The housing market is about as hot as it gets – and that can make it difficult for first-time homebuyers to get in on the action. But there is a local developer in town who’s now pushing investors aside and is prioritizing first-time homebuyers.
“We are focused on first-time homebuyers. People who are currently renters who want to become homeowners,” he said.
He is specifically referring to the 1,180 unit, “Watercolor,” community in North Las Vegas near Losee and the 215. He explained the goal is to fill the neighborhood with first-time homebuyers, rather than investors who plan to rent out the homes. He says they can make the determination based on the loan qualification process.
“We can do it primarily through the loans. If someone is an investor, their loan will say we’re an investor loan, a second home loan – something like that. Our owner-occupants go through FHA. So, we know to get an FHA you have to be an owner-occupant,” he said. “We’ve had people offer to buy 100, 200, 300 homes within the neighborhood, frankly, to keep people renting.”
Bill Oakley, the EVP of Bank of Nevada, explained the market conditions aren’t favorable for first-time homebuyers.
“First-time home buyers are going to be facing really tough challenges with cash buyers coming in and don’t need a mortgage,” he said. “Everything that comes on the market is getting multiple offers – people are paying more than asking price.”
He took it a step further and says the situation is more favorable in his development for those who want to actually live there.
“To put it bluntly, these guys are getting abused,” he said. “There’s no bidding here either. This is, come in, get on the list, get a loan approved, pick your home, move in. The price you see the day you write your contract is the price that you’ll pay.”
His advice to anyone who’s tired of renting and is considering buying for the first time?
“It’s probably more possible than you think. What you really need is someone to sit down with you and say let’s take a look at your situation,” he said.
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