There’s no doubt about it. Buying a home can be stressful. After all, it will likely be the most expensive purchase of your life. It will also be the place where you live, so you want to make sure you end up with your dream home.
It’s no wonder then that many Americans (nearly 40%) say buying a home is the most stressful event in their lives. Nearly another 45% of home buyers who ended up making a deal say the entire process was nerve-wracking. For many, buying a home was worse than a job interview or hosting a dinner party.
But buying a home doesn’t have to add stress to your life. In fact, if you work with a Clever Partner Agent, your home buying experience can be virtually stress-free because you will be able to lean on their expertise.
Here’s our guide to simplify the process. It goes through what you need to know about finding the right buyer’s agent, understanding property taxes, and the housing market.
It’s a comprehensive guide to buying a house in Nevada, when to enter the market, and how to relieve some of the stress. (Hint: Work with a professional real estate agent.)
How to Find a Buyer’s Agent
The options for the way people buy their homes have never been greater than right now. There are countless online sites that let anyone jump on to their platform and start the buying process.
But if you want to buy your ideal home at the lowest price, the best option is still working with a professional local buyer’s agent. The home buying process is not easy and they will be an invaluable source of guidance and support. Clever can instantly connect you with a top-rated buyer’s agent in Nevada.
A buyer’s agent is a realtor who represents your financial interests in the real estate transaction. They have full access to MLS listings and are able to search a wider range of homes in your price range than you would be able to find on your own.
Local realtors are also knowledgeable about the pros and cons of homes in specific neighborhoods. They will be able to tell you about the quality of schools in the community that you are considering, they know about market trends, and they can tell you about the quality of life and crime rates in particular neighborhoods.
Because they are up-to-date on the market conditions nationally, state-wide and at a neighborhood level, you can have the confidence of knowing that they will guide you step-by-step through the offer process. They will be able to inform you if your offer is too low or too high and they will advise you on any counter offers from sellers.
Buying a home is a specialized process. You need people who know how to negotiate working for you. You can be confident that Clever Partner Agents will help you find the home of your dreams within your price category.
Learn More: What Does a Real Estate Agent Do for a Buyer?
Housing Market Forecast for 2019 and Beyond
Nevada’s real estate market has seen a real comeback in recent years. The median house value is $293,100 in the state. It’s slightly lower in Las Vegas at $275,100 and it is quite a bit higher in Reno where median home values are about $371,000.
The state has seen some robust activity over the past couple of years. It saw a one-year change of 10.9% from 2017 and 2018. That’s expected to continue this year, though at a slower pace of about 6.2%.
There is good news for home buyers in Nevada. Housing inventory is rising and that means you will have a greater selection. It also means home sellers will be more competitive and you may be able to make lower bids.
At the end of last year, there were 10,000 single-family homes for sale in Las Vegas, according to the Greater Las Vegas Association of Realtors. About 7,000 of them had no or few offers in the previous couple of months. The number of homes for sale has climbed even more this year.
Time of Year to Buy a Home in Nevada
There is no hard and fast rule about the best time to buy in Nevada. That will depend on when you are ready to buy. Being ready means beginning the process of figuring out if you can afford to buy a home.
Speak to a professional realtor to help you determine what the costs of buying a home and homeownership will be. You may be surprised to find out that you may actually be able to afford a home at about the same cost as your rent or lease payments.
The best time of year for Nevada home buyers in terms of price is in the winter. That’s when there are fewer house hunters in the market, so you have less competition. With less competition, you will find more home sellers eager to make a deal to make a sale.
In fact, if you really want a great deal on a house or condo, Christmas Day is the best bet for shopping. Easter Sunday is the second best day. However, you must remember that while there may well be fewer home buyers and, therefore, less competition, there are also fewer homes for sale from November through February.
As we noted above, the best time of year to buy a home anywhere is when you are ready. After all, you may end up with your ideal home in late spring or early summer when there is more inventory. With the right realtor you will be able to strike a deal no matter when you decide to buy.
Learn More:When Is the Best Time to Buy a House?
Calculate Your Property Taxes in Nevada
One of the largest recurring expenses that you will pay after your home purchase is your property tax. Property taxes are based on an assessment of your property value. They help fund such services as schools, fire departments, water service, and libraries. In most cases a local assessor will determine the value of your property every five years, depending on state or local laws.
An assessor may use three ways to calculate your property’s values. They may do a sales comparison by comparing your property to recently sold properties in your neighborhood (with adjustments for variables).
They may also use the cost method. This method calculates how much the replacement cost would be for your home. The assessor then factors in depreciation if your home is not brand new. The third method, called the income method, is mainly used for commercial and business properties.
Your property assessment will then be multiplied by the local tax rate or what may be called the mill rate. One mill is equivalent is equivalent to $1 for every $1,000 that your property is assessed at. The mill rate is determined by local or state governments and is based on the services they provide and the revenue they need to collect.
It’s important to note that property taxes are not an automatic part of your monthly mortgage payment. You may have to pay them on an annual or semi-annual basis. So, you must factor in the cost of these payments into your budget when deciding how much you can spend to buy a home.
In Nevada, the average tax rate is 0.97%. That means on a home with an assessed value of $250,000, your annual property tax bill would be $2,303. In Clark County, it would be $2,415. That may seem steep, but it is significantly lower than the national average of $3,028. In Reno and Washoe County as a whole, the average tax rate is only 0.89%, so your annual property tax there would $2,220 if your home was assessed at $250,000.
Learn More: How to Calculate Property Taxes
Clever Will Help Pay Your Closing Costs!
Home buyers have a variety of costs associated with closing a deal on a home purchase. “Closing” (which may also be referred to as “completion” or “settlement”) is the final step of completing your home purchase. That’s when the title of the property is transferred from the seller to the buyer, and the down payment is given to the lender.
These may include a real estate agent’s commission. But there’s good news for home buyers in Nevada. Clever Partner Agents will help you navigate a home buyer rebate, which can offer you $1,000 back on your home’s purchase price.
Learn More: Who Pays Closing Costs on a House?
Clever partners with top real estate agents from major companies like Keller Williams, Century 21, and RE/MAX. Clever Partner Agents are all full-service and can help you find additional cost saving opportunities. They can also help you evaluate your financing options and are knowledgeable about state and federal grants and programs for home buyers.