LAS VEGAS, Nevada (FOX5) — If you’re trying to buy a home in Las Vegas, you’re definitely not alone. Buyers are frustrated with a crowded housing market. The houses they see one day are sold the next for tens of thousands of dollars above the asking price. However, a local man’s frustrating two-year search for a home has finally come to an end.
“It’s frustrating. I probably made an offer on 10 to 15 houses and literally didn’t get a single one,” Tyrone Reynolds, a speech-language pathologist, said in March. Since before the pandemic, the search for a house was his second job.
“At the time, I really thought I wanted a house with a pool and three bedrooms, two bathrooms, but of course that’s what everyone wants,” Reynolds said.
Reynolds’ expectations have changed over time, realizing how competitive the Las Vegas housing market has become, even as house prices continue to hit record highs each month.
“I specifically remember going to multiple properties and seeing 9, 10, 11, 12 people, couples, families, singles queuing to get into the house. When you see that when you go to the property, it’s quite disheartening,” Reynolds said.
When Reynolds started looking for homes, his mortgage rate was stuck at around 2.8%. Now it’s in the middle of 4, which means Reynolds will be paying thousands more over the life of his loan. Reynolds felt like he was in a rush to get a deal done.
“I knew from the first phone call that Eric was the guy, we connected really well very quickly and worked together really well and that’s why we were lucky to close so quickly,” said Reynolds about his new real estate agent Eric Jordan.
After FOX5’s first report of Reynold’s frustrating 2-year search, he got a call from Jordan offering to help him get a deal.
“Fortunately for us, we were able to do it in four days,” Jordan said.
Jordan said he was no miracle worker, but a tenured real estate agent could make a big difference.
“The best thing to do is find a real estate agent you trust. Find someone you are willing to work with and who will listen to you. It will meet your needs and be ready to say no to you as well,” Jordan said.
Reynolds said his home hunt as a first-time buyer was incredibly frustrating and he almost gave up, but ended up getting a home he loves.
“It’s amazing, I’m so lucky,” Reynold said.
Even with rising interest rates, as the housing shortage continues and as the busy summer season approaches, Jordan expects the Las Vegas housing market to remain competitive.
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