Las Vegas buyer strategies - Las Vegas buyer strategies

Southern Nevada Realty
Las Vegas Homes for Sale Las Vegas Communities Las Vegas Relocation Guide Contact Real Estate Agent HOME

Eight Buyer's Strategies that will Save you Money, Time, and Stress
Buying a home can be a tension filled experience. Home buyers often wonder if they are making correct choices, getting the best value, and if their real estate professional is working in their best interest. Sound familiar? We wrote this report to address those concerns. In this report you will find eight basic home buying strategies. If followed, these strategies will save you money, time, and reduce the most common stress inducing factors of the home buying process.

1. Use the Multiple Listing Service Database

There are thousands of homes for sale. However, only a handful of these are advertised to the public in the newspaper, home magazines, or on the Internet. Most real estate professionals simply rely upon the Multiple Listing Service (MLS) database to sell their listings.

The MLS is a residential listings database available to real estate professionals. Real estate professionals pay to have access to this database. MLS information is strictly controlled and monitored. REALTORS must be diligent in updating the status of their listings. If not, they face fines and the possibility of losing their MLS privileges. As a result, buyers are assured of the quality of the listings received from the MLS.

The same cannot be said for listings featured on the Internet or in print advertising. For example: We found a For Sale By Owner listing on an online site and called the seller to inquire about their listing. We found out that the home had sold - over one year ago! The owner never bothered to update the listing, and the Web site never checked.

The quality and quantity of home choices available on the MLS will increase your odds of finding the right home. Southern Nevada Realty, LLC starts your home search by inputting your criteria into the MLS system. We also save your search, and request that the system send us an e-mail whenever a new home comes on the market that meets your needs. That way we never miss the right home for you.

2. Use a REALTOR®

In most states, in order to sell real estate a person has to be licensed by the state. So, every real estate professional you meet should be a real estate licensee.

However, there are some licensees who are also REALTORS®. REALTORS® are members of the NATIONAL ASSOCIATION OF REALTORS®, their State Association of REALTORS®, and their local Association of REALTORS®. When a licensee becomes a REALTOR® they agree to adhere to and abide by a strict Code of Ethics. This offers you, the consumer, more protection.

Use a REALTOR® and rest assured that they will act according to a strict code of ethics. To view the Code of Ethics click here. (This will open a separate window). Southern Nevada Realty, LLC belongs to the National Association of REALTORS, Nevada Association of REALTORS, and Greater Las Vegas Association of REALTORS.

3. Work with ONE agent exclusively

Find one agent, and work with that agent only.

Why do you even want to work with more than one agent? Usually, buyers tell us they want to make sure that they don't miss a home. The problem is that you WILL miss a home if you continue to insist upon using different REALTORS.

ALL REAL ESTATE PROFESSIONALS HAVE ACCESS TO THE SAME LISTINGS.

Let us repeat that in case you didn't hear it the first time - ALL REAL ESTATE PROFESSIONALS HAVE ACCESS TO THE SAME LISTINGS. :-) The difference is how much TIME AND EFFORT a person will spend in finding the BEST listings for YOU. It's not rocket science, but it does take time. But, how much time do YOU think a REALTOR will spend on YOU if YOU don't commit yourself to them?

We don't play games, we tell you upfront - if you want to work with us you have to agree to work with us and ONLY US. WE TAKE THE TIME TO FIND OUR BUYERS THE BEST HOME FOR THEM. We don't favor our listings or our company's listings. If it is listed for sale and meets your needs - WE WILL SHOW IT TO YOU. If you want to drive by the listings first to see what they look like - fine, we give you the addresses. If you see a home while driving around that you want information on - fine, we give you the info. If you decide that you only want to see homes that are purple on the outside - fine, we call ahead or drive by to make sure that you ONLY see homes that are purple on the outside. WE DO ALL THE WORK - all we ask is that YOU commit to working with us. We don't think that this is too much to ask - don't you agree?

4. Arrange for Financing

Getting pre-approved for a loan will put you in a better bargaining position with the seller. As soon as you are serious about buying a home, meet with a lender to determine your price range and financing options. Pick a lender that you feel comfortable with and who can answer all your questions. Do some research before the meeting to familiarize yourself with the different products available. Don't be afraid to ask questions.

