Moving to a new city can require preparation and thought, especially when you’re looking to purchase a new home. Moving to Las Vegas is no exception when it comes to buying your first home, and that is why Misti Yang of U.S. News and World Report has provided a first-time homebuyer’s guide to Las Vegas. Learn what steps you should take and what to consider when making your move to Las Vegas!
Do your map-work.
“It’s a big place,” Kypreos says. From Summerlin on the west side to classic east side neighborhoods such as Paradise Palms and from Henderson in the south to North Las Vegas, figuring out the right spot for you will take a little homework.
To narrow down your options, start with the basic question: What do I want to be close to? Is the answer work, good schools, the airport or nightlife? Once you know what is most important to you, an experienced agent can point you to additional resources for sussing out your ideal home base.
Understand what your budget can get you.
Depending on your perspective, Las Vegas real estate can either be a homebuyer’s dream, or it can cause sticker shock.
If you’re anticipating a hypercompetitive bidding war and pressure to act quickly, take a deep breath and relax. Although you always want to be prepared to make an offer when you see something you like, in Las Vegas you will typically not be competing with multiple offers. (Always ask your agent to find out if there are other offers.) Plus, your money will likely get you more in terms of square footage and quality than it would in pricier markets.
However, don’t buy into the myth that Las Vegas is the land of foreclosures, awash with endless bargains. The housing market today looks very different from the market of 2010. “We’ve had six years of appreciation,” Kypreos says.
Familiarize yourself with the condo market.
Condos are an option, but you should know that they are harder to finance than homes in Las Vegas. “You might see the $200,000 condo as perfect for your budget, but good luck on getting a loan,” says Allison Jung, a Realtor with Universal Realty Inc. While a loan for a house may require only 3 percent down, it is not uncommon for a loan on a condo to require 25 percent.
Know how to sweeten your offer.
Many first-time buyers in the Las Vegas market will be looking at houses in the $150,000 to $200,000 range. This happens to be the range that is also attractive to cash investors – buyers, typically from out of town, who plan to rent or flip the property and who pay in cash. Common in Las Vegas, cash investors can be more appealing to sellers because they can close deals quickly and without appraisal contingencies.
To be competitive, Jung says, “you’ve got to come in with your highest and best to begin with, especially if your agent tells you there are multiple offers.”
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