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Housing Market How To's
Housing Market How To's

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AIR DATE: May 2, 2013

GUEST

Dave Tina, president, Greater Las Vegas Association of Realtors

Leigh Butler, home buyer

BY AMY KINGSLEY -- If you want to buy a house in Las Vegas, you have to move fast. That’s the best advice for prospective homebuyers who aren’t walking around with wallets full of cash, according to Dave Tina, president of the Greater Las Vegas Association of Realtors.

“Find a real estate agent that they get along with and feel is highly competent,” Tina said. “Know that that realtor will go out with them everyday a house goes on the market, the day the house goes on the market, and they will get a house.”

“When you find a house you like, make an offer immediately,” Tina said. “In today’s market, you have to be willing to buy right away. In Las Vegas, you’re ready to buy that day or that week and close a month later. Houses that come on the market are usually gone within a week.”

Home buyers called in to share their stories of woe, but Tina said that persistent customers will eventually find homes.

“I don’t think anyone is going to leave Las Vegas because they won’t get a house,” Tina said.

 

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    COMMENTS:
    While trying to purchase a house to live in, I found unless you offer 100% cash you are pretty much out of luck. I bid on several homes in the past months, only to be outbid by an investor with a full cash offer (in one instance lower than mine). I am preapproved with a 700+ FICA score. On the last property I offered 10% above asking price, 30% down and stated I would pay the difference between appraisal and sales price. I own two properties (would sell one, the other is my summer home) and a tidy sum in the bank. Another failed attempt. What is wrong with this picture? Yes, there is very little inventory to choose from in my price range and location. Investors are paying well over asking price, making the comps rapidly spiral upward. Fannie and Freddie homes are priced way above comparables. If/when they sell at these prices, won't that raise the comps, thereby creating inflated prices, only to eventually return us to a 'bubble' state? I quit looking, out of sympathy for my realtor who was almost as frustrated as I was. I'll just keep my little condo and spend my time hiking.
    SmithMay 2, 2013 21:00:56 PM
    I understand that if the banks release ALL of the distressed/REO inventory that we risk a situation where the market bottoms back out, but I find it outrageous that banks continue to make money on new loans for new construction, which has skyrocketed in price recently, while they can hold onto property that should be available for buyers. Additionally, in Las Vegas, if you have to rent because you can't secure a purchased home, you are typically forced into a one year lease, which makes it difficult financially to close on a home that you find at a moment's notice.
    VirginiaMay 2, 2013 09:31:57 AM
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