The real estate market in Las Vegas is booming at present. Real estate prices went up as much as 35 per cent in some posh areas of the Valley in the first half of 2004 as investors from California had hit a ceiling and made a dash for Las Vegas. Prices of land in Las Vegas recorded a sharp rise and there was stiff competition between investors and first time homebuyers for available space. Some pieces of land and undeveloped real estate in Las Vegas and Henderson managed to fetch record prices in the early part of 2005. And even before the year ended, the price of residential land with utilities touched a whopping $600,000 per acre. Sanity, however, seems to have returned with the market having stabilized at present. But don’t be surprised if the prices go through the roof in the near future.
As Las Vegas real estate is growing vertically, there is an increasing demand for high-rise condominiums. Developers from all across the world have put their money on a number of such projects and some of the preconstruction condos have already been sold out.
Such a huge demand for real estate in Las Vegas is because of the fact that there is more to this place than gaming. With its lovely neighborhood, excellent schools and most important, friendly residents, it is only natural that people will love to make it their home.
The Valley consists of four cities, Las Vegas, Henderson, Boulder City and North Las Vegas. Each of the four has distinct characteristics in terms of communities and amenities. You can find in each of them numbers of new homes, pre-loved homes and condos available for sale. The range on offer is wide; it is up to you to make the right choice.
Step by step
To choose the right home, you should proceed step by step.
First, decide what type of home is within your reach, how much money you need to part with as down payment and closing costs, and how much you will have to pay on monthly basis. Follow it by finding a lender who can pre-approve you for a loan and issue an approval letter. Because, mind you, a seller will always prefer a customer who has his/her money in place. You can also take the route of applying for a Las Vegas real estate mortgage loan online.
Next comes the selection of neighborhood. It is wise to choose the best affordable location as you can have a better return if you decide to leave the place and sell the house in future. Once the location is chosen, you narrow down your search to utilities like number and sizes of bedrooms and bathrooms, availability of garage or swimming pool and things like that.
Price negotiation
The next step is negotiating the price with the seller. For this, you should have a clear idea about what a reasonable price should be for the property you are willing to buy.
Find out the selling prices of similar homes in the same neighborhood during the last one year or so. Try to check whether your investment will pay dividends in the long run.
Chalk out your strategy accordingly if you want that and that home only for you.
As both you and the seller are eager on reaching a deal, offer an amount that won’t seriously hurt either of you. It won’t exactly be a great idea to lose your dream home for a thousand of dollars. And if you offer the seller more than what he demanded in terms of earnest deposit, it might impress him and he might reduce the price of the home.
Inspection
Once the deal is accepted, you should get all the major systems in the house thoroughly checked. It is better to take the help of a suitable home inspector for this purpose, as it is difficult for a normal buyer to detect the defects, if there are any. The lender will also send an appraiser to check if you are paying more than what should be a fair market price for your home.
The next step comprises transferring medical records, registering for schools, etc. It is then time to sign the final loan documents and take in a cashier's check to pay the remaining down payment and closing costs. You get the keys to your new home as soon as the county recorder’s office transfers the title from the seller’s name to yours. You are then the owner of a Las Vegas real estate.
Why a Realtor
Theoretically, an ordinary buyer like you can take almost all the steps mentioned above. Practically, however, they are not as easy as they sound. That is why both buyers and sellers of real estate in Las Vegas real estate employ professional agents to make a transaction as smooth as possible.
For instance, a professional agent is capable of taking care of all the details that many buyers and sellers just do not bother about. These real estate professionals are experts in financial and legal issues and can give you valuable advice during the entire process of negotiation. A well trained agent can help you in ascertaining property values, can answer your queries regarding financing or title issues, take care of the negotiations and paperwork, carry out the inspections, appraisal, and finally prepare you for the closing. A small investment on real estate professionals can save you a lot of money, time and trouble.
How to choose a Realtor
You should be careful while choosing a Realtor. It is always better if you can trust the real estate professional and can communicate with him/her freely. Mutual respect for each other can be beneficial for both. In order to have an idea of an agent’s skills and level of knowledge, you may ask want to know about his/her experience, area of specialization, client references etc. The right selection of an agent will be of great help to you.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment