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Second-home purchases by affluent citizens were not only driving the real estate market throughout the hardships of 2020, they were influencing a new way of life for all Americans. The ability to work remotely changed the way many viewed their everyday lives, and made many more question the need to live in a city if they could easily work from home. This new line of thinking inspired thousands to move outside the city permanently to places that are not traditionally primary hometowns. To get started on your dream of buying a home in Las Vegas, you’ll want to find a real estate agent first.
There is also easy access to doctors, hospitals and convenience stores all around the local luxury home communities. There is barely a reason to travel too far from home, as everything you need can be found within close vicinity. If you are ready to buy your dream home in Las Vegas, don’t roll the dice. Get in touch with a tried and true buyer’s agent to help navigate the process; a top agent in Las Vegas can save buyers 7.2% on their home. The most common type of home you’ll find in Las Vegas is the traditional single-family detached home, accounting for more than 60% of the city’s housing units.
Why buy a house in Las Vegas?
Being educated on this provides agents with insight and understanding of both their clients and the processes they are dealing with. Since the average price per square foot is much lower than in other major cities, you can buy more for less in Las Vegas and live the royal life you deserve. On top of this, the resale value for luxury homes in the Las Vegas market is on a steady incline. It’s all about character in Las Vegas, which people are willing to pay a steep price for, as I am sure you can only imagine. No matter what style you prefer, you can expect that about 80% of the homes will be owner-occupied, according to Steve Hawks, a real estate agent with 21 years of experience in Las Vegas, Nevada.
As fewer households make the jump to homeownership, increased rental demand could help keep rents moving higher. Nationwide, the median rental is projected to increase 6.3% in price, even as an influx of new multifamily housing helps to better meet rental demand. Renters looking to save in the year ahead may consider moving further out to the suburbs. It’s ultimately up to you whether you think buying a home in Vegas is worth it or not. Any time there is a hot housing market with a sharp increase in the median home price, there is the possibility of a housing bubble.
Questions to Ask When Buying a Home in Las Vegas
Luckily, it doesn’t take much work to get one of these if you have your financial documents (pay stubs, tax returns, bank statements, etc.) in order. In fact, some lenders will issue one via an automated system in just 15 minutes. A recent analysis by Redfin indicated the demand for second homes doubled from June to the end of October, compared to last year’s numbers. Redfin included that eight of the 10 most popular counties that had seen surges in demand were vacation spots.
The sooner you can get your finances in good shape, the easier it will be when it comes to looking for a mortgage. Before you start searching for a home, you need to get preapproved for a mortgage. Any seller will want to see your preapproval letter to take your offer seriously.
Power Choice Construction
There will still be extreme demand as new construction just can’t get out of the ground fast enough, and the Millennial home buyers, who make up a huge demographic, are primed to make their move. Other great reasons to move and buy luxury homes in Las Vegas are the great community benefits, golf courses, spas and social venues exclusively available to residents of these luxury home communities. Residents also enjoy socializing with the friendly and welcoming neighbors of these communities.
But in practice, it often depends on your credit score, personal history, current and past employment, and other factors that lenders take into consideration. We would recommend that you connect with potential lenders directly to see how long you have to wait to purchase a home after bankruptcy. Offer them the chance to look at your finances and make a decision about whether or not they will help you.
Take the next step
A return to a slower market with more modest price growth is a good place to be headed in 2023. We expect mortgage delinquencies to rise as disposable income levels and consumer savings diminish. However, given the default management toolkit and large amounts of home equity, we are unlikely to see a material increase in foreclosure activity that leads to distressed property sales. In the absence of new supply added to the housing stock, the release of this pent-up demand could come as soon as 2024.
Housing in the area is a mix of old Vegas and newer Southwestern style; this is a spot where you can find a total steal but remain in the hustle-bustle of city life. For those on the go, everything you need can be obtained in Las Vegas at any time of the day or night on any day of the week. The locals love this convenience, and it adds to the quality of life for the city’s residents. You can grab a middle-of-the-night snack or get your shopping done while the crowds are fast asleep. New homes are in huge demand and the supply is low, but more and more houses are hitting the market every day. For an older 3500 square ft home, you'll pay power bills of around $500 or more in the summer and gas bills of around $250 in the winter.
Hawks adds that buyers can expect that the homes they tour will be in good shape as the city experienced a building surge beginning in 2018 and there are plenty of new-construction opportunities as a result. Buying a house in Las Vegas may feel quite challenging, but if you’re planning to be here for the long haul, renting isn’t a great option, either. The metro area recently ranked second in the nation for fastest-rising rents since before the pandemic, so delaying a purchase may mean writing a bigger check to your landlord. If you have enough cash saved up to cover a down payment and closing costs, you can begin building equity in one of the fastest-growing regions of the country today. As with anywhere else, in addition to saving for a down payment, Vegas buyers need to consider how much cash to stash away for closing costs.
Before doing anything with second homes, it is important to understand the tax laws and ways that you can save. Lenders use somewhat similar guidelines for any type of home loan. They will consider all of your income and debt, including your existing home loans. The loan you can obtain will be largely related to those ratios. If you are looking to secure real estate above that price, a larger down payment may be required.
Inflation is starting to show signs of easing, but any of those impacts are unlikely to be seen until the end of 2023. The answer is most likely “no,” as surveys are only required in certain states and Nevada is not one of them. Still, your real estate agent may advise one depending on the circumstances, or the sellers may opt for one anyway. There are a lot of questions to ask when buying a home in Las Vegas, and the most important ones have nothing to do with the square footage of the kitchen or the jacuzzi tub in the master bathroom. There is also an average of 300+ days of sunshine year round.
In addition to securing an agent to help you find a property that fits your needs, it’s wise to find a lawyer who can navigate the mountain of paperwork required to close the deal. While real estate attorneys aren’t required in Las Vegas, they are a good way to protect yourself from gambling on a contract that isn’t in your favor. You might not think of the Nevada desert as a place where you’ll need to worry about water damage to your home.
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