LAS VEGAS (KTNV) — It’s a new year and a Las Vegas Home expert says home buyers here in the valley have major leverage when purchasing going into 2023.
Jennifer Graff, the founder of New Home Experts says pics for homes across the valley have gone done and sellers are offering thousands of dollars in incentives, but she says the monthly payment is unaffordable for many.
But Christopher Lawrence, says the monthly payment for a home in Vegas is so much more affordable than the rent he pays in Orange County, California. He says the incentives made the move a no-brainer.
“$25,000 in savings if you take a look at the lowered monthly payments, plus those other incentives that were provided,” Lawrence says.
He says Vegas is making home ownership more affordable for him and his family. The low price for homes in comparison to Orange County convinced Lawrence to make the move.
“Just an average 3-bedroom home, two bathrooms, no yard rents for a minimum of $4,000 a month out here in Orange County,” Lawrence said.
Lawrence says that extra money will help him pay for his home here in Southern Nevada.
“We were tired of renting, not getting any equity behind ourselves,” said Lawrence.
But for many here in the valley, the cost of a monthly payment may still be out of reach. Graff says last December the median price of a home was $425,000 which is the same price it was in December 2021. The big difference now is interest rates.
"All of a sudden that mortgage payment is going to be a lot more, people can afford a lot less house, and a lot of people are getting scared,” Graff said.
But she says while getting a loan is less affordable going into 2023, we are seeing more incentives than ever, some sellers are even offering up to 60 to 70 thousand dollars off of homes.
"A lot of the builders have, especially towards the end of 2022, slashed prices to get those homes off of their books," said Graff.
She says May of last year we hit a record-breaking median home price of $482,000, now with a $50,000 drop going into the new year, Chris was ready to make the move.
“The incentives that the builders have out there right now basically made it a no-brainer to go that way with interest buydown on their behalf to make it more affordable, to move in,” said Lawrence.
