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June 1, 2008 at 10:52 AM #12914June 1, 2008 at 12:14 PM #214978
Ex-SD
ParticipantWhen I lived in San Diego, I used to go to Vegas quite a bit for fun & relaxation. I came very close to buying a vacation home in Henderson (suburb of Las Vegas) back in 2001 but talked myself out of it. I have several friends who still own vacation homes there. All of them bought before the big run-up in pricing that took place in Vegas during the bubble. I just did a quick search on Realtor.com for Henderson and between $150k-$200k and there are a lot of homes for sale in that range that are a lot nicer than the one you posted.
Does your friend know Las Vegas well and if so, does she specifically want to live in Las Vegas? Henderson has been the area for the last 10+ years where people would prefer to live and it’s only 20 minutes from “The Strip” and is a much cleaner and better developed area than the majority of Las Vegas where $200k houses are concerned.
BTW: Las Vegas has a gazillion homes for sales because they also had a huge housing bubble. It will probably take them much longer than SoCal to recover from it. Many of the homes for sale are empty and your friend could have her choice of homes for a huge discount over what they were selling for a couple of years ago. Here’s a site that tracks Las Vegas sales & inventory:
http://bubbletracking.blogspot.com/2008/01/las-vegas-inventory-sales-2008.html
Just my two cents.June 1, 2008 at 12:14 PM #215056ParticipantWhen I lived in San Diego, I used to go to Vegas quite a bit for fun & relaxation. I came very close to buying a vacation home in Henderson (suburb of Las Vegas) back in 2001 but talked myself out of it. I have several friends who still own vacation homes there. All of them bought before the big run-up in pricing that took place in Vegas during the bubble. I just did a quick search on Realtor.com for Henderson and between $150k-$200k and there are a lot of homes for sale in that range that are a lot nicer than the one you posted.
Does your friend know Las Vegas well and if so, does she specifically want to live in Las Vegas? Henderson has been the area for the last 10+ years where people would prefer to live and it’s only 20 minutes from “The Strip” and is a much cleaner and better developed area than the majority of Las Vegas where $200k houses are concerned.
BTW: Las Vegas has a gazillion homes for sales because they also had a huge housing bubble. It will probably take them much longer than SoCal to recover from it. Many of the homes for sale are empty and your friend could have her choice of homes for a huge discount over what they were selling for a couple of years ago. Here’s a site that tracks Las Vegas sales & inventory:
http://bubbletracking.blogspot.com/2008/01/las-vegas-inventory-sales-2008.html
Just my two cents.June 1, 2008 at 12:14 PM #215084ParticipantWhen I lived in San Diego, I used to go to Vegas quite a bit for fun & relaxation. I came very close to buying a vacation home in Henderson (suburb of Las Vegas) back in 2001 but talked myself out of it. I have several friends who still own vacation homes there. All of them bought before the big run-up in pricing that took place in Vegas during the bubble. I just did a quick search on Realtor.com for Henderson and between $150k-$200k and there are a lot of homes for sale in that range that are a lot nicer than the one you posted.
Does your friend know Las Vegas well and if so, does she specifically want to live in Las Vegas? Henderson has been the area for the last 10+ years where people would prefer to live and it’s only 20 minutes from “The Strip” and is a much cleaner and better developed area than the majority of Las Vegas where $200k houses are concerned.
BTW: Las Vegas has a gazillion homes for sales because they also had a huge housing bubble. It will probably take them much longer than SoCal to recover from it. Many of the homes for sale are empty and your friend could have her choice of homes for a huge discount over what they were selling for a couple of years ago. Here’s a site that tracks Las Vegas sales & inventory:
http://bubbletracking.blogspot.com/2008/01/las-vegas-inventory-sales-2008.html
Just my two cents.June 1, 2008 at 12:14 PM #215108ParticipantWhen I lived in San Diego, I used to go to Vegas quite a bit for fun & relaxation. I came very close to buying a vacation home in Henderson (suburb of Las Vegas) back in 2001 but talked myself out of it. I have several friends who still own vacation homes there. All of them bought before the big run-up in pricing that took place in Vegas during the bubble. I just did a quick search on Realtor.com for Henderson and between $150k-$200k and there are a lot of homes for sale in that range that are a lot nicer than the one you posted.
