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One can purchase a home in many areas of the country for LESS than the cost of rent - and have a tax advantage that renters don't have.
Also, communities where there are higher percentages of owner occupants tend to be more stable overall.
Absolutely in agreement The key to finding these marvelous buys for less than rent however is in location! location! location!
Flyover USA might have certain pockets of affordability left, but there's a reason it's called flyover country right? Both US coasts are extremely desireable living areas and both extremely overpriced as they where at the very epicenter of the RE bubble.
Absolutely in agreement The key to finding these marvelous buys for less than rent however is in location! location! location!
Flyover USA might have certain pockets of affordability left, but there's a reason it's called flyover country right? Both US coasts are extremely desireable living areas and both extremely overpriced as they where at the very epicenter of the RE bubble.
At this point Las Vegas has a large number of homes that can be bought for less than their rent. Mostly nice and new and shiney.
At this point Las Vegas has a large number of homes that can be bought for less than their rent. Mostly nice and new and shiney.
Don't want to seem too negative buuuuut: There's a reason for that. LV is a barren desert wasteland with serious future water supply issues and a very limited pool of prospective employers; mainly casinos. It is uncomfortably hot thru-out most of the year. They could be giving away houses there for all I care, I'd stay away.
Don't want to seem too negative buuuuut: There's a reason for that. LV is a barren desert wasteland with serious future water supply issues and a very limited pool of prospective employers; mainly casinos. It is uncomfortably hot thru-out most of the year. They could be giving away houses there for all I care, I'd stay away.
You are just a living bundle of joy.
All of the SW including virtually all of Southern California is a barren desert. Deserts by the way are not wastelands. Just different. It has its own water supply and shares another with AZ and CA. and is developing a substantial in state source. All in all it has a sufficient water supply at the moment to grow to about 2.5 million and with the newer sources it will be able to handle well over 3 million. I would like some consideration at this time of perhaps limiting the population at some lower level but that is a hard sell.
With the present virtually shutdown of new construction it is likely that values will move up reasoably smoothly once the foreclosure bubble is handled. According to the county assessor historic appreciaiton is about 6 per cent. After all the mess though I would be looking for 4 to 5.
It has a substantial body of employers which would provide a much more stable base than say that possessed by the inland empire. It is blue color but its primary industry thrives and is unlikely to be challenged by anywhere else in the near future.
Well, I just put an offer of 20% below asking. The seller has already come down 7% since last summer, when I made an offer of 15% off that higher price and got turned down.
I wasn't going to make any (more) lowballs, and I told my realtor I will stop looking for now, but as I said, the seller called my realtor and said--make an offer, please.
All of the SW including virtually all of Southern California is a barren desert. Deserts by the way are not wastelands. Just different. It has its own water supply and shares another with AZ and CA. and is developing a substantial in state source. All in all it has a sufficient water supply at the moment to grow to about 2.5 million and with the newer sources it will be able to handle well over 3 million. I would like some consideration at this time of perhaps limiting the population at some lower level but that is a hard sell. .
Las Vegas growth depends on dwindling water supply
With the present virtually shutdown of new construction it is likely that values will move up reasoably smoothly once the foreclosure bubble is handled. According to the county assessor historic appreciaiton is about 6 per cent. After all the mess though I would be looking for 4 to 5.
Newsflash: When new construction starts shutting down due to overbuilding, high prices & lack of buyers the prices go DOWN not up.
Quote:
Originally Posted by olecapt
It has a substantial body of employers which would provide a much more stable base than say that possessed by the inland empire. It is blue color but its primary industry thrives and is unlikely to be challenged by anywhere else in the near future.
If by substantial you means casinos & brothels, then yes LV has a substantial body of employers.
I've submitted lowball offers and exactly what I knew would happen before I submitted the offer happened: my client was beat out by better offers. When you're in a competitive market, lowball offers waste a lot of people's time.
Hi, everybody. It's six AM, and I've been awake since five worrying that the seller will accept my offer!!!!
For anyone who thinks that someone like me is a greedy bottom feeder, you just have to realize how much I worry about money.
Because ... home prices might decline even further, and maybe much further. So , what if I pay 165 (Which is 42,000 below what they want) and housing prices decline next year so that I can't get 120 for this? And then stay that way for ten years? That might seem impossible, except that these houses sold for about 100,000 in 2000, and then, for all eternity before that, they sold for below 100,000!!
I can't really afford to lose 45,000 (can anybody?)
I can't guarantee that I will be in this house seven years--though I would like to be. I was laid off once, and I realize that, wow, sometimes it is impossible to find work, just impossible. People aren't kidding about that.
On the other hand: It is a beautiful house. The (finished) basement is big enough to accommodate everything I own in this world, and leave the rest of the house for me to enjoy. (It is an estate sale, so fully furnished with much nicer furniture than I have). I think at 160,000 it would be cheaper to buy then rent, or perhaps, it is the break even point (at the asking price, it would be cheaper to rent ...)
And also--they probably won't accept the offer ...
On the other hand, the bank offered me 4.8%. I thought I wasn't hearing correctly; I still think I must not have that right. Can that be right????? That can't be right ....
I've submitted lowball offers and exactly what I knew would happen before I submitted the offer happened: my client was beat out by better offers. When you're in a competitive market, lowball offers waste a lot of people's time.
...and this is a competitive market? in the last 2 months of last year more than a million people lost their jobs. i expect that another million retail jobs will go in the next 2. add banks which are finally behaving responsibly with their depositors cash, large scale pay cuts and huge RE inventories. i suppose dead cats do bounce but this 'bear market rally' won't last imo!
I just bought a short sale that was listed for $287,900. There are two other 4 bedroom homes in the community, same exact layout, listed for $289,000 and $336,900. Both with pools as mine is. The other homes are all three bedrooms and those are listed between $219,000 and $365,000. I figured I would start low and go up from there, not going higher that $250,000. If they wanted more, I was going to move on. I offered $235,000 and it was just accepted from the bank. No counter offer. I am so happy that they did except the $235,000 because I am also worried about homes going down more in the near future. I feel like we got a great deal considering this community holds their value. So, start low, have your maximum price and decide from there. You never know what is going to be accepted. Maybe the banks are finally coming to reality.
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The key to finding these marvelous buys for less than rent however is in location! location! location! 
That might seem impossible, except that these houses sold for about 100,000 in 2000, and then, for all eternity before that, they sold for below 100,000!! 
