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
Virginia Hepp ~ Mesquite Realtor 
Oh my gosh, that is SUCH good news, Virginia! Now, can you send those same appraisers our way?!! ;-)
Hi Vigirnia, Did the appraiser ask the listing agent, if the property was under priced? Just kidding. Wish you good luck.
Virginia,
It more and more looks like this trend is not just in your place, but that it is a trend. Watching it carefully
Good news for you Virginia! I hope the Mesquite market has a great spring!
Just stopping by to wish the women in our lives Happy Mother's Day!
Sorry, Debe, these guys are not going anywhere. :)
Kwee - Hmmm.....
Jon, this is the first time in over 5 years that an appraisal came in over contract sales price. I am watching some the neighborhoods - I hope it is a trend that lasts.
April - I am hoping to see more of this!
Russel - Thank you for the lovely flowers.
HI Virginia,
Good for you, and we agree with you that good news is much more productive in any local market place....