Are you looking for homes for sale in Las Vegas NV? Hold your horses! Before you go any farther with your search. Allow me to walk you through the many steps of the home-buying process. This post breaks down what is likely the most important purchase you will ever make into five basic steps. So, how about we start?
Yes! I am looking at homes for sale in Las Vegas NV!
Buying among homes for sale in Las Vegas NV is exciting, but it’s by no means easy. Everything from the local economy to your financials to the housing market in Las Vegas will impact what home you buy and how much it costs. The more you know about the steps to buying a house and the current real estate trends in Las Vegas, the better you’ll be able to navigate your choice among the homes for sale in Las Vegas NV.
Housing Market Trends in Las Vegas
Key takeaways for buyers in Las Vegas before buying Homes for sale in Las Vegas NV:
- According to Realtor.com statistics, the median list price of homes for sale in Las Vegas, NV is $390,000, up 20% year over year.
- $223 was the median listing price per square foot.
- According to the Realtor.com Market Hotness Index, the West Las Vegas housing market is among the top 7% of communities in the area and the top 30% in the country.
- The Paseos is the most expensive neighborhood, with a median listing price of $849,500.
- The most affordable neighborhood is Pioneer Park, which has a median listing price of $250,000.
- The typical list price of a property in North Las Vegas, Nevada was $375,000, up 25% over the previous year. The median price per square foot for a listing was $202
- Homes in West Las Vegas, NV had a median list price of $270,000, up 24.1 percent year over year. The median price per square foot for a listing was $204.
- The median list price of homes in East Las Vegas, NV was $260,000, trending up 18.2% year-over-year and the median listing price per square foot was $209.
Source: Norada Real Estate Investments
5 Stages of Homebuying Process
The road to owning one of the homes for sale in Las Vegas NV can be difficult at times. For the most part, though, the journey is well worth it. According to the Bank of America 2019 Homebuyer Insights Report, 93 percent of existing homeowners believe that having a home is worth the difficulties they faced in obtaining it. Join us to learn all you need to know about the process, from building a budget to prequalifying for a mortgage to closing on your first home.
First Stage before you buy homes for sale in Las Vegas NV: Prepare and Evaluate your Finances
Make sure your finances are in order so you can determine what you can afford. Calculate your budget using a mortgage calculator, taking into account your income, debt, savings, and other financial responsibilities. Examine your credit score and debt-to-income ratio. Each month, you should be able to comfortably make your whole mortgage payment (including taxes and insurance). You’ll almost certainly need cash up front to cover a down payment and closing charges. The good news is that the majority of first-time homebuyers put down less than 20%.
What Credit Score Is Needed To Buy a House in Las Vegas?
If you’re looking to purchase a new house, you’ve certainly heard that your credit score, often known as home buying credit, plays a role in the process. To get a mortgage, you’ll typically need a credit score of 660. Previously, a qualifying credit score of 580 points was required. Banks, on the other hand, have been more cautious in their lending standards since the 2008 mortgage crisis.
Your interest rate will be greater if your credit score is poor. This implies that if you have a low credit score, you will pay more than someone who has a high credit score.
Hire the perfect Realtor for you
During the home-buying process, a realtor will be your most important ally. They can also give suggestions for other services like as attorneys, bankers, and escrow companies, in addition to searching and showing you properties. And after you’ve found a home, it’ll be your realtor who negotiates the best price for you.
Second Stage before you buy homes for sale in Las Vegas NV: Choose the right loan for you and get pre approved
Get a prequalification letter once you’ve found a loan that suits your needs. This letter evaluates your borrowing capacity based on your financial information. Keep in mind that prequalification is not a guarantee of a loan. Additional information will need to be submitted for evaluation and approval.
Most sellers will not show you their house unless you have a letter from a lender stating that you are pre-approved for a mortgage. They don’t want to spend their time with buyers who aren’t serious about making an offer or who aren’t financially prepared to do so. Pre-approval for a mortgage provides you and the seller peace of mind that if they accept your offer, you’ll be able to secure financing and complete the transaction.
Third Stage before you buy homes for sale in Las Vegas NV: Time for House hunting and for making an offer
Viewing houses is one of the most enjoyable parts of the home-buying process! But keep in mind that you’ll have to make the major decision about which one is best for you at some point. By limiting your search to properties that meet your budget criteria, you may save time and emotional energy. Online property previews are available, and your real estate agent should only show you properties that are a good fit for you.
When you’ve found a fit, your agent can assist you in making a well-informed offer. If it’s approved, a purchase contract is set up, which usually includes a good-faith deposit (sometimes known as “earnest money”) that you’re prepared to place in escrow to demonstrate your commitment.
Fourth Stage before you buy homes for sale in Las Vegas NV: Mortgage Approval
It’s time to apply for a mortgage when the seller accepts your offer. You usually have 45 to 60 days to complete your purchase deal, so you must act fast. Your lender provides you a loan estimate within three days of receiving your application, which includes your estimated interest rate, monthly payment, and closing fees.
Examine this paper thoroughly. You must first verify your income and assets before proceeding. This necessitates a lot of paperwork, which the lender needs to make sure you’ll be a good homeowner who can keep up with loan payments in the long run.
Prepare for inspections and appraisals.
Inspections and assessments provide you and your lender peace of mind but be prepared for extra bargaining if something unexpected arises.
Fifth Stage before you buy homes for sale in Las Vegas NV: Closing
You’re nearly there. A closing disclosure is sent to you once your mortgage has been authorized and at least three business days before you close. It lays out the costs you’ll have to pay, which normally amount to 2 to 5% of the home’s purchase price. Read it carefully and notify your lender if something doesn’t look right. Know what to bring to your closing, such as your identification and any outstanding payments. If you have a cosigner, they must also be present. The majority of your time will be spent meticulously signing documents. The money goes to the seller, you get the keys, and the house is yours after the loan closes—which might take a few days.
Your Realtor to help you find yours among Homes for Sale in Las Vegas NV
Buying a home is a time-consuming and complicated process, but it doesn’t have to be stressful. You’ll find the perfect house in your price range if you know what to expect and have the proper realtor on your side.
