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.
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