LAS VEGAS (KLAS) — Buying a house in today’s real estate market is no easy task, and first-time homebuyers are having an especially difficult time.
8 News Now has shared stories about buyers moving to Las Vegas, paying with cash, and investors looking to make money here. Now, we’re learning about a developer that is helping first-time homebuyers in this crazy market.
“I wasn’t sure I could do it, especially on one income,” said buyer Nori Muhammed.
She recently closed on a Touchstone Living home in a North Las Vegas neighborhood.
“I was surprised, considering how many new construction is going on,” Muhammed shared. “I did not think there were as many families as there were.”
In a tough buyers’ market, she put her name down on several waiting lists at new communities.
Tom McCormick, president of Touchstone Living, noted the community is the best-selling neighborhood in Las Vegas. He says today’s market is not an easy place for first-time homebuyers.
“People who are renters right now just don’t believe they can ever own a home,” McCormick explained, “and they hear the horrible stories about bidding and getting outbid, so, this neighborhood, there is no bidding.”
Buyers coming from out of state are flocking to Vegas, many from California, willing to pay cash for a new house. McCormick says they don’t sell to investors who are flooding the market.
“Investors are at the very bottom of the list. We have 250 people who want to become homeowners, waiting for us to release homes,” he shared. “We simply, this sounds corny, but we can’t build them as fast as people want them.”
There are three Touchstone Living neighborhoods around the valley, starting in the $200,000 price range. Touchstone partners with the Bank of Nevada to develop land for these neighborhoods.
Bill Oakley, vice president of Bank of Nevada, says this is crucial, when the market is like what it is today.
“I am proud of Touchstone for doing that, focusing on the community, building a community for the people who work and live here,” he said.
Like every other builder around the valley, Touchstone says a shortage of lumber and other supplies is impacting business, but they are still able to close on about 30 homes a month.