AVOID These MISTAKES When Buying Real Estate in Henderson NV
Did you know that over 30% of homebuyers in Henderson end up regretting something about their purchase due to simple oversights? Today, we’re going to ensure you’re not part of that statistic. In this video, I’ll go over 6 mistakes you should avoid when buying real estate in Henderson, NV.
Mistake #1: Not Understanding the Local Market
The Las Vegas real estate market is like a rollercoaster—it’s always changing, and if you’re not paying attention, it’s easy to get caught off guard. Henderson, for example, is a booming area with a ton of great neighborhoods, but here’s the thing: not all neighborhoods are created equal.
Every neighborhood in Henderson has its own vibe, its own set of amenities, and its own price trends. What’s happening in Anthem or Seven Hills might be totally different from what is happening in Cadence or Lake Las Vegas. For example, when Lake Las Vegas was originally developed the master plan did not include schools or a set area for grocery stores. Because of this, the community attracted retirees or professionals without kids and second homeowners rather than young families. Now that Cadence is being developed nearby there are new schools and grocery stores, so the area is changing to include families.
Inspirada on the other hand has always attracted young families. There are multiple parks and areas for kids and families.
Also, our market has been changing month by month for the last several years. We have been in mostly a seller’s market, but we have seen anywhere from a 3-week supply of inventory to a 6-month supply of inventory. This can make a big difference to how quickly homes sell and how negotiable sellers will be.
Don’t rush into a decision just because the market is hot. Take the time to really understand what’s happening in the local market. Look at property values, trends, and neighborhood specifics. This is about more than just finding a house—it’s about finding the right home in the right area for the right price.
Mistake #2: Skipping Mortgage Pre-approval
House hunting is exciting. It is fun looking at the homes. Imagine finding the perfect home, only to discover that another buyer with pre-approval has already made a solid offer. The seller is likely to accept the offer from the pre-approved buyer, leaving you scrambling to catch up.
When I was a newer agent, I remember asking a buyer to talk to the lender and get prequalified. I remember his response was, “I don’t want to put the cart in front of the horse.”. Meaning he didn’t want to get preapproved before finding a home. It is the exact opposite! You want to start with the lender so you know what price range and monthly payment you can afford and feel comfortable with before you start looking at homes!
Let’s talk about prequal vs pre-approval. Mortgage pre-qualification is an informal process where a lender provides an estimate of how much you might be able to borrow based on basic financial information you provide, such as your income, assets, debts, and credit score. This process may not even involve a credit check or verification process.
Mortgage pre-approval is a more rigorous process where a lender reviews and verifies your financial information pulls your credit. You’ll receive a pre-approval letter that is usually valid for 60-90 days and shows sellers and real estate agents that you’re a serious buyer with financing ready to go.
Mistake #3: Overlooking Hidden Costs
When you’re buying a home, there are a few extra costs that can sneak up on you if you’re not prepared. Here’s a quick rundown:
Typical closing costs when buying include lender fees, inspections, appraisals, and escrow fees. They usually add up to about 2% to 5% of the home’s price.
Once you have closed on the home don’t forget about maintenance Costs and needed improvements: New homes will have newer appliances and systems but may need window coverings, rear yard landscaping and sometimes the refrigerator and washer and dryer are not included. Resale homes have most of these improvements but if the home is older, they may need updating or replacing of old appliances. AC or hot water heater! Make sure you plan a budget for unexpected items or improvements you need to complete in the future.
Mistake #4: Foregoing a Home Inspection
Hey, I’ve got to tell you—skipping a home inspection is one of the biggest mistakes you can make when buying a house. I know it can be tempting to save money, but trust me, the risks far outweigh any short-term benefits.
I recently had an escrow where the inspector discovered moisture on the ceiling under the master shower. We had the ceiling opened and there was mold. The buyer’s daughter had an autoimmune disease, and this would have been devastating. The Sellers had not idea and the buyer would not have known without an inspection.
Most Sellers will agree to complete some repairs or credit toward those items so having an inspection is essential for protecting your investment. It gives you the peace of mind that there are no major issues lurking in your new home, or it provides you with the information you need to negotiate repairs or even walk away if necessary.
Mistake #5: Impulse Buying
Buying is emotional! I totally get how easy it is to fall in love with a house at first sight—whether it’s the perfect kitchen or that cozy backyard. But deciding based purely on emotions can lead to some real regrets later. We have a saying in Real estate, Buyers are liars. I don’t love that saying but what it means is that buyers will set a price range, have a list of important features but then they walk into a home and fall in love with it even though it doesn’t have any of the things that were important to them! This is common when looking at the new model homes that seem so nice!
When you’re emotionally attached, it’s tempting to offer more than the house is worth, overlooking Flaws or Ignoring Future Needs. You can Stay Objective by Set a Budget, Make a of must-haves, nice-to-haves, and deal-breakers.
Mistake #6: Not Using a Realtor
As someone who knows Henderson like the back of their hand— I can be a huge asset. We have access to listings that you might not find online, and we can give you insights into neighborhoods that you just can’t get from a website.”
A good Realtor will help you avoid common pitfalls. For instance, we know if a property is priced fairly or if it’s likely to have hidden issues. Plus, we can help you navigate the whole process—from negotiating the best price to handling the paperwork. Many clients don’t understand that a Realtor can be a huge resource on new home construction. We can help you negotiate costs, incentives and sale price!
There’s so much more to it, especially in Henderson. The market here is unique, and it’s constantly changing. Having a realtor who’s up to date on those changes can make all the difference
And that’s the thing— as your Realtor I am your advocate. I am here to protect your interests and make sure you’re making a smart investment. Especially in a place like Henderson, where the market changes often.
