Selling or Buying a Home In Las Vegas Valley?
Las Vegas Communities & Las Vegas Neighborhoods. Buying a house and selling a house in Las Vegas are understandably not experiences that you want to rush through. For many individuals, their home is their largest asset. Making poor decisions when buying or selling a home in Las Vegas area can potentially lead to financial stress. While your real estate transaction directly and significantly impacts your finances, it also plays a role in your daily routine, your quality of life, the quality of schools that your children attend and much more.
The Las Vegas real estate market is very active. The annual rate of appreciation on established Las Vegas homes is healthy across the metropolitan area, so you may want to sell your home and lock in the financial gain. These funds may help you to start a business, prepare for retirement or achieve other major goals. While housing prices have been steadily rising over recent years, the median home price in the area is still affordable for many people. This means that the time may be right to become a first-time home buyer. If you are an established Las Vegas area homeowner, the circumstances may be ideal for pursuing your plans to upgrade or downsize. Given the significance of real estate sales and purchases, it makes sense to carefully explore the options and to properly prepare yourself for this experience.
Deciding to Upgrade, Downsize or Buy a First Home
Whether you are excited about becoming a first-time homeowner or relocating to a new home in the Las Vegas area, you may be wondering if you are ready to take this leap and if the time is right to do so. Just as it is not usually reasonable to time the Las Vegas real estate market when preparing to sell your home, it likewise may not be productive to do so when you are interested in buying a Las Vegas houses. Instead, you should consider your personal circumstances.
Generally, buying a home is more cost-effective then renting over the long run, but you should review the market to determine if you can afford the quality of home that you are interested in. If you are thinking about upgrading, downsizing or even making a lateral move to a newer home, determine what you want to specifically accomplish from the move. It may be helpful to list these reasons in writing and to provide them to your real estate agent. This list could be essential in narrowing down the options and quickly finding a beautiful home that meets all of your needs.
Establishing Your Budget
Finances typically play a major real in the real estate process, and there are two primary factors to focus on. First, you should determine how much money you can comfortably use as a down payment. Remember to account for closing cost expenses as well. A lender or bank may require you to keep some cash in reserves after closing. This amount varies, but commonly, the reserve requirement ranges between two to three months of the new housing payment.
Second, you should review your personal budget to determine what monthly payment may be comfortable for you. Some Las Vegas home buyers overlook the fact that their utilities and insurance costs may change when they move. In addition to taking these factors into account, make adjustments as necessary for HOA dues, property repairs and maintenance, property taxes, changes to your commuting costs and other related factors.
Getting Pre-qualified for a Home Loan
The best time to begin searching for a home loan is before you start touring properties. When you shop around for a home loan, you may be pleasantly surprised to discover that you could qualify for a sizable loan amount. However, the loan amount that you are pre-qualified for is not always reasonable or manageable for your budget. Consider that a lender does not taken into account factors related to your lifestyle expenses, your savings goals, your childcare expenses and other costs that may account for a large amount of money in your budget. Therefore, you will need to reconcile your budget with the lender’s pre-qualification.
To get pre-qualified, you generally need to fill out a loan application, consent to a credit report review and provide a few other details. You may receive a pre-qualification letter, which your Las Vegas realtor can provide to a home buyer with your offer. Some home buyers view the offer as being more serious and legitimate when it is backed by a pre-qualification letter.
A pre-qualification does not mean that you have been approved for the loan. Most of the information that you provided on the loan application must be corroborated during the loan process. For example, the income that you stated on the application will be backed up by tax returns and pay stubs. Your assets will be supported by bank statements. In the event that your supporting documentation does not match the stated information in the application, some of the terms in your pre-qualification letter may be revised.
Choosing Your Neighborhood
When choosing a neighborhood, you can refer to your budget to help you narrow down the options based on home value. You can refine your search further based on the general area where you want to stay in, such in the northwestern section of the metropolitan area. If you have children or intend to have children, the quality of schools should be considered. Your real estate agent may help you to research property tax rates in different areas, crime rates, planned development in or close to the area and other factors that could influence your neighborhood selection. Finally, amenities in the community as well as access to a grocery store, retail stores, healthcare centers and other venues should receive your attention.
You understandably want to feel comfortable in any community where you choose to settle down in. When you begin touring homes in a specific community, pay attention to the overall ambiance or vibe. Are children playing outdoors on the weekends? Do people feel safe and comfortable walking their dog on nice days? Are the amenities in good condition? Are the yards well-maintained? Your observations can tell you a lot about a community that you may not be able to read about online.
Selecting the Right Home in the Las Vegas Valley
If you have hired a professional Las Vegas real estate agent who has your best interests in mind, your real estate agent will only show you homes that meet your needs and that are priced within your financial means. Once you step foot inside a beautiful home, it may be easy to become enamored and to lose sight of your goals. Because of this, you should ensure that any home that you look at is priced reasonably. You always have the option of telling your real estate agent that you want to pass on listings he or she has picked out for you.
When you tour homes, keep your list of needs and wants in mind. Rather than look at aesthetics initially, determine if the layout and space are suitable for your needs. You can then walk through the home again to look at the condition and age of built-in features. Openly communicate with your real estate agent throughout each home tour. Discuss smaller or larger issues that may turn you off, and point out things that you love. Your real estate agent may provide recommendations for overcoming the issues, such as by negotiating with the seller. In the event that you choose to keep looking at other homes, your real estate agent may use the feedback that you provided to point you in the right direction for future home tours.