Buying Las Vegas Homes: 11 Factors First-Time Home Buyers Need to Know

It is very important that first-time home
buyers are knowledgeable about the factors they need to know before they start
looking for Las Vegas homes. Here are the following home buyer-friendly
tips for first-time home buyers:

1. Study. If you want to be successful
in this venture, you should do your homework first. Study to review the closing
numbers of comparable homes in the neighborhood you are considering. Some of
the sites that can be useful to acquire this information are Zillow.com,
Propertyshark.com and StreetEasy.com.

2. Credit. Your credit score is vital to apply
for a mortgage. A poor credit score may affect your rates as well as prevent
you from getting a mortgage altogether.

3. Go Low. Make an offer between 10 to 15
percent below the current market price. Pricing is typically based on contracts
signed three to four months before the listed price, and don’t actually reflect
the current real estate condition.

4. Lucky 7. Benefit from the low interest rates
which has 7 year ARMs or 15/30 year fixed rates. Interest rates are virtually
assured to rise rapidly in the near future, and short term adjustable mortgage
would cause trouble for a first-time buyer and for those without money to
spend.

5. Get pre-approved. Take advantage of the benefits of
getting your mortgage pre-approved early in the home buying process.
Getting pre-approved will give you the ability to know the purchase parameters,
as well as increase your negotiating power to ask for a better price because
you can close with more positive assurance in a timely manner.

6. New homes. Check out the reputation of a
builder or sponsor before buying a newly constructed home. You can get this
information through searching the internet or from Better Business Bureau.

7. Title. New addition or construction to
existing Las Vegas homes
must have been fully permitted and recorded
with the local municipality and have been approved.

8. Appraisal. Remember that appraisers will
probably under appraise than over appraise – the period of pre-2008 is over.

9. Inspections. Never overlook the value of an
inspection. This evaluation will help uncover hidden problems, such as termites
or mold that have negative impact on the value of Las Vegas homes for sale.

10. Negotiate. Mortgage contingency is always
negotiable.

11. Don’t skimp. You’ll always get what you pay for,
so don’t look for a least expensive lawyer. Contact your local bar association
and request for a recommendation.