Home Buying in Las Vegas>Question Details

Jacedionne, Home Buyer in Las Vegas, NV

Our relator told us that houses are going for 10 -15,000 more than listing price, is this true? Is it that hard to buy a house right now?

Asked by Jacedionne, Las Vegas, NV Fri Feb 8, 2013

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21
Dawn Lane’s answer
First of all let me correct you in your terminology . We are not relators . The proper name is Realtor ,
Each transaction is different and no one can predict how much a property will go for over list price .
You need to hire a knowledgeable professional Realtor who understands the market , is a strong negotiator and someone who has built relationships with others to present your offer in it's best light .
Not only that but they must be able to educate the listing agent. There are many different options to consider .alot if Realtors just write contracts but lack skill and knowledge to represent a buyer . And a listing agent may not understand different ways to accept a purchase agreement or unwilling to be flexible .
Be sure to interview several Realtors before choosing one to represent you. Goodluck.
1 vote Thank Flag Link Fri Feb 8, 2013
Rrl2008 thanks for acknowledging the obvious . I did that to illustrate the point and you played right into it ! You are brilliant . Thanks : )
Flag Thu Feb 14, 2013
No Debbie what makes this so funny is that she wrote "alot" The poster made a typo she is just an idiot! "Goodluck" with your business, oh and by the way. "Good Luck" is also two words
Flag Thu Feb 14, 2013
I'm not looking to win fans or a popularity contest . I want to educate consumers to make smart choices that empower them . I'm the one who will tell you the truth not what you want to hear . Sorry you feel embarrassed about your profession . I am a professional Realtor who is proud of my profession and proud to represent educated clients who value my knowledge and expertise . I protect their assets and get them the best deals out their . I'm embarrassed that you are worried about speaking out and educating the consumer . Your only interest is to judge others and win fans . Good luck with that and let us know how that works out for you .
Flag Fri Feb 8, 2013
No I think that educating consumers on the proper terminology is a step in developing trust and sending the right message . the only wat that Realtors are going to differentiate themselves and create true value and respect is to educate consumers . I don't believe I embarrassed anyone by stating the obvious . I'm embarrassed that others do not stand up and defend our value as professionals . Guess that's what separates the pros from the amateurs . Thanks for your comments . When consumers are looking for true value I believe they look for leadership , someone who is willing to stick their neck out and speak the truth even if it means they aren't popular .
Flag Fri Feb 8, 2013
Do you really think correcting someone, and possibly embarrassing them, on an open forum is going to win you any new clients or fans?
Flag Fri Feb 8, 2013
Gotta love when uneducated and unlicensed people want to go public and hand out fake information. Hope you contact a pro for advice and REAL FACTS and not a "Realtor wanna be " :/
1 vote Thank Flag Link Thu Feb 14, 2013
Whether motivated or not if the home is priced right there will be multiple offers once it hits the market. Especially in the lower price ranged homes $150k and less. If the buyer wants to get their offer accepted over the other offers the must write a clean strong offer. The only way to avoid it is if you get to submit offers on pocket listings before it hits the market.

Best Regards,
Robert Adams
Broker/Salesman
The Adams Team at
Rothwell Gornt Companies
C:702-349-9175
O:702-932-8813
F:702-932-8826
RobertAdams@LVrealestateHELP.com
http://www.LVrealestateHELP.com
0 votes Thank Flag Link Fri Feb 15, 2013
The motivation of the seller is key to NOT overpaying even in this market. Big difference if someone needs to close in 60 days because they bought another house or are moving to another city for a job vs. someone waiting to see if some "desperate" buyer with make an out-of this world offer.

My buyers don't gamble. If the seller hasn't got the right motivation, there is another listing coming along that will be motivated.

David Cooper Property Management and Foreclosure Investor
http://www.lasvegaswinner.org 702.499.7037
0 votes Thank Flag Link Fri Feb 15, 2013
Read this link: http://lvrealestatehelp.weebly.com/#/20130115/how-to-get-you…

It is an article about "How to get your offer Accepted in this Hot Seller's Market!"

Here is the copied and pasted text from that link:

Las Vegas is currently in a hot seller's market and with inventory remaining very low (below the 5,000 mark) deals are getting harder and harder to lock down. You can read a thread about the competitiveness of the current market here:http://lvrealestatehelp.weebly.com/#/20121204/will-rising-pr…

With that being said, if you find a property that you want to purchase, it is important that you write up a clean, strong offer. Here are some tips to getting you offer(s) Accepted:

1.) Run the CMA (Comparative Market Analysis) and find out an educated estimated value of the property.

