buying property in 2023
Is it good idea to buy now in Vegas or waited out ?... and if yes: SFR or condo/townhouse -- and I am talking from perspective either an investor or " regular " buyer - (first time home buyer)
Most Popular Reply
I think it's a fine time to buy, although I'd be very cautious and tread lightly. A few things to keep in mind in this market:
1. There are a lot of stubborn sellers out there still. Meaning they have their homes listed for sale, but they are asking 2021/2022 prices. Don't buy these homes, or if you do be prepared to lowball them.
2. Location and price is more important than ever. The market is already down a lot from the peak in Vegas but it's possible the market continues to drop as we enter a recession. If you buy in the right location and at a deep enough discount, you will be somewhat insulated from a further downturn.
3. SFR's always outperform condo/townhouses on appreciation. So for that reason alone I would buy a SFR over a condo/townhouse, every time.