Las Vegas New Homes
If you are interested in new homes, Las Vegas is a buyer’s market. In Las Vegas, new homes were one of the two economic engines of Las Vegas, the other being gaming.
Construction of new homes in Las Vegas accounted for approximately 40% of the economy at the peak of the real estate boom. Today its impact is insignificant.
New Homes in Las Vegas
At the peak, new homes were being built at the rate of 40-45,000 per year. Today, there are roughly 3500 new homes being built per year.
According to Las Vegas based SalesTraq, regarding new homes for sale, Las Vegas is suffering from “irrational exuberance” created by the housing boom from 2004 to 2006. More new homes were built during that time period than the market could absorb.
New Homes For Sale in Las Vegas
So what does this mean for you, as a potential buyer?
New homes for sale in Las Vegas are finally being priced to compete with foreclosures.
A new home in Las Vegas will be priced a little higher per square foot than the average foreclosure or short sale. However, it will be move in ready.
Many short sales and foreclosures will require, at a minimum, new carpet and paint prior to you moving in to them. A new home is move in ready with no additional time or money required to make it habitable.
You also have to factor in the new home warranty that home builders offer.
When you take all this into consideration the slight premium new homes in Las Vegas command seems reasonable.
Buy a New Home in Las Vegas
When you are looking at new homes for sale in Las Vegas, you typically go to a model home, talk to the on site sales agent, and walk through several model homes. Then if you are interested in receiving additional information on a home, you sit down with the agent and they show you what they are offering.
What you need to understand is who that agent works for. The on site agent is an employee of the home builder. Their job is to get the best deal possible for the home builder.
What you need is an agent working for you, looking out for your best interests.
What you may not realize is that the home builder will pay for you to have a real estate agent represent you. That expense is factored in to the cost of the home.
Find a Real Estate Agent
Obviously you can work with the on site sales agent to buy a new home in Las Vegas, but you may want to think twice.
If it doesn’t cost you anything, why not use a real estate agent to protect your best interests? Especially when buying your first house.
An agent familiar with new homes sales will be on hand to ensure that you do not pay for items that a buyer customarily would not. And they will be able to alert you to any issues that are out or the norm.
Do you feel comfortable negotiating the intricate details that are covered in a sales contract?
The easiest way we have found to find an agent to represent your interests is through the time tested method of personal referrals. Talk to friends and family to see if they can recommend an agent they have used in the past.
Another simple way to find an agent is online. We recommend sites such as ziprealty.com, homegain.com, and realtytrac.com.
Zip Realty has created a simple to use web site for locating agents. You can search agents by zip code or area, review their qualifications, and contact those who interest you. Their site is one of the easiest to use we have seen – most other companies require you to jump through hoops before you can get to the point of contacting a person. Check ziprealty.com out now!
Homegain.com lets you anonymously compare Realtors in your neighborhood and find the right Realtor for you. They also have market research tools to help you gain a better understanding of the housing market in your area. It’s quick, easy, and free so give it a try!
Realtytrac.com has, in it’s excellent collection of search features, made it possible to find the right agent by simply entering in a zip code. What could be easier? They also have an array of tools to allow you to gain an understanding of on the housing market in Las Vegas. Visit Realty Trac now!
If you are interested in buying a new home, Las Vegas may have the right deal for you. In Las Vegas, new houses may be the right fit for you, so do not overlook them amongst the foreclosures and short sales that dominate the marketplace. Your real estate agent will be able to show you all the new home communities, explain what each has to offer, and negotiate the best deal for you.
For more help finding a Realtor, please check our our home buying guide 7 Steps to Buying a House for the First Time Home Buyer.