LAS VEGAS (KTNV) — Money isn't just the key to building more housing for all income groups in Las Vegas.
It's also the key that will unlock the doors of home ownership for people who struggle to afford a down payment.
That was the upshot of a housing forum sponsored Tuesday by the Nevada Realtors, featuring leaders from homebuilding, state government, non-profits and real estate professionals.
WATCH | Steve Sebelius explains the outlook for prospective homebuyers in Southern Nevada:
Moderated by Latin Chamber of Commerce President Peter Guzman, the forum illuminated some of the issues surrounding building, buying and selling homes in Las Vegas.
And while panelists said they were optimistic about the future, they acknowledged there are not enough homes to keep up with the valley's growth.
But homes are selling, which gives homeowners, homebuyers and home builders a level of confidence in the market, said Tina Frias, CEO of the Southern Nevada Homebuilders Association.
"If I had a magic wand, and I got one wish, it would be to release more [federal] land, because at the end of the day, it's simple economics, supply and demand," Frias said. "If we get more homes out in this market, it's more opportunity for folks to be able to handle and come home."
Efforts are underway to streamline the sometimes-lengthy process that local governments and developers undergo to get federally owned land transferred to local governments for development, panelists said.
In the meantime, developers are looking at all parcels — even smaller lots closer to the urban core — to build new homes.
"We are seeing builders be creative with infill [projects]," Frias said. "And anywhere that they see land that makes sense for the project that they're going to develop. There's a number of infill projects going on right now where they have the price point below $400,000. And so we are working hard to create those opportunities for folks in the community." Added Frias:
"Builders are working hard to have those incentive-rate buydowns, down payment types of incentives, and other things to make sure that their price points really make sense. They're working hard to learn how to do more with less, ultimately, and trying to make a home as efficient but still preserve the quality for the buyer."
Realtor Chris Bishop said people selling homes need to realize the market isn't as fast-moving as it's been in the past. A home won't likely sell in just a few days, or even a month. Half of sales take three months, said Bishop, general manager of Signature Real Estate Group.
"We want people to be homeowners. We want to do whatever it takes to help them get into homes," Bishop said. "The amazing programs that are being rolled out, so many of them are unknown. So just getting the word out about that is a big role of our association, to make sure that Realtor members know how they can better help the consumers."
Still, one thing that would most help consumers get into a home is outside the control of realtors, home builders and banks.
"The biggest issue and concern would be, in my estimation, would be the economic development component of this. Wages, right? Wages are not keeping track with housing costs," said Maurice Page, executive director of the Nevada Housing Coalition.
Page said the days of people making a median wage and still being able to buy a home worth $100,000 or $150,000 are long gone. Now, he said, "just to be able to afford a three-bedroom apartment or a three-bedroom home, you have to make almost $90,000 a year. That is ridiculous. How many $90,000 jobs do we have that folks can go out and get, or even compete for, to be able to take care of their families?"
But panelists did acknowledge that progress is being made, including with the passage of Assembly Bill 540 in the 2025 session, a housing bill backed by Gov. Joe Lombardo which applied millions of dollars for attainable housing.
Assemblywoman Venicia Considine, D-Clark County, said those dollars will help. "The one thing that could always solve anything is money," she said.
And that's not only true of building housing, but owning it. Guzman, who has been involved in real estate for decades, said housing is an investment not just for today, but for the future.
"Because of real estate, it changed my life. It made it so that I could afford to be president of the Latin Chamber of Commerce today," he said. 'But I tell you, and I'll never stop saying this: Real estate is the way out of generational poverty."
