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Las Vegas housing shortage easing up but prices remain high

Posted at 7:15 AM, Jul 24, 2018

The Las Vegas housing inventory remains tight and prices continue to go up, making it harder for people to find their dream home. But, it looks like the housing shortage is starting to ease up. So, how is this possible?

It's because home prices are still rising and people are being priced out of the market.

Some can't afford the homes anymore. That's why the housing supply stopped shrinking for the past few months. 

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If this trend continues, it is good news for people looking to buy a home and can afford it since they'll have more choices as more properties are listed for sale.

In the meantime, according to the Greater Las Vegas Association of Realtors, we could hit an all-time peak like we did back in 2006 because the prices are still riding.

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Those rising prices plus a tight local-housing supply have dragged down home sales. 2018 is on pace to have slightly fewer local homes sold than 2017. 

But financial analyst Steven Budin says if you're looking to buy a home, you still have to move fast. 

"I think if you're looking to buy you just have to understand that it's a very competitive environment. If you see something that you like, you're going to have to make an offer almost instantly... And definitely be prepared to pay top dollar. There's very little room for negotiation because if you don't want the house there's another buyer behind you ready to make a bid," says Budin.

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Also important to know, experts say the cost of borrowing is going up. So those of you who want to buy a home be prepared to borrow more money with higher interest rates to finance the deal.