Although the real estate market is facing many obstacles like low inventory, slow permitting processes and strong competition for affordable resales, consumer demand is not one of them. And based on a recent Zillow study of the housing market, Las Vegas ranked 4th among the list of Best Markets for First-time Home Buyers in 2015. Other cities on the list were Hartford, Pittsburgh, Chicago and Atlanta.
Consumers for 2015
The new demand is expected to come from the millennials and retirees. They have waited on the sidelines long enough for the perfect opportunity to buy their first homes and this year is turning out to be the best time for them to buy since rent prices continue to rise.
Words from the Experts
Zillow’s economist and researcher said, “…millennials getting married and having children after delaying those choices will give buyers more negotiating power.”
Trulia, another online marketplace, said that the “consumers are as optimistic about the housing market as at any point since the recovery started.”
Highlights from the Report
- Respondents agreed that homeownership is still a big chunk of the American Dream.
- Seventy-eight of respondents ages 18 to 34 said that homeownership was part of their dream. Slightly higher than the 73% from last year and way lower than the 65% of 2011.
- Ninety-three percent of the younger renters said they have plans in buying a home someday.
- Thirty-six percent of consumers believe that selling would be better in 2015.
According to respondents, the biggest obstructions delaying these first-time homebuyers include:
- Credit history
- Qualifying for a mortgage
- Stable source of income
- Rising home prices
The consumer survey voices the increasing confidence Las Vegas is getting from homebuyers. And as the economy continues to improve, so does consumer trust. And this is just the beginning.
Are you a first-time homebuyer looking to buy a home in Las Vegas? Are you considering it? Want to talk about buying your first home? Reach out to us! Our team of real estate driven experts are the best in the field and will be more than happy to talk to you about your real estate concerns. Contact us today!