Home prices are shattering records — especially in smaller cities. As a result, buyers can barely afford to blink or they risk losing the house they want.
Jennifer Steinzer and Garrett Farber wanted their first house to have a backyard for a dog and no stairs.
“We got a three story, no backyard and a cat,” Farber said. They got their home for $295,000 after being outbid on 10 other homes in Las Vegas.
When asked why she was willing to make so many sacrifices, Steinzer said, “Just to get our foot into a house and have a roof over our head.”
When asked if this was their dream home, Steinzer and Farber said: “No, not at all.”
Desperate buyers, record-low interest rates, along with low inventory and cash-rich investors are driving prices up — nationally, 19% higher. But cities like Kingston, New York, are up 35%, Boise, Idaho, is up 33%, and Las Vegas is up 15%, according to the National Association of Realtors.
One 1,300-square-foot, one bath home in…