What Las Vegas home buyers need to know as interest rates rise

LAS VEGAS (KLAS) -- Loan borrowers are feeling the squeeze with rising interest rates as inflation remains high. However, one real estate agent is offering some ways to offset those higher costs.

Yves Ghiai is looking to buy a home in Las Vegas, and a separate property as an investment.
The California resident said Nevada is ideal regardless of the high-interest rates and inflation.

"I like Las Vegas because it's dry. I like dry weather and I like that tax-wise it's advantageous," Ghiai said. Like many, he said he saw explosive growth across the Las Vegas valley.

On Thursday, the average cost of a 30-year fixed-rate home loan was 7.08%, which is up .14% from last week and 3.94% from last year, according to the mortgage firm Freddie Mac,

Alex Vazquez with EXP realty believes this means affordability is reduced for all buyers.

"However smart buyers are purchasing down the interest rates. They are putting down a certain amount for the property and buying down points to make it more affordable," Vazquez added.

Nicholas Irwin an assistant professor of economics at UNLV said we could see rates continue to climb as the federal government tries to tame inflation.

"We have things very attractive for businesses to move in like no state income tax," Irwin said.

As many feel the burden on their wallet Vazquez explains the average home price in Las Vegas is $450,000.

Buyers should note there are many programs in Nevada that can help renters become homeowners.

"I would maybe hold off on another three months but these are the best times to buy," Ghiai added.

Vazquez says interest rates can always be refinanced down the road to reduce your payment later.

As for those with credit card debt experts said to consider transferring your debt to a zero-interest card, and if possible pay off your balance.




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