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With more than 7,000 homes for sale in Las Vegas, individuals, particularly first time home buyers, can easily find themselves overwhelmed by the available options. In fact, simply figuring out where to start can cause significant anxiety. Whether you are interested in purchasing a brand new home in a planned community, a luxury condo downtown, or a fixer-upper you can make your own, your first step should involve contacting a licensed real estate agent to assist you in navigating the Las Vegas real estate market.

Why do you Need a Las Vegas Real Estate Agent?

Real estate agents in Las Vegas do much more than simply take you on a tour of houses and condos. They can help you see the possibilities in a home, identify potential long-term value, and point out impending issues that could impact the resale value of a home, as well as suggest minor changes that could increase a home’s value. Additionally, they can provide you with invaluable information about current Las Vegas home values. This includes how long a house has been on the market, current activity within the local market, and figures regarding comparable homes that have sold nearby. All of this information is crucial when determining what you should offer for a home.

Your Las Vegas real estate agent is there to assist you in making an educated offer on a property you are interested in. Furthermore, agents can help you navigate the inspection and closing process, as well as help you retain the services of others professionals that might be needed to complete your home buying experience.

Traditional Home Sales Compared to Non-traditional Home Sales

According to the Greater Las Vegas Association of Realtors, about 70% of homes currently on the market in Las Vegas are considered traditional sales. This simply means a deal is made between a seller and buyer. This is usually the easiest way to purchase a home.

Chances are that you have heard the term short sale, but do you really know what this means? A short sale is a property that sells for less than the current balance of the mortgage. This usually occurs when the owners are unable to meet their payment obligations, but want to avoid foreclosure. If you make an offer on a short sale, the current owners may accept it, just like in a traditional sale. However, the lender must agree to the purchase price before the sale can be finalized. Short sales offer you the opportunity for a good deal, but it is not unusual for it to take months before an agreement is reached.

A foreclosed home has been taken back by the bank that holds the existing mortgage when the owner is unable to make the payments. It is not unusual for these homes to be sold for substantially less than they are worth. However, this doesn’t mean they are always a good deal. When you purchase a foreclosure, you accept responsibility for any liens or judgments against it. The lender is not required to make you aware of these obligations before the sale is closed. As a result, you may be served with a notice of a lien months, or even years, after you purchased it.

Buying a home is an exciting experience, yet it can also be stressful. Hiring a real estate professional is the best way to navigate the Las Vegas real estate market, as well as ensure you are able to negotiate a fair price and close on your new home in a timely manner. Whether you opt to purchase a traditional sale, short sale, or foreclosure, your real estate agent will be there to assist you through the entire process.

Call 702-604-7739 to speak with a Las Vegas Real Estate Agent with The Ballen Group today.