In the market today you can find a lot of good deals. Prices in Clark County have lost between 15% and 25% of value. This does not necessarily mean that every seller is facing this kind of a hit from the crazy days pricing of a few years back. Good houses, in good locations, on good lots, that are staged to standards that appeal to the widest range of buyers still bring top dollar, and often multiple offers.
Think about this when making your offer. We have seen some disappointed people who were determined to get a “good deal” try to low ball a good house and then end up in a bidding war with the shortest straw. Perhaps twenty percent off 2006 prices might be the best deal anyone would get on a “good house.” Be happy with it. Here’s a clue: if you are in a bidding war in this market, you are making an offer on a “good house”. Stay in.
Much of the noise about the purchase of real estate is about price. As I have said before a house on the interstate ramp will always be a bad house in any market. When the market contracts, the value of the I-5 house heads south at a faster pace than the rest of the market and when the prices head north, the same house will never reach values of similar houses not positioned on the off ramp.
If you are tempted by the $/sq ft price of a bad house don’t forget how this will affect you in five years. This may be one you could low ball and be happy when you don’t get it.
