Julie

Already been said, but as a potential buyer, looking from another state; GOOD PHOTOS ARE IMPERATIVE. I won't even look at a property without a picture. I don't think you need to spend the money to pay a professional, just common sense. I think a good realtor can take acceptable pictures, just with parameters like stated below. - Wed Jun 4 2008, 20:43

Sal,

There are 13 months worth of inventory according to an article yesterday in the LVRJ(not seven, as someone on this thread said). I'm willing to see other stats, but when Toll Brothers proclaims a possible 20% further reduction in housing, http://money.cnn.com/2008/06/04/real_estate/toll_depression.…
I take note. Toll is about the only RE company that didn't get thoroughly massacred in this market. They have a billion in cash on hand and are savvy. They also had a strong presence in Las Vegas. I believe strongly now that this market is going to crash and burn further--exactly in the amount it overblew up. Housing prices are going to fall----and basically, materials in the house will be worth more than the home itself for some time. Intuitively it sounds impossible--but so were housing prices going up 45K a month. If you can't get a damn good price on your dream home, wait it out!!! We got more perfect storm stuff coming...alt a loans resetting, mortgage rates increasing, banks being bailed out by the government (which means they don't want to lend money and getting a mortgage is going get tougher) rising inflation on gas and food prices, put that together with an economy in a recession.

I believe that if you bought a house today, you'd lose equity. And...I'm willing to get back on this thread if I am wrong and admit it. - Wed Jun 4 2008, 13:12

IMO: Some Prices will go way lower. There are a few houses out there that are priced right, and they go right away. However, in 10 years this will all be a blip, and prices will be much higher. Mortgage rates are getting higher. If you need a mortgage, and you wait, you may sacrifice a lower percentage mortgage, and the price of the home could be higher in the long run.

I am a cash buyer, so I am waiting to see what happens when the next wave of jumbo, non-documented loans start to default. If I was buying to sell in 10 years, and needed a mortgage I'd find a good priced house and close the deal now. - Sun Jun 1 2008, 13:27

Do the smart thing: find a mortgage broker you trust and submit your paperwork for Peace of mind. It will take less than a day and you'll know for sure

Not knowing you and all the particulars of your credit report (ie: revolving balance, lines open, if you have liens or judgements) there is no way to tell. I have clients all the time who tell me they have great credit, and when it comes down to checking it, it isn't even good.

Good Luck! - Sat May 31 2008, 16:20

You can't believe anyone. The truth any one person sees, is the way that person views the world, not as it is. Even if they are being100% honest. We are all slanted by our upbringing and environment.

Start with statistics. Black and white facts. Get a baseline, then act on them with your own gut. I like Case-Shilling through the CME. Start following it, and see if it is accurate through the years.

Even the most brilliant minds, make mistakes, there is no crystal ball. - Sat May 31 2008, 16:14

I am a Real Estate Professional in NYC, and future buyer in the Las Vegas market. What I'm hearing is that there are foreclosures on every block and that the strip malls have alot of vacancies. However, those that bought and can afford their houses are not panicking at all. I hear about MGM laying off, and that inflation of gas and groceries is hitting the tourism of Las Vegas harder than 9/11 did. Also, that people in every state, but Las Vegas in particular, are relying too heavily on their credit cards to make ends meet. The foreclosures are causing a public nuisance due to neglect (lawns, trash, and of the pools which are mosquito breeding grounds, and dues are not being paid to neighborhood associations.) Neighbors are forced to pick up the slack on keeping the neighborhoods clean. On the positive side, those that live within their means are just waiting out this storm. We hear about a feeding frenzy on properties between 100K-300K that are priced in the year 2004 range. We hear about sky high inventory which will be absorbed by time. And, the outlook for the future of Vegas is very positive. The biggest barrier to our re-entry into this market is the Case-Shilling report which is predicting housing prices in Vegas to plunge to Q1 2003 prices. In a nutshell, people are hearing that Las Vegas had an equal fall to it's meteorologic rise, and that when the dust settles, it will be business as usual. - Fri May 30 2008, 08:22