Whether you are looking for a new house for you and your family or hoping to scoop up an investment property, you cannot go wrong with buying a house in Las Vegas. Even with the bit of a slowdown because of the pandemic, the housing market is much like the temperature outside — hot! While it may not be a typical year for home sales, you can still get a good deal on an amazing property if you know how to buy smart. These five tips can take the gamble out of buying property in the “entertainment capital of the world.”
Secure a Lender
There is nothing more frustrating than finding the house of your dreams and then learning you may not be able to secure a mortgage. To avoid that scenario, start by contacting lenders and getting pre-approved for a home loan. When you know how much money you can work with, you may be able to avoid heartache after you make an offer. It does not hurt to determine your down payment and budget as well before you begin touring properties.
Know the Neighborhood
Consider where you would like to live in Vegas to focus your search on the best areas for your lifestyle. While the Strip is full of excitement, it may not be a good fit for a young family. Likewise, if you want to be close to some of the amazing outdoor attractions such as Red Rock National Park or Lake Mead, you may prefer to look in Summerlin or Henderson for easy access for hiking, mountain biking, or boating.
Do Some Research
Las Vegas is a competitive market and is expected to bounce back from the economic slowdown faster than other major cities. As a property buyer, you should know what the market looks like, from current trends to sales comps to ensure you are getting a good price or, on the other hand, making a fair offer. Online resources make it easy for you to check out what is available before you contact a real estate agent to narrow down what looks good or at least to have an idea of what appeals to you in your price range.
Time It Well
Like in most cities, Las Vegas has a housing season, which can either help or hurt you, depending on your time frame. In summer, fewer houses are listed because it is just too darn hot to go from house to house. When fall starts, more properties come on the market, which means you may have more options from which to choose but less opportunity to get a bargain. If you are not in a rush, wait until winter, when you can get more bang for your buck.
Find Your Agent
A knowledgeable, professional real estate agent can make all the difference when buying a house in Las Vegas. Instead of doing everything on your own, why not work with EXP Realty? Our team can show you the latest listings and help you avoid the usual pitfalls that may make home-buying stressful. Contact us online to schedule an appointment and get started.