Is it the Right Time to Buy a House? | Real Estate Advice for Las Vegas First-Time Homebuyers
- The Supernova Team Blog
- Nov 25, 2024
- 3 min read
If you are in the Las Vegas area and have been thinking about buying a home, the perfect opportunity is here and you don’t want to miss it! Current trends in the Las Vegas real estate market and in the wider US have created a favorable environment for first-time homebuyers to secure a property at competitive prices.
Reassuring trends in the Las Vegas real estate market
Lower mortgage rates
As of November 2024, mortgage rates are nearly a full percentage point lower than they were at this time last year. This trend will most likely extend to the coming year as the Mortgage Bankers Association (MBA) projects a total mortgage origination volume increase of 30% in 2025, fueled by expanded first-time buyer programs. These programs offer a range of accommodations to make home ownership more accessible.
Increase in housing supply
The number of available properties in Las Vegas has surged. For single-family homes we got a 33.7% increase from last year, and for condos and townhouses a whopping 50.5% increase in the same period. This not only means a wider variety of homes for you to pick from but competitive prices as well.
NAR settlement adds transparency and security for buyers
A recent settlement involving the National Association of REALTORS® (NAR) new protections to the real estate process. Agents are now required to provide written agreements before touring homes that outline all costs and fees upfront. Note that negotiation is still allowed.
Main tips to make your search more cost effective
It can be easy to get carried away by this favorable landscape, so we have specific advice for you to guide your search for the perfect home.
Weigh the pros and cons of different property types
Condos vs. Single-Family Homes
Condos will usually cost less upfront and management will be in charge of providing and maintaining amenities such as pools, gyms, and playgrounds. This comes at the expense of privacy and space, plus they appreciate slower than single-family (SF) homes.
On the other hand, SF homes have much less restrictive HOA rules and leave space for growth in the future. The added space from backyards or patios gives much-needed space from nosy or obnoxious neighbors.
New Builds vs. Existing Homes
New builds are the perfect blank canvas to bring your dreams to life. They offer full customization of finishing touches and come with critical features such as modern insulation, energy efficiency, and will follow current safety guidelines. In the extreme Las Vegas weather we cannot emphasize the importance of all these elements to make your future home enjoyable and hassle-free.
Used homes have their advantages as well since they often come at a lower price and are placed in established neighborhoods. More likely than not they are ready to be inhabited and they certainly have a certain charm to them. Still, keep in mind that older homes may need renovations in the wiring, plumbing, or roofing department which are extra costs that can quickly add up to the initial price.
Choose a Neighborhood that fits your long-term needs
The perfect home meets your current and future needs. Not only should you consider the state of the property, but its surroundings. In the era of working from home, an integrated community is more essential than ever. Areas with commercial venues, nature trails, libraries, etc. will provide enough social integration to give you a sense of belonging and security.
Here are some of our favorite selections of communities that offer a perfect combination of value, amenities, and safety.
Cadence (Henderson)
This master-planned community offers extensive parks, notable schools, shopping centers, a bike-share program, and even a water park. Its proximity to downtown Las Vegas offers convenient access to both outdoor recreation and urban amenities, making Cadence an ideal place to live for those seeking a balanced, active lifestyle.
Southern Highlands (South Las Vegas)
Known for its tree-lined streets and scenic views, it offers the ideal blend of rural charm and urban convenience. Residents can enjoy a range of amenities, including a golf course, parks, walking trails, and easy access to major highways and the Las Vegas Strip.
Why Work with the Supernova Team?
Navigating the Las Vegas housing market can be overwhelming: finding the right home, in a good neighborhood, within budget, while managing complex regulations, and avoiding hefty fees. That’s where the Supernova Team comes in.
With insider knowledge we know the trends, the neighborhoods, and the nuances that can make all the difference. We’ll walk you through every step, ensuring you understand all terms, contracts, and costs so there are no surprises. From pricing to contingencies, we advocate on your behalf to secure favorable terms, saving you time and money. Simply put, we put our heart into every transaction.
📞 Call us today at (702) 409-2424 to book your consultation.
Let’s find your perfect home in Las Vegas!
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