2.) Offer a strong purchase price. With homes selling around 10% above apprasisal value you will want to make your offer slightly above the CMA value. Offering less will get your rejected (NOT COUNTERED) 9 times out of 10.

3.) Always submit your highest and best offer the first time. Do not expect to start low and counter to a higher offer. With an average of a dozen offers on a property at any given time, listing agents are now only countering the best offer in front of them and then rejecting the others.

4.) Keep your offer clean. Pay your own closing closts, inspections, appraisals, etc. This will give the seller less items they have to counter. This will also show the seller and the listing agent that you and your buying agent are in tune with the market and it should make the process a smoother deal. When agents/buyers/sellers are not on the same page and in tune with the market it can cause problems once in escrow and the chances of closing the deal decreases drastically.

5.) Write up the purchase contract to purchase the property "As-Is". This means you can still get an inspection in your "Due Diligence Period" and find out the condition of the property. Do not expect the seller to pay for any of these repairs as you are buying the property "As-Is". If the repairs are minor than we advise you proceed and make the repairs yourself once you close on the property. If there are unforeseen major repairs then you can renegotiate the purchase price at that time or cancel escrow and get your EMD (Earnest Money Deposit) fully refunded. Again writing up the offer "As-Is" will keep your offer clean and less things for the listing agent/seller to counter.

6.) Submit your POF (Proof of Funds) or Pre-Approval Letter with your purchase contract so the sellers know you are capable of buying the property.

7.) This step is not a must but it does make your offer a little more competitive. Increase your EMD (Earnest Money Deposit) to slightly above the requested amount in the listing. For example if they are asking for $1,500 EMD give them $2,000. This shows them that you are serious about buying this property and you are willing to put more money down than the other bidders.

8.) Have your agent write an email or cover letter accompanying the offer explaining that you the buyer and them the buyer's agent are aware of the market conditions and have attached a clean, strong offer that includes: and list the items above that you have agreed to only because of the condition of the market ex: higher price, paying your own fees, as-is, higher emd, POF or preapproval letter, etc.

If you practice all of these steps when submitting your offers in the current market here in Las Vegas or Henderson you will have a better success rate of getting your offers Accepted. If you would like my team and I to represent you in purchasing your next home please send us what type of home you are looking for by filling out our Buyer's Form here: http://lvrealestatehelp.weebly.com/buying-real-estate.html If you need Sell your home please fill out our Seller's Form here: http://lvrealestatehelp.weebly.com/selling-real-estate.html

We hope this is informative and we thank you for your business!


Best Regards,
Robert Adams
Broker/Salesman
C:702-349-9175
F:702-932-8826
RobertAdams@LVrealestateHELP.com
http://www.LVrealestateHELP.com
Founder of The Adams Team at Rothwell Gornt Companies and LVrealestateHELP.com
0 votes Thank Flag Link Fri Feb 15, 2013
Buying a house in this market can be tough but it's not impossible and you don't have to go bid crazy. I agree with David that you should have them show you the numbers to prove what they are saying but most good realtors will anyway. Writting a lot of offers is key to getting a home at a fair price, especially for investors. If however, you are a retail buyer seeking a home and you want a fair price without over bidding, there are a number of other strategies that can help you. For example, 1. A Higher Earnest Money Deposit 2. Getting Fully Qualified - instead of pre-approved. Meaning providing ALL documentation to your lender Paystubs, bank statements, tax returns put it all together and have your lender ready to close a deal quickly 3. Finding several houses and writting offers on each. 4. Look beyond the paint, you may find a cheaper home, that you can upgrade later 5. Combine, mix and match strategies. It's a good idea to sit down with your agent and talk strategy. I may have one strategy for clients looking under $125K which differs from investors, which differs from someone looking over $200K ... You are looking for something specific and you should strategize for your particular needs. Remember, when you hire an agent there job is to explain everything to you to a point where you feel Comfortable and Confident that you are making an educated decision.
0 votes Thank Flag Link Fri Feb 15, 2013
The research available on the GLVAR website shows closed sales coming in about 102% of the asking price at the $150,000 median price. That 2 % comes to about $3000 dollars, not the $10,000 to $15,000. Please ask your agent to prove to you that sold price is $10,000 more than asking price. I just don't see it.

