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Penny O'Brien's Blog

By PENNY O'BRIEN | Agent in Las Vegas, NV

Ask yourself, should I rent or own in this Las Vegas housing market?

Las Vegas residents ask me on a daily basis.  Penny should I rent right now or buy?  My answer if do both.  Rental properties right now are a great deal and buying a property can take months.  So, if you are in the process of moving here let's get you into a rental for 6 months or so.. That is about how long it is going to take you to find the place you want.  You won't feel rushed and desperate if you rent.  Short sales are taking aroung 6 months on average to complete.  And there are no guarantees that the property you like is going to close in that 6 month time frame.  Most landlords will extend your lease from month to month so its a win win situation for the homebuyer. Call me and we can discuss this further.  Being a renter can have it's ups and downs but knowing that you will soon be a homeowner can soften the rental experience.  Penny with RE/MAX Experience. 702.321.9383

Comments

By Pierre Calzadilla,  Mon May 17 2010, 16:44
Good tip Penny, do you have any examples - $$ wise, what a rental could go for, maybe some links to examples? i think that would help the post. Also, how is the actual rental market down there? If someone bought a house, could they rent it quickly and recoup their monthly expense?
By PENNY O'BRIEN,  Mon May 17 2010, 17:14
On average single family home with 3 bedrooms, bathrooms and 2car garage will rent for $1200-$1500 a month. Most landlords require a first and last month rent deposit along with cleaning deposit and pet deposit if applicable. Condos are renting for around $800-$1100 for a 2 bedroom-2 bathroom. With so many homeowners losing their homes due to the loss of jobs and housing prices falling, they are walking away from their homes and becoming renters. They are sick of dealing with banks and don't want the hassel of buying in this market. Most investors who are buying to rent the property out will see around a 25% return on their money.

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