Maybe you’re buying your first home in Nevada, or perhaps you’re relocating to Nevada from another state. Either way, it’s important that you educate yourself on Nevada home loans before shopping for a home and mortgage.
The median price of a home in Nevada is $142,000. Recently, homes in Nevada have been appreciating at rates more than double that of the national average. Additionally, the rate of job growth in Nevada is the highest in the nation. However, income levels in many parts of Nevada are too low to purchase a median-priced home with a conventional loan.
On the other hand, Nevada has one of the lowest past-due loan levels in the nation. Additionally, current average interest rates in Nevada are below the national average. The problems with high home-price-to-income ratios may stem from the variability of median home prices between Nevada zip codes. For example, in the summer of 2005, the median price of a home in Las Vegas, Nevada, was $265,000; however, at the same time, the median price of a home in Reno, Nevada, was $340,000, and the median price of a home in Lake Las Vegas, Nevada, was $900,000.
Nevada law does allow the disbursement of home equity lines of credit. Although Nevada does not have an income tax, all property is subject to taxation. Additionally, Nevada law limits the amount of investment property sole to out-of-state residents.
In general, real estate market participants such as buyers, sellers, and agents have more information at their fingertips than ever before. That being said, they need to understand where to look for data and what to do with it. People looking to buy or sell a property in Nevada often inquire about which MLS database contains homes in a particular area. Even those not using an agent, such as ‘for sale by owner’ sellers would like to see this data in order to successfully price their property based on comparable sales and listings. The Nevada Association of Realtors recognizes separate multiple listing services in the following areas: Greater Las Vegas (including Boulder City, Henderson, and Pahrump), Northern Nevada (including Carson City, Reno, and Sparks), Incline Village, and Elko County. Many Laughlin properties are listed in both the Greater Las Vegas system and across the border in the Western Arizona Regional Data Exchange (WARDEX). Cities and towns in the state such as Jackpot, Ely, West Wendover and other smaller population areas fall outside of the coverage area of the state-recognized MLS’s. Properties in these areas may show up in one of the aforementioned MLS systems, in smaller unsanctioned systems or just on real estate brokerage websites and lists.
Being listed on the wrong MLS system is tantamount to advertising to the wrong group of buyers. Even if the buyer of a Henderson property was a casino executive relocating from the Reno area, he would not find the property through the Northern Nevada MLS. The executive would search national or local websites that pull Las Vegas area listings from the Greater Las Vegas MLS. The executive would also most likely work with a Las Vegas real estate agent. Even if the executive had a close friend who was a Reno real estate agent, that agent would refer the buyer to a Las Vegas buyer’s agent, perhaps obtaining a referral fee at closing. Since the Reno agent is not a member of the Greater Las Vegas MLS, he does not have the ability to pull listings, obtain access to properties, or to share in co-op commissions with the listing agent. Since Las Vegas buyers work with Las Vegas agents, the Greater Las Vegas MLS is place to be listed.