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Buyers struggle to find homes in Las Vegas in competitive housing market

Posted at 5:03 PM, Feb 21, 2022
and last updated 2022-02-21 21:42:21-05

LAS VEGAS (KTNV) — "Trying to get everything you are looking for at the price, at the location, everything just makes it very complicated," said Olivia Meza.

It is a common struggle many in the Las Vegas valley are facing. "It has been months and I still have not found anything that I want."

It has been seven months since Meza began her search for a new home and she says finding the house is not possible here in the valley. She says she is looking for a three-bedroom house with three bathrooms for her and her spouse and daughter.

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"There are not a lot of options and when there are options they go by really fast."

With a significant volume of people coming in the valley from out of state, she says the biggest challenge is dealing with the competition.

"As far as our dollars numbers are not the same as other peoples who are moving from other places," she said. "They have a lot more to spend, they have a lot more equity from the property that they sold. They can take advantage right away, where we have to figure out numbers and by the time, we do the house is gone."

Jennifer Hurtado, real estate agent with Coldwell Banker Premiere Realtors, says the median home price of a single-family home in the valley is $435,000. That is up 26% from this time last year.

"We have a very low supply and a very high demand that goes for both resale and new construction homes. New construction is tough to get into with the waitlist and lottery, so if you are thinking about buying you need to do it ASAP."

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Hurtado says anyone looking in areas like Summerlin or Henderson better be ready to shell out at least half a million dollars. Areas like East Las Vegas, Sunrise Manor, and North Las Vegas are a little more reasonable.

"Las Vegas still remains more affordable than other metro cities like Phoenix and Miami."

Meza isn't the only one struggling to find a home. Karin Rodriguez is also in the same boat. He says he is hoping for a drop in the market but isn't holding his breath.

"It's like a conundrum, we want to buy a house and live the American dream, but it seems almost impossible that it is going to happen," said Ridriguez.

Hurtado says if you are planning to buy do it now. Interest rates still remain at a historic low, but this March they are expected to go up, and finding an acceptable loan can be more challenging.