For Buyers | Las Vegas Real Estate News & Insights

Why a Condo Could Be Your Perfect First Home

If you’re looking to break into homeownership but the price of single-family homes has you second-guessing, you might want to consider a condominium (condo) or townhome.

If you’re looking to break into homeownership but the price of single-family homes has you second-guessing, you might want to consider a condominium (condo) or townhome. These types of homes often come with a lower barrier to entry – and that can help you start to build equity and enjoy the benefits of owning a home sooner.

Since they’re usually smaller than single-family homes, they can be easier on your wallet. While it’s not always the case, smaller square footage usually comes with a smaller price tag too. As a result, according to the latest data from Realtor.com, condos typically have a lower asking price than single-family homes (see graph below):

And here’s some exciting news: builders are focusing more on homes like these. The National Association of Home Builders (NAHB) says:

“The share of townhomes being built is at an all-time high.”

That means there’s a good number of options to add to your home search if you broaden it to include condos and townhomes. And you may even find something that works better for your budget.

So, if you’re comfortable with a smaller space and want to buy your first home before the spring rush, adding these types of homes to your search might be your answer.

The Perks of a Condo Lifestyle

Living in a condo has a bunch of other perks, too. Let’s look closer at why condos are appealing for first-time buyers:

They help you start building equity. When you buy a condo or townhome, you build equity and your net worth as you make your mortgage payments and as your condo’s value goes up over time.
They can be low maintenance. Condos are great if you want to own your place but don’t want to mow the lawn, shovel snow, or fix the roof. Your real estate agent can help explain any associated fees and details for the condos you’re interested in.
They usually come with a range of amenities. Your condo might come with access to a pool, dog park, or parking. And the best part? You don’t have to take care of any of them.
They create a sense of community. Buying a condo means you’ll be living close to other people, which is nice if you want a more close-knit feel. Many communities like these hold fun events such as barbecues and parties to help create that sense of connection among residents.

Remember, your first home doesn’t have to be the one you stay in forever. The important thing is to get your foot in the door as a homeowner so you can start to gain home equity. Later on, that equity can help you buy another place if you want something different.

Ultimately, owning and living in a condo or townhome is a lifestyle choice. If you want to see if it makes sense for you, talk to a local real estate agent.

Bottom Line

Ready to find a home that suits your goals? A condo might be the perfect fit for your first home purchase. Contact a local real estate agent today to start your search.

Buying Beats Renting in These Top Cities

Based on a recent study, in 22 of the top 50 metros, the monthly mortgage payment is lower than the rent payment.

Some Highlights

Based on a recent study, in 22 of the top 50 metros, the monthly mortgage payment is lower than the rent payment.
Make sure you work with a pro who can help you crunch the numbers and see how your city stacks up.
This may be your opportunity to forget renting for good. If you want to see which option makes the most sense in your area, connect with a local agent.

Home Values Rise Even as Median Prices Fall

Recent headlines have been buzzing about the median asking price of homes dropping compared to last year, and that’s sparked plenty of confusion.

Recent headlines have been buzzing about the median asking price of homes dropping compared to last year, and that’s sparked plenty of confusion. And as a As Ralph McLaughlin, Senior Economist at Realtor.com, explains:

“When a change in the mix of inventory toward smaller homes is accounted for, the typical home listed this year has increased in asking price compared with last year.”

This means that while smaller homes are affecting the median price, the average home’s value is still rising. According to the Federal Housing Finance Agency (FHFA):

“Nationally, the U.S. housing market has experienced positive annual appreciation each quarter since the start of 2012.”

So, while headlines may make it sound like prices are crashing, you don’t have to worry. With a closer look and more reliable data, you can see that prices are still climbing nationally.

But it’s important to remember that home prices can vary by region. While national trends provide a big-picture view, local markets may be experiencing different conditions. A trusted agent is the best resource to explain what’s happening in your area.

Bottom Line

The decrease in median price is not the same as a decrease in home values. The median asking price is down mostly due to the mix of smaller, less expensive homes on the market.

The important thing to focus on is the price per square foot, which is a better indicator of overall market value—and those prices are still going up. If you have questions about what home prices are doing in your area, reach out to a local real estate agent who can provide insights on your specific market.

This Is the Sweet Spot Homebuyers Have Been Waiting For

After months of sitting on the sidelines, many homebuyers who were priced out by high mortgage rates and affordability challenges finally have an opportunity to make their move.

After months of sitting on the sidelines, many homebuyers who were priced out by high mortgage rates and affordability challenges finally have an opportunity to make their move. With rates trending down, today’s market is a sweet spot for buyers—and it’s one that may not last long.

So, if you’ve put your own move on the back burner, here’s why maybe you shouldn’t delay your plans any longer.

As you weigh your options and decide if you should buy now or wait, ask yourself this: What do you think everyone else is going to do?

