Home Buyer FAQs
Why would I hire a real estate agent when searching for Las Vegas homes through the internet is easier?
It is still a great idea to consider Las Vegas Realtors even if searching the internet for homes is easy. A lot of agents bring value to the whole process of searching. They can analyze all the data, answer any question, share their professional knowledge, handle all the paperwork and do all the errands needed in any real estate transaction.
Is saving for the final dream home better than starting with a cheaper starter home?
Saving for the unique dream home may take a long time. On the other hand, a lot of ideal mortgage interest rates have been swarming the market. Having a low rate makes the home more affordable and moves most buyers to decide to get home.
Price appreciation has also been strong, creating solid gains in communities across the country. In fact, prices are projected to increase by 2.5% to 3% yearly in the next five years.
Buying a starting home today can potentially build equity that can help purchase a bigger, more ideal home in the future.
How much can I afford?
When buying, a common rule to follow is that multiplying your annual salary by two and a half times gives you how much home you can afford. You can use an online calculator that can help in figuring out how much can be borrowed.
What is the first thing to do when buying a home?
Being psychologically ready and financially ready are the first things to do when buying. Make sure to ask these questions first:
- Is my income stable enough?
- Do I owe less than what I make?
- Can I afford to pay the down payment and closing costs?
- Am I on the right track to improve the bad credit that I already have?
Homes need regular care and attention. Make sure to also be prepared for any extra costs like repairs and upkeep. When the truthful answer “yes” comes to mind, then being a couple of steps ahead will be a breeze to owning a home.
What is it that my agent shouldn’t know?
You shouldn’t share the most money you can pay for a home. Telling Las Vegas Realtors your top dollar will give a lesser chance of trying to negotiate the least price available. While the real estate agent spends time showing the home and sharing information, the agent will still be working for the seller who pays each and every agent that participates in getting the purchasing transaction finished. Commission and percentage of the property sale are the seller’s way of paying the agent. One way of circumventing this is by hiring a buyer’s agent or a buyer’s broker.
What does a buyer’s agent do?
The buyer’s agent’s job is to solely represent the buyer. The agent works to look after the buyer’s interests in the transactions and discuss any possible prices and terms. Contacting the National Association of Exclusive Buyer Agents at 609-799-4382 or visiting www.naeba.org will give additional information about buyer’s agents.
How do you know how much a home is worth?
The quick answer is home is worth whatever amount is paid for it. Other factors only provide additional estimates of its value. Fair market value is only achieved when both buyer and seller agree on a proposed price. For example, in a seller’s market when the supply of Las Vegas homes for sale is low but the demand for housing is high, homes can typically sell for much more than the asking price as bidding between buyers ensue.
Are there standard ways to find out how much homes in your area are worth?
The two most common ways are through comparative market analysis and an appraisal.
By reviewing similar Las Vegas homes that have sold near the neighborhood along with currently listed homes for sale, Las Vegas Realtors can give a comparative market analysis which informally estimates the value of a home based on the sales prices of those properties.
What’s the difference between sales price and list price?
The list price is the asking price that sellers of Las Vegas homes estimate that their homes are worth. Sellers can either use higher or lower amounts than similarly sized homes in the neighborhood. Comparing homes recently sold in the area is a good way to determine if the asking price is fair or too low, or too high.
The sales price is the amount the home actually sells for.
What’s the difference between market value and appraised value?
Market value is the price that a buyer and seller will agree on after ascertaining a “meeting of minds.” This could vary depending on any given point in time.
The appraised value is the estimation determined by a trained and certified appraiser through the comparison of recent sales of Las Vegas homes, the condition of the property plus several more factors.
Is it alright to use Las Vegas Realtors to buy a newly constructed home?
Yes, in fact, a couple of builders use agents to search for potential buyers. Using a buyer’s agent can assist in negotiating the cost and the improvements of new home. Agents are especially valuable when directing the progress of a newly constructed Las Vegas new homes that match the needs and necessities. Las Vegas Realtors also search for trustworthy builders who are financially sound and who respond quickly to the buyer’s concerns.
Builders typically require the agent to be at the site for the buyer’s first visit to a Las Vegas new home. This is a reasonable procedure that allows the agent to get paid should the buyer decides to purchase. On the other hand, if the buyer finds a new home, visits it and purchases without an agent, the builder has the right to refuse the commission pay even if the agent unexpectedly became involved in the process.
What is the best method when searching for a Realtor?
