Las Vegas Real Estate News
There are currently over 4,000 new residents relocating to Southern Nevada each month. Many of them will be home buyers and facing a huge inventory shortage of homes. In many cases, buyers make competitive offers on homes only to keep losing out to other buyers or perhaps investors. The inventory shortage, in part, is due to the many homeowners currently being under water in their home mortgages, another residual effect of the great housing bubble.
Tips for Buying Your Home
Tip #1: Zillow Is Great, But Don’t Be Too Late!
Over 90 percent of home buyers begin their home searches online. The power of the internet makes shopping for homes as easy as shopping for shoes. However, while you’re admiring that 5 bedroom dream home in the Seven Hills area, another buyer’s agent may be booking a showing or drafting an offer on it for their pre-approved client.
The truth is that most individual real estate agents have the same type of home search capabilities on their websites, however brilliant marketing and advertising campaigns by sites like Zillow have taken over the market so much that many home buyers don’t realize this. It’s safe to say that Zillow has officially become the Kleenex of the tissue companies.
It’s safe to say that Zillow has officially become the Kleenex of the tissue companies. -Toni Spilsbury, Real Estate Agent at Berkshire Hathaway Home Services
Zillow and other sites like Realtor.com and Trulia.com are great places to begin a home search but home buyers will still need to work with a licensed Las Vegas real estate agent for home viewings and offer negotiations. In fact, Zillow recommends hiring a good local real estate agent.
The home buyer’s agent should also have a search set up for new listings that hit the Las Vegas MLS based on the individual criteria for each home buyer. This way, home buyers are aware of new listings that hit the market each day and are prepared to visit them right away. An experienced real estate agent will help home buyers be prepared for when that perfect house comes along.
Tip #2- Get Your Financial Ducks In a Row
A licensed and experienced Realtor® will have relationships with local mortgage brokers to assist home buyers with getting pre-approved for a mortgage loan. Your agent will also stay in touch with your lender or mortgage broker throughout the home search and buying process.
A pre-approval letter from a mortgage broker or lender will need to accompany any offers made on a home. In some cases, a home will sell before or during the first Open House, so it’s a good idea to be prepared to make an offer when you find that dream home.
Tip #3- Make A Good Offer
An experienced agent will not only calculate an appropriate offer price on a home based on a Comparative Market Analysis, he or she should also find ways to make your offer cleaner and stronger in order to beat out the competition. The buyer’s agent will look at comparable properties, sold prices versus list prices, inventory and timing in order to calculate the best offering price.
Price is not always the primary factor in writing a strong offer. Sellers, in most cases, want a clean and quick escrow. In other cases, they may not be ready to move so soon so receiving an offer that allows them to stay a month and rent it back may be a good negotiation tactic if the home buyer is able to wait before moving.
One Las Vegas Realtor® once told me that he often presents a family photo of his clients along with the written offer as a way for the seller to see past the paperwork and price.
Ready To Find Your Las Vegas Home?
You can search homes online through a licensed Las Vegas Realtor® here (or by clicking photo above), or you can fill out the inquiry form below to receive a Custom Home Search Report tailored just for you.
Great Opportunity for Home Sellers
Las Vegas Homeowners, if you haven’t checked to see how much your home is worth lately, you could be in for a pleasant surprise. Your home is your biggest investment, therefore your home’s market value is one of the most important factors in your finances. A licensed REALTOR® will create a Comparative Market Analysis (CMA) based on recently sold homes and homes currently on the market in your neighborhood in order to determine your home’s market value. To receive a free no-obligation Comparative Market Analysis by a licensed Las Vegas REALTOR®, click here: GET MY FREE COMPARATIVE MARKET ANALYSIS: