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First-time homebuyers struggle with affordable housing shortage

Posted at 7:35 PM, Jul 06, 2017

A new report shows home prices are increasing, especially if you're looking for homes in lower price ranges, which could be bad news for homebuyers.  

According to the Greater Las Vegas Association of Realtors, the valley is now in a housing shortage, meaning home prices are rising.  

A typical $300,000 house could cost you $30,000 more than this time last year.  

Experts say part of the problem is that millennials are pushing off buying homes, and in response, builders are focusing on homes for second and third-time home buyers. That means, there are very few options for people looking for starter homes.

"It's getting very competitive with buyers out there," says Zar Zanganeh with Luxe Estates and Lifestyles.  "About one-third of the offers we're seeing are cash offers, and unfortunately that's pushing the guys who need financing out of the way." 

If you're looking to buy a home, experts suggest your stay persistent, get ready to compete, and say the more cash, the better.