Re: Buying a first home: Las Vegas
good2cu,
i would be very, very careful about this. let me preface this by saying i am not an expert, but i've done some reading on the subject, taken a few RE courses in college, etc.
the prices look great now, compared to how they were at the peak of the biggest real estate bubble in our countries history just a year ago.
the way i see it, things aren't THAT bad right now. yeah, prices are certainly cheaper than they were, but i'd wait till we started to see the decline in prices in Vegas flatten a little bit before jumping back in. Prices are significantly lower than they were 6 or even 3 months ago, and I don't think anyone really knows when that is going to stop. i read about quite a few people saying "my house lost X value, but it will bounce back so I'm just going to ride it out for another 6-12 months." Assuming this doesn't happen, there's going to be another surge of motivated sellers, selling at much cheaper prices than you can find today, in another year+.
I am going to look to buy in Las Vegas in 18-24 months if the market continues to soften and I can get a summer home for 40-50% cheaper than they were in 2006.
tc
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