LAS VEGAS (KLAS) – After months of sharp increases, Las Vegas lenders say local home prices are beginning to stabilize and say now might be the time for new buyers to jump into the market.
Southern Nevada has experienced record-high medium home values every month, dating back to well before the pandemic. Inventory shortages, a lack of people moving, and eviction moratoriums made for an even tighter supply and higher prices.
Buyers who came from neighboring states also pushed up home values, with many families and investors making cash overs, above the asking price, preventing first-time buyers from getting a home.
But experts such as Andrew Leavitt of Pay It Forward Lending say the market is changing.
“I would say buyers who have one thousand to three thousand dollars saved up, there’s a good chance you could purchase a property cheaper than what you would rent a house for right now,” said Leavitt.
Right now the hottest zip codes in the valley are in parts of Henderson (89052) and Summerlin (89135), with house values averaging around $450,000. Leavitt said potential buyers should not let the price of a house discourage the buying process, but instead focus on the monthly mortgage payment.
Maxine Silva is a first-time homeowner. She took advantage as the red-hot housing market started to cool.
“I love the house we bought,” said Silva. “Once my lender was able to show me what the monthly payments would be, I was like, ‘Yeah, I can do that.'”
For less than $2,000 per month, Silva was able to get into a $380,000 home in a popular southwest valley neighborhood.
Leavitt added that those who are already homeowners should consider now as a good time to refinance their loans.