Does your friend know Las Vegas well and if so, does she specifically want to live in Las Vegas? Henderson has been the area for the last 10+ years where people would prefer to live and it’s only 20 minutes from “The Strip” and is a much cleaner and better developed area than the majority of Las Vegas where $200k houses are concerned.
BTW: Las Vegas has a gazillion homes for sales because they also had a huge housing bubble. It will probably take them much longer than SoCal to recover from it. Many of the homes for sale are empty and your friend could have her choice of homes for a huge discount over what they were selling for a couple of years ago. Here’s a site that tracks Las Vegas sales & inventory:
http://bubbletracking.blogspot.com/2008/01/las-vegas-inventory-sales-2008.html
Just my two cents.June 1, 2008 at 12:14 PM #215136ParticipantWhen I lived in San Diego, I used to go to Vegas quite a bit for fun & relaxation. I came very close to buying a vacation home in Henderson (suburb of Las Vegas) back in 2001 but talked myself out of it. I have several friends who still own vacation homes there. All of them bought before the big run-up in pricing that took place in Vegas during the bubble. I just did a quick search on Realtor.com for Henderson and between $150k-$200k and there are a lot of homes for sale in that range that are a lot nicer than the one you posted.
Does your friend know Las Vegas well and if so, does she specifically want to live in Las Vegas? Henderson has been the area for the last 10+ years where people would prefer to live and it’s only 20 minutes from “The Strip” and is a much cleaner and better developed area than the majority of Las Vegas where $200k houses are concerned.
BTW: Las Vegas has a gazillion homes for sales because they also had a huge housing bubble. It will probably take them much longer than SoCal to recover from it. Many of the homes for sale are empty and your friend could have her choice of homes for a huge discount over what they were selling for a couple of years ago. Here’s a site that tracks Las Vegas sales & inventory:
http://bubbletracking.blogspot.com/2008/01/las-vegas-inventory-sales-2008.html
Just my two cents.June 1, 2008 at 12:25 PM #214993dharmagirl
ParticipantShe’s a single mom with a 6 yr old son. The boy’s father has threatened to sue her for full custody if she takes the kid out of the school district that he’s in now (which I think is in this area). So I think the prime motivation is to not move the kid to a new school at this time.
Yup, she knows the area well. Unfortunately, it sounds like she’s not getting great advice from the realtor and she’s new to the home buying process. For example, he refused to show her any non-foreclosure properties. What’s up with that?
My instincts tell me that prices (like here) are going to decline even more. I think she’d probably be better off renting for one more year and getting better educated about the process vs. expecting her realtor to “take care of her”.
When I pressed her about things like what rate she locked in, who the title company was, what papers has she signed, escrow documents, etc. she didnt know. She said “the realtor has a 6 inch file and told me not to worry about anything.” She was supposed to close over a week ago. As of Friday, she was told “we’re working on it!”
The lender also wanted proof of her $500/mo child support payments and proof that she was her son’s mother.
She’s a first time buyer, trying to buy a home with no money down (FHA) and credit scores in the range of 660-700 (depending on the bureau).
My guess is that the realtor is trying to move this property for some reason (who knows maybe he’s an investor-owner), and cant find a lender to underwrite the loan. But I dont know all of the details.
I just wrote her and advised to try to get out of the purchase if she can. She put down $1500 to open escrow, which she thinks she will lose. I told her if she waits a year the same place may go down to $150K, and to consider the $1500 a lesson learned, sucky as that is.
Also told her to work on her credit scores so she gets the best rate.
I’m not sure she will heed my advice…but I didnt want to tell her that prices will go down if the LV market is diff than here. From what I see online, there is huge standing inventory of new, existing and foreclosures. No bueno, as my gardener says…
June 1, 2008 at 12:25 PM #215071ParticipantShe’s a single mom with a 6 yr old son. The boy’s father has threatened to sue her for full custody if she takes the kid out of the school district that he’s in now (which I think is in this area). So I think the prime motivation is to not move the kid to a new school at this time.
Yup, she knows the area well. Unfortunately, it sounds like she’s not getting great advice from the realtor and she’s new to the home buying process. For example, he refused to show her any non-foreclosure properties. What’s up with that?
