Everyone is different so I can’t say for sure if now is a good time for you, but here are the factors you should consider:
-Interest Rates – While interest rates are an important factor in your payment, we think they are overemphasized as sometime in the future you should be able to refi and reduce your interest rate. -In 1972, interest rates went over 6%, and at that time if you waited for them to come back down to 6%, you would have waited until 1993.
-Appreciation Rates – historically, homes in Las Vegas appreciate at appreciate 5% per year. -Conservative projections for the next 5 years have them between 3-4%. -The sooner you start your clock on homeownership, the sooner your net worth will grow.
-The Median sales price is currently around $470,000 for Single Family Homes -If all the projections are correct, the median sales price in 5 years will be about $550,000. -If you buy now, without paying down principle, you will gain $80,000 of net worth.
