Understanding the Las Vegas, NV Housing Landscape
Strongly considering a home purchase in Las Vegas? Awesome! You've chosen a lively city with a great balance of businesses, schools, restaurants and parks, and we're here to help the home purchase process go a little smoother. We serve 3.8 million customers across the country and know the Las Vegas housing market well.
Las Vegas is growing by the day, which means Las Vegas homes don't always come cheap. Sustained economic growth and cultural expansion have helped to beckon young families, new businesses, and retirees to the Las Vegas area, but so much change also means a strain on housing options, school capacities, and city roads. Despite this, Las Vegas and its neighboring areas still offer a wide range of home types and prices. You can find duplexes, single-family homes, townhomes, condos, and (fingers-crossed) your dream home! When buying a home in Las Vegas, double check that you're factoring in the home's distance from your daily activities. If you can, drive the route you'd take from the house to your school, office, and favorite hangout spot. Your home's location will influence almost every aspect of your life. Traveling around Las Vegas will also give you an idea of why homes in west Las Vegas are priced differently than homes in east Las Vegas, where to find Las Vegas's most popular attractions, and what the neighborhoods are like.
Are you financially prepared to buy a house in Las Vegas? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. We think the dream of homeownership should never fade and try our best to make the journey easier and more rewarding. You don't even have to stick with your decision to buy a house in Las Vegas. We work with new and experienced homeowners alike. Start with the following steps to help you see if you're in a good financial position to buy a house in Las Vegas.
Before anything else, estimate how much house you can afford. This will help you narrow your search when house hunting in Las Vegas. Next, jot down your potential monthly payments (including property taxes, insurance, home repairs, homeowners association fees, etc.). You don't need an exact amount for these expenses. Everyone's situation will differ, but a quick online search for average expenses in Las Vegas will usually point you in the right direction. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.
Next, figure out what a realistic down payment would be for you. Putting at least 20% down will increase your odds of getting a good rate and will allow you to avoid private mortgage insurance (PMI). However, down payment requirements can differ depending on the loan type. This is where getting prequalified for a mortgage comes in handy. Getting prequalified will give you an idea of how much you might qualify to borrow. Also, check your credit. Lenders place a high importance on credit history when looking at your mortgage application. The healthier your credit is, the more mortgage options you may have open to you— and who doesn't want more choices in life?
It's Go Time! Buy a House in Las Vegas, NV
Moving remains one of the biggest stressors, despite being a practically universal experience. But moving feels more rewarding when you get to live in a place like Las Vegas. Contact Mr. Cooper as you look to buy a home in Las Vegas.