My instincts tell me that prices (like here) are going to decline even more. I think she’d probably be better off renting for one more year and getting better educated about the process vs. expecting her realtor to “take care of her”.
When I pressed her about things like what rate she locked in, who the title company was, what papers has she signed, escrow documents, etc. she didnt know. She said “the realtor has a 6 inch file and told me not to worry about anything.” She was supposed to close over a week ago. As of Friday, she was told “we’re working on it!”
The lender also wanted proof of her $500/mo child support payments and proof that she was her son’s mother.
She’s a first time buyer, trying to buy a home with no money down (FHA) and credit scores in the range of 660-700 (depending on the bureau).
My guess is that the realtor is trying to move this property for some reason (who knows maybe he’s an investor-owner), and cant find a lender to underwrite the loan. But I dont know all of the details.
I just wrote her and advised to try to get out of the purchase if she can. She put down $1500 to open escrow, which she thinks she will lose. I told her if she waits a year the same place may go down to $150K, and to consider the $1500 a lesson learned, sucky as that is.
Also told her to work on her credit scores so she gets the best rate.
I’m not sure she will heed my advice…but I didnt want to tell her that prices will go down if the LV market is diff than here. From what I see online, there is huge standing inventory of new, existing and foreclosures. No bueno, as my gardener says…
June 1, 2008 at 12:25 PM #215098ParticipantShe’s a single mom with a 6 yr old son. The boy’s father has threatened to sue her for full custody if she takes the kid out of the school district that he’s in now (which I think is in this area). So I think the prime motivation is to not move the kid to a new school at this time.
Yup, she knows the area well. Unfortunately, it sounds like she’s not getting great advice from the realtor and she’s new to the home buying process. For example, he refused to show her any non-foreclosure properties. What’s up with that?
My instincts tell me that prices (like here) are going to decline even more. I think she’d probably be better off renting for one more year and getting better educated about the process vs. expecting her realtor to “take care of her”.
When I pressed her about things like what rate she locked in, who the title company was, what papers has she signed, escrow documents, etc. she didnt know. She said “the realtor has a 6 inch file and told me not to worry about anything.” She was supposed to close over a week ago. As of Friday, she was told “we’re working on it!”
The lender also wanted proof of her $500/mo child support payments and proof that she was her son’s mother.
She’s a first time buyer, trying to buy a home with no money down (FHA) and credit scores in the range of 660-700 (depending on the bureau).
My guess is that the realtor is trying to move this property for some reason (who knows maybe he’s an investor-owner), and cant find a lender to underwrite the loan. But I dont know all of the details.
I just wrote her and advised to try to get out of the purchase if she can. She put down $1500 to open escrow, which she thinks she will lose. I told her if she waits a year the same place may go down to $150K, and to consider the $1500 a lesson learned, sucky as that is.
Also told her to work on her credit scores so she gets the best rate.
I’m not sure she will heed my advice…but I didnt want to tell her that prices will go down if the LV market is diff than here. From what I see online, there is huge standing inventory of new, existing and foreclosures. No bueno, as my gardener says…
June 1, 2008 at 12:25 PM #215124ParticipantShe’s a single mom with a 6 yr old son. The boy’s father has threatened to sue her for full custody if she takes the kid out of the school district that he’s in now (which I think is in this area). So I think the prime motivation is to not move the kid to a new school at this time.
Yup, she knows the area well. Unfortunately, it sounds like she’s not getting great advice from the realtor and she’s new to the home buying process. For example, he refused to show her any non-foreclosure properties. What’s up with that?
My instincts tell me that prices (like here) are going to decline even more. I think she’d probably be better off renting for one more year and getting better educated about the process vs. expecting her realtor to “take care of her”.
When I pressed her about things like what rate she locked in, who the title company was, what papers has she signed, escrow documents, etc. she didnt know. She said “the realtor has a 6 inch file and told me not to worry about anything.” She was supposed to close over a week ago. As of Friday, she was told “we’re working on it!”
The lender also wanted proof of her $500/mo child support payments and proof that she was her son’s mother.
She’s a first time buyer, trying to buy a home with no money down (FHA) and credit scores in the range of 660-700 (depending on the bureau).
