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Home sales up, but not everyone able to afford 'American dream'

Reported by: Gerard Ramalho
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Updated: 7/30/2013 9:56 pm
LAS VEGAS (KSNV & MyNews3) -- The housing market is arguably no longer in crisis mode especially after news today that U.S. home sales jumped 12 percent in May -- its biggest gain in seven years.

But, it's not all good news, especially for younger buyers.

According to Census Bureau data, people in Las Vegas between ages 25 and 34 saw a homeownership decline from 44 percent in 2006 to 33 percent in 2011.

For the past several years the American dream of home ownership for many in Las Vegas has all but faded.

Banks are unwilling to lend and investors and cash buyers are snatching up whatever inventory was available.

"If you've got a strong cash offer in there a strong investor they're going to be in and out of that deal in 10 to 14 days," said Troy Kearns of Gavish Real Estate.

Kearns says sellers are generally looking for the best, quickest deal they can get.

One suggestion he offers to buyers is drop the appraisal contingency.

There are some risks he says and buyers might pay slightly more, but that little trick could put you above many investor offers and get you that property.

Another area first time buyers might find some success is with new homes, homes that are still under construction. Competition from investors here is much lower.

One local builder told News 3 barely 15 percent of their sales this year have gone to investors.

"We're talking new appliances, new air conditioner. We're talking new carpeting, new paint, all those things you're not going to have to sink more money into the way you would have to with a used home," said Geoff Gorman with Harmony Homes says you can't beat the value.

Also, most builders still offer incentives, such as cash that can be used toward closing costs.

The American dream may have been in a holding pattern but the fact new homes are even being built again says the dream may be gaining traction once again.




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