Is it better to buy a Las Vegas home or condo in 2016 or to rent one?
Is it better to buy or rent in Las Vegas? This is the first question that a perspective Las Vegas home or condo buyer should answer and we will try to answer it in this video blog.
Well, the answer depends on many factors, such as interest rates, affordability, home price appreciation and most importantly how long the Las Vegas home or condo buyer is planning to stay in their residence.
In this video we discuss:
- Rising median prices of Las Vegas homes for sale, plus condos and townhomes which we discuss in Las Vegas real estate market updates
- Affordability of Las Vegas homes and condos compared to other cities in the Sun Belt
- Increasing interest rates for mortgage loans as a 1% increase in interest rate roughly equals 10% home price gain
- Erroneous Break-Down Horizon by Zillow- Break Down Horizon means how long does it take for a buyer to be better off than a renter
- Difference between rental rates and mortgage payment for Las Vegas homes and condo buyers
- Difficulty finding Las Vegas home or condo listings that are priced right
This has been a general discussion of is it better to buy or rent in Las Vegas. However, each situation has to be analyzed on its own merit.
In the next blog post about this subject, we will provide an example of is it better to buy or rent Las Vegas homes or condo by numbers? We will show that for cheaper priced Las Vegas condos it takes a much shorter time to be better off buying than renting. This is due to the large difference between rental rates and mortgage loan payments.
In this video, we provided a short discussion of issues that should be considered in order to make an educated decision to buy or rent a home, condo, or townhome for sale in Las Vegas, Henderson or North Las Vegas as owner occupied buyers. We discuss investing in Las Vegas residential real estate separately in its own page.
Please see is it better to rent or buy Las Vegas homes or condos by numbers? for an update.
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