I’m currently renting right now and have a few months left on my lease. When can I begin looking for a home in Summerlin?
Generally a closing will take between 30 and 45 days. This depends on your lender, inspections, negotiations and title work. I’ve seen some loans take 60 days to close although that is rare. If you’re a cash buyer then a closing can take place in less than two weeks. This is assuming the inspections and title work are trouble free. If you’ve got a few months to go you may as well start looking now. I think it’s best to get out there and see what’s available in Summerlin. I’ve also seen ugly homes online that were stunning in person and vice versa. If you happen to find your dream home you can always write a contract that will close by the end of your lease. If that’s not an option and you can not lose this home, then there are ways to terminate the lease early.
How many homes in Summerlin do you advise we look at before making an offer?
This really comes down to personal choice. When showing a home I keep my mouth shut and allow you to view it without my narrative. (I always get a laugh out of the house hunting shows on HGTV when the Realtor says “This is the kitchen.” Naw! Really??? Let me guess, is that the bathroom?)
However if a client asks me I’ll always give the same answer: “It’s not important what I think, but what you think about the home.”
I’ve shown homes for months before making an offer and most recently wrote a contract on the first condo I showed a client. It was a perfect fit for them. Everybody is different as is every scenario.
Real estate inventory is still low right now, how will this affect me when I start my search?
Less inventory generally means more competition. For buyers this can obviously limit their choices and may even be stressful. The main thing I advise my clients is to simply be prepared to make a decision. I would never advocate rushing, but if you like something, then be ready to act on it. There can be a learning curve for some people, unfortunately. I’ve worked with clients who didn't take heed of my words only to lose out because they took all week to think about it. The next property they liked, we wrote an offer on.
I’ve found a beautiful home for sale in Summerlin and I’d like to write something up. How much should I offer initially?
There are a quite few things to consider before an offer is made. First and foremost, an accurate market assessment is paramount. Currently we are still in a seller's market with low inventory. This fact will absolutely play a role in an initial offer.
How many days has the home been on the market? If it’s been a long time, that usually puts you in a stronger position. Although we should also determine why it hasn’t sold. Was the price too high? Is there anything in the disclosures we need to be aware of?
We’ll perform a market analysis to see what has sold inside the last six months. Ideally would be the exact same floor plan, right next door that just happened to sell last week (A sarcasm font would be nice, just in case you weren’t with me on that one.)
Any other information about the sellers would also be useful. Do they need to move for a job? Or are they just testing the waters? All these factors come together to create a baseline price we may offer.
Ultimately though, a house in Summerlin is worth what the buyer is willing to pay and the seller is willing to accept.