Financing means not only getting a mortgage, but also determining the amount of money that you will need to actually close on the loan. You need to know where you will get the downpayment and closing cost money. Take a look at some expenses you will have to pay for when you purchase your next home by clicking here.

We don't start showing buyers homes until they have met with a lender. It is not fair to you to show you a home that you fall in love with only to find out later that you can't get the financing for it. Not to mention all the time that was wasted looking at homes that weren't right for you. If you need a lender referral - call us at 702-807-3339 or e-mail us.

Most home purchases fail because of financing problems. Don't let this happen to you. Get pre-approved, and search for your home with the confidence that your financing is in place. This strategy will definitely eliminate some of your stress.

5. Determine your Needs

Your needs analysis should be comprised of three steps:

First step - determine your price range. Just because your lender says you can afford x amount doesn't mean that you have to spend x amount. Look at your budget, and determine what you can comfortably afford to pay each month. Leave room for emergencies or items that you may want to purchase after your home purchase is completed. Also, don't forget that some homes have additional fees for Homeowner's Associations or assessments. For example, if you were buying in the master planned community of Seven Hills (in Henderson) you would have a monthly fee of $40 for the master plan, a possible monthly fee for the homeowners association (could range from $0 - $100's), and possibly a bi-yearly assessment (average $500 every six months). That can add up!

Second step - determine the basics: area of town, age, number of bedrooms and bathrooms, two story or one, square footage, garage size, and pool or no pool.

Third Step - ask yourself two questions:

1) "What is the one feature that I absolutely have to have in my next home?"

2) "What is the one feature that would immediately rule out a home?"

This needs analysis should also be done prior to meeting with your real estate agent. This will allow you to attend your consultation with a clear purpose in mind, and give you the opportunity to fully benefit from your real estate professional's opinions.

Sit down (include the other people who will be sharing the home with you), and determine what it is that you want from your home. Using this strategy, you will find the home that best meets your needs.

6. Before you Make an Offer - RESEARCH and ANALYZE

Unfortunately, finding the right home doesn't mean that the work is done. You still have to make an offer. It is important that you continue to stay focused. You don't want to make a mistake that will cost you money.

Have your real estate professional do a market analysis of the home to determine whether the home has been priced correctly. The market analysis will show you what similar homes have sold for recently. You can use this to determine what offer you want to make.

Also, visit the home, and look at the contents. Make a list of items that you want or assume will stay with the home. Does that beautiful hall chandelier stay? Does the satellite dish stay?

Problems can arise after closing when the buyer finds out that the seller took items that the buyer assumed would stay with the home. Don't assume. Write it down, and make sure that your real estate professional makes it a part of the offer.

7. After the Offer is Accepted - PROTECT YOURSELF

You offer is accepted. Now, what can you do to protect yourself from making an expensive mistake? Get an inspection, and buy a home warranty.

A home inspection can give you a good idea as to the overall condition of the home. It is not a guarantee that a home is defect free. But, it can help pinpoint major repairs and possible problem areas. Read the inspector's report completely and carefully. Don't hesitate to contact the inspector with any questions or requests for further clarification. Also, your real estate professional is NOT an inspector - don't rely upon them to give you advice regarding repair items.

A home warranty can save you money once you move into your home. Generally, home warranties cover appliances, plumbing, heating/cooling systems, and electrical. Make sure that you read your warranty booklet completely to see what is covered and what the fees are for a service call. A warranty can save you hundreds to thousands of dollars in replacement or repair costs.

Get some peace of mind, have the home inspected and purchase a home warranty.

8. Don't just stand there, do something!!

One of the most important things you need to do during the entire process is to stay involved. Too often buyers sit back and let their real estate professional do all the driving. NOT A GOOD MOVE. You need to stay awake, ask questions, read everything you sign, and keep your real estate professional informed. We are not mind readers. If you don't like something speak up. If you don't understand something - ASK!! We represent you - that means we do what you tell us. We cannot and will not make decisions for you. It is your home that is being purchased. YOU will make the mortgage payments. YOU will live in it. YOU need to be ACTIVELY involved in its purchase.

We would LOVE to help you in finding a home in the Las Vegas or Henderson area. Call Southern Nevada Realty, LLC to speak to an agent at 702-807-3339.

© Copyright 2001 - 2006. Southern Nevada Realty, LLC All rights reserved.

Southern Nevada Realty, LLC
Las Vegas Real Estate
Office: 702-807-3339