According to Trulia, Las Vegas homes are not just undervalued, they are the most under valued in the United States. The Las Vegas housing market is under valued by 24% according to the study. I could not agree more as I am seeing this everyday. Multiple offers well over list price are normal in the current real estate market here in the Las Vegas valley. Buying a home is not an easy task. In a normal market you would go find the home you like, negotiate the price and be done. Now finding the home is most of the battle. Just this week I experienced a situation where I presented my clients offer in person in hopes of winning over the other 13 offers.
Some people will argue that with prices going up that this is another housing bubble. Jennifer Robison at the Las Vegas Review Journal said it best "The only bubbles in Las Vegas are in the nightclub champagne."
If you want to purchase a home, you need to be aggressive. Don't pay attention to the list price. Go based off what you feel the value is and comparable sales in the area. Unless you are paying cash, you will need the property to appraise at the sales price in order for you to get a mortgage so don't be afraid that you are over paying. In some instances the appraisals are coming in low but sit down and review the appraisal with your agent. You may still be better off paying the appraisal difference in cash than starting the race to find another home. As long as Las Vegas homes are undervalued, expect multiple offers and sales prices well over the list price. It is a great time to be a home seller. To buy or sell a home in the undervalued Las Vegas home market use this link.
No comments:
Post a Comment