Mia Browning is settling into a new three-bed, 2.5-bath townhome north of Las Vegas, even though mortgage rates have more than doubled since she first started looking for a home.
The Midwestern native says she has lived in Las Vegas off and on for a decade and started looking for her own property in 2019.
“I’m going to put the offer out there and talk about it, and I’m going to get about 26 offers,” Browning said Thursday morning in his 1,800-square-foot townhome. “It was stressful. It brought tears to my eyes.”
At the time, she said, mortgage rates were in the “2 high, 3 low” range, which she thought was too high. Currently, that percentage she hovered between 6% and over 7%.
“I blame myself for doing that because obviously I could have had more housing or less housing allowance,” Browning said. “It’s worth doing, but it’s costly.”
Her purchase comes amid reports by the Las Vegas Relators (LVR) that home, townhome and condo prices have trended higher since the spring. But according to the most visited real estate website in the U.S., Las Vegas ranks among the cities with the biggest declines in home values.
