[b]My husband and I have 2 houses in Las Vegas. One built in 2004 (has a tenant), the other just built in April 2005 (no tenant yet). We are in over our heads already and need to sell asap. If we can get something in our pockets for each sale, that would be great. Can someone out there suggest something? The problem is both properties are negative cashflowing and since I’m unable to work, it’s too much of a financial burden and we can’t keep up. We want to get out now before we really get into a bunch of debt. (Sorry if I’m not posting on the right board, I wasn’t sure where this should go)
The market here is cooled right now, as predicted months ago, because of oversupply. It will get worse before it gets better.
Property values continue to go up but buyers are now hunting for values and won’t give in to homes prices at appraised value. The good news is many homeowners rely on realtors to set prices and they are watching open house after open house pass with no offers because they want too much.
Getting into new homes here has just become easier due to the supply. I got on the interest list for a new community 2 weeks ago and already got called to go pick out my lot. Last year, that would not have happened, especially in a prime development like this.
The good news is your home is going up in value as it sits there. I don’t know what area you are in, but about 1% monthly is current norm. If your homes are in Summerlin or the SW, it is a little higher.
The good areas of Vegas have become negative cash flow hubs for new buyers. Median home price has just passed $300,000. Rent is $800-$1400 depending on area and size.
There is a house by me where the owner is trying to LO it for $2300 per month (probably to break even from his/her mortgage). It just sits there. The house is overpriced as well. The owner (looks like out of state) is still living off last year’s numbers and market I guess.
Might I ask where the 2005 home is and what the specs are?