The State Of The Market
If you’ve been shopping for a home this year, you probably know it can be vicious out there. Almost 1/3 of the homes recently sold to out of state buyers. Many of those buyers are coming from the West costal area. They have plenty of sale proceeds to pay over appraisal & that competition can be disheartening for locals & 1st time buyers.
Paying over appraisal doesn’t make sense & isn’t practical for many local home shoppers. For those relocating from a state with up to 13% state income tax however, doing so makes sense. This was especially true if they could close before June 1st. Doing so & spending 6 months & 1 day in our lovely Nevada could mean no state income tax from their former state this year. That date has passed & we may see a slow down from out of state purchasing, but we don’t expect to see a hard stop.
Unless Selling Before Buying, Perseverance Is A Must
I just had a wonderful couple shopping for a home. They didn’t have the benefit of a recent sale’s equity. Just savings from hard work, focus on the end goal, & a passion to push through our multiple offers competing with those out of state buyers & folks who’d already sold here. We viewed tons of homes together over a few months, but stuck with it.
Finally we found a great home with tons of upgrades, both mechanical & cosmetic, in a high demand area with a great school district. Few local buyers want to or can offer thousands over appraisal, my clients included. I knew my numbers well enough to tell them they could safely offer over LIST PRICE, not appraisal. I knew the appraisal on this home should come back supporting their offer.
Capitalizing On Unique Opportunity
Sure enough, the appraiser valued the home $10,000.00 more than we got it in contract for! I recognized certain aspects of this listing as potentially valuable to my buyer’s offer. The inspection was also clean; these sellers took pride in maintaining & upgrading their home. My buyer’s perseverance & hard work with me, seeing many homes & writing multiple offers on several tour days has paid off!
So, is the market shifting? In short, no. Some numbers a looking a bit better for buyers in general, but deals like these will not likely become the norm soon in Las Vegas. Hopefully what we will see soon, is a plateau of the rapidly climbing prices. I can’t promise every buyer will get an unheard of $10,000.00 in instant equity in this market, but wouldn’t you like to work with an agent who just made that happen? I know my numbers & I’ll use that ability to best assist you in your transaction also. You don’t need to pay over appraisal to get a beautiful home if you’re willing to work through the numbers with me.