Las Vegas’ hot seller’s market and the struggle of the first-time home buyer
Today is May 24th, 2017 and if you live here, you have probably heard some news that the real estate market is crazy in Las Vegas. Again. Properties in good shape and priced well can have multiple offers in days and buyers will pay full list price if not pay a little extra.
Why is this happening? Well, not only are we in full swing of the most traditionally busy part of the year for real estate all over the country, Las Vegas has buyers from all over the world, but we are also experiencing a great lack of inventory, and then couple that with inventory is even scarcer for entry-level homes. Most of these much coveted homes can be classified as homes under $286k. $286k is the max loan limit for FHA loans. FHA loans are part of program that lends to those with less than stellar credit and it also allows for a low downpayment; normally just 3.5%. And with the way the great recession affected so many people’s credit, this loan program is very popular with those who may have some dings on their credit report.
My best advice for first time homebuyers is to have yourself pre-approved (not just pre-qualified) with a good lender, work with a realtor you like, narrow down the area you can live in, keep a written list on you of what you need and what you absolutely do not want, be prepared to pay a little extra, and put your offer in right away.
And if you’re a homeowner and have been thinking of selling, now is a great time to do so. If you own a home that can sell for around $287k, then you are in a great position to sell. And given that we have a ton of California buyers, if your home is above $300k, don’t worry, there’s plenty of buyers at that price point too. If you don’t know how much your house is worth, just click this link and drop me a line. I can get you an accurate up to date number and none of that guesstimate baloney.