Appraisals on my last 3 transactions were very encouraging. Is the Mesquite Real Estate Market starting to bottom out? Real estate is local - right down to the neighborhood. All 3 listings were priced well, right about where they should have been, in 3 different neighborhoods.
The appraisals were done by 3 different appraisal companies. On 2 of them, short sales and foreclosures were used as comps. The 3rd home is in a neighborhood with very few distressed properties.
All 3 appraisals came in at above the agreed upon sales price in the contract. 2 appraisers noted in their comments that the Mesquite real estate market, while previously declining in 2010, has begun to stabilize in the first quarter of 2011.
Good news for Mesquite - we have been seeing signs of this trend, with well priced homes and townhomes selling fairly quickly at very close to list price in several neighborhoods. Townhomes with a garage are very desireable right now.
But it is nice to see it in writing, with comps and sold data to prove that 3 local appraisers think the Mesquite real estate market is stabilizing.
Several subdivisions in Mesquite have shown signs of hitting the bottom - the real estate market is local, city by city, neighborhood by neighborhood. Buyers are beginning to realize that they need to act quickly when they see a home that fits the description of the home that they are looking for - other buyers are doing their homework, too.
I recommend that my buyers choose their neighborhood, look at the sold comps that I pull for the floor plans that they like.
Then we keep an eye out for the right listing. For them. That is my idea of a Neighborhood Watch.
Mesquite Nevada Real Estate Agent ~ ~ ERA