Despite what my realtor asserts, Housing has stalled again, just as I expected it would and predicted. Thanks to the Wall Street Journal, there is evidence of that. Even as realtors here keep homes from me and try to incite bidding wars, they don't seem interested in actually selling a house even as there continue to be supplies on the market.
Why does the Las Vegas housing market suck? This article mentions a variety of reasons. According to a figure in the article, we have 63 months supply of homes that have lost 22.4% value in the last quarter alone in a city with 14.2% unemployment and almost 23% of home loans in arrears. There is no reason for people to move here. We have nothing for them to do. Our governor has opposed extension of unemployment benefits. The jobs Harry Reid claims to have saved are all gone. The president tells people not to come here and spend money when our economy rests largely on tourism. Vegas is dying.
Beyond that, there are government programs that cause problems. The housing credit expired, and we saw in the wake of that a decline in home demand, which revealed the increased demand was driven by the tax credit and not as a sign of recovering economic conditions.
I have seen what I believe to be unethical behavior as well. I have seen homes disappear off the market when I was the one pestering the listing agent for a key. I have had realtors try to engage me in bidding wars. I have seen homes mysteriously disappear from the market after a day, just as I was enroute to see it. I am almost fed up. Add to that, sellers have hiked 5-15% onto the previous prices to reflect a 'recovery', and I'm not buying it. I like some of these homes, but not enough to pay that much extra, which is part of why I turned a short sale I really liked back over to Chase last week, because they wanted $16,000 more than I offered. Really?
Honestly, I am buying a home because it will cost me about the same to own one as it does to rent. The advantages are that the house would be mine and that I could own it for about what it cost brand new. I like my privacy, I like my dogs, and I like to have a garden, which just aren't likely in an apartment. Also, all of these homes are a better deal than the one I bought in 2003 and sold in 2005. I don't need a lot, because I am single, but I would like to have something that is my own.
Why does the Las Vegas housing market suck? This article mentions a variety of reasons. According to a figure in the article, we have 63 months supply of homes that have lost 22.4% value in the last quarter alone in a city with 14.2% unemployment and almost 23% of home loans in arrears. There is no reason for people to move here. We have nothing for them to do. Our governor has opposed extension of unemployment benefits. The jobs Harry Reid claims to have saved are all gone. The president tells people not to come here and spend money when our economy rests largely on tourism. Vegas is dying.
Beyond that, there are government programs that cause problems. The housing credit expired, and we saw in the wake of that a decline in home demand, which revealed the increased demand was driven by the tax credit and not as a sign of recovering economic conditions.
I have seen what I believe to be unethical behavior as well. I have seen homes disappear off the market when I was the one pestering the listing agent for a key. I have had realtors try to engage me in bidding wars. I have seen homes mysteriously disappear from the market after a day, just as I was enroute to see it. I am almost fed up. Add to that, sellers have hiked 5-15% onto the previous prices to reflect a 'recovery', and I'm not buying it. I like some of these homes, but not enough to pay that much extra, which is part of why I turned a short sale I really liked back over to Chase last week, because they wanted $16,000 more than I offered. Really?
Honestly, I am buying a home because it will cost me about the same to own one as it does to rent. The advantages are that the house would be mine and that I could own it for about what it cost brand new. I like my privacy, I like my dogs, and I like to have a garden, which just aren't likely in an apartment. Also, all of these homes are a better deal than the one I bought in 2003 and sold in 2005. I don't need a lot, because I am single, but I would like to have something that is my own.
No comments:
Post a Comment