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Survey finds new homeowners regretting purchase amid coronavirus pandemic

Las Vegas-area homes continue higher prices with lower inventory
Posted at 8:32 PM, Sep 15, 2020
and last updated 2020-09-16 02:33:53-04

LAS VEGAS (KTNV) — A survey found most people who became homeowners during the coronavirus pandemic are regretting their purchase decision.

But Las Vegas Realtors say buyers in Southern Nevada remain active and happy.

LendEDU found that the biggest reason for pandemic home-buying regret was financial reasons.

“Here in the state we have housing values skyrocketing and building equity every single month,” Thomas Blanchard, of Las Vegas Realtors, said.

LendEDU says out of 1,000 new American homeowners, more than half regret the pandemic purchase.

However, Blanchard says there’s a domino effect that keeps the Las Vegas market successful.

“They had to sell their house wherever they were, and somebody from somewhere else had to sell their house to be able to buy that house,” Blanchard said.

RELATED: Realtors get creative selling homes during coronavirus pandemic

Mortgage rates have fallen to record lows across the nation this year, and Blanchard says that means the payment that the buyer has to qualify for is lower.

“Lower the interest rate, more people can afford the house or a nicer house,” Blanchard said.

RELATED: Las Vegas home prices setting another all-time record despite coronavirus pandemic

The study also found 26% of those who regretted a home purchase have refinanced their mortgage.