For this answer we turned to Las Vegas realtor and LVA's House Advantage blogger and Top Ten Real Estate Values provider Robin Camacho, who writes:
Welcome to Las Vegas! Not only is your plan realistic, it's being done by many others approaching retirement age. I get this same question two or three times each week from people all over the U.S. and Canada.
There are many great homes in your price range right now, so you'll have the option of keeping or selling your current home. REOs (real estate owned, the bank term for foreclosures) abound and the prices can be phenomenal. Avoid unapproved short sales; these can be a nightmare, as many agents who're listing these have no experience in getting the necessary bank approval.
And, of course, a few good deals on new homes can be found. If you buy in today's market, you'll be able to afford much more house than if you wait until our prices begin to rise. Sales are rising quickly; it's only a matter of time until prices begin to rise. Those who purchased in early 2008 should fare very well. The best values right now are on REOs built in 2005 and 2006.
Some of the more popular areas for finding a great deal for less than $250,000 now are Mountains Edge, Summerlin, Southern Highlands, Silverado Ranch, Aliante, and the far northwest. I generally recommend that out-of-state buyers purchasing an investment home plan to use a property manager. If you're buying a second home, a gated community or a good alarm system can also give you peace of mind.
If you're planning to pay cash, good for you. If you plan to finance, be aware that finding loans for foreign nationals is a bit difficult right now. If you'd like a referral to a good mortgage banker or have any more real estate questions, please feel free to send me an email: [email protected].
