Comments on: I Am Upside Down on My Las Vegas Home, Should I Rent or Sell It?

By: Jim Gilbert

Jim Gilbert — Mon, 27 Jul 2009 19:31:09 +0000

I agree that sellers should approach a short sale cautiously. Regarding the Las Vegas market, stats published in the Austin Business Journal last week showed an average value loss of 29.52% over the past year! Austin showed an increase of 1.49%. Real estate is local. I feel for the owners here and there who are dealing with foreclosures and short sales. I cannot imagine how deep the impact is on owners in Las Vegas!

By: Cary NC Real Estate

Cary NC Real Estate — Wed, 22 Jul 2009 07:01:52 +0000

Sam Chapman makes a good point that sellers need to understand. Although a short sale technically isn’t bad as a foreclosure, it can still wreak havoc on a the seller’s credit.

By: Jeff Ellis

Jeff Ellis — Tue, 21 Jul 2009 19:51:09 +0000

man, if anyone was ever considering to buy in Vegas, now sounds like it is the time. With home prices down, there will be many millionares made in the Vegas market.

By: Rob

Rob — Mon, 20 Jul 2009 19:11:22 +0000

We just signed a one year lease on a house in Green Valley Ranch. We signed the short lease because we are not worried at the moment about rental rates increasing. I see neutral to negative in the next year.

- Population decrease. The valley lost people last year, I expect it to lose as many this year. A lot of big construction projects are finishing (City Center) and I’m not seeing much for those construction workers to do but leave.

- The increase of home sales lately seems largely driven by investors. I won’t be surprised if there is a decent uptick in the rental inventory around late summer, early fall as all of those deals close and come back on the market as rentals.

I could be wrong, but the supply/demand trends seem to be more in favor of being a tenant than landlord in the near future.

By: Sam Chapman

Sam Chapman — Mon, 20 Jul 2009 18:12:12 +0000

I was talking with an underwriter this morning and learned that although a short sale doesn’t hit your FICO as hard as a foreclosure, lenders treat it as a foreclosure. In other words, if you are selling as a short sale, you probably will not be able to get a mortgage for 3 or more years.

By: Patsy Snyder

Patsy Snyder — Mon, 20 Jul 2009 15:56:19 +0000

With the higher credit requirements today and fear of job loss, many people are having to rent a home rather than purchase a home. This works very well for homeowners who are “upside down” in their mortgage. It can be a win-win situation for both sides.