Families compete with investors to buy homes in Las Vegas
Las Vegas, NV (KTNV) -- Families across the Las Vegas valley are struggling to buy homes.
And it may not be for the reason you think. Potential buyers keep putting in offer after offer only to get beat out by investors who have no plans on living in the properties that they are buying.
George Giordano is one of those potential buyers.
He has been working with a realtor but it not having much luck.
The Greater Las Vegas Association of Realtors confirms that other people in the valley are experiencing the same problem.
They also say that low inventory coming from banks hitting the brakes on thousands and thousands of potential foreclosures is not helping the situation.
So now, investors and residents are competing for those homes which is driving the prices up.
Realtors are saying another housing bubble is unlikely but they admit little is being done by lawmakers to give legitimate homeowners a chance to get into houses first.
One suggestion is that potential homeowners write a letter to the seller and tell them that they plan on living in the house and why they should choose the potential buyers.