Las Vegas frequently makes the list of the fastest-growing cities in the US, and it’s not hard to understand why. It’s the Entertainment Capital of the World. It’s also known as the City of Lights and the City of Second Chances.
Whatever your reasons for wanting to buy a home in Las Vegas, one thing is for sure: A thrilling new adventure awaits you! With world-class resorts, casinos, restaurants, and entertainment, you’ll never have a dull moment in Vegas.
The question is: What should you know about buying a home in Las Vegas? What’s the current housing market like in 2021? And what should you do to ensure a smooth home buying process?
Keep reading for these answers and more!
1. Understand Your Priorities
Are you buying a new home in Las Vegas to start a family or celebrate a job promotion? Are you buying a second home in Las Vegas for vacations or family getaways? Or are you tired of playing the rental game and you’re finally ready for a place to call your own?
Whatever your circumstances, make sure you’re crystal clear on why you’re buying a home. Too many first-time buyers get starry-eyed during the house-hunting process. They waste precious time looking at homes that are impractical for their needs — or well beyond their budget.
Sit down and write out a clear list of what’s most important to you in your Las Vegas home. How many bedrooms and bathrooms do you want? Do you want a short commute to work? Easy access to shopping? Proximity to the best schools for your kids?
There are no right or wrong answers here. It all comes down to what’s best for your needs (and what matches your budget).
2. Do Your Research
There’s a lot more to Las Vegas than the famous Strip. The Las Vegas Valley encompasses 600 square miles and includes the city as well as Henderson, Paradise, and dozens of smaller suburbs.
Before we discuss how to buy a home in Las Vegas, let’s first discuss where to look.
If you landed a job at one of the mega-resorts on the Strip (or you just want to be in the heart of the action), you might consider a classy condo along the Strip. If you’re more interested in art and history, you might look for a home in downtown Vegas, rather than the Strip.
Looking for the perfect balance between city life and access to nature? Look at townhouses or single-family homes in the popular suburbs of Henderson or Summerlin. If you want to live further out “in the country” but still have access to the city, get familiar with towns on the southwest or northwest side.
3. Find a Reputable Real Estate Agent
Buying a home in Las Vegas could be a DIY mission, but you’ll have better luck if you enlist the help of a knowledgeable realtor like Lasvegashomesbyleslie.com.
Helping you find a great home within your budget is only the beginning. An experienced real estate agent will also help with:
- Arranging showings and sending you updates when new homes hit the market
- Guiding you through the loan application and financing options
- Drafting the offer letter when you find a home you like
- Negotiating the price with the seller’s agent
- Ensuring all legal requirements and paperwork are accurate and complete
If necessary, interview a few potential agents before settling on the one who best understands your wishes and needs.
4. Know How Much House You Can Afford
As of April 2021, the median home price in Las Vegas is around $375,000. Depending on your income, this could be well below your maximum budget — or significantly over.
Before you waste time looking at houses you can’t afford, sit down and crunch the numbers. Use a free home affordability calculator to get a clear idea of how much house you can afford to buy.
5. Get Preapproved for a Mortgage
It’s a seller’s market in 2021, which means you’ll face a lot of competition when you’re searching for a Las Vegas home. To maximize your chances of a winning bid, it’s best to get preapproved for your mortgage loan.
Prequalification is only the first “theoretical” step to help you understand how much you might qualify to borrow. Preapproval is a conditional commitment to actually give you the mortgage loan. Being preapproved means you can move fast and make an offer as soon as you find a home you love.
6. Look at Potential Houses & Make an Offer
Now that you’ve got all your ducks in a row, it’s time for the fun part — looking at homes to buy! Browse online listings, drive around your favorite neighborhoods, and sign up for instant notifications from your realtor when new homes become available.
Do yourself a favor and only look at homes that are under your maximum budget. Nothing is worse than falling in love with a home that you can’t realistically afford!
When you think you’ve found “the one,” work with your realtor to draft an official offer. It’s always a good idea to order a professional home inspection before making a final decision. That way, there are no nasty surprises after you move in!
Once your offer gets accepted, expect it to take anywhere from 30 to 60 days to close on the house. Once the final contracts are signed and all the fees are paid, congratulations! You’re now a proud Las Vegas homeowner.
Ready to Buy a Home in Las Vegas?
Based on current real estate trends, 2021 may be the best time to buy a home in Las Vegas.
If the City of Lights is calling your name, why not answer the call? Buying a new home in Las Vegas is sure to be an exciting new chapter in your life. And if you’re not yet ready to make a permanent move, buying a second home in Las Vegas could be a wise decision.
Now that you know how to buy a home in Las Vegas, what’s next? Keep browsing our site for more great advice on real estate, lifestyle, business, and more!