[airics]

1. Scoop you're paying too much on insurance...mine is 360. Do me if you want the name.

Bb..my interest rate is below 3%

and again everything is included in the rent..

and how about comparing new York vs Vegas appeciation... I gave the info

[ScoopLV]

Doesn't matter. If we lower insurance premiums, the "rent, don't buy" crowd will insist that isn't realistic. I went with a 3% mortgage, because those were easy to get in 2007.

Furthermore, the "rent, don't buy crowd" insist that everyone pay the monthly mortgage payment every month for 30 years. I don't know anyone who does this.

Even with numbers skewed heavily in favor of renting -- using the worst-time to buy in 2007, financing the house, having an HOA, etc., buying beats renting. And the houses purchased in 2009-2011? Now we're into "no-brainer" territory. It was not hard to get a decent house in my area for $100K. It's not hard to get these same houses for $140K today. The only reason anyone would continue to rent when they could've bought the place for $100K is that their credit was in the toilet. Or that they took the advice of the "rent don't buy crowd."

(PS -- I'm happy with my policy, even though I spend more for it. I'm happy to pay a little extra for the "everything gets put back the way it was with no quibbling" policy.)

[airics]

Can't say how decent my policy is. Never had to use it

[boboluv]

Originally Posted by ScoopLV

Even with numbers skewed heavily in favor of renting -- using the worst-time to buy in 2007, financing the house, having an HOA, etc., buying beats renting.

bbmw just clearly demonstrated that that is not true using specific numbers. if you're going to refute his detailed post, you're going to have to address it directly.

Originally Posted by ScoopLV

I went with a 3% mortgage, because those were easy to get in 2007.

really?

[ScoopLV]

Originally Posted by boboluv

bbmw just clearly demonstrated that that is not true using specific numbers. if you're going to refute his detailed post, you're going to have to address it directly.



really?

At worst, seven years of owning with the worst-possible numbers in Las Vegas is so close to being the same as renting as to not be a big deal. With realistic numbers -- paying down principle and making the interest go away -- it's an easy decision. And once we start talking about buying anything post-crash, we're into no-brainer territory and I haven't seen anything from BBMW or "Mr. New Screen Name Every Other Day" which addresses "no-brainer territory numbers" of a 100-150K house (nice place in a nice neighborhood) compared to renting for $1,000 per month.

Hell, worst-case financial figures, the people who bought in 2007 can simply wait another year or two and the numbers will start working for them. My break-even point (buying at the worst possible time and taking a big equity hit vs renting the same house) came in 2012 when the market finally started bouncing back.

As for 3% interest mortgages, yes, they were easy to get in 2007. Of course, the days of the "mirror test" and stated income were long gone. But the mirror test and stated income were the problems in the first place.

I'm not trying to debate that people with no credit, no savings and no income should be allowed to purchase a million-dollar house with a stated-income ARM because it beats renting. Those people rolled the dice a decade ago (banking on endless appreciation) and lost. But even the homeowners who financed traditionally in 2007 have already hit the break-even point, or they're coming up on it.

This city has been so brainwashed by "short sell it today" and "just walk away and foreclose" -- seriously, have a look at the billboards on I-15 -- that we have discounted the alternative of "ride it out, at least you're not renting and will eventually own it."

[aardogfsu]

God bless all you renters out there...

LOL.

[robojester]

Are we going to return to the market info soon or just keep arguing whether to rent or not?

Right now buying is not much of an option for us. I may as well quit reading this thread

[observer53]

Originally Posted by robojester

Are we going to return to the market info soon or just keep arguing whether to rent or not?

Right now buying is not much of an option for us. I may as well quit reading this thread

This thread has cycled into, and out of, a rent vs own discussion before. It should cycle back out soon.

[strato58]

Been away for awhile. What is happening with the Vegas real estate market now? Still thinking of a possible move west but not sure. Is the market still appreciating or has it stabilized? Thanks for the info.

[LuisSuarez]

Originally Posted by strato58

Been away for awhile. What is happening with the Vegas real estate market now? Still thinking of a possible move west but not sure. Is the market still appreciating or has it stabilized? Thanks for the info.

Prices are simply reverting to the historic norm after falling far below the affordable level. Another 10%-20% rise in 2014 is a given. With so much money pouring into vegas prices will rise a great deal higher before a bubble forms.