylindrical structure all have mounted to remove value in those old homes.

Millennials are not looking to buy larger homes, have no intention of buying a repair your own home with many looking to condos or apartments where they have no maintenance demands upon themselves other than costs and the yard work which has no draw either is shutting down many new home sites.
10/18/2017, 10:54 am Link to this post PM cooter50 Blog
 
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Re: are we in another housing bubble?


I suspect Las Vegas is experiencing the same circumstance as Sacramento, which is a low inventory of homes available for resale creating a seller's market.
10/18/2017, 1:29 pm Link to this post PM gopqed Blog
 
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Re: are we in another housing bubble?


quote:

gopqed wrote:

I suspect Las Vegas is experiencing the same circumstance as Sacramento, which is a low inventory of homes available for resale creating a seller's market.



you are correct in August there was 17% less houses for sale.


10/18/2017, 3:28 pm Link to this post PM snowpixie Blog
 
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Re: are we in another housing bubble?


"i don't have cash to buy a freaking house. This is crazy, here we go again. Last time i bought a home in 2003 we had to put our names in a hat and who ever got the longest straw got to buy the home.'

Very few people do, Snowpixie.
So have you got a pre-arranged mortgage approval ?

 emoticon
 I feel like I'm taking a risk here saying something so obvious to those experienced in buying real estate, but if it is part of your problem ... then pre-approved financing is part of the solution, too.

Best of luck.
10/18/2017, 5:42 pm Link to this post PM Geezess Blog
 
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Re: are we in another hever increasing demand.ousing bubble?


I live in a rural area north of Auckland, NZ. A little further north of here are houses that sell for 10% of the price of a similar one in Auckland. Houses near ours cost about half that of an Auckland equivalent.
Housing in Auckland is exacerbated by shortage of suitable land, suitable labour and ever increasing demand.
That sums up the problem world wide.
10/18/2017, 6:43 pm Link to this post PM Yobbo
 
snowpixie Profile
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Re: are we in another housing bubble?


quote:

Geezess wrote:

"i don't have cash to buy a freaking house. This is crazy, here we go again. Last time i bought a home in 2003 we had to put our names in a hat and who ever got the longest straw got to buy the home.'

Very few people do, Snowpixie.
So have you got a pre-arranged mortgage approval ?

 emoticon
 I feel like I'm taking a risk here saying something so obvious to those experienced in buying real estate, but if it is part of your problem ... then pre-approved financing is part of the solution, too.

Best of luck.



i gave my real estate agent an pre-approval letter from my bank months ago. Apparently you have to do that first before anyone will show you a home.

  we found out today that there were four offers presented to the owner before we even saw the house. (This house was on the market a total of 3 days) My real estate agent
couldn't even get the other real estate agent to return his phone calls until today, and sadly the call was just a formality to say that the house was sold. They will keep us in mind if the house falls out of escrow. Blah Blah Blah.



Last edited by snowpixie, 10/19/2017, 2:11 am
10/19/2017, 2:10 am Link to this post PM snowpixie Blog
 
Rigby5 Profile
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Re: are we in another housing bubble?


quote:

snowpixie wrote:

quote:

Geezess wrote:

"i don't have cash to buy a freaking house. This is crazy, here we go again. Last time i bought a home in 2003 we had to put our names in a hat and who ever got the longest straw got to buy the home.'

Very few people do, Snowpixie.
So have you got a pre-arranged mortgage approval ?

 emoticon
 I feel like I'm taking a risk here saying something so obvious to those experienced in buying real estate, but if it is part of your problem ... then pre-approved financing is part of the solution, too.

Best of luck.



i gave my real estate agent an pre-approval letter from my bank months ago. Apparently you have to do that first before anyone will show you a home.

  we found out today that there were four offers presented to the owner before we even saw the house. (This house was on the market a total of 3 days) My real estate agent
couldn't even get the other real estate agent to return his phone calls until today, and sadly the call was just a formality to say that the house was sold. They will keep us in mind if the house falls out of escrow. Blah Blah Blah.




Try FISBOs, (For Sale By Owner), you can save 6% broker commissions on a sale like that.
You still need to spend $400 or so on a lawyer to wrote up the contracts, and you need hire your own inspector. But not hard to do.

Also pick your area very carefully.
When I look at the over all market trends in Las Vegas, on Trulia, I see many areas went up $25k just this year. But many of the dark green areas did not.

https://www.trulia.com/real_estate/Las_Vegas-Nevada/market-trends/
10/19/2017, 2:34 am Link to this post PM Rigby5
 


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