“A lot more people are interested, and it feels like they’re coming off the fence. That’s good – [there’s] a lot more curiosity in our marketplace and just a lot more people qualifying too.”
It’s not all plain sailing for would-be buyers in the Vegas market: plenty are still pushing out the max on the debt-to-income ration, Schulz added. However, falling rates in recent weeks have also helped bring about much higher attention towards refinancing as homeowners take advantage of lower borrowing costs.
Why out-of-town buyers are strengthening interest in Las Vegas
Prospective buyers frozen out of purchasing a home in the likes of Los Angeles, San Francisco, and Seattle are finding plenty of opportunity in Las Vegas. Redfin said buyers in those areas searched to move into the region more than any other last month – while a clear majority (67%) of Vegas homebuyers aspired to stay within the metropolitan area rather than move elsewhere.
While first-time buyers in those markets may find Vegas prices insurmountable, “we are getting those people moving in from more expensive markets like California, Colorado, and Seattle. It’s less expensive,” Schulz said.
A majority of those are either retired or able to work remotely, with some other buyer types also apparent. “We do have some unique situations, especially borrowers from Hawaii where maybe one will stay behind and keep working and the other will move here and start living,” she explained, “because it is such a vast difference in the cost of living that they’re better off moving their family to live here in Las Vegas and keep working in Hawaii.”