LAS VEGAS (KTNV) — Finding the right home just got harder after a report released in early December says the median price of a single-family home is up nearly 22%.
James Calhoun began his house hunting in March. On his first attempt at a home, someone beat him to it, for a different home the offer fell through, and for the third attempt, he says he barely beat the other offers.
“If you are not a cash buyer, which at first I wasn’t, no one is going to even look at your offer,” Calhoun said.
He says that was the only way he was able to close the deal. He offered a cash offer above the asking price and he became the owner of this home, but this expensive and hot market is a headache he never wants to face again.
“The value of this home more than doubled since it was built five years ago, so the price the original homeowner bought it at when it was built was half basically,” said Calhoun.
Jennifer Graff, the founder of New Home Experts is looking at all areas of Vegas to try to find her clients the perfect home, but during this time where we continue to see a low amount of inventory and high demand the search for that dream house is getting harder and harder.
“In some cases, you are not going to get everything on your wish list so it is a matter of getting as much as you can and being able to stay within your budget,” said Graff.
A report released by Las Vegas Realtors in early December says the median price of a single-family home sold in November was $420,000. Which is 21.7% higher than what it was a year ago. This increase in the price set the record high in the valley.
“It really is a supply and demand issue, there is a lot more demand than there is supply and that is going to continue for quite some time, and I haven’t seen anything like this before,” said Graff.
She says going into 2022 there may even be a higher demand and prices can continue to go up.
“It is going to take a very long time for us to make up the gap that we lost during the recession when a lot of the home builders almost stopped building completely,” explained Graff.
She says the cost of rent is also skyrocketing. With the amount you’re paying in rent she says it might be a good time to consider buying a home and pay a lower and consistent monthly mortgage towards something that is yours.
Around this time of year as we get closer to the holidays, she says it may be easier to buy a home as the market tends to cool down. She says if you're planning on buying don’t wait as interest rates are still at a historic low.