LAS VEGAS (KTNV) — It’s a sellers’ market now!
Buyers looking for a home in the Las Vegas area might have a hard time finding one they like. That’s because the number of homes available for sale are down and the prices are up.
New numbers from the Las Vegas Realtors (LVR) show the median price in April was $375,000, a record number in our valley.
For many Latino families looking or in the process to buy a home, this is not helping them to make their dream come true, especially since several don’t get an approval for a loan.
According to the online real estate company Zillow, the denial rate in Nevada for Hispanic applicants was 12% in 2017, compared to 9% for all applicants.
“Some people are putting 15 to 20 thousand over the listing price, they're waiving the appraisal contingency, mean that if the house doesn’t appraise, they don't care, they're going to pay more for that and then there are some sellers that don't want to do repairs," said Kely Rojas, a real estate agent.
But even before buying a home, there’s a long process to go through, even after your loan is approved.
Wendy Conception bought a house in 2018, but recently she wanted to move to another one and shared that the experience was completely different this time.
“We would put an offer on it and let's say that there were no offers, ours was the first one and by the next day there were like 15 offers, so that’s how crazy it was and of course we wouldn't get it because there was always a cash buyer,“ said Conception.
OTHER HOUSING STORIES
- Las Vegas isn't the only hot housing market in the U.S.
- 10 most affordable cities and 10 most affordable states to buy a house
After several attempts and with the help of their real estate agent, she's finally a homeowner again.
Alex Vazquez, her real estate agent, said that more Latinos are now becoming homeowners, a trend that he has observed during the last 5 years, and that it’s important to have a lender and a real estate agent to help you with the process.
“And let you know of how much of a home you qualify for, what the bank will loan you to purchase that home. The lender will also guide you on what programs are available in order for you to qualify for that home or either reduce the interest rate or get some money out of pocket to help cover your closing costs and in many cases you down payment as well, “expressed Vazquez.
Other recommendations are to have your finances in order before putting down an offer, to be patient but move quickly if you find a home that you like.