The real estate market is heating up, and many people are searching for a new home after spending months indoors. With millions already vaccinated against COVID-19, life is starting to get back to normal for Las Vegas residents. However, the real estate market has not yet returned to normal, and there are things you must know if you want to purchase a property soon. Here’s everything you need to know about virtual tours, Buy a house in Las Vegas budgets, loan offers, and more.
1. Know Mortgage Lender Requirements
The Las Vegas housing market is more competitive than ever, and getting approved for a home loan is not as simple as it seems. Many home lenders only approve clients with excellent credit histories, while others only give mortgages to those with high down payments. Here is a list of standard mortgage lender requirements so you can know your chances of qualifying.
- Down payment: Many lenders require a minimum down payment of 3.5%.
- Job history: You should have at least 12 months of stable income with the same employer. You may need 24 months of financial records if you are self-employed.
- Credit score: Most lenders require a minimum 620 score for approval. However, your score should be above 700 if you want the best rates.
Your lender may also consider your debt-to-income ratio and your rental history.
2. Establish Your Budget
A home is likely the biggest purchase you will ever make, and you should have a realistic budget in mind before you begin shopping. While some people stretch their budgets when looking for a home, it is best to leave yourself some financial breathing room. Make sure you add expenses such as renovations, closing costs, moving expenses, and realtor fees into your budget.
3. Compare Multiple Mortgage Offers
Don’t choose the first lender who approves your loan request. Shop around and request mortgage quotes from a few reputable lenders. Minor differences in fees and interest rates can save you thousands of dollars over a 15- or 30-year mortgage.
4. Tour Properties Safely
Many touring options are available for Buy a House in Las Vegas, including virtual tours, self-guided tours, and in-person showings with a real estate agent. Consider your options and make the health and safety of yourself and others a priority.
5. Avoid Bidding Wars
The Las Vegas housing market is booming, and many homes are selling for well above the listing price. Avoid an unnecessary bidding war by giving your best offer upfront. Providing your highest offer first helps you stay within your budget and saves you time and stress.
6. Prepare for a Remote Closing
Remote closings are becoming increasingly common. If your lender gives you the option, opt for a virtual closing process. Remote closing sessions are convenient, safe, and legal. Invite your notary and financial advisor to attend the closing to help you avoid any pitfalls.
Work With an Expert
Are you looking for the best place to buy a house in Las Vegas? Platinum Real Estate Professionals specializes in working with homeowners of various budgets and preferences. Contact us to be connected with a real estate agent who can help you find your dream home.