[vxflyboy]

History says if you are planning to stay (here) for a long period of time the best option is to buy (condo or house). However, don't "over buy". Find a nice smaller house or condo. Just my opinion

[MollieW]

Right now is a good time to buy. Think of the tax right off for your interest and the fact that houses seem to be going up. Don't wait until it is too late

[Caltovegas]

Look at the numbers and just make a decision. If you have the money and can afford it then buy, if not just keep on banking the cash and buy when your ready.

[jd10025]

If you're feeling uneasy about it, it's probably best to rent. Live below your means. You're a single mom, you probably don't want to worry about maintenance and the other headaches about home ownership. They're a lot of good deals in rentals in the LV area.

[logline]

It's still cheaper to buy than rent... even with the recent jump in prices. There are still some amazing deals in some good neighborhoods. Nothing great lasts forever. The worst thing would be to get locked out of the market forever because prices get away from you due to the coming inflation. The Fed is pumping money into the system at a rate of $1 Trillion/year. Once the velocity of money begins to accelerate, you're going to wish you had an inflation protected asset like a house.

[mchlkirk7]

Hi Crystalyoom,

I agree that if you plan to stay here a long time, then buy now - interest rates are at historic lows right now.

At the same time, buying a home is a bit scary to me too, since taxes, HOA fees, maintenance costs, repair costs, and insurance will all increase with time, and, if you don't know how to fix anything and have a $10,000 bill for plumbing, roof, a/c and/or electrical, this could leave your family bankrupt and perhaps homeless if you do not have emergency reserves, so these are my suggestions:

to ensure stability for your children, and to live in the same place for many years while they are in school:

1.) buy a home (house or condo) and have $10,000 in a housing emergency fund already set up before or shortly after buying. yes, buy the smallest, most energy efficient home possible for your family - electric bills can be pricey! And, get a home warranty.
2.) if this in not posible, rent a three bedroom apartment in a safe area of town, near good schools, with free computers, swimming pool, gym, community activities for children/families, party room etc, so you can make it as fun as possible.

If you rent a home or a condo, that owner could choose to sell or may get foreclosed upon and then you will be moving your children from their stability.

We plan to buy soon and we will have the $10,000 emergency fund, just in case, but hopefuly we will never need it! Also, we plan to add $150 extra every month to the fund - if down the road we are comfortable with the amount in the fund, we may use a small portion for something fun in town or a vacation. Hopefully, we will have so much in the fund one day that we can pay off the house!

Hope this helps and best of luck!

[Packrat1]

To protect against catostropic expenses you should seriously consider a home warranty. They run $550-$800 a year. They give you a price break if it is included in closing by your realtor.

If you get the right plan you will be covered for A/C, furnace, laundry, Refrigerator, heat pump, pool equipment ect.. I have had one for 4 yrs and every claim I have had was paid. This is something you really need to do if you buy a house. I have two rentals and both have home warranties and I wouldn't be without them.

[tbill618]

There are a lot of real estate threads on this board. This is one of the longest and here is a recent one.

Do a little research and you will find that cash buyers are making it difficult for anyone with a conventional loan to buy on properties in your range. Also, varying opinions on whether there is a huge amount of inventory of near-foreclosed houses.

One thing everyone agrees on is the bottom was in the spring of last year and prices are up sharply from there.