It’s a great time to shop for a home in Las Vegas. The market is less competitive than it’s been in recent months. Home prices aren’t expected to rise much soon, and you may have more negotiating power when you’re looking to secure a deal. If you have questions about how to buy a home in Nevada, this article will tell you everything you need to know before you get started. By the time you’re finished reading, you’ll have a deeper understanding of everything that goes into the home-buying process from start to finish. But if you have any additional questions, feel free to reach out to the expert team at LVREAL, who will be happy to assist you.
GET THE MONEY TOGETHER
You’ll need to have some money set aside in order to fund your down payment. The exact amount varies based on what type of loan you take out. Home buyers normally have to put down at least 3% of the total cost of the home at closing. This amount doesn’t include what you’ll spend on your share of the closing costs. The buyer’s share is often 2-5% of the home’s total cost.
In addition to having cash reserves on hand, you’ll probably need to work with a lender to secure the remaining money needed to purchase your home. It’s a good idea to reach out to a lender early in the process. They will ask you questions about your current debt-to-income ratio and your credit score. They may want to see recent pay stubs or tax returns as well. Once they have a better understanding of your overall financial position, they can provide you with a preapproval letter detailing the type and amount of loan that you qualify for. Some agents won’t work with a buyer who hasn’t been preapproved for a loan, and many sellers want to see proof that you can qualify for funding before they will agree to a deal to sell you their home. Don’t forget to touch base with multiple lenders before making a final decision since you’ll likely have different interest rates offered by each bank or group.
CHOOSE A REAL ESTATE AGENT TO WORK WITH
You’ll partner with a real estate agent who will show you homes and help you negotiate when making offers. As you think about which agent you’ll work with, you’ll want to spend some time reading reviews from past clients and learning about their industry experience. Most agents will agree to meet with you even if you haven’t officially decided to work together yet. This is a great time to get a feel for their personality and communication style. You may also want to see an official listing agreement that outlines the responsibilities of both parties before you agree to take the next step.
DETERMINE WHAT YOU WANT IN A HOME
Many first-time buyers find this to be the most fun part of the process. Take some time to look at home listings online. This will give you a better feel of what features and amenities are most important to you in your home search. Once you have a better idea of what you’re looking for, you can tell your realtor about your preferences, and they will recommend properties that fit your profile.
SEE HOMES IN PERSON
You don’t want to make an offer on a home before you have the chance to see the property in person. If you see a home online that interests you, schedule a time to visit the property physically. This will give you a chance to look for any structural damage that doesn’t show up in pictures or in the home’s description. Sometimes these issues are merely cosmetic, but other times they may point to something concerning that’s happening below the surface. You’ll also have the chance to drive around the neighborhood and get a better idea of what life in that community might be like. Many home buyers will even knock on the neighbor’s doors to ask them what they like about living in the area. You may even get some insight into how the previous homeowner cared for the property.
MAKE A COMPETITIVE OFFER
If the home has only been on the market for a few days, you shouldn’t expect to have much negotiating power. The seller will probably prefer to wait for an offer that comes closer to meeting their expectations. On the other hand, there’s a chance that the seller could be growing impatient if the home has recently dropped in price or if it has spent several weeks on the market. Your real estate agent will advise you on how to make the most competitive initial offer based on the specific listing and what the market is currently doing. Don’t be surprised if you get a counteroffer back. Your agent will help you respond to each counteroffer. They may even have insight into how to use additional negotiating tools outside of the home price to secure a better deal.
PREPARE FOR CLOSING
This is the point in the process where you’ll want to make sure you order a home inspection. The inspector will come and thoroughly look over the property to make sure there are no concerns about the foundation, roof, plumbing, or other key home aspects. If any issues exist, you can negotiate with the seller about who will be financially responsible for fixing them. You can even walk away from the deal if you’re uncomfortable with the home’s condition. Make sure your initial agreement has an inspection contingency or an option period so that you have some flexibility depending on what shows up on the inspection report. This is one of the best tips you’ll hear about how to buy a home in Nevada.
REACH OUT TO AN EXPERT AT LVREAL FOR MORE HELP
If you still have questions about how to buy a home in Nevada, Maureen Robison and the rest of the LVREAL team would love to help you. Maureen has helped countless others successfully purchase a home they love during her time working in the local real estate market. She finds great joy in helping her clients secure a deal on the home that they have always dreamed about. She would be honored to assist you as you shop for homes in Las Vegas and the surrounding cities.