The truth is, if mortgage rates continue to ease, as experts project, more buyers will jump back into the market. A survey from Bankrate shows over half of homeowners would be motivated to buy this year if rates drop below 6% (see graph below):

With rates already in the low 6% range, we’re not terribly far off from hitting that threshold. The bottom line is, that when they drop into the 5s, the number of buyers in the market is going to go up – and that means more competition for you.

That increased demand will likely push home prices up, which could potentially take away from some of the benefits you’d gain from a slightly lower interest rate. As Nadia Evangelou, Senior Economist and Director of Real Estate Research at the National Association of Realtors (NAR), explains:

“The downside of increased demand is that it puts upward pressure on home prices as multiple buyers compete for a limited number of homes. In markets with ongoing housing shortages, this price increase can offset some of the affordability gains from lower mortgage rates.”

So, while waiting to buy may seem like a smart move, it could backfire if rising prices outpace your savings from slightly lower rates.

What This Means for You

Right now, you’ve got the chance to get ahead of all of that. Today’s market is a buyer sweet spot. Why? Because a lot of other buyers are waiting – which means not as many people are actively looking for homes. That means less competition for you.

At the same time, affordability has already improved quite a bit. Recent easing in mortgage rates has made homeownership more accessible. As Mike Simonsen, Founder of Altos Research, says:

“Mortgage payments on the typical-price home are 7% lower than last year and are 13% lower than the peak in May 2024.”

And while the supply of homes for sale is still low, it’s also higher than it’s been in years. According to Ralph McLaughlin, Senior Economist at Realtor.com:

“The number of homes actively for sale continues to be elevated compared with last year, growing by 35.8%, a 10th straight month of growth, and now sits at the highest since May 2020.”

This means you now have more options to choose from than you’ve had in quite a while.

With fewer buyers in the market, improving affordability, and more homes to choose from, you have the chance to find the right one before the competition heats up.

Why Waiting Could Cost You

If you’re waiting for the perfect time to buy, it’s important to understand that timing the market is nearly impossible. The longer you wait, the higher the risk that market conditions will shift—and not necessarily in your favor. As Greg McBride, Chief Financial Analyst at Bankrate, says:

“It’s one of those things where you should be careful what you wish for. A further drop in mortgage rates could bring a surge of demand that makes it tougher to actually buy a house.”

Bottom Line

Don’t wait until you have to deal with more competition and higher prices – you already have the chance to buy a home while we’re in the sweet spot today. Connect with an agent to make sure you’re taking advantage of it.

Buying Beats Renting in 22 Major U.S. Cities

That’s right—according to a recent study from Zillow, in 22 of the 50 largest metro areas, monthly mortgage payments are now lower than rent payments.

That’s right—according to a recent study from Zillow, in 22 of the 50 largest metro areas, monthly mortgage payments are now lower than rent payments (see chart below):

As mortgage rates have eased off their recent peak, home prices have moderated, and inventory has ticked up, affordability has improved significantly. When you add all of that up, it’s getting less expensive to buy a home than to rent one in many parts of the country.

This is a big deal if you’ve been renting for a while now. But if you don’t see your city on this list, don’t sweat it. Things are moving fast, and your area might be joining these top metros soon.

You see, talking with a local real estate agent about what’s happening in your market before this happens in your ideal neighborhood could really change the game for you. It’s all about being informed by a true expert, and understanding what was out of reach before might actually be getting more affordable than you think.

Now, while this study compares monthly rent to principal and interest on a mortgage payment (not the whole monthly payment), let’s think through this. As Zillow notes, what you can’t ignore when you buy a home are things like taxes, insurance, utilities, and maintenance that should also be factored into your budget and your monthly payment.

But remember – renters pay extra fees too, like renters’ insurance, utilities, parking, and more. And while doing the math may feel like a drag, this equation could be a much more exciting one to work through today.

So, grab your calculator and your agent because the big takeaway is this: it may be time to determine if you’re in a spot to afford what you couldn’t just a few months ago.

As Orphe Divounguy, Senior Economist at Zillow, says:

“… for those who can make it work, homeownership may come with lower monthly costs and the ability to build long-term wealth in the form of home equity — something you lose out on as a renter. With mortgage rates dropping, it’s a great time to see how your affordability has changed and if it makes more sense to buy than rent.”

Whether you live in one of these budget-friendly metros where the scales have already tipped in your favor, or any town in-between, it’s time to connect with a local real estate agent to get the conversation started.

With mortgage rates coming down and more homes hitting the market, you’ll want to be ready to jump back into your search – before everyone else does.

Bottom Line

If you’re tired of renting and ready to find out what it takes to purchase a home in your area now that the landscape may be shifting, connect with a local real estate agent to do the math and see if buying a home makes sense for you now or sometime soon.