Greg Clemens’ Complete Home Buying Guide for Las Vegas

Greg Clemens’ Complete Home Buying Guide for Las Vegas

  • Greg Clemens
  • 12/17/22

Las Vegas is growing fast. According to the U.S. Census Bureau, the Las Vegas metropolitan area grew by approximately 19,000 people between 2020 and 2021, officially putting Las Vegas in the nation’s 100 fastest-growing metro areas. The city offers close access to nature, vibrant nightlife, and many luxury amenities.

If you’re interested in Las Vegas real estate, it’s important to ensure you’re prepared to enter a hot market. From researching market trends to making an offer, the guide below will give you an overview of what you can expect from the Las Vegas real estate market as a buyer.

1. Get familiar with the Las Vegas real estate market

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Buying a home is an exciting prospect, but can also be overwhelming—especially if you go into the process unprepared. That’s why you should begin by researching the local market and current real estate trends. Much like the rest of the nation, Las Vegas is a seller’s market, meaning there are more interested buyers than there are available homes for sale. Low housing supply, historically low-interest rates, and high demand for housing are a few components that helped create the current seller’s market.

With that in mind, it’s a good idea to begin looking for homes early. The internet is a great tool and 97% of individuals utilize the internet during their home search. The earlier you’re able to begin your research, the better. Doing this will help you identify neighborhoods or characteristics that you want in a home and, thus, narrow your search.

2. Consider what you want in a home

Buying a home is a big decision, so be sure to carefully consider what you’re looking for in your Las Vegas real estate. This may include anything from your ideal number of bedrooms to your favorite neighborhoods. Remember, while you can change your home’s interior and exterior, location is one factor that you can’t change. Be sure to choose a home in a location that you love, instead of focusing all of your attention on the home itself. Ask yourself questions about where you want to live, what kind of neighborhood you’re looking for, and what amenities you need nearby to ensure you’re making the right decision.

3. Set a budget—and stick to it

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One of the most critical components of home buying is to determine your budget—and stick with it. Before you choose to buy a home, you’ll want to be sure that you can make its monthly mortgage payment. You’ll also be responsible for coming up with a down payment. It’s generally recommended you put down 20% as this percentage means that you can dodge paying private mortgage interest (PMI) rates.

Additionally, be sure to take a look at your credit history to ensure that you’ve been keeping credit card balances well below their limits and paid your creditors on time. These are all factors that lenders will take into consideration in the process of approving you for a mortgage. Lastly, make sure that you’re prepared for homeownership. In addition to saving for a down payment, remember that the cost of homeownership ranges higher than just your monthly mortgage payments. Instead, you’ll be responsible for real estate taxes to pay, homeowners insurance bills, and any repairs that need to be made.

4. Get pre-approved

You’ll want to be prepared to enter a seller’s market as a buyer, and one way you can do this is by getting your finances in order. This consists of getting pre-approved for a mortgage and acquiring your proof of funds. Proof of funds refers to the documents that show you have the liquid funds available to cover the costs associated with buying a home.

When it comes to getting pre-approved for a mortgage, it’s smart to shop around and compare interest rates from several lenders. Ideally, you’ll want to get at least two to three quotes, so you can get the best possible deal. Upon choosing your preferred lender, the next step is to apply for pre-approval. The lender will check your credit and review your financial documents, taking into consideration everything from tax returns to pay stubs to credit card statements. By assessing your financial situation, your lender will be able to determine the amount that you’ve been approved for.

5. Make an offer

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Once you’ve found a home you love, it’s time to make an offer. While crafting an offer can be intimidating, your experienced real estate agent will be able to guide you through the entire process. To help you settle on an appropriate offer, your real estate agent will conduct a comparative market analysis. This tool is frequently used by real estate professionals and compares the home you’re interested in with similar recently sold houses in the area.

Before approaching the seller, work with your realtor to decide how much you should offer and what contingencies, if any, you want. In a seller’s market, most realtors recommend keeping contingencies as simple as possible. After determining these factors, you’ll make an offer via a letter that you and your realtor work on together. At this point, it’s up to the seller to accept, reject, or request changes to your offer. If they make a counteroffer, your agent will act as a liaison during negotiations. Remember to stay within the confines of the budget you previously determined, even if that means passing up on a property you like.

6. Offer cash

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While most homebuyers use a mortgage, it’s always best to offer all cash. All cash buyers appeal to sellers because they often lead to a faster closing and there are fewer risks than with mortgage-contingent offers. Being a cash buyer gives you a competitive edge and will typically put your offer at the top of the stack. If you’re considering making a cash offer, be sure to let your realtor know ahead of time. This can be used as a great bargaining chip during negotiations.

7. Keep contingencies simple

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As noted above, it’s best to avoid an extensive list of contingencies when making an offer. However, the majority of real estate agents still recommend adding a home inspection contingency. A quality home inspection will provide you with valuable information on the condition of a home and its systems. It can also reveal issues that might not be visible to the naked eye. Just because a home looks to be in great condition from the outside doesn’t mean that it is. A home inspection contingency will help protect you from a worst-case scenario. If an inspection showed serious problems, this would enable you to back away from a deal without facing any repercussions.

8. Be patient

Looking for a home in the hot Las Vegas real estate market can take some time, so patience is a necessity. According to the National Association of Realtors, buyers tour an average of eight homes before finding the one they want. Additionally, two-thirds of homebuyers searched for more than three months before going under contract on a home.

With that in mind, finding the perfect home might take some time. It’s something that you don’t want to rush. On that note, try to avoid getting too emotionally attached to a home before it’s officially yours. Remember that house hunting can be an emotional roller coaster, so keep your emotions in check as much as you can. Look at each property as objectively as possible, so you don’t let an emotional attachment cloud your judgment when making tough decisions. An experienced Las Vegas real estate agent will help you stay objective and move forward.

9. Hire an experienced Las Vegas real estate agent

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Navigating a seller’s market as a buyer can be tricky, which is why you’ll want to hire a trusted real estate professional to assist you along the way. Real estate agents are experts in their local market and can offer advice about every aspect of buying a home. They also have extensive knowledge regarding variables and idiosyncrasies that may affect your sale. Not to mention, realtors often have access to listings before they hit the MLS, which means that you’ll be one step closer to finding your dream home.

Hunting for Las Vegas homes for sale?

If you’re ready to begin your search for Las Vegas real estate, contact Greg Clemons today. Whether you’re looking for a short-term rental or a forever home, Greg and his talented team are equipped to guide you through the process. With years of experience in the market and extensive knowledge of Las Vegas real estate, Greg is the right agent for the job.

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The Greg Clemens Team is dedicated to helping you find your dream home and assisting with any selling needs you may have. Contact us today to start your home searching journey!

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