To start off, contact any acquaintances or any associates. Family, friends, co-workers or even neighbors who bought a home recently will be able to give tips and advice on their agent. From time to time, Las Vegas Realtors that are contacted can refer the buyer to a different agent who is more familiar with the buyers and sellers in the community. When three names are referred, have a meeting with each agent and consult them. Ask their knowledge of the neighborhood, their professional experience and commitment. Remember also that some agents do not work full time for other work either during nights or on the weekends.
What can be expected of a professional Realtor?
Capability, efficiency and good moral values can be expected of Las Vegas Realtors. In accordance to the All America’s Real Estate book, competent agents give the extra time and effort to qualify the buyers and show them Las Vegas homes in their price range. They strategically plan the route and they pre-inspect the properties. Also, the agents have detailed knowledge on any financing options, the latest updated on home trends, and they share potential buyer’s information on any local housing market or house transaction. Reputable agents strictly follow the code of ethics where they avoid any high pressured tactics, any home that does not fit the needs and they also inform any problems regarding the property. Las Vegas Realtors always show respect to other agents and real estate firms, and never speak bad of them.
Are home buyers guarded against any home buying/renting discrimination?
According to the Law, Las Vegas Realtors cannot discriminate based on race, color, religion, gender, disability, family status or national origin. They are also not allowed to imply any directives from the seller to discriminate. If there is any suspicion of discrimination, a complaint can be filed the nearest Local Department of Housing and Urban Development (HUD) office. Complaints can also be filed by calling the HUD’s toll-free number, 1-800-669-9777 or can be filed by visiting HUD.
What are the benefits of possessing a home?
There are a lot of advantages to owning Las Vegas homes. The most alluring advantage is that you own the home which gives you total control of the living space as compared to having a landlord with rules to follow. Other benefits result from tax savings and capital accumulation as the property appreciates in price over time. Equity can also be used to help children go to college, to buy a second home, or to make home enhancements.
Any mortgage interest that was paid on Las Vegas homes loan is tax deductible, as is the local property tax. If the fixed-rate home mortgage loan is available, this will help you calculate the mortgage monthly payment and can give you a chance to invest more on other things.
How do I know if I should add space to my home or just buy a new house?
A couple of things to consider when buying Las Vegas homes are the costs, the needs of each person, and what features can add value in the future. Another important thing to consider here is the emotional attachment to the current home. According to Philip S. Wenz, the writer of Adding to a House: Planning, Design & Construction, notes that adding on a home is cheaper than having a new home built and it can give a “new” home without the sadness or trouble of moving.
Other concerns:
- Having the cash on hand to finance the home development or needing a loan?
- What is the cost of the equity on the property? A decent deal can ease the way to obtain a loan for house improvements.
- Is it reasonable to increase the existing space?
- When it comes to the building laws or local zoning, what are allowed? Regardless of the needs and wants to improve the Las Vegas homes, make sure to clear the restrictions that is allowed in the town or city
- Is there any other home that is affordable and that can satisfy the change of housing needs?
- Remember to take a look at every option possible. Be sure to decide on what can be lived with – being in the current home or a new home.
Source: RISMedia’s Real Estate Information Network (RREIN) & Berkshire Hathaway HomeSerivces Nevada Properties.
Home Seller FAQs
When is the perfect time to sell Las Vegas homes?
The perfect time to sell Las Vegas homes is when you’ve already decided to sell and leave your existing house. For instance, you may need to leave due to a divorced marriage or to relocate for a new job.
The economic conditions also play an important role when it comes to selling Las Vegas homes. It’s really necessary to consider the national and local economic factors. If the economy is fluctuating and many companies located in your local area are laying-off their employees, it is better not to sell your home. Buyers should be careful in purchasing when the situation is undefined.
Spring time is the best season for you to sell your home because most agents agree that the number of potential buyers increase during this season. In addition, it is easier to sell your house at a higher value. Take note that you can start to sell by February because when the month of July comes the real estate transactions usually goes down.
How should I to prepare my house to sell?
The first thing to do when selling a Las Vegas home is to find out how much it costs. It is better to speak with Las Vegas Realtors and an appraiser in your local area to have a good market comparative analysis and property appraisal.
Second, work on the look of your house. Start fixing the broken spots that will discourage the prospective buyer. Be sure that your house is ready to sell.
The first impression of your house is very important as it will entice more prospective buyers to view the inside. Make sure that your home will appear good from the street or driveway.
Never spend too much in your home renovation project before selling it, because making such repairs might be the reason for you to sell your home at a higher price.
What else do I need to know?
It takes a lot of effort to keep your home at its highest point of excellence. Let the prospective buyer realize that there will never be no-regrets later on after buying Las Vegas homes.
