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The new Las Vegas homes market still leads the nation in home value growth. As of December, 2004, new Las Vegas homes sales had rusen for seven consecutive quarters. The median new Las Vegas home price during the third quarter of 2004 was $ 261,966 which is an increase of 25.9 percent from the 2003 third quarter median price of $ 208,026.

Because there is a great demand for homes, Las Vegas new home sales have soared. Dozens of homebuilders continue to purchase land and plan communities throughout the Las Vegas Valley. New home sales are continuously rising and construction is at full-speed.

If interested in purchasing one of the newly constructed Las Vegas homes, the buyer should be aware of how the system works in the entire area. While there is no set method, there are specifics that the homebuyer needs to be aware of in order to be prepared. This is probably the most challenging part of buying one of the new Las Vegas homes, since each builder has different requirements, incentives, and build-out times.

There are basically two types of developer programs for new Las Vegas homes purchases: those with a “Wait List” and those with no “Wait List”.

A “No Wait List” means that the builder of the new Las Vegas homes will make available a certain number of lots that are for immediate sale. The developer will advise homebuyers of new phases and advise potential buyers when new phases will open up. They may or may not know what the increase will be or the exact date of opening, but will do their best to keep your interest and give you an approximate time of opening phases and pricing. If there are new Las Vegas homes available for sale at the time you tour the models, you will be able to complete a purchase agreement at that time and lock in the price that day!

The builder will also provide an estimate of the build-out time. This is usually 4-8 months, depending on the builder and availability.

Since a Las Vegas Buyer’s Agent may represent a buyer for Las Vegas New Home Sales, it’s advisable that you consult with someone who understands the procedure and is aware of which homebuilders do not have wait lists. The good thing is that the builder pays the Buyer’s Agent so it is advantageous for a homebuyer to work with an agent who is knowledgeable about the buying process for new Las Vegas homes. Advice is especially beneficial for those living out of state who aren’t familiar with the Las Vegas area nor with the new Las Vegas homes market.

Las Vegas developers that require a “Wait List” do not guarantee when you will be called. It may also be called a “lottery” where names are picked out of a hat to decide who will be chosen to purchase the new Las Vegas homes.

Since there are over 1,500 new Las Vegas homes projects at any one time, new homes being constructed in Las Vegas have attracted thousands of people to take advantage of purchasing beautiful models. The wait list may be long…anywhere from 70-250 people on a list and it could also go by series. It could take anywhere from 2 months to 2 years to sign a purchase agreement for one of the new Las Vegas homes.

Some Las Vegas new home buyers will drop out because they have either found another Las Vegas home or have decided to purchase an existing home instead for an earlier move-in. Other homebuyers may be disappointed to discover that the home they fell in love with 4 months ago has gone up in price from $3,000 to $10,000 per month.

For some, this delay in the process of purchasing a new Las Vegas home works to their advantage due to the time they may need to relocate, repair their credit, establish employment, or obtain more money for a down payment.

In any case, the following is typical for both types of developers in the Las Vegas new home market: 

1. The sales price is locked in when the Purchase Agreement is signed.  
2. An earnest money deposit is sometimes required at the time of putting your name on the list to purchase your new Las Vegas home, but is not cashed until you are called to sign a Purchase Agreement.
3. The “Earnest Money Deposit” required ranges from $2,000-$10,000. Investors, or Las Vegas new home buyers who would like to purchase a second home may be required to pay as much as $10,000.
4. All earnest money deposits go towards closing costs for the purchase or the down payment. However, if the buyer cancels the purchase agreement, the buyer may risk loosing his earnest money deposit that he put down for his new Las Vegas home.
5. Some developers offer homebuyers attractive incentives to purchase upgrades for the Las Vegas new home. Allowances for incentives may range anywhere from $5,000-$10,000. Additional incentives to homebuyers using the developer’s lender may also be an option. A 50% deposit on upgrades may be waived if you choose to use their lender. A Design Center showcases the various upgrades and provides a price list. All options are usually chosen soon after the purchase agreement is signed.
6. In many cases, it is common to have a “lot premium” added to the price of the new Las Vegas home. In some cases, it is standard procedure to include the lot in the price of the home. Some builders may only charge a premium for a larger lot, a corner lot, a golf course view, a lake front lot, etc. Golf and water lot premiums could cost as much as $150,000 in addition to the listed price.
7. Many Las Vegas real estate builders offer a variety of homes ranging from single-story, 2-story, town homes, condos, tri-level, triplex, and basement homes. Plans given on the tour may show ways to customize a home by adding or replacing rooms such as replacing a den in lieu of a bedroom, adding a bonus room or a loft, or creating an additional master bedroom in lieu of two bedrooms.
8. Credit reports are usually done at the time you submit a purchase agreement for your Las Vegas new home, but some homebuilders even require a credit check when being placed on a “wait list”.
9. A credit check will be done prior to opening a 30-day escrow and then your lender will lock in the rates with the loan plan you have chosen at that time.

Those who are new residents to the Las Vegas area are able to relocate and make the transition an easy one by renting an affordable furnished apartment, if need be, that allows month-to-month rentals with a very small deposit.

Please contact us if you have questions about Las Vegas New Homes or Las Vegas real estate. Also, to view all available existing or new Las Vegas Homes, use the Free Las Vegas MLS Search.