Las Vegas Housing Market Update – April 2021
April 12, 2021
Best Neighborhoods
Best Neighborhoods In Las Vegas
May 3, 2021

Buying a Home in Las Vegas, NV

Buying a Home in Las Vegas

Buying a Home in Las Vegas

 

Buying a Home in Las Vegas. Las Vegas is an attractive place to buy a home, but inventory is tight, so if you want to buy the home of your dreams, you’ll need to be ready to act as soon as you find it.

Plus, buying a home is a huge investment, and there is a lot to learn before making the commitment.

I get a lot of out of state buyers wanting to relocate to Las Vegas, so I thought this video would be helpful to guide you on what to expect when buying a home here.

 

What kind of housing can you expect in Las Vegas?

The most common type of home you’ll find in Las Vegas is the traditional single-family detached home, accounting for more than 60% of the city’s housing units. But, Las Vegas also has large apartment complexes, duplexes, fourplexes, condos and townhouses.

 

There is a home for every taste and every budget. New homes are in huge demand and the supply is low, but more and more houses are hitting the market every day.

 

You’ll notice that homes in Las Vegas are largely built with stucco and plaster, with tile roofs; that’s due to the desert weather. Some consider the summer heat oppressive, while others consider the high temps a fine tradeoff for the other amenities Las Vegas has to offer.

 

While it may get very hot in Las Vegas, the city is attractive because it is free from tornadoes, earthquakes, floods, and severe snowstorms — hazards in many other warm climates.

 

Las Vegas also contains a large number of gated communities, which means buyers need appointments to see the homes for sale.

 

How far will my buck go? Budgeting for your Las Vegas home purchase

According to March 2021 numbers released by the Greater Las Vegas Association of Realtors, the median home price in Las Vegas is around $365,000.

 

Houses typically sell for list price or above list price if the house is particularly well-appointed. Compared to median prices in other major U.S. cities, Las Vegas definitely gets you more bang for your buck

 

The price of the house is just one figure that you’ll need to consider. You’ll also need to think about closing costs (between 2% and 3% in Nevada), and to get a sense for your monthly mortgage costs (the principal and interest on your loan, plus property taxes and insurance).

 

Nevada’s property tax rates are among the lowest in the U.S. The state’s average effective property tax rate is just 0.69%, well below the national average of 1.08%. Nevada also has no personal income tax. These tax savings mean that maybe you can afford to spend a bit more to make your new home perfect.

 

Get the lay of the land in Las Vegas

For those on the go, everything you need can be obtained in Las Vegas at any time of the day or night on any day of the week. The locals love this convenience, and it adds to the quality of life for the city’s residents. You can grab a middle-of-the-night snack or get your shopping done while the crowds are fast asleep.

Las Vegas covers a lot of ground, and deciding where to call home can be a big decision. First, you’ll have to choose the best neighborhood for your household’s lifestyle.

 

Some factors people consider when choosing which part of town to purchase in are:

  • Proximity to friends and family
  • Commute time to work
  • Amenities within the neighborhood

 

In addition to center-city Las Vegas, there are several metro areas to the north, south, east, and west of the city. Here’s an overview of some of the best-rated spots to live.

 

The Strip

First up: The Las Vegas Strip. If you are looking for everything that big-city living has to offer, with the added excitement of thousands of tourists on a regular basis, living on the Strip is a fantastic option.

Benefits: You’re in the center of everything. You have easy access to shows, restaurants, and casinos. The Strip is always full of visitors, so there are a ton of vacation rental options if you want to leverage them.

Drawbacks: Be ready to spend some serious cash as space in the area is at a premium, and most of the apartments and condos that have been built in the not-too-distant past are luxury pads.

 

Downtown/Arts District

Don’t get downtown confused with the Strip. This area was popular in the 1950’s and 60’s, but once the Strip was built, it fell out of favor. In recent years, however, the area has seen a huge revitalization.

Benefits: Older buildings are now home to coffee shops, artisanal furniture shops, and tattoo parlors. You will also find some of the most exciting restaurants in Las Vegas in this neighborhood.

Drawbacks: There isn’t easy access to natural activities. You’ll need to drive to hit the trails.

Adjacent to downtown you’ll find the Arts District, a funky area where things feel very DIY and eclectic, with lots of small boutiques selling art, furniture, and clothing.

 

Summerlin

To the west of down-town you’ll find Summerlin, one of Las Vegas’ most popular master-planned communities. It spans 22,500 acres at the edge of the Spring Mountains and Red Rock Canyon to the west, with more than 250 parks and more than 150 miles of trails, so if you love the outdoors, this area can be a great choice.

Benefits: For sports fans, the area is home to City National Arena, which hosts the city’s NHL team, the Golden Knights. Downtown Summerlin has a massive high-end shopping and dining complex, so everything you need is at your doorstep.

Drawbacks: The elevation is slightly higher, thus it’s colder in the winter months, and you may even see a bit of snow. Bus service to this area is lacking, so you are going to need a car (like much of Vegas).

 

Southwest Las Vegas

Southwest Las Vegas is an expansive area within the Valley. Encompassing master-planned developments such as Rhodes Ranch and Mountain’s Edge, Southwest is a unique corner of the Valley known for its rural charm.

Benefits: Easy access to Red Rock Canyon Recreation Area, multiple golf courses, the Wet’n’Wild water park, shopping, new hospitals, and McCarran Airport.

Drawbacks: The new housing boom has led to smaller lots and more people than resources in the area. One other thing to note is that the area is a bit further out from the center of town and areas to the north and east of the city.

 

North Las Vegas

North Las Vegas is located, as you may assume, at the northern tip of the Las Vegas Valley. This area is actually its own city, like Henderson and Las Vegas, and it’s one of Nevada’s fastest-growing areas. North Las Vegas is the fourth-largest community in Nevada.

Benefits: There has been a significant amount of newer housing growth in recent years. With this new home construction, new residents are moving in who are middle class or wealthier. It’s 20-30 minutes to the strip so if you work there, it’s easy to get to work.

 

Sunrise

Sunrise Manor is one of the most affordable markets in the Las Vegas Valley.

Benefits: One-income families, military personnel, and those just starting their careers can all find homes to fit their needs.

Drawbacks: Higher crime rates and less respected schools.

While Sunrise Manor has a lot of moderately priced real estate, there are also still deluxe options to consider near the base of Frenchman Mountain.

 

Henderson

Henderson is a suburb of Las Vegas, but it is also its own city. Many people relocating to the area consider this a part of Las Vegas and include it in their search parameters.

Benefits: Some giant companies have moved into this area, including Google, which is creating many jobs and attracting further business growth. Henderson also borders two of the region’s most beautiful national parks, Sloan Canyon and Lake Mead.

And it attracts a range of buyers, from young professionals to households with families, as the public schools in Henderson are above average. There are several different communities within Henderson for you to explore.

Drawbacks: Henderson is very quiet and a bit remote. If you are looking for a more urban and trendy area Henderson may not be for you.

 

Find a top buyer’s agent in Las Vegas 

If you are ready to buy your dream home in Las Vegas, don’t roll the dice. Get in touch with a tried and true buyer’s agent (ME) to help navigate the process; a top agent in Las Vegas can save buyers 7.2% on their home.

 

Also, if you are thinking about buying or selling in the Las Vegas Valley, CLICK HERE or you can call me at 702-370-5112.

 

Henderson VS Summerlin BLOG

 

Subscribe to our YouTube Channel: http://bit.ly/YouTubeAOHare

 

Angela O’Hare
Favorite Las Vegas Realtor
Home Realty Center
Lic. #180246
702-370-5112
[email protected]
www.summerlincommunities.com