Buying a Home in Las Vegas or Henderson, NV: 4 tips for house buyers in any neighborhood

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1. Have an emergency fund
2. Save 20% for a down payment
3. Get your credit into better shape
4. Don’t buy more house than you can afford

I know that these tips may seem very obvious, but if all people looking to purchase a property followed this simple advice, then the U.S. would not have had the massive recession that it did beginning in 2006. The entire state of Nevada, and particularly Clark County were hit extremely hard by the real estate market falling out as hard as it did. It felt like economy of Southern Nevada had practically collapsed. There was double digit unemployment and double digit foreclosure rate. A lot of people had to short sell their home or just walked away. The banks and lending institutions simply had to foreclose on houses once the borrowers fell behind on payments because their variable interest rate adjusted to make the monthly payment too high. It didn’t make a different if you lived in Las Vegas, North Las Vegas, Henderson, NV, Mesquite, Pahrump or Boulder City. When the stock market began to crash in 2006 and finally reached its bottom in 2008, people all over country felt the financial pain. Southern Nevada was possibly the hardest hit local economy in America when the market began to go bad.

The mentality of a lot of people in the Vegas area during the real estate boom was that the money would never stop coming in. There were a lot of people who used to make hundreds of dollars a day just working their regular job. I spoke with one security guard that worked three nights a week at a nightclub, and he was making $800 a night working in security! The guy was making over $100,000 a year working only three days a week at a nightclub on the strip. People on and off Las Vegas Blvd. were making so much money that they allowed their mentality to be “It doesn’t matter if I spend everything I earned today because I’ll just make it back tomorrow.” That economically ignorant mentality is the reason that so many people found themselves in serious financial problems when the economy went downhill. Once there were not as many people coming to Vegas on vacation to spend money and tip people, suddenly all of these people that were living paycheck to paycheck could no longer afford their monthly mortgage payment. They were underwater on their homes, and did not make good decisions with their income so that they would be able to handle the variable interest rate changing on their home loan. Whether you bought a condo, a high rise apartment, a town home, a multi-family home, or a single family home, you were likely owed more money on your home loan than it was worth. Homeowners all over Southern Nevada had negative equity in their home, and were struggling big time.

Again, I know these tips seem like really basic advice for buying a home, but these fundamentals are really important to help you with the home buying process in Las Vegas.

Buying a Home in Las Vegas or Henderson, NV: 4 tips for house buyers in any neighborhood
https://www.youtube.com/watch?v=WY0GJJOlOpA&feature=youtu.be
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