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  1. #1
    Join Date
    Mar 2016
    Posts
    13

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

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    Are there any locals who can guide me on areas to look for in housing and such? My husband has to go to one other interview which he'd apparently have to really screw up to prevent him from getting this job. We'd be moving from Texas and it gets over 100 here so I know I'll still need to acclimate to the desert heat, but it's not as bad as if I was moving from up north.

    Is the housing market stable enough to buy and sell within a year or two without losing our butts? Any other advice?

  2. #2
    Join Date
    Dec 2015
    Location
    California
    Posts
    8
    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.

  3. #3
    Join Date
    Mar 2016
    Posts
    13
    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.

  4. #4
    Join Date
    Aug 2005
    Posts
    4,556
    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!
    Most days in life don't stand out, But life's about those days that will...

  5. #5
    Join Date
    Mar 2016
    Posts
    13
    Quote Originally Posted by Blueberry View Post
    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.

 

 

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