LAS VEGAS (KTNV) — A home-buying frenzy is happening in Las Vegas, according to a local real estate broker.
Kirby Scofield, broker and owner of Scofield Realty, says he is seeing an influx of people coming in from places like California and New York.
Scofield says the pandemic has many looking at Nevada for larger homes with more outdoor space, lower taxes, less regulation, and fewer lockdowns.
The sharp increase in demand means inventory is very low and it’s competitive if you’re looking to buy. Scofield says people are skipping property inspections, buying homes without ever stepping inside, and paying tens of thousands of dollars over appraised value.
Ultimately, Scofield says lack of inventory is leading to an increase in prices and he suspects the cost will continue to rise. Scofield says those who want to buy property should start making moves soon.
“If you’re able to afford it right now, get the ball in the court. You’re going to lose out on offers but don’t get upset about it. That’s why everyone wants it, it’s a great product,” Scofield said.
He says now is also the time to get into the real estate business if you’re out of work or looking to make a switch in careers.
Scofield expects thousands of homes to hit the market as rent moratoriums expire and foreclosures start taking place.
As we wait for that to happen, you could be working on your real estate license. It can take as little as four to five months, according to Scofield.
"If you ever thought about it, I would definitely get into it because prior to COVID, our city was chosen by all these big corporations and sports teams for growth,” Scofield added.
Scofield Realty is looking to grow its brokerage with the booming market, so it’s offering a scholarship program to provide free real estate training for people interested in making that career change.