My investors are still closing deals below comps and listing prices. Got to find motivated sellers.


David Cooper Property Management and Foreclosure Investor
http://www.lasvegaswinner.org 702.499.7037
0 votes Thank Flag Link Thu Feb 14, 2013
Hey Rhonda,
Wow you’re a real charmer. I was just trying to offer the poster some honest yet encouraging words so they don’t get frustrated and give up looking for a home. I happened to stumble upon the posting because there is a really funny post down below, but decided to recognize the original question with my own personal experience, considering I have just traveled the path they are about to embark on. I don’t recall reading they only wanted answers from lead hungry realtors. Sorry my 6 years of university education doesn’t hold up to your 3 week online real estate class at Kaplan. It’s a shame you are so bitter with Las Vegas housing market. I here Home Depot is hiring, I am sure your wealth of real estate knowledge can help people find the plumbing isle. I am shocked to see that someone so pleasant doesn’t have any recommendations on their page. Don’t bother responding back I am not visiting here again good luck with your career!
0 votes Thank Flag Link Thu Feb 14, 2013
Hey I am in the middle of closing on a house right now in LV........Don't let anyone on here tell you that it's no problem I was looking from 150000-450000 wrote over 20 offers before I got one and well lets just say I am still waiting to close. However, I got one is the key here don't give up it just takes some time and don't settle.I am not a realtor or a broker or anything like that (just a house wife)but if you have any questions that you want my feedback on feel free to shoot me an e-mail
RRL2008@live.com

Just one warning most realtors won’t even bother with buyers under $400,000 they consider it too much work. So find one with many years of experience but not many listings they will make more time for you. Plan on ditching a few realtors along the way you can tell when they are getting tired of you. Remember be picky you’re the one living in the house not them.
0 votes Thank Flag Link Thu Feb 14, 2013
Sounds like you had a bad experience. Sorry to hear that.
Flag Thu Feb 14, 2013
The home could have multiple offers. In such cases some buyers will up their offer to a price above list...

I have had cases where a buyer bids above list price ,and does so without an appraisal contingency.

My advice to you, make your best and final offer, but do not get so attached to any one home that you end up OVER paying for it.


Much Success to You

Kawain Payne, Realtor
0 votes Thank Flag Link Wed Feb 13, 2013
What price range is your agent talking about? The under $100,000 houses are attracting all cash offers from investors and the deamnd is red hot
Right here on Trulia you can search for Listing Prices and Sold Prices in the neighborhood you like. Some people are paying more than list, some people are paying less.
The investors I work with are still getting deals closed below asking price. Keep looking for motivated sellers and take your time.

David Cooper Property Manager and Cash Flow Investments
http://www.lasvegaswinner.org
0 votes Thank Flag Link Mon Feb 11, 2013
You will need assistance to understand the Las Vegas market. A realtor /broker who works the Las Vegas market can help you navigate the labrynth of issues relating appraisal,list price etc.
0 votes Thank Flag Link Mon Feb 11, 2013
It depends on the purchase price range. But in general YES properties are selling for above appraisal value. Notice I said "appraisal value" not "list price". You need to focus on the appraisal value not list price. For example if the home will appraise for $100k it could be listed for $90k or it could be listed for $110k. A property that will appraise for around $100K will most likely sell around $110k in the current market due to low inventory and high demand. That would put the $110k listing selling at list price and the $90k listing selling for $20k above list price.

If you want to read more about the the current Las Vegas market and why inventory is low click here: http://lvrealestatehelp.weebly.com/1/post/2013/01/are-you-as…


