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what to do- considering move into housing bubble area

996 311 January 16, 2018 at 05:28 AM
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I'm considering a job in Las Vegas. However, looking at median home prices, they are rising rapidly the last couple of years, past the historical median.

http://www.jparsons.net/housingbu...vegas.html

https://www.trulia.com/real_estat...et-trends/

I'm concerned I'll move there, buy a house, and then prices correct down and I'm screwed. I'm not sure if I'd stay in the Vegas area forever. I'm wondering if that is a valid concern, and if there are things I can do to mitigate that risk, or if it's just better to not move into that situation.
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Joined Nov 2005
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#2
SD is in LV so you might actually get some genuinely local input here.

Could you rent to get a feel for the market for a time being then decide to sell? What are rents like?
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Joined Sep 2006
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#3
Personally, I wouldn't stretch too much to purchase something, especially if you don't think you'll end up staying there.
Supposedly, this time with housing prices is different and it is due to low inventory. Not sure how much I agree with that. I'd definitely look into renting.
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#4
Another vote for renting for a couple of reasons. Are you positive you will like Las Vegas, not sure where you are moving from but in case you hate it leaving a rental is pretty easy. If you do decide you want to live there being in a rental will give you time to learn the area and look for the best deal possible instead of forcing yourself to buy right away.
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#5
Inventory is very low in some areas. Mine sold within a week. I don't think it was in a "bubble price" though. <--- las vegas.

I am also -right now -in a pending contract in MI to buy a house and the inventory is very low here too.. seller's market for sure, while I think the house is fairly priced... I had to act quickly.
Several houses that I liked went into pending offers before I could even get in to see them due to holidays.
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Joined Mar 2004
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#6
okay, thanks for the input everyone.
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Joined Oct 2008
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#7
Just to add you need to do math rent vs mortgage. Sometimes renting is a better benefiting than purchasing especially if you don't know if you will like the area and its to high rent can be the better start and if you can find cheaper rent even better.
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just being slick
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