[olecapt]

Originally Posted by BlueGreen85

I do live here and I do have a job...this forum is not been very helpful thus far.

If I follow all this you are relatively young and gainfully employed.

In general you would be ready for a home buy. There will probably be no better time to buy in Las Vegas in your time. It may not be the absolute bottom but it is close enough.

Stretch a little. It will stand you in good stead 10 years out.

[JonathanLB]

Ignore airics he's basically just rude and annoying to everyone.

Yes it's a great time! You can never know when the absolute bottom is because by the time you find out, it's not the bottom anymore. So this is about as close as you can get. Any time this year really is great.

[airics]

Sorry if I came off rude but your other posts said you were interviewing at the cosmopolitan. I tell it like it is, period. Jonathans mad because his ideal purchase was not recommended by anyone except himself. Just a young money kid from la. Check the other posts. As for a purchase I would wait prices on condos are still up in the air and next to impossible to finance. Sorry again I didn't mean to be rude. I'm sure I'm one of the few agents saying not to buy yet

[fishordie]

Yo BG,

If you really are interested in purchasing get out there with an agent and have them show you properties in your price range. Get a feel for location Vs. price, quality vs. location and above all
ask as many relevant questions as you can. Once you get a feel for the location and price you are considering start to drive the area at different times of the day and night to see and hear what goes on in the neighborhood. Look for signs of other for sale places your agent did not show you, call the listing agent of the new property directly and set up an appointment to see the place. Ask this agent questions and see if you get the same answers. Compare pricing data for the area both real estate agents give you. compare their input on desirability of the area. Ask if they had sold any properties in the immediate area and if so ask them to compare this property with the one they previously sold. Have them take you to the home they sold for you to see personally and compare the exterior and street to the one you are considering.

You will need to figure out how much repair will need to be done. Are you good with your hands as far as construction and do you know how to work on houses?? If you need a great contractor you can P.M. me and I will provide one to you. Once you pick a home and before you make an offer He will come out and look at the house, provide a rough estimate for repair and a time frame. He is one of the few honest contractors out there and works his tail off.

As far as agents telling you how much the place is worth you will have to get some experience by just getting out there and seeing what is available and what actually sells. This will take months to learn. To do this go out and find a few homes you really like and just watch them to see if it sells quickly or stays on the market. Once the home actually closes escrow you can find out from any agent what it sold for. You can make a game of it by writing down an offer on a note pad, stick it away, and once the unit sells go back and compare the price you would have offered to what it actually sold for. Of course you will not be able to see if there were any perks offered by the seller in the price such as fixing certain items before sale at the seller expense, etc. but generally you will get an idea of how this thing works. Do this with more than one place as there are always anomalies.

For most folks their first home is the biggest investment of their lives and do not take the time to learn about their investment. And yes, a home is always an investment. Sometimes it is solely a monetary investments and sometimes it is emotional and many times, for those with knowledge it is a bit of both.

No one can predict a bottom to a market but all of us who take the time to learn can discover where the value price point is at the present time. Regardless if you have mad skills with your hands and can do your own repairs or have no skill yet will require a contractor, you still need to learn as many of the ins and outs of real estate as you can before investing your hard earned dollars. Once you know you have a feel for real estate only then should you jump in and make offers based on sound knowledge about the immediate area. Is the area mostly owner occupied or is it a rental area. Are there issues with crime nearby (Go to the police station and ask when they are not busy). What is the general look of the street you are offering on?? Old cars lying on the lawns, nicely maintained homes and yards, condition of the streets and sidewalks, etc. Just as importantly you can chat with any neighbors you see outside their homes stating you are considering purchasing the home down the street and ask appropriate questions to those who seem willing to answer. This is stuff almost no real estate agent can or is willing to provide you thus you need to do your own due diligence and discovery. At the end of the day the person who makes or loses money is you not your agent so the responsibility lies solely with you.

The above is just a starting point but knowledge along with cash are winners in this economy.

Best of luck

FOD

[logline]

Fishordie... I would have repped you, but apparently this message board thinks I've already repped you too many times before. :-) Nice post.

[fishordie]

Thank you LL

[Daveydoe]

Lol at every agent minus one telling you to buybuybuy

[vegas2005]

The time to buy is when the market trends upward for at least 1 year, and that is not happening. Things have not hit bottom based on the inventory, the lack of credit from banks, the unemployment rate still high, and the inventory that banks are hiding with lengthy foreclosure rates. My guess is that the market will be low for at least 3 more years, and closer to 6. Just a guess.

[eventusstultorummagister]

Originally Posted by vegas2005

The time to buy is when the market trends upward for at least 1 year, and that is not happening. Things have not hit bottom based on the inventory, the lack of credit from banks, the unemployment rate still high, and the inventory that banks are hiding with lengthy foreclosure rates. My guess is that the market will be low for at least 3 more years, and closer to 6. Just a guess.

That is indeed what rational thought would dictate but too many are blinded by greed. Squares who buy in a declining market and then crow about what a great deal they got make me laugh.

The L.V. R.E. industry pros that I confer with tell me that waiting another year is the "sharp" move.

[vegas2005]

Originally Posted by eventusstultorummagister

That is indeed what rational thought would dictate but too many are blinded by greed. Squares who buy in a declining market and then crow about what a great deal they got make me laugh.

The L.V. R.E. industry pros that I confer with tell me that waiting another year is the "sharp" move.

Thanks for the feedback.

My next move is a condo, cash. I am looking at the LVC Club, but the HOA is my concern.

Condos there are under 40k, and going down. But, that may have to do with the high HOA.

LVC Club is great inside, but the outside location is not that great.

Any thoughts?