Knowing when the best time is for you to buy your new home can mean the difference between saving thousands or spending thousands. Learn the best time of year to buy a home in Nevada so you’re guaranteed the best price possible.
Buying a house is a stressful and emotional process. You'll likely have to spend weeks touring properties, fill out hundreds of forms, and invest a large chunk of your savings to secure the right house.
One way to make buying a house easier is starting the process at the right time. In Nevada, housing inventory, mortgage rates, and market trends vary from month to month.
For example, this year listing prices for homes in Nevada were lowest in May. On average, homes were $17,518 less expensive. While in January — the month with the highest prices — the listing prices were $17,788 more than the annual average.
In truth, the best time to buy a house really depends on your priorities and situation. Read on to find out which time of year will give you the most options and the biggest savings when buying a house in Nevada.
Best Month For
2.9% lower than average
11.0% more homes to choose from
2.78% interest for 30-year mortgage
Realtor.com data (October 2020)
Bankrate data (December 2020)
If you're interested in buying a home, the first step in the home buying journey is getting preapproved by a licensed lender. Even if you’re already pre-approved, shopping around for lower rates can pay dividends over the life of the loan.
You can fill out the form below to be instantly matched with a licensed lender who knows the area and can guide you through the process.
Best Time of Year to Buy in Nevada
Recently, Nevada’s housing market has been on a roller coaster ride favoring a seller's market. However, luckily, the market seems to be leveling off creating a more even playing field for both buyers and sellers.
Right now in Nevada, even though both home price sales and mortgage rates have seen an increase with home prices double the national average at 11.4% and interest rates rising to 4.5%, there has also been a hike in Nevada’s housing inventory.
This is great news for you. With more inventory, you have more negotiating power as sellers will have to lower prices and compete to get your bid.
And in Nevada, waiting until the home shopping season winds down in the late summer months can be an ideal time to buy. There’s still plenty of inventory this time of year but sellers are getting nervous and want to sell quickly with the new school year arriving and people’s schedules turning busy again.
You’ll find more bargains and lower prices towards the end of the selling season and moving into the colder months.
Another prime time to buy with guaranteed low home prices is in the winter months. For instance, in the first two months of the year, home prices are around 8.4% less than in the busy early spring months when one in four homes will sell over asking price.
If you can buy your home right before or after the crazed March to May home selling season, you’ll find a decent selection at the best price possible.
The Best Places to Buy a Home in Nevada
You’re ready to buy but still unsure where? Here are the five best cities and neighborhoods in Nevada.
This city always ranks high in the best places to live in Nevada. Just outside of the glitz and glam of Vegas, if you’re up for the slightly longer commute to work, Henderson boasts a low crime rate, affordable housing, and low unemployment.
Sparks is one of the most affordable Nevada cities to live in with a median home value at $184,100. Right near Reno, the city has plenty of entertainment overflow with casinos, theaters, and great restaurants.
If you can afford the steeper home prices, this beautiful ski village enjoys some of the best schools and stunning vistas of Lake Tahoe and the famous Nevada pines.
With a diverse population and quick commute to Las Vegas, Spring Valley is a growing and popular place to live with relatively affordable housing and ample job opportunities close to the city.
This small town has some of the best schools in the state with a very affordable cost of living. With only 1,500 people Verdi is a tight-knit and welcoming community where you know your neighbor will help you out.
4 Ways to Get a Great Deal On a Home in Nevada
1. Find a Great Nevada Real Estate Agent:
Especially in the Nevada housing market, working with a local, experienced real estate agent will be your best chance at getting the home you want at the best possible price.
Nevada was hit hard by the 2008 housing market crash and as Nevada continues to recover and home prices rise, you’ll want someone to help guide you through possible inflated home values — they will make sure you get the most bang for your buck.
Learn More: What Does a Real Estate Agent Do for a Buyer?
2. Assess Your Needs and Lay Out Your Goals:
Once you discuss your unique situation and needs with your local agent, they will be able to begin helping you find your perfect home. And because your agent knows the area, they will help you navigate which cities or neighborhoods best fit your budget, style, and family needs.
Learn More: What to Look for When Buying a Home
3. Find a Lender and Secure Financing:
Unless you plan to buy your home with cash, you'll need to apply for a mortgage. For most home buyers in Nevada, interest rates are among the biggest factors when choosing a lender. Doing a little upfront research and comparing options to find the best rates could save you tens of thousands of dollars over the life of your loan.
For example, in Nevada a typical house is worth $320,000. Assuming a 20% down payment, if you took out a 30-year mortgage for 3.5%, your monthly payment would be $1,142. But if you shopped around and found a 3% mortgage, your monthly payment would drop to about $1,079.
Getting a mortgage is a big decision – and it pays to shop around! Keep shopping until you find a lender with competitive rates who also understands your goals. Don’t get pressured into taking on a bigger loan than you’re comfortable with – work with a lender who explains what you’re really signing up for.
» Get instantly matched with a lender who works in your area.
4. Negotiate for the Best Possible Price:
You’re at an exciting stage in the home buying process. You’ve found your perfect home, now you have to make a bid.
Fortunately, this is where your agent thrives. They will help you make and submit an offer and then after the home inspection, negotiate to make sure you get the best possible price for the home.
Now that you know all the ins and outs of the Nevada housing market, you’re ready to start a new chapter and buy your dream home.
All you need to do next is to fill out an online form and a Clever rep will be in touch to answer any questions and to connect you with a local Partner Agent for a no-obligation consultation.