[kenco80233]

I am looking to buy a home in Las Vegas in the next several months. What is the best value,a new home or resale home?

[yellowsnow]

My vote is for resale. The builders are offering lots of upgrades that in the end aren't worth much if you have to sell. Also some of the new developments have add on LIDS and SIDS for road/common area construction that can really jack up the cost.

Investigate carefully!

[olecapt]

Dealers choice.

Resale is almost always the best choice economically. Dealers make higher profits than resellers and sell, in the existing market, above the market. You drop the spifs offered plus another ten percent when you buy new. New also has other costs like backyards and window coverings that can easily run through 20 to 50K after you get in.

On the other hand new is done as you want it. You get to break it in and shape it to your desires. New is generally more energy efficent than older and has brand new systems.

One other possibility at the moment is that there are flipper homes available in some areas. These are basically new homes, many never lived in, for sale for less than builder prices. You don't get to pick your own stuff but you also get the house a lot cheaper.

Discount spifs offered by builders heavily. Unless you can translate them into something like cash they are worth maybe 25 or 30 cents on the dollar. If however they pay your closing costs and mortgage payments for a year that is real.

[bull136]

Originally Posted by kenco80233

I am looking to buy a home in Las Vegas in the next several months. What is the best value,a new home or resale home?

None if you buy in this market you are asking for trouble it is the beggining of a bear market for a ton of reasons. Rent trust me we are renting for $1350 a month a nice 3 bed 2 bath in summerlin near the red rock if we bought 6 months ago first are payment would have been $2200 and the house is has dropped 30k to 40k . 1 more year and things will hopefully pull back another 10 to 15 %. than start insulting people with offers. Vegas supply 18 months ago was 2000 homes today 21000 plus. It will get worse do not let the realtors tell you different. Remember the stock brokers in 2000 talking up tech stocks yahoo $400 hit $10, just an example watch who you listen too.

[olecapt]

Not the question asked.

But just like a stopped clock is correct twice a day ... it is a nice renters market.

Financially it is clearly a benefit to rent. In other dimensions there are drawbacks. Many neighborhoods for instance have few or no rentals. High rental neighborhoods are often less than optimum. Noise, bad behavior etc. Really nice homes are seldom rented.

There are particularly good deals in the flipper areas where people are renting reasonably nice places at half the mortgage payment.

There is no significant risk to renting at the present time. A large appreciation of Vegas property this year is most unlikely.

[bjdennis]

My family and I are surprising my mother on a trip to Vegas. The family is a total of 27 people. (6 Family). We would all like to stay together. Looking for a place that is close to the strip

[Robustus]

Originally Posted by kenco80233

I am looking to buy a home in Las Vegas in the next several months. What is the best value,a new home or resale home?

Not sure why anyone would buy new right now. There are tons of very nice resales on the market that are only 4 or 5 years old. Not hard to find 'em in great shape, and they'll be considerably cheaper than a comparable new home.

[bledsoe3]

Originally Posted by Robustus

Not sure why anyone would buy new right now. There are tons of very nice resales on the market that are only 4 or 5 years old. Not hard to find 'em in great shape, and they'll be considerably cheaper than a comparable new home.

The OP posted that question almost 4 years ago.

I hope he didn't buy back them.

[Robustus]

Originally Posted by bledsoe3

The OP posted that question almost 4 years ago.

I hope he didn't buy back them.

Oh geez...didn't even notice the date. Heh...

[bay bridge]

Originally Posted by bull136

None if you buy in this market you are asking for trouble it is the beggining of a bear market for a ton of reasons. Rent trust me we are renting for $1350 a month a nice 3 bed 2 bath in summerlin near the red rock if we bought 6 months ago first are payment would have been $2200 and the house is has dropped 30k to 40k . 1 more year and things will hopefully pull back another 10 to 15 %. than start insulting people with offers. Vegas supply 18 months ago was 2000 homes today 21000 plus. It will get worse do not let the realtors tell you different. Remember the stock brokers in 2000 talking up tech stocks yahoo $400 hit $10, just an example watch who you listen too.

Sad to say, I have to agree with you. I own a house in Vegas. I put 20 down. I have a fixed rate and I purchased before the boom. The value of my home is at 80,000. I purchased my home for 210,000. Even though I make my payments I don't ever see Nevada's prices going back to normal especially with this high unemployment. You are better renting my friend.