[English Breakfast]

Originally Posted by dexter75

This is excellent and exactly what I was betting on when I moved here from CA a few weeks ago. These prices are a dream. Check out the 8 minute mark where he starts showing some pricing. Literally over a MILLION less than they would be in Southern California.



https://www.youtube.com/watch?v=S7ZglYkZw-g

Yes, but you are living in Vegas, not Southern Calfornia.

I am not knocking Vegas too much, but we have a weaker job market, a less sophisticated culture, and a lot more drunks/hookers/con artists here compared to Southern California.

Add the beaches of Orange County, and there is no comparison. I lived in LA for 3 years, and it was great. I don't think I would do it now, after all the unconstitutional stuff going on and the terrible traffic/pollution. Southern California is still far superior to a somewhat boring and unintelligent Vegas community.

[moguldreamer]

Originally Posted by English Breakfast

Southern California is still far superior to a somewhat boring and unintelligent Vegas community.

The irony is thick.

[Willy702]

Originally Posted by ohio_peasant

Bumping a somewhat older thread, to inquire from the locals, as to whether it is still perceived that the local housing market is dropping, or whether it's stabilized.



An important consideration is state residency, for income tax purposes. In Oklahoma or Alabama, which were the examples that you cited, the marginal state income tax rate is not all that low. For higher-income earners, for example investors who have annual dividend distributions in their taxable accounts, the income tax may matter quite a bit more, than a few hundred thousand dollars difference in the market-prices of houses.

So the appeal would be to have an official domicile in Nevada, or maybe South Dakota, or Tennessee or Florida... and then, if one so desires, to move overseas.

Well there are a handful of no income tax states. Which one is cheap to live in? Paying a few percent in state income tax may be preferable to paying 25-50% more to live in a particular city.

This isn't about the appeal of one city versus another in terms of lifestyle. This is purely a transactional view of the world. Some people will certainly pay more to live in a place they prefer. I was just pointing out if cost is everything, as was the premise of the OP, then Las Vegas will eventually start being less popular because it is just on another level more expensive than it used to be just 5 years ago.

[Tarara Boomdea]

Originally Posted by johninvegas

The prices the guy quotes are great for you maybe not so much for others. And certainly not for locals, who can sell their homes for good money, but can't afford to buy an equivalent home to take it's place.

Equity vultures. That's what they're called.

[longviewJoe]

Originally Posted by ragabnh

With the projected state of the economy and Mortgage Rates, buying a house at this time in general is a bad idea unless you want to settle down for a long term, say 5 years or more. Even though it is high, rent makes more sense now a days.

Maybe and maybe not. "Experts" have been saying stuff like that for 7-8 years now. Eventually they'll be right but in the meantime some of us who "bought at the top of the market" had values double.

[Willy702]

I now get this realtor's videos in my YT feed and most of them are just so inane. He's the typical soothsayer saying since this never happened before it has to reverse and go way back down. Fair enough, people can have that opinion, but Las Vegas never sees normalcy in the housing market. And all those people buying in cheaper markets were waiting for prices to crash and then gave in and bought at "inflated" amounts which have only gone higher. I remember thinking who is going to pay $225,000 for a small condo in San Francisco back in 1997. It went all the way up to $1.9m at its Zillow peak, now its way down, $1.79m. Boy I'm so glad I didn't buy back then.

Bottom line, if you treat houses like stocks then fine go try to time the market. I don't think you will do as well as you think but feel free. If you want to buy a house because you want to live in it for many years then timing the market is almost always going to end poorly.