We may be moving to Las Vegas (local advice needed)

[Greenbike]

Not sure this is helpful, I have a distant family member who purchased a home in 2007, he is still underwater in his home. However saying that I think the houses are no longer sky high priced, so if you do buy you perhaps are buying at a low enough price that is more affordable. Saying that, you might not really make a profit on the home if you are planning to sell and move in 2 years as it won't increase in value as quickly. Hope this helps.

[Sammie]

Thanks. Every little bit of info helps.

I don't necessarily need to make a profit. Just don't want to lose money. I'd rather buy and pay towards equity than just throw it away on rent if that's possible.

[Blueberry]

I think the general rule of thumb is break even in 4 years. The costs associated with a closing have gotten really high (attorney's fees, mortgage application fees, inspections, etc.). Around here, it is very hard to sell without a realtor - so you would have to see 6% appreciation plus enough to cover those fees to break even in a year. I debated whether to try it for med school (4 years) - there is no way I would try it for 1 in a volatile market. We have owned and sold 3 houses, and have profited nicely on one, broken more or less even on 1, and lost our butts on one. I know that isn't specific to Vegas, but those are all things you should think about. Good luck whatever you decide - moving is always stressful!

[Sammie]

I think the general rule of thumb is break even in 4 years. The costs associated with a closing have gotten really high (attorney's fees, mortgage application fees, inspections, etc.). Around here, it is very hard to sell without a realtor - so you would have to see 6% appreciation plus enough to cover those fees to break even in a year. I debated whether to try it for med school (4 years) - there is no way I would try it for 1 in a volatile market. We have owned and sold 3 houses, and have profited nicely on one, broken more or less even on 1, and lost our butts on one. I know that isn't specific to Vegas, but those are all things you should think about. Good luck whatever you decide - moving is always stressful!

Part of our relocation package, they cover closing and realtor costs.