Over the last few years the Las Vegas Valley has seen a rebirth of the residential real estate market since the housing recession. The growth has been consistent, steady and strong. The prices are still rising and first time homebuyers might have to make some compromises when looking for their first home.
According to John Burns Real Estate Consulting the costs of homeownership in Las Vegas rose 12 percent in the past year – The entry-level homes costs are around $1,248 per month. In Seattle homes that are comparable to the homes in Las Vegas at entry-level cost $2,790 per month. Nationally, monthly housing costs for an entry-level buyer rose $136 to $1,641 nationwide, a 9% increase in the last year.
If you are in the market to purchase your first home you might have to consider buying a smaller home with less square footage or on a smaller lot. Also attached homes can be less costly than detached homes. You should look at homes that are older resale homes in areas that might be located in an area that is further away from work.
Bottom Line – 2018 is still a good time to purchase your first home. Rentals in Las Vegas are on the rise, so why not buy instead of rent. Contact the Smith Team at (702) 460-5080 or Robin@smithteamlasvegas.com. We have listings in many areas of the Las Vegas Valley.
Keep in mind that whether you are interested in buying a home or selling a home, a Realtor should represent you– this person is working for your benefit and will help you navigate through the buying or selling process. I have thirteen years in New Home Sales and fifteen years in General Real Estate sales!
Thanks and make it a terrific day…………Robin