My husband was laid off during COVID and was offered a position in Las Vegas. I am worried about the market/economy there and not sure if we should buy or rent. Unfortunately, I am a horrible decision maker, already said yes and our house in our current area sold two days ago. Could we back out of that?
Yes, you could back out, there will or will not be consequences depending if buyer let's you out of contract. It could be as simple as buyer let's you back out with no consequences, or worse case enforce you to complete sale of home, or something in middle like liquidated damages that both parties agree on.
Before you decide, Las Vegas is not a bad option. It's the go to city for people living in LA/OC. I plan to personally live in LV in the future.
Thank you so much for your response. I have just begun the process of learning about real estate (attended a few webinars and bought one of Brandon's books). We are moving from Coeur d'Alene, ID. It is very beautiful but not the greatest job market. So, I know that my "why" as Brandon says is for freedom so it makes me feel panicky to buy and lose money or throw money away on rent. I know that COVID has taken it's toll on Vegas since it is so tourist reliant. However, I also know that they are working diligently on diversifying their economy.
Real Estate Agent · Henderson, NV · Member since 2011 · 1k+ posts · 550 votes
6y
@Angela DePoto Hopefully your husband landed a job in a secure/stable position. That will help with any future decisions. Renting isn't a bad option. It gives you some flexibility and time to learn where you want to end up. If you don't have pets, it should be relatively easy. If you do, you may end up finding buying is easier.
Hi Phillip! Thank you so much for your reply. He is in the automotive business (service). We do have pets so renting may be a challenge. His new employer has secured us housing for 2 months but I am just concerned going forward
Real Estate Agent · Henderson, NV · Member since 2011 · 1k+ posts · 550 votes
6y
@John P. You're correct, plenty of rentals do allow for pets. What I run into often from people moving here from out of state is that they are used to big yards and have multiple pets. Most single family detached rentals won't allow large pets or multiple pets.
@Angela DePoto There will be even more rental options when the NV COVID restrictions are lifted. Not sure when that will happen, but it will eventually. The good ones go fast though, so you need to pounce once you find what you're looking for.