Buying a Las Vegas Home - Get Your Offer Accepted!

Has anyone noticed, the housing market in Las Vegas is a bit crazy right now. Homes are selling at a ridiculous rate. We’re seeing multiple bidding like we haven’t seen in years. Inventory is extremely low, so there may be limited choice, especially in the lower price ranges.

On top of that, interest rates are at an all time low, which means owning Las Vegas real estate may be more accessible. As a result, many who have been sitting on the fence and merely dreaming of that new home or condo, are now taking the plunge.

Competition is also fierce. In addition to more first-time buyers, we’re seeing more out-of-state buyers than I can remember.

Las Vegas Homes under $300k are not remaining on the market for any substantial length of time, and when they do come up, there are often several buyers waiting in line.

How to Increase Your Chance of a Successful Home Offer

In amongst all this real estate mayhem, how can buyers get an edge in this frenzied Las Vegas market? Follow these steps to help increase your chances of having your offer accepted:

1. Pre-Approval: We’re seeing buyers lose bid after bid simply because they just don’t have their ducks in a row going in. Start by getting pre-approved for your mortgage before placing an offer.

2. Keep Your Conditions Simple: Make it as easy as you can for the seller to accept your offer. Try not to request more conditions than is necessary.

3. Flexible Closing: Be willing to close early if need be. Flexibility with your closing dates could mean the difference between winning or losing a bid.

4. Assume Additional Costs: Make your offer stand out from the rest, by offering to assume some of the seller's costs such as transfer fees.

5. Prepare to Bid Over List Price: Which means looking at homes that are slightly below your maximum budget so you have the flexibility to offer higher than list. This isn't set in stone, but it is a possibility.

How to Purchase a New Builder Home in Las Vegas

The new construction market is just as busy. No sooner does a builder advertise a new development, the choice lots disappear. Sales of quick move-in homes or model homes are at the top of the list and inventory changes almost hourly.

Follow these steps for purchasing a new builder home in Las Vegas:

1. How Much Can I Spend? Nail down your budget for how much you can spend on a new home before going in.

2. Get a Buyers Agent: Many new home buyers make the mistake of going directly to the builder when they’re ready to buy. This isn’t always in your best interest because those sales agents, as helpful as they are, represent the builder. Choose an agent (I can help!) to accompany you on your first visit and represent you as a buyer. If you don’t do this initially, you aren’t allowed to bring a buyers agent after your first visit. Signs indicating this are posted in their offices.

3. Narrow Down Your Choices: Try to narrow the models or developments you’re interested in. An agent can help you navigate through the various developments and home types. Maybe you want RV parking or a guest suite for mom – we can help with that.

4. Start Touring: Go tour the model homes and development, even if you’re still undecided. Seeing these homes off the print, walking through the layout, imagining how your furniture will look, that is what will help you make the best decision.

5. Get Your Name on Record: Get your name down on lists for developments your interested in. Builders don’t market all their homesites at once. Often, there are weekly drops, little by little. If you’re on a priority list, you’ll be notified and have first right to accept or refuse.

Sellers Market

To all you potential sellers out there – what can I say – the timing could not be better. If you’re curious about what your home might be worth, I’d be happy to give you a free home evaluation.

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