In recent years the housing market across the country has suffered from a displacement of demand in the face of uncertainty. But as a new trend emerges that drives condominium and apartment-style living, millennials seem well-placed to continue their search for the perfect home.

This has forced realtors, agents and housing associations to consider the buying and renting preferences of the younger generation.

In fact, it seems there has never been a better time than now.

The Millennial Mindset Drives Affordable Housing

A recent article summarizing a report from the online housing marketplace, Zillow explained that there will be no shortage of demand for housing in 2015. In this report, Las Vegas ranked number four on its list of Best Markets for First-Time Home Buyers.

But what does this mean for Generation Y? It means they can finally realize their dreams of having a place of their own in a competitive housing market.

Here’s some advice and a few insights to new homebuyers and renters in Las Vegas.

1. Find a Comfortable Level of Financial Stability

According to a Trulia’s 2015 outlook, the rising confidence of Generation Y as a whole will mean that supply won’t be an issue. However, making the down payment will be an issue because conditions for satisfying the criteria for first homebuyer grants are becoming more stringent.

Fortunately, the job market is beginning to pick up again so financial stability won’t be as much of an issue for renters or buyers. Simply remember to keep it within your price range as best as you can.

2. Your Choice of Home Is Important

If you’ve expressed an interest in apartment-style living, Las Vegas offers no shortage of homes near in-demand amenities, but what’s more important than location is one’s living standards. Be sure to find something that suits your needs first and foremost.

3. Be Patient When Making an Offer

This advice applies to the entire process involved with finding a home. The fact that there are more opportunities also means there will be higher levels of competition.                                                                                   

Pre-approval for home loans will therefore become a necessity for most homebuyers. Ideally, you should consider a variety of finance options whilst going through the proper channels.

4. Know What You’re Buying Into

Keep in mind that there are no “lemon laws” observed in the U.S. where housing is concerned. Brokers or real estate agents must divulge all known and pertinent information and you will need to inspect the premises yourself – or hire a professional – before agreeing to sign anything.

This won’t be as relevant if you’re looking to rent, but you don’t want to be locked into a lease for any period of time if you’re not going to be happy there.

5. Do as Much Research as Possible

Finally, most home communities have websites so you can do ample research in the area when looking for the best Las Vegas home for you. Here’s a great site to get you started with searching for Las Vegas communities. They provide an interactive map of each community and the current listing of houses.

The choices you make now will impact your future, so it’s important to speak to experienced professional real estate agents if you have any questions, concerns or doubts.

Good luck and happy hunting!