[GoreeGal]

I thought I would be buying around 200. Now my accountant says i should be able to afford 3-400 I want a pool, 2400-3000 ft and a nice sized yard. Where should I buy this home in Vegas or would you buy that price right now? Wondering if the lower interest rate will drive up prices out there and if I should bite the bullet and buy now or set it out 6 months. Hate to rent and lose the tax advantage/

[olecapt]

Originally Posted by GoreeGal

I thought I would be buying around 200. Now my accountant says i should be able to afford 3-400 I want a pool, 2400-3000 ft and a nice sized yard. Where should I buy this home in Vegas or would you buy that price right now? Wondering if the lower interest rate will drive up prices out there and if I should bite the bullet and buy now or set it out 6 months. Hate to rent and lose the tax advantage/

Your call. I personally believe that the only answer is what you want to do. I see little or no risk in buying now and I see little or no risk in waiting six months.

We are not at the bottom. It is still going to go a little lower...but it is unlikely to be very much. I see no botton/turnaround until we run out of REPOs and that is clearly not any earlier than someplace next year.

On the other side of it some of the larger home deals are exceptional. You can buy a pretty nice house right now for 300 to 400K. If you find ones that turns you on I see no risk in the purchase. The good buys are so far off rational pricing that you are almost certain to do very well as the tide turns and things begin to normalize.

I suggest you go towards the upper end of your range. Particularly if you want a pool home. Pools get scarce as you get to the lower ranges. I also believe the more expensive houses are going to recover better and quicker. The neighborhoods are not hit as hard and not loaded up with renters/investors .

[kwm03160]

Originally Posted by GoreeGal

I thought I would be buying around 200. Now my accountant says i should be able to afford 3-400 I want a pool, 2400-3000 ft and a nice sized yard. Where should I buy this home in Vegas or would you buy that price right now? Wondering if the lower interest rate will drive up prices out there and if I should bite the bullet and buy now or set it out 6 months. Hate to rent and lose the tax advantage/

I spent over 300K for my house in Aliante. Real estate should be a long-term investment, not short-term. In the long-term, it is a good investment. If you are not looking for a short-term gain, I would buy now. You can never tell what will happen in the mortgage market in the future. Also, it's never a good idea to buy a house just for a tax advantage.

[Daddys///M3]

6 months of interest rates averaging 0.5%-1% lower will not drive up prices, especially in that mid-level segment of the market. Although the money is becoming cheaper, the underwriting standards remain very tight, unlike before. The only real pressure I'm seeing right now is at the entry level price points. Right now $400,000 will get you 3000 sq ft, possibly 1/4 acre, pool and spa, 3 car garage, and a very nice area. I'm actually getting my ducks in a row as I plan on making another purchase within about a year or year and a half. The timing on my plan has everything to do with putting myself in the proper financial position though and nothing to do with where I think that the market is going.

[MomMom]

BUY only if you plan on living here for a long while. If there is even the slightest possibility you may have to move away in the near future...continue to rent.

So many people nowadays are so bitter because they bought their homes at inflated prices during the housing craze and had planned to sell it/move in a couple years expecting to make a good profit...

The real estate market WILL recover, (but not at the levels we saw during the housing craze...) and it's going to take time. Don't go into it if it's not for the long haul.

Many good choices for you all over the valley,in Las Vegas, North Las Vegas and Henderson.

Depends on what city...and where in the valley you want to live/work..

Much good luck to you!

[GoreeGal]

Thanks for the comments. Makes logical sense. Is Summerlin somewhere the price range works in?

I will be in for the long haul so just curious what the experts were thinking about pricing in Vegas.

[Daddys///M3]

Originally Posted by GoreeGal

Thanks for the comments. Makes logical sense. Is Summerlin somewhere the price range works in?

I will be in for the long haul so just curious what the experts were thinking about pricing in Vegas.

Real Estate Listings and Single Family Home for Sale - Realtor.com

19 listings in Summerlin that match your criteria. If you expanded your search to other areas you could probably find a bit more inventory and maybe a couple of more attractive deals.

[GoreeGal]

Originally Posted by Daddys///M3

Real Estate Listings and Single Family Home for Sale - Realtor.com

19 listings in Summerlin that match your criteria. If you expanded your search to other areas you could probably find a bit more inventory and maybe a couple of more attractive deals.

Where would you suggest if I expand areas? Like the concept of attractive deals.

[Daddys///M3]

Real Estate Listings and Single Family Home for Sale - Realtor.com

24 listings available in the southwest area that fit your criteria. At the upper end of that price range they are a bit larger than the Summerlin listings, however it appears that the lots are smaller. In my opinion the best bang for the buck right now is in the new North Las Vegas or in the northwestern part of the Las Vegas valley. These areas along with Southern Highlands and Mountain's Edge were hit pretty hard with foreclosures. However the tradeoff is infrastrucutre, amenities, and commute times. You should see larger lots in the fringe communities though.

[Golfinnova]

Originally Posted by GoreeGal

Where would you suggest if I expand areas? Like the concept of attractive deals.

Look at the NW where there are plenty of homes on the market with pools. Olecapt is very knowledgeable since he works in the field.