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Vegas home prices leveling. Is now the time to buy?

Vegas home prices leveling. Is now the time to buy.pngAfter months of soaring, Las Vegas lenders stated that local real estate prices are beginning to stabilize and it may be time for new buyers to enter the market.

Southern Nevada has seen record median home values ??each month that can be traced back to before the pandemic. Inventory shortages, lack of floating population, and the suspension of evictions have resulted in tighter supplies and higher prices. 4,444 neighboring state buyers have also increased the value of homes, and many families and investors have paid out at higher than asking prices, preventing first-time homebuyers from buying their homes. However, 

experts like Andrew Leavitt from Pay It Forward Lending said the market was changing. 

 “I want to say that if the buyer has between $ 1,000 and $ 3,000 in the security deposit, you will likely buy a property that is cheaper than your current rent,” Leavitt said. 

 Currently, the hottest postal codes in the valley are the Henderson (89052) and Summerlin (89135) sections, and the average home value is around $450,000. Levitt said potential buyers should not be discouraged by home prices and should focus on monthly mortgage payments. 

 Maxine Silva is the first owner. When the scorching real estate market cooled, she took advantage of this. 

 “I like the house we bought,” Silva said. “When my loan showed me the monthly repayment amount, I thought, ‘Yes, I can.”

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.

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