Good news for housing market across Las Vegas
Las Vegas, NV (KTNV) -- It's going to cost consumers more to buy a home in the Valley, but they also could get more money for their home when they decide to sell. New numbers released on Monday show sellers are raising their asking price.
But, low interest rates still have plenty of buyers searching for a place to call home.
"You actually really have to move fast. It's quite competitive to get a house right now," said Jason Damm.
Damm just recently closed on a house on the east side of the Valley. But the new homeowner said it wasn't easy. It took him about one year of trying to find a home.
"There was actually quite a few houses we bid on, well over the asking price, and we still got cut by cash buyers," he explained.
Fafie Moore, owner of Realty Executives, said many homes are now being bought by investors. And their all cash offers are just too attractive to sellers.
"They come in, there's no appraisal, they don't want repairs, they don't want anything done," said Moore.
That means sellers have a stronger chance of closing the sale. That's not all, investors are also paying the rising asking price.
According to numbers released on Monday by the Greater Las Vegas Association of Realtors, the median price of an existing single-family home was $170,000 in May. That's up nearly 2-percent from April, and up more than 32-percent from one year ago.
While these home sales are good news for the housing industry, buyers are seeing more and more available houses disappear.
"That is the biggest issue we have. We have a definite shortage of resale inventory. We definitely have a shortage," said Moore.
That's led to a boom in new home construction.
Moore said it's a great option, since new homes come with a builder's warranty and buyers know what they're getting.
In the end, whether you want a new or older home, Damm said with a little determination you too can find the home of your dreams.