Las Vegas, Nevada is now the best place in the United States to buy a house, according to real estate website Trulia.com. Vegas home prices are the lowest they've been in 20 years and there are cheap home deals from Summerlin to Henderson. Right now it makes much more sense to buy instead of rent according to the experts who put together Trulia's Summer 2011 Rent vs. Buy Index, which compares the costs of buying and renting a 2-bedroom townhouse, condo, or apartment.
The other best places to buy a home, according to the list, are Detroit, MI; Mesa, AZ; Arlington, TX; and Fresno, CA. All have seen big drops in home prices during the US economic downturn. Vegas's price-to-rent ratio is "6", which is based on a median home list price of $58,000, divided by $9700 for 12 months or rent, or a little over $800 per month -- the best ratio in the country.
Experts say that the huge foreclosure rate, combined with Las Vegas's high unemployment rate, are what makes Vegas homes such good deals. Locals are losing their houses left and right and there aren't enough people with jobs/income to pick up the slack... which, unfortunately, is really good news for investors and people looking for cheap condos.
About 50% of Vegas home sales are cash-only transactions, currently. Many of them involve foreign investors from places like Canada and China. Some of the deals coming on the market are pretty incredible. In some cases you can buy a small single-family home for less than $400 per month (mortgage payment) with a VA-backed lone.
About 50% of Vegas home sales are cash-only transactions, currently. Many of them involve foreign investors from places like Canada and China. Some of the deals coming on the market are pretty incredible. In some cases you can buy a small single-family home for less than $400 per month (mortgage payment) with a VA-backed lone.
According to Las Vegas realtor Tim Kelly Kiernan of ReMax Extreme:
"If you can qualify for a mortgage, it makes sense to buy if you can... You can get an FHA with 3½ percent down; you buy a condo for $40,000, $50,000, $60,000, your payment would be ridiculously low. The whole thing is the creditworthiness of buyers."
Some investors are buying homes cheap, renting them out, and getting returns on investment of 10 or 11 percent. So basically, if you have the cash you can get some amazing home bargains and even make some good money renting to families and blackjack dealers! :)
Learn some mo': Survey ranks Las Vegas best place to buy home
No comments:
Post a Comment