My guess is that the realtor is trying to move this property for some reason (who knows maybe he’s an investor-owner), and cant find a lender to underwrite the loan. But I dont know all of the details.
I just wrote her and advised to try to get out of the purchase if she can. She put down $1500 to open escrow, which she thinks she will lose. I told her if she waits a year the same place may go down to $150K, and to consider the $1500 a lesson learned, sucky as that is.
Also told her to work on her credit scores so she gets the best rate.
I’m not sure she will heed my advice…but I didnt want to tell her that prices will go down if the LV market is diff than here. From what I see online, there is huge standing inventory of new, existing and foreclosures. No bueno, as my gardener says…
June 1, 2008 at 12:25 PM #215152ParticipantShe’s a single mom with a 6 yr old son. The boy’s father has threatened to sue her for full custody if she takes the kid out of the school district that he’s in now (which I think is in this area). So I think the prime motivation is to not move the kid to a new school at this time.
Yup, she knows the area well. Unfortunately, it sounds like she’s not getting great advice from the realtor and she’s new to the home buying process. For example, he refused to show her any non-foreclosure properties. What’s up with that?
My instincts tell me that prices (like here) are going to decline even more. I think she’d probably be better off renting for one more year and getting better educated about the process vs. expecting her realtor to “take care of her”.
When I pressed her about things like what rate she locked in, who the title company was, what papers has she signed, escrow documents, etc. she didnt know. She said “the realtor has a 6 inch file and told me not to worry about anything.” She was supposed to close over a week ago. As of Friday, she was told “we’re working on it!”
The lender also wanted proof of her $500/mo child support payments and proof that she was her son’s mother.
She’s a first time buyer, trying to buy a home with no money down (FHA) and credit scores in the range of 660-700 (depending on the bureau).
My guess is that the realtor is trying to move this property for some reason (who knows maybe he’s an investor-owner), and cant find a lender to underwrite the loan. But I dont know all of the details.
I just wrote her and advised to try to get out of the purchase if she can. She put down $1500 to open escrow, which she thinks she will lose. I told her if she waits a year the same place may go down to $150K, and to consider the $1500 a lesson learned, sucky as that is.
Also told her to work on her credit scores so she gets the best rate.
I’m not sure she will heed my advice…but I didnt want to tell her that prices will go down if the LV market is diff than here. From what I see online, there is huge standing inventory of new, existing and foreclosures. No bueno, as my gardener says…
June 1, 2008 at 12:39 PM #215003ParticipantI think that you just gave her some very good advice. She should wait a minimum of one more year before buying anything in this price range in the Las Vegas area. Right now, there are 3773 SFR’s for sale in the Las Vegas/Henderson area between $150k-$200k. That’s a lot of homes to move and with tighter qualification standards in place, they’re not going to move quickly. The odds are in her favor that prices will continue to fall in the Las Vegas area for at least a couple of more years.
June 1, 2008 at 12:39 PM #215081ParticipantI think that you just gave her some very good advice. She should wait a minimum of one more year before buying anything in this price range in the Las Vegas area. Right now, there are 3773 SFR’s for sale in the Las Vegas/Henderson area between $150k-$200k. That’s a lot of homes to move and with tighter qualification standards in place, they’re not going to move quickly. The odds are in her favor that prices will continue to fall in the Las Vegas area for at least a couple of more years.
June 1, 2008 at 12:39 PM #215109ParticipantI think that you just gave her some very good advice. She should wait a minimum of one more year before buying anything in this price range in the Las Vegas area. Right now, there are 3773 SFR’s for sale in the Las Vegas/Henderson area between $150k-$200k. That’s a lot of homes to move and with tighter qualification standards in place, they’re not going to move quickly. The odds are in her favor that prices will continue to fall in the Las Vegas area for at least a couple of more years.
June 1, 2008 at 12:39 PM #215134ParticipantI think that you just gave her some very good advice. She should wait a minimum of one more year before buying anything in this price range in the Las Vegas area. Right now, there are 3773 SFR’s for sale in the Las Vegas/Henderson area between $150k-$200k. That’s a lot of homes to move and with tighter qualification standards in place, they’re not going to move quickly. The odds are in her favor that prices will continue to fall in the Las Vegas area for at least a couple of more years.
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