How to address fears when buying a Las Vegas home
Q: I’m buying a house this year and I don’t want to look stupid, but I’m also a little nervous! What should I be asking my Realtor or what should I be looking for in the buying process? — Tom S.
A: First, Tom, you’ve already done the most important thing in the buying process and that is asking for help. Don’t feel as though you are alone. Most people who are buying a home feel the same way. Whether they are purchasing their very first home or have purchased multiple properties in the past, they have the same concerns about the homebuying process.
After being trusted with helping thousands of buyers, experienced Realtors have been able to discern what concerns our clients the most and know how to convert nervous buyers into happy homeowners. We’ve found the four greatest fears buyers usually have been:
1. Losing the house to another buyer.
2. Missing out on a better house because they committed to the one they are buying.
3. Paying too much for the house.
4. Something is wrong with the house.
After searching for a house and heading out to view homes, which can be stressful and demanding, it’s a big fear of buyers to finally find “their new home,” only to find out another buyer’s offer was accepted.
One suggestion I always make to any buyer is that house you love but you want to “sleep on it” before making a decision is the same house another buyer loved and “slept on” last night. If you found the house you like, make the offer and then sleep on it.
Often times, your initial instinct is correct and that comfort you have when you walked into the home that said “this is our next home” is spot on. Make an offer, and as you’ll see when we discuss the fourth fear about what if something is wrong with the house, the time to “sleep on it” is during your due diligence period.
Missing out on a better house because you committed to one is the opposite of the biggest fear of losing the house to another buyer. Be firm in what you are looking for in a house — specifically the area you want to live in — and then trust your instincts. Sit with your trusted Realtor and prioritize what you are looking for in a house and make sure your Realtor knows what is important to you in your new home.
When you find a home that checks off most of the boxes on your wish list, make the offer.
Chances are you won’t find that perfect home, even if you build one yourself.
Even the most seasoned homebuyer enters the process with a bit of trepidation as buying a home is a huge investment in time and finances. Most times, it is the largest investment the buyer will make, and along with that comes stress and self-doubt.
No one wants to pay too much for a home. That’s human nature. On the seller side, of course, no one wants to sell their home for too little. It’s one of the most important things your Realtor will do for a client, determining fair market value, the price a willing buyer will pay and the price a willing seller will take to sell a home.
Realtors have the most accurate up-to-date information available to determine what the price should be for the home you just fell in love with, by using what is called neighborhood comps. Neighborhood comps are similar or comparable homes that have recently sold in the area. Of course, similar homes need to be close to your new home in size and condition in order to establish a fair price for you to make your offer.
Finally, your offer has been accepted and now you’re ready to move in, right? Not so fast. First, you need to schedule a home inspection in order to address your last greatest fear — what if something is wrong with my new home?
Use a qualified licensed home inspector to inspect the home, looking for any possible major issues that may exist with the home. This inspection isn’t going to address cosmetic issues or general maintenance issues with a resale home, nor should you necessarily be concerned with those minor issues. Keep focused on any items that impact health and safety, or high-dollar repairs like roofs, electrical, air conditioning and heating systems.
When the inspection is complete, prepare an inspection response for the seller’s review that alerts the seller to needed repairs. At that point in your due diligence period, you have some options. Either the seller agrees to fix the issues, or the seller can give the buyer a sales credit to have the repairs fixed. Or, the would-be buyer can cancel the purchase agreement and receive his or her earnest money deposit back in full.
Email them to ask@glvar.org and I’ll do my best to answer them.
Keith Lynam is the 2015 president of the Greater Las Vegas Association of Realtors and has been a local Realtor for 11 years. GLVAR has more than 12,000 members. For more information, visit www.lasvegasrealtor.com.