Best Regards,
Robert Adams
Broker/Salesman
The Adams Team at
Rothwell Gornt Companies
C:702-349-9175
O:702-932-8813
F:702-932-8826
RobertAdams@LVrealestateHELP.com
http://www.LVrealestateHELP.com
0 votes Thank Flag Link Sat Feb 9, 2013
As you can see the answer is yes but sometimes its not that high, I just closed two today that we offered 3,000 higher on one and 5,000 on another , very clean offer. But I do disagree with the fact you should write contracts before you even look at the property. Even if its a brand new listing with 10 offers on it already , if they are going to hold out for higher offers, they still will even if you are the first one to get your offer in. And if your offer says subject to viewing the property and if your offer is close to another persons offer, they are going to accept the other offer since the person has already seen the house and knows they want it for sure . Also most good agents in town are not going to sit around wasting their time writing needless offers all day. I am to busy to play around like that. When I list a property , I also don't play games, get me a good clean offer and prove to me how strong of a buyer you are , we accepts and close it. I'm in the business to close homes not to see if I could get an extra 500 to a 1,000 dollars. It is very true that you need to be patient, most all of my clients get a home right away but I also have a few other tricks I don't share. Sometimes though , we get beat out and we need to keep looking. Patience !!! Good luck but sounds like your Realtor is advising you correctly .
0 votes Thank Flag Link Fri Feb 8, 2013
The issue right now is the very low inventory. We see multiple offers most of the time. The cash buyers /investors are the ones getting most offers accepted. The seller does not have to worry about a low appraisal coming in or the buyer falling out of escrow for whatever reason so they go with cash. There are possibilities with HUD properties. Owner occupied buyers will get the first chance in the bidding process. Sometimes you can do a 203K loan with the purchase to do repairs and some offer a little repair money. There are strategies that can help you bid. You need a agent who is savvy with the online bidding process. It is still possible to purchase a home in the current market. You must be a solid buyer and write a very clean offer. You must not get disappointed easy and do not give up.
Thank You
Suzie Marquardt
http://www.LasVegasForeclosureHelp.com
http://www.FastNevadaShortSales.com
0 votes Thank Flag Link Fri Feb 8, 2013
Yes - I have been selling Vegas for a long time and have lived here since 1972. Today's market is as competitive as it has ever been. New homes are the way to go to avoid the bidding wars that are commonplace in that $399k and below resale price range.
0 votes Thank Flag Link Fri Feb 8, 2013
Your realtor is frustrated just like you since it's a bidding war with more buyers than inventory and cash investors that are very aggressive with offers. Prices of homes in Las Vegas have increased by 27.5% between 2011/2012 for homes under $ 200K.

Keep in mind that the current prices are still BELOW constuction and you are still getting a great deal with low interest rate as low as 3.3% for owner's occupied.

If you are in the market to buy and want to take advantage of this low price market..you will have to be aggressive and quick putting offers. I am not sure what the near future will bring with the Nevada legislation meeting next week regarding the AB284 and how it's going to effect the market if changes will be amended. I really don't think that we will see large foreclosure homes being put on the market .

Remember..you are buying at a great low price and it's a great time to buy! To search for all the homes for sale in Las Vegas visit http://www.cvegashomes.com

Rena Levy
Broker/Associate
Realty Executives
702-612-7099
Cvegashomes@gmail.com
Web Reference: Http://www.cvegashomes.com
0 votes Thank Flag Link Fri Feb 8, 2013
Overall, this is true and it is extremely competitive. However, some sellers are fully aware that inventory levels are very low and demand is extremely high. Some sellers are over-pricing their homes b/c they think they just may find someone to over-pay for their house. It's a fine line and I'm sure your Realtor will provide you info and help advise on a case by case basis to help you make an informed decision.

My best advice is to be prepared to bring a clean, strong offer to the table right away, b/c if u don't, somebody else will. But it can be done and may just take several attempts at several different properties.

Best of luck! :)

Robert Steim
Easy Street Realty
702-622-4293
Rsteim@easystreetrealty.com
http://Www.robertsellslasvegas.com
0 votes Thank Flag Link Fri Feb 8, 2013
There are a very high percentage of homes going for 10-15k more. There are ways to maneuver what little inventory we do have to your advantage. It will usually not include looking at homes just on the market with all stainless in perfect condition.
We anticipate buyers will be in a better position as we get further into the year.
0 votes Thank Flag Link Fri Feb 8, 2013
Last week we had 12 offers on a $57,000 listing in the NE. Close to 10k over list got the house. We had three people call us as the listing agent to write the offer so they'd have an edge. We even had a Realtor turn down his commission if we'd take his clients offer. We ignored those people but I fear that other agents have less ethics. To answer your question, yes it's tough out there.
0 votes Thank Flag Link Fri Feb 8, 2013
Harder than you can imagine. Yes, homes are going for $10-$15,000 more than the list price. Nevada home prices are up more than 15% according to an article in the Review Journal and the prices are going up more than in any other state. So, here is the true picture: we led the market in foreclosures, we led in low prices and now we are leading in higher prices and faster appreciation.
0 votes Thank Flag Link Fri Feb 8, 2013
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