Recently Zillow conducted a survey of renters, across the nation, and they asked them if they were interested in purchasing a home in 2014. The results were that 10% or more of renters wanted to purchase a home within the next 12 months. This would mean there would be a potential 4.2 million new first-time home buyers shopping for homes for sale if all of them were able to purchase.
The likelihood of this happening is not very realistic as this would be more than double the amount of first-time home buyers in 2013. Since 2013 homes prices and mortgage interest rates have risen and lending standards have become more stringent for borrowers. According to S&P/Case-Shiller national home index home prices increased 11% nationwide last year. Las Vegas real estate prices rebounded much more than 11% as prices had fallen too much during the housing crisis. A Las Vegas Realtors could show you some of these statistics and help explain the recent Las Vegas housing market activity.
Renters in Las Vegas, Miami and Atlanta expressed the most desire to become homeowners, according to Zillow’s index. This should mean that Las Vegas real estate prices should continue to rise with reasonable appreciation over the next few years and these first time home buyers begin to buy.
Summerlin real estate is very desirable for everyone including first-time home buyers all the way to experienced luxury home buyers. If you are considering homes for sale in Summerlin Las Vegas then call The Heuser Team today and we’ll get you set up with a great mortgage lender and get you on the way to buying your dream home.