Is Las Vegas a good place to purchase your first home? Online real estate company Zillow says it’s one of the best.
But financial services company Bankrate says it’s one of the worst. So, what’s the truth?
“It’s kind of the American dream,“ said David Kohlmeier, first-time homebuyer.
He just bought a house at Desert Shores two months ago. He says after several years of renting, it was finally time to purchase some property.
“I thought it was a great time to buy right now because I believe there is a low inventory, it does appear there’s a lot of people coming from California buying homes, and I don’t think there are a lot of homes in general,“ Kohlmeier said.
Tight inventories is one of the reasons Bankrate lists Las Vegas as the 8th metro area in 2019 for first-time homebuyers.
They ranked 50 cities based on inventory, affordability, culture and safety.
But Zillow is saying the exact opposite. They ranked Las Vegas as the 2nd best city based on low median home values and percentage of listings with a price cut.
Local experts say when it comes to buying homes here in Las Vegas, they agree with parts of both studies. But in general, they believe it’s a strong market for first-time buyers.
“It’s close to 40 percent of our internet leads that we receive are first-time homebuyers,“ said James Brooks, realtor, owner of eXp Realty.
Brooks finds more truth in the Zillow report, especially when it comes to pricing.
“First and foremost, due to the fact that our median home price is still under $300,000,“ Brooks said. “When you look at other metropolitan cities close to us, the median home price is 50 percent higher if not double.“
Brooks also says there are more grants and lending programs now to help new buyers. But he does agree with Bankrate about inventories.
“Our average days on the market is pretty short and our inventory for $300,000 and under is very low, under three months,“ Brooks said.
He admits — a lot of times, it comes down to timing. That’s a big part of it for Kohlmeier.
“Moving from back East to Las Vegas, I think it was the right choice in general,“ he said.
By the way, Zillow ranks Tampa, Florida as the best market for first-time homebuyers and Bankrate says it’s Pittsburgh, Pennsylvania.