The real estate market in Las Vegas is quite crazy right now. I am becoming frustrated in searching for our next investment property that I wanted to look for Sandy Utah homes for sale instead.
Even my realtor agrees that the competition is quite stiff in this current market. There are more buyers who are looking for houses than there are sellers. It is probably because the prices of real estate properties are increasing again and everybody wants to buy a property while it is relatively cheaper.
To show how crazy the market is, let us take for example a property that we found on Ferrell Street in North Las Vegas. It was listed on March 2, 2013, Saturday, sometime in the afternoon. We drove by the property the next day (Sunday) and since we liked the location and the house, we emailed our realtor to schedule a walk-in, as soon as possible. Come Monday morning, our realtor told us that the seller is not accepting offers anymore because they already accepted an offer.
Crazy, right? It took just three days for the sellers to pick an offer. The timing (the listing was posted on a weekend) and the swiftness of the decision (they already accepted an offer on Monday morning) made me wonder if the lenders of this short sale property (or the owner himself) know that there were many people who were not able to bid on this property.
There is also this seller who did not provide a lockbox for the property he is selling. Although the listing showed some promise for the house, we cannot just give a blind offer. It is true that we can inspect the property after bidding but that will already be a waste of time if the property does not turn out to be what we really wanted (which could have been avoided if we had a walk-through before offering). Besides, we might also be paying for the appraisal and that money will just go down the drain if the transaction does not push through.
After getting frustrated with how my house hunting efforts remained unrewarded, I decided to take a break yesterday and today from looking over all those property listings. I hope tomorrow will be a lucky day.
Were there also times when you really wanted something and then nothing goes according to your plans? So frustrating, right?
Disclaimer: This is a sponsored post however, all thoughts and opinions are 100% mine.