Timing is everything in real estate. Several conditions must align for you to afford the perfect home. Some of these factors are in your control; others aren’t. If you hope to buy a new house soon, keep asking yourself these five questions until you have positive answers. Then you’ll know it’s a good time to buy a house in Las Vegas! 

1. Are You Ready Financially?

A house is an exciting but often daunting purchase. For many people, a home is the most expensive thing they’ll ever buy. You need adequate funds and a good credit history to make the purchase. 

Everyone’s financial situation looks different, but generally, to buy a house, you need to have:

1. Enough income to pay the mortgage, taxes, insurance, and any community fees
2. Manageable debt that won’t disqualify you from taking out a loan
3. A down payment 
4. A satisfactory credit score
5. Money for unexpected expenses and fees, just in case

You can use online tools or speak with a financial advisor to determine whether you meet these criteria. Creditors will also advise you when you apply for a mortgage. There are things you can do to lessen the financial strain of buying your first home.  Look for builders -- like Touchstone Living -- that cover the full amount of closing costs or offer special mortgage rates. Touchstone homes even include all appliances, window coverings, and smart home tech in the base price, minimizing those "hidden costs.” 

2. Do You Have Time For House Hunting?

House hunting takes a lot of time. You’ll need to shop around for a loan, find a realtor, and go to showings. You’ll have frequent communication with your real estate agent, bank, and house inspector. House hunting in the Las Vegas or Reno areas can even take months of bidding wars.

If you have other big life changes or challenges this year, consider whether you want to add the stress of home buying to your plate. If you need to buy a house urgently, get started right away to give yourself as much time as possible to find the perfect one. Builders such as Touchstone Living can also help you find a move-in-ready home quickly, often in under 30 days!

3. Are You Ready To Put Down Roots?

A house is a long-term investment. People buy a home when they're ready to settle down somewhere and stay put for several years. If you've found an ideal location in Las Vegas that fits your career and family’s goals, it’s probably a good time for you to buy a house. Location matters, so look for a community that makes your commute easy and puts you close to your desired schools, shopping, and recreational activities. However, if you expect to move in the near future due to education, career, or family needs, consider postponing buying for now and focus on saving and building your credit for a future purchase.

4. How Is The Housing Market In Las Vegas?

The local housing market changes year to year and even month to month. Keeping abreast of these changes will help you know if it’s a good time to buy a house in Las Vegas or if you should wait a little longer. While the housing market is rarely perfect, a few signs of a good market include: 

• A good supply of homes on the market
• Median house prices that are affordable for median local incomes
• Home price appreciation matches local wage growth

If you feel the market is against you, talk with a local home builder. Many, like Touchstone, work hard to keep homes affordable for first-time buyers. 

5. How Is The Economy?

The economy is never perfect, but sometimes current conditions favor homebuyers more than at other times. In a healthy economy, people generally have the money and job stability to sell and buy homes as desired. You’ll also see reasonable interest rates that keep mortgages affordable. If you feel secure in your job, the Las Vegas housing market is stable, and interest rates are good, it’s probably a good time to buy a house! If the economy isn’t great but you still want to buy, talk to a home builder. Many offer lower rates than traditional home mortgage lenders.

It’s Always A Good Time To Buy A House When You Work With Touchstone

Find your dream home in a Touchstone Living community! We offer modern homes and amenities in beautiful neighborhoods. Best of all, our rates make homeownership affordable. The first step is finding the perfect place to live. Explore our desirable Las Vegas communities and call your favorite today to start the homebuying process!