[SportyandMisty]

Originally Posted by mre0609

... Now that I am closer to finishing grad school, and potentially moving, I am discouraged by all the posts about the housing market. It seems that if you do find a home on the market, it is snatched up by cash buyers. ...

It could be worse; you could be interested in moving here: In the Bay Area, million-dollar homes are torn down to start fresh

Back to discussing Henderson. One of the trends to consider is the Standard & Poors 500 index is up quite a bit in the time you've been in school. Below is a 5 year chart.

The implication for you is that while you've been in school investing in human capital (good for you, btw), people with stock investments have seen their portfolios increase in value. They can sell some of their portfolio, pay the tax, and have cash left to invest in real estate either by increasing the size of their down-payment or just paying cash outright. If you are like most grad students, you probably don't have a significant savings or investment portfolio, so you can't replicate their strategy.

The good news for you is that the economy in Las Vegas is still bruised. Many people are under-employed (whatever that means) and of course the unemployment rate is still too high compared to the rest of the nation. That means the local real estate market has room to improve if the local economy improves. So, if you can get into any real estate, you have a reasonable chance at riding it higher.

Also, since you are just now graduating, you can expect your own income to go up faster than the general wage level, as your early years in employment will entail significant OTJ training which makes you more valuable year after year.

[localinsight]

I would look into homepath condos.
They have to be owner occupied so investors wishing to rent & sell (technically) can't purchase them. That is what I did last sept.

[cowherjaw]

Originally Posted by airics

What do they say about armchair quarterbacks

True story. I've been watching your market from afar for about two years and I'm still not sure what is going on. I know prices seem to be continuing upward, but I just can't pull the trigger as prices seem to be higher than relative comps and I don't want to be the guy owning the most expensive place on the block. I will likely pull the trigger in the next 12 months, but I still need some more data to be comfortable.

[Danknee]

Originally Posted by cowherjaw

True story. I've been watching your market from afar for about two years and I'm still not sure what is going on. I know prices seem to be continuing upward, but I just can't pull the trigger as prices seem to be higher than relative comps and I don't want to be the guy owning the most expensive place on the block. I will likely pull the trigger in the next 12 months, but I still need some more data to be comfortable.

The Las Vegas median sale price has consistently risen since January 2012; with the exception of a small decrease from March-June 2013 that was negated by the rises in the following two months. Waiting 12 months doesn't seem likely to net you a lower sale price, just the opposite.

What have you seen the last two years that makes you think otherwise?

[airics]

Originally Posted by cowherjaw

True story. I've been watching your market from afar for about two years and I'm still not sure what is going on. I know prices seem to be continuing upward, but I just can't pull the trigger as prices seem to be higher than relative comps and I don't want to be the guy owning the most expensive place on the block. I will likely pull the trigger in the next 12 months, but I still need some more data to be comfortable.

i'll bet you a cheeseburger that prices increase another 10% or more this year....

[Onlyliveonce]

As a prior homeowner in NY I was purchasing my home here in the valley in the beginning of 2012. I was not too concerned about pricing tends as I had sold my home in the current market in NY first part of 2012 . I was looking to immediately purchase out here in NV so I figured it all evened out. My home out here is up significantly and my prior home back east has been stagnant since I sold.

[NDJeff]

I closed on my current SW Las Vegas house last July and I don't think the market has changed a whole lot since then. I think I was about a year late to catch the bottom of the market.

I was looking at around a $200k budget, and I wanted a one story house. I put in offers on around 10 different houses before I finally got one accepted, and I was offering list price. Going back to look at the houses I "lost", most of them sold to cash buyers for around $25k above list price. Since I wasn't a cash buyer there was just no way to compete.

[cowherjaw]

Originally Posted by Danknee

The Las Vegas median sale price has consistently risen since January 2012; with the exception of a small decrease from March-June 2013 that was negated by the rises in the following two months. Waiting 12 months doesn't seem likely to net you a lower sale price, just the opposite.

What have you seen the last two years that makes you think otherwise?

Originally Posted by airics

i'll bet you a cheeseburger that prices increase another 10% or more this year....

I think 10% is about right but that's not what people were saying earlier in the thread. Do you want to bet a cheeseburger on the 25% mentioned earlier where my delusional comment was aimed?

I'm waiting 12 months to see if the market is still acting unrationally and to get a better feel now that I'll be local. I see asking prices that I feel are greater than the home value so I keep looking. More importantly, I'm not buying for short term and money making. I'm looking for a place I like more than I'm looking for a great deal and I haven't found it yet at a price I want to pay. The fact that I'm leery about prices continuing to rise quickly is actually less of a factor but I can't ignore it.

[aardogfsu]

Originally Posted by Onlyliveonce

As a prior homeowner in NY I was purchasing my home here in the valley in the beginning of 2012. I was not too concerned about pricing tends as I had sold my home in the current market in NY first part of 2012 . I was looking to immediately purchase out here in NV so I figured it all evened out. My home out here is up significantly and my prior home back east has been stagnant since I sold.

-And Adios NY property taxes. High five.

[Onlyliveonce]

Agree . I was paying 12 k a year on a 300 k home in a so so area with overrated schools. Taxes seem to go up here around 90$ a year