Las Vegas ranked most overvalued real estate market
LAS VEGAS (KTNV) – First-time homebuyers are struggling to find the American Dream in southern Nevada. A study by Florida Atlantic University shows that Las Vegas is one of the most expensive real estate markets in the country.
Arya Bina moved from Los Angeles to the Las Vegas Valley and witnessed the competitive market when he bought her home.
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âBetween April and September, an increase of about $ 50,000 in the price of the house at the moment,â Bina said.
Bina closed her house in April. He bought it for $ 270,000. When he checked the price of his new home, it was $ 320,000. He said prices were rising dramatically due to the influx of people from California like him.
âIf you’re trying to get a house that’s on the market and available to move into, you’re going to bid against six or seven people, even back when I was shopping, and that’s why I went for a new build because if you hit the jackpot, it might as well be new, âBina said.
The study published by Florida Atlantic University shows that Las Vegas is among the 10 most overvalued metropolitan areas in the country. Homes in Las Vegas are selling 42% above their long-term price trend.
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Jennifer Graff, a Vegas real estate agent, has received numerous calls from out-of-state buyers looking for homes in the valley. She says house prices have risen due to the record number of homes available and the high demand to buy them.
âWe have less than 30 days of inventory and that’s why when sellers put their homes on the market there’s a wave of buyers,â Graff said.
Even with a low number of homes available, she says the prices for our homes are not too expensive.
âI really feel like Las Vegas is still great value for the money and I think we see that every day with more and more out-of-state shoppers now calling Las Vegas. at home, âGraff said.
Jeremy Aguero, a senior analyst, says these studies don’t take a lot of things into consideration.
âLas Vegas remains one of the fastest growing metropolitan areas in the United States, which means a huge amount of home equity is pouring into our community,â Aguero said.
For people who are considering buying a home here in the Valley, Graff says don’t wait. Prices in the Las Vegas area are still reasonable and interest rates remain low.