Becoming a first-time home buyer is easier said than done in a lot of markets across the country, but what about Las Vegas? There is good news if you are looking to buy a home in Southern Nevada. Zillow recently announced the Ten Best Metros for First-Time Home Buyers, and Las Vegas was ranked second!
The research was based on four key metrics…a lower median home value which results in smaller down payments, a strong home value appreciation forecast which helps buyers grow their overall wealth, a high “inventory-to-household” ratio indicating available supply, and a high share of listings with price reductions. These key metrics make Las Vegas the second best place in the country for first-time home buyers. If you are looking to purchase your first home or know someone who is, here are ten tips to help prepare you for the process!
10 First-Time Home Buying Tips
Check your credit score. Knowing your credit score should be step one in the home buying process. It is an important factor that banks look at when decisioning your mortgage application and determining your interest rate. If your credit score needs a boost, step two can help you raise it.
Pay off your debt. While some types of debt can show reliability when you make timely payments, credit card debt can negatively impact a banks decision on whether or not to approve your loan. Banks see people with a high debt to income ratio as more likely to default on their loans.
Save for a down payment. While there are first-time home buyer programs that allow you to put as little as 3% down on a home, 3% of $300,000, which is the median home price in Las Vegas, is still $9,000. A Coldwell Banker Sales Professional can help you navigate this process.
Get pre-qualified for a mortgage loan. A mortgage pre-qualification is important because it helps you determine how much house you can afford. This is helpful for a real estate agent to know, so they do not show you homes out of your price range.
Create a budget Use an online mortgage calculator to help you create a budget. You will be able to put in your loan amount and interest rate to determine the monthly payments associated with a home. Then you will be able to use that number and factor it in with your monthly bills and expenses to make sure you can live comfortably on that amount.
Research your perfect neighborhood. A home is a long-term investment. Make sure you choose a neighborhood you would want to live in for the long-haul. Things to consider are noise levels, retail necessities, walkability and work commute.
Make a must have/want list Determine the features in a home that you want, then take that list and narrow it down to things you cannot live without. This will help eliminate homes that do not meet your minimum criteria.
Find a local expert. You have already found the neighborhood you want to live in, now find a REALTOR® who specializes in that area. They will have the most up-to-date statistics for the neighborhood and may already know of an available home that fits your needs.
Have an in-person buyers consultation. The first meeting with your real estate professional is the most important. Before physically touring homes, you will want to go over your purchase price and your must have/want list. This meeting with help your REALTOR® find homes for you to tour and ensure they are showing you homes that are not out of your price range.
Save for move-in expenses. Remember there will be costs associated with moving into a new home. You may need to hire movers, purchase additional furniture, store excess furniture, purchase window coverings, and/or landscape a yard. Be sure to consider these costs when choosing a home.
Buying a home is one of the largest investments a person will make in their lifetime. While the process may seem daunting, a Coldwell Banker Premier Realty Sales Professional has all of the tools and knowledge to make the process as seamless a possible.
At Coldwell Banker Premier Realty, we know that we are better together. The strength of the Coldwell Banker brand and the support and training offered at Coldwell Banker Premier Realty together will help take your career the next level. Coldwell Banker is a global leader and the proof is in the numbers. Watch the video below to see the power of our brand in 2018.
Do you want more out of your career? Begin a conversation with Devin Reiss, vice president of sales and career development, at 702-672-7644 or check us out at cbprcareers.com to discover how the right tools and training can transform your career.
The most successful real estate agents know all the ins and outs of their local market. At Coldwell Banker Premier Realty, we want help you stand out of the crowd, so we provide our agents with updated monthly local market statistics as well as an annual report summarizing the previous year’s trends. These tools give our Sales associates an advantage that help them win listings all year long! Now you too can download our Annual Report to review last year’s trends in 2018 Market Fundamentals, Luxury, the Rental Market and more! Read the flip-book below, or click HERE to download.
Do you want to discover the difference of working with a brokerage that believes in education, team work and culture? Begin a discrete conversation with Devin Reiss, Senior Director of Career Development, at 702-672-7644 or check us out at cbprcareers.com to discover how the right tools and training can transform your career.
On the LasVegashomes.com Blog, we post content that agents can share via social media and ad campaigns to their SOI. Scroll below to see a post from our Holidays are no Holiday campaign.
When is the Best Time to Sell Your Home in Las Vegas?
The Las Vegas real estate market is normalizing to a healthier balance between buyers and sellers and, as we’ve mentioned over the last few months, this normalization accentuates the need for a market savvy and negotiation-skilled professional on your side…Which is the only type of sales professionals we have here at Coldwell Banker Premier Realty! Watch the Video below to see Bob Hamrick summarize the facts.
(After watching the video, continuing scrolling for even MORE information on Listing your home during the holidays.)
While the holiday season poses distractions for most real estate agents, we know the facts: Selling in December is 59% more favorable to you than selling after the Holidays. Why? Here are the top 5 reasons.
In real numbers, the ratio between listings taken and listings sold in November and December is 109% compared to just 70% in January and February.
Because of the myth that December is a bad time to list your home, buyers have fewer inventory options to choose from.
Many corporations choose the holidays to relocate their employees, increasing the buyer pool.
Snowbirds will be trying to escape the harsh winter months
Many out-of-area visitors (there were over 300,000 people who visited Las Vegas over Thanksgiving weekend) may want to move closer to their family and friends.
If you are interested in learning more about why now is a great time to sell, contact the Coldwell Banker Real Estate professional responsible for sharing this blog post with you.
On the LasVegashomes.com Blog, we post content that agents can share via social media and email campaigns to their SOI. Below is an example of one of those posts. “5 Ways to Celebrate Small Business Saturday.”
Everyone knows that the Friday after Thanksgiving is Black Friday. Instead of shopping at big box stores, we want to challenge you to spend the day with your family and participate in Small Business Saturday® instead. In our latest Las Vegas Real Estate Reportvideo, Bob Hamrick talks about the revitalization of Downtown Las Vegas. One of the reasons we are seeing a change in DTLV is because of the many individuals dedicating to supporting new businesses and growing the community. No matter where you live in the Las Vegas Valley, there are ways that you can participate in Small Business Saturday® to help your community thrive. Here are 5 of our favorite events happening around the valley. (Click on each photo for more information.)
The Arts District At this pop-up market, you will find unique gifts and stocking stuffers while enjoying complimentary hot cocoa and cider.
Spring Valley Shop independent fashion brands and enjoy beloved local restaurants in the Gramercy courtyard.
Summerlin Tivoli Village is hosting a farmers market with local vendors and live music.
Henderson Local children’s boutique, Strawberry Cookie is hosting a charity event where you can shop while the kids meet Santa.
The Arts District (2) All businesses around Main Street, including Antique Alley and Arts Square, are hosting events and giveaways. Have a great long weekend and happy Thanksgiving!