LAS VEGAS (KTNV) — Despite high-interest rates, real estate experts say it's now a buyer's market.
But as the competition among "house hunters" heats up, realtors claim now might be the perfect time to buy a home as prices are leveling off in the valley and while interest rates are still high special loan programs are driving the return of bidding wars.
Jerry Jakubosky relocated to Las Vegas for a new job, but he has been staying at the La Quinta hotel for almost 4 weeks while searching for a home.
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"It's been a lot of work, time, and effort," said Jerry Jakubosky.
While Jakubosky says he's not too picky, he would like to purchase a new one-story house in the mid-$400s. He says he hasn't seen many homes that meet his criteria but hopes, when he is ready to buy high-interest rates, will scare off other buyers.
"I haven't made an offer yet, so I hope there's not a bidding war," he said.
He is not alone, local realtor Alex Vasquez says the housing market is buyer friendly but completive.
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"We did start seeing bidding wars. over the course of the last few weeks, we saw multiple offers in a property," Vasquez said.
Vasquez says inventory has been low over the last few months, but says many sellers are participating in loan and lender programs making the cost of their home more attractive to buyers.
Vasquez says one major problem is local homebuyers having to bid against people relocating from California.
"The influx of Californians to our state particularly southern Nevada continues very strong. and of course, they come with a higher down payment because they're selling homes at higher prices over there," Vasquez said.
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While it's hotel living, for now, Jakubosky remains confident homeownership is close.
"I hope I find something within the next two weeks, with a 30-day escrow, and be out of the hotel and move on."