This time could be annoying on your part because there may be some instances when a buyer may request to see the house at an inconvenient time. Bear in mind that for you to sell your home faster, your buyer should be able to appreciate your home instantly.
Lastly, if you do have pets, especially dogs, make sure that they are wearing their cords for restraint or you can put them inside their cages. They might scare off the buyer. Do not let your pets be the reason to turn off a potential buyer.
Should I wait to sell my house before I buy another one?
This situation is very crucial; you have to decide accordingly with your current situation and also the standing of the real estate market in your local area. Think carefully, because it might lead you into trouble in the future. If you sell your home first, finding another one may be difficult before the closing. In this case, there is a chance that you could buy a home that does not match your needs.
It is better to buy a house first before deciding to put your existing house on the market, because you are confident that you will get the right home for you.
On the other hand, the benefit of selling your house first will give you enough time to do the things that you have to settle. It is good to seek advice from Las Vegas Realtors to make this decision easier.
Are there tips for selling a vacant home?
When selling vacant Las Vegas homes it is best to pay attention to the flaws of the home because the potential buyer may be disappointed. In an empty home, everything will be highly noticeable, like discoloration due to the dirtiness of your carpet or the damage on your wall. Do a total home repair to cover up for these tests of time.
Maintenance is very essential when selling Las Vegas homes. Make sure to vacuum and dust your home. You have to keep your vacant house nice and clean to entice the potential buyer.
During winter, make sure that your heating system is properly shut down and drained to minimize your expenses but keep the lights on if you need to present Las Vegas homes properly.
Throughout the summer, pay attention to the unpleasant moldy odor that can be caused by sealed windows and watch out for hidden pests that may have infested in your absence.
How do I sell Las Vegas Homes fast in a slow market?
Price is the first factor to consider in selling Las Vegas homes. You can lower the cost to gain more interested buyers.
Money is usually a good motivation for the buyer as well as to Las Vegas Realtors. You can propose a $1,000 to $2,000 discount to the buyer before the deal settlement and giving bonuses to the agent, but some Realtor boards prohibit these bonuses offered. Other common incentives include warranty policy, paying for the home inspection conducted by the home inspector and getting the initial home approval from FHA and VA loans, doing such things will get many buyers. Speak with a lender who does FHA-insures and VGA-guaranteed loans.
Can I terminate the contract if I’m unhappy with my listing agent?
Legally, being unhappy is not a valid reason to end sales contracts of Las Vegas homes . To do so, there must be proof of the Las Vegas Realtor’s lack of “due diligence,” which means that person is not observing the normal procedures to properly market the home, such as listing it into the MLS, advertising it on newspapers or on the Internet, and putting a For-Sale sign on the home’s yard.
Consider lowering the asking price of the home to create more interest in it. Otherwise, discuss the issue with the listing agent and the supervising broker. If you think that the listing agent is really doing a bad job, you can suggest your listing be transferred to one of the brokerage’s more effective Las Vegas Realtors.
It’s advised to limit an agent’s contract to 90 days so that you have ample time after the contract’s expiration to relist with a different agent in the event you become unhappy with the first.
Do I really need Las Vegas Realtors?
Sellers can either hire Las Vegas Realtors to list their Las Vegas homes or do For Sale By Owners or FSBOs to market their homes themselves.
There are also some who sell their homes without marketing them. This usually happens when homeowners transfer their property to family members or when landlords offer their tenants the first right to purchase the rented property before it goes on the market.
However, most FSBOs still end up hiring Las Vegas Realtors since agents are very well-equipped to take care of all the details involved in successfully selling Las Vegas homes. They can also expose the home to the widest range of possible buyers by listing through the Multiple Listing Service (MLS).
Can I negotiate the commission?
Yes, since there is no standard commission. These aren’t set by law and vary according to company policies, customer needs, and services performed. Las Vegas Realtors charge 4 to 8% on average for full services rendered but may become higher to cover additional time and expenses necessary to sell Las Vegas homes if sellers are adamant in overpricing their properties.
Commissions are definitely something you should evaluate and negotiate on.
Do I need to disclose information about my home?
Since disclosures can protect against lawsuits, sellers in most states are now required to submit a form which discloses material facts about their property. These facts include the home’s condition and legal status, among other numerous details.
If the state doesn’t require those, then its real estate laws may still ask sellers to disclose known issues with the home they wish to sell.
Source: RISMedia’s Real Estate Information Network (RREIN) & Berkshire Hathaway HomeServices Las Vegas Properties
