Las Vegas Home Buyer - Avoid Errors in the Buying Process

Avoid making an error when you buy your Las Vegas home by being informed about the home buying process. You are the person paying the mortgage, ultimately every decision will be up to you. Create a plan before you start looking at homes. Here are some tips on making the most of your home purchase.

Research the Market

You are ready to make an offer on your dream home. Now what? Do you offer list? Do you start really low? Is the list price even realistic? Now is the time to research the market. Your real estate agent should provide you all the factual market information you need prior to any offer being made on the home. The information provided should include neighborhood sales, neighborhood availability, overall market conditions, and the condition of the home and neighborhood. In addition, your agent will sit with you and identify other factors that could affect your offer price such as, how much you love the home or that great park that is just around the corner from the house. There are tangible and intangible factors involved in making your first offer. Knowledge allows you to make an intelligent decision on the offer you will make for your home.

Know What You Want

Before hopping into your real estate agent's car make a needs list. What do you need in your next home? Single story or two? Big kitchen or small? Is a short commute time important? Is there a specific school you want to be near? How far are you willing to drive to the grocery store? Write down everything that comes to mind. Don't forget to share this list with your agent. Often buyers feel they will come off as too difficult or picky if they have a long list of needs. That is not true. Pinpoint and share exactly what is a must in your next home. This will allow your agent to show you homes that will match your needs.

Unexpected Repairs

Nothing frustrates a buyer more than moving into their home and finding out that the water heater doesn't work. Avoid unpleasant repair surprises by hiring a professional home inspector. You should also be present for the inspection. This is a great time to get ideas from the inspector of future potential problems or helpful suggestions to increase energy efficiency. In addition, a contingency can be written into your contract that protects you should a major repair be needed to the home. This will allow you to bow out of the deal without losing your earnest money deposit.

Get the Loan

Often buyers will set their price range based upon an online calculator. While these calculators can give you a good idea of loan amounts, it is best to get to a lender and get a pre-approval. A pre-approved buyer has more power when making an offer. In addition, you can confidently shop for your home knowing that your are looking at homes within your budget.

Know the Costs

Buying a home takes money. Some of this money will be needed prior to closing - earnest money, inspection costs, appraisal fees. Other amounts will be needed at the closing table - lender fees, downpayment, interest fees, homeowner's assocation fees, taxes, insurance.

Make Sure It is all in Writing

If it is not in writing then it doesn't exist. If the seller says they will remove that eyesore shed from the backyard prior to you moving in make sure it is written somewhere and signed off by the seller. No paperwork means too bad for you. Don't rush to sign the documents - read them.

Home Flipping Shows Continue To Be Popular

Despite the downturn in the housing market, television shows based on real estate continue to be popular with the public and lucrative for networks. In a recent LA Times article, an entertainment specialist voiced this concern:

... how "real" these shows would feel if the home-flippers on TV continued to reap gigantic profits at a time when home prices fell nationwide and "for sale" signs lingered for months in neighborhoods. If the shows begin to lack authenticity, Scardino said, viewers might not be so inclined to watch.

I don't think the real estate market will affect the ratings for these shows. Watching homes being remodeled (whether for resale or not) is always interesting. Also, it will be interesting to watch how these tv home-flippers deal with the new market.

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Southern Highlands - Las Vegas Real Estate

Southern Highlands is a fantastic master planned community located in the South/Southwest part of town. It is conveniently located near I-15 and only about 10 - 15 minutes from The Strip and McCarran International Airport. All types of homes in all ranges of pricing are available in this beautiful community.

Here is a short video tour of Southern Highlands:



To view pictures of the community, home listings, and other information visit our Southern Highlands real estate Web page.

Click on these links for more information on:
Las Vegas masterplanned communities
Las Vegas retirement communities
Las Vegas guard gated communities
Las Vegas golf course communities

Las Vegas Watering Restrictions - Fall Schedule

Starting September 1st, Fall watering restrictions take place in the Las Vegas Valley. Watering is reduced to three assigned days per week. Your days may be Mondays, Wednesdays, and Fridays (Group A, C, or E) or Tuesdays, Thursdays, and Saturdays (Group B, D, F). Sunday watering is not permitted.

More information can be found at the Southern Nevada Water Authority. While you are there check out the car wash coupons to water smart car wash partners.

Looking for Las Vegas real estate information? Visit:
Las Vegas Homes Resource
Las Vegas Homes Search
Las Vegas Relocation
Las Vegas Retirement Communities
Las Vegas Golf Course Communities
Las Vegas Masterplanned Communities


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Las Vegas Foreclosure Story

A recent episode of State of Nevada (local NPR show) featured a local woman who is on the verge of losing her home. It is an interesting episode because the homeowner doesn't really evoke your sympathy (I don't think she wanted to evoke sympathy). She comes forward, tells her story, and gives people a good lesson at her expense.

Basically, the homeowner bought a home in Vegas in 2004. She and her husband used the equity in that home to buy three or four other homes (investments). They were fortunate enough to sell those homes and break even. Later, decided to use equity again to make an investment in commercial property. That did not work out. Meanwhile, health problems and the real estate down turn (her husband works for a new home builder) took their toll on their income. Also, her ARM is up and the payments on the house have skyrocketed. Now, she has about 90 days to try to sell her home as a short sale.

Her story is typical of many others here in Vegas and around the country. A real estate expert (also interviewed) talked about the new attitude people have about their homes. This attitude has people viewing their home as the bank, not as home. People are using the home equity to purchase cars, other homes, and/or vacations. They are not realizing that this equity can fluctuate with the market. What you have today may not exist tomorrow.

I think the homeowner had a "keeping up with the Jones" mentality that put her into a deep hole. She acknowledges this stating, "she would not have bought such an expensive home." Also, she talks about seeing friends doing the same thing and making money. It is unfortunate, but true. For many people the word "enough" doesn't exist. Now, the homeowner is facing the loss of her home and a bad credit rating.

She does have a good attitude about the situation. She acknowledged her part in the process and doesn't place blame on anyone else. Also, it was brave of her to tell her story (albeit anonymously). Hopefully, her hard learned lesson will help others.


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Sun City Aliante Home For Sale - Discounted Price Retirement Home

A beautiful home in Sun City Aliante is now offered at a substantially discounted price. This 2 bedroom, single story home with a 2 car attached garage is located in the fabulous active adult retirement community of Sun City Aliante, North Las Vegas.

Previously priced at $235,000 (a very good price considering all the upgrades) it is now being offered at $215,000 (wow, we even beat the builder's price).

[THIS HOME IS IN ESCROW - Visit our Sun City Aliante page to receive other available listings.]

To keep updated on the latests home discounts and price reductions subscribe to our blog either in your preferred blog reader or via e-mail (look on the right hand column for easy access).


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What's for Sale in Vegas

Here is what I found today while browsing the MLS. Remember, this data includes Las Vegas, Henderson, and North Las Vegas.

There are 17,824 single family homes for sale in our area. The least expensive is listed at $99,900 and is located in the North part of town. Like last week's least expensive home this one also have fire damage. The home was built in 1963, has 4 bedrooms, and 1080 sq. ft. The most expensive home is the same one as last week's post. It is a North Las Vegas custom estate home listed for 22 million and located on the golf course. It has a home theatre, lap pool, infinity pool, and all other amenities you would expect in a 22 million dollar Vegas home. Gorgeous home just waiting for the perfect buyer.

There are 4003 condos for sale in the Las Vegas valley. The least expensive condo is the same as last week - East side of town, 640 sq. ft., listed for $61,900. The most expensive condo is the same as last week. It is a Las Vegas off strip hi rise condo located in Turnberry. This gorgeous two story penthouse high rise has Las Vegas Strip views and a private pool. This is the height of Las Vegas hi rise living. The list price is $9,500,000.

There are 1570 townhomes listed for sale in the Las Vegas area. Like the condo section this week's townhome snapshot looks just like last week. The least expensive townhome is listed at $79,900, located in the east, and has 991 sq. ft. It is a bank owned property. The most expensive condo is located in the resort community of Lake Las Vegas. The list price is $1,450,000 with 3 bedrooms and 1770 sq. ft.

Well, that is it for this week. There really were not many changes in the high and low.



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What's for Sale in Vegas?

This will be a new weekly feature of the blog. Each week I will take a look at the Las Vegas MLS (Multiple Listing Service) and give you a snapshot of what is for sale in the Las Vegas, Henderson, and North Las Vegas area. Here is what I found today.

There are 19,420 single family residential homes for sale in Las Vegas (this includes Henderson and North Las Vegas). The least expensive home is listed at $94,900 (has fire damage). This home is located in the NW, built in 1955, and has 1763 sq. ft. The most expensive home is listed at $22,000,000. This home is located in North Las Vegas, has 12,041 sq. ft., built in 2002, and sits on over 4 acres surrounded by a golf course.

There are 4028 condos for sale in Las Vegas (including Henderson and North Las Vegas). The least expensive condo is listed at $61,900. This condo is located in the east; was built in 1984; and has 640 sq. ft. The most expensive condo is located just off The Strip. This condo is listed for $9,500,000 and is a two story penthouse with 6589 sq. ft. and was built in 2002.

There are 1619 townhomes for sale in the Las Vegas area. The least expensive townhome is listed at $79,900. This townhome is located in the east, built in 1971, and has 991 sq. ft. The most expensive townhome is located in Lake Las Vegas in Henderson. This townhome is listed at $1,450,000 and has 1770 sq. ft. It was built in 2004.

There are 120 manufactured homes for sale in the Las Vegas area. The least expensive manufactured home is listed at $69,900, has 800 sq. ft., and was built in 1970. This home is located in the east part of town. The most expensive manufactured home is listed for $880,000. Yes, that is correct. This home is located on 2 acres of land. It is located in the east part of town; has 664 sq. ft.; and was built in 1955.

What do you think? Did any of this surprise you? Do you want more information about any of these homes? If so, contact me (Don't forget to let me know which home interests you).

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