Las Vegas & Henderson Home Buying FAQs

Buying a home comes with a lot of questions—and getting the right answers can make the process feel much more manageable.

Whether you're a first-time home buyer, relocating to Southern Nevada, moving up to your next home, downsizing, or simply haven't purchased a home in several years, understanding the process before you begin can help you make informed decisions and avoid unnecessary surprises.

Below are answers to some of the questions I hear most often from home buyers throughout Las Vegas, Henderson, North Las Vegas, and Southern Nevada.

How do I know how much home I can afford?

Your purchase price is only one part of the equation. A lender will generally consider your income, debts, credit profile, available funds, loan program, interest rate, taxes, homeowners insurance, and other applicable expenses.

If you're considering a condominium, townhome, or planned community, HOA assessments may also affect your monthly housing expense.

Rather than choosing a home price based solely on an online mortgage calculator, I recommend speaking with a qualified lender early in the process. I can introduce you to lending professionals who can review your circumstances and explain the financing options that may be available to you.

How much money do I need for a down payment?

You may not need a 20% down payment to purchase a home. The amount required depends on the loan program, your financial qualifications, the property, and other factors.

Depending on eligibility, buyers may have access to conventional, FHA, VA, or down-payment-assistance programs. Some programs can significantly reduce the amount of cash a qualified buyer needs upfront.

Your lender can help determine which options you qualify for and compare the potential costs and benefits.

Should I get pre-approved before looking at homes?

Yes. Getting pre-approved before seriously shopping for a home can help you understand your purchasing power and identify financing issues early.

It also allows us to focus your home search on properties that make financial sense for you. When you find the right property, having financing already underway can also strengthen your ability to submit an offer promptly.

What costs should I expect besides my down payment?

Buyers should plan for more than the down payment. Depending on the transaction, expenses may include your earnest money deposit, home inspection, appraisal, lender fees, title and escrow charges, prepaid property taxes, homeowners insurance, HOA-related charges, and other closing costs.

Every transaction is different. Before writing an offer, we can discuss the expenses associated with the property and how the terms of your offer may affect your estimated cash needed to close.

What is earnest money?

Earnest money is a deposit a buyer typically makes after entering into a purchase agreement. It demonstrates the buyer's intent to move forward with the transaction.

The amount, deadline, handling, and circumstances under which earnest money may be refundable depend on the purchase agreement and the transaction.

With my background in both real estate and escrow, I place particular emphasis on helping my buyers understand their contractual deadlines and obligations involving earnest money.

Can I get my earnest money back if I cancel?

Possibly. Whether earnest money is refundable depends on the terms of your purchase agreement, the reason for cancellation, applicable contingencies, and whether contractual requirements and deadlines have been satisfied.

This is one reason buyers should understand their purchase agreement before signing it rather than waiting until something goes wrong.

What happens after my offer is accepted?

Once you have an accepted contract, several things begin happening—often at the same time.

Depending on your transaction, this may include depositing earnest money, opening escrow, completing inspections and due diligence, reviewing seller disclosures, ordering an appraisal if financing requires one, completing your lender's underwriting process, reviewing title and HOA information when applicable, obtaining homeowners insurance, and preparing for closing.

I help coordinate these moving pieces and keep you informed about important contractual dates along the way.

Do I really need a home inspection?

A professional home inspection is an important part of a buyer's due diligence. Even a home that appears beautifully maintained may have issues that aren't readily visible during a showing.

An inspector can evaluate many of the home's accessible systems and components and identify conditions that deserve additional investigation.

The inspection isn't about finding a "perfect" house. It's about helping you better understand the property you're considering purchasing.

What if the inspection finds problems?

Finding issues during an inspection does not automatically mean you should walk away from the home.

Depending on the purchase agreement, inspection findings, property condition, and circumstances, you may have options. The appropriate response depends on the significance of the issue and your priorities as a buyer.

I can help you evaluate the findings from a real estate perspective, while qualified inspectors and other appropriate professionals can advise you regarding specific property conditions.

What is an appraisal, and why does it matter?

When you're financing a home, your lender will generally require an appraisal to obtain an independent opinion of the property's value.

An appraisal and a home inspection serve different purposes. An inspector evaluates the property's condition, while an appraiser develops an opinion of value for the lender.

If an appraisal comes in below the purchase price, the available options will depend on your contract, financing, appraisal provisions, and the circumstances of the transaction.

What's the difference between an appraisal and a Comparative Market Analysis?

An appraisal is generally prepared by a licensed or certified appraiser and may be required by your lender.

A Comparative Market Analysis, or CMA, is prepared by a real estate professional using comparable sales, current competition, market conditions, property characteristics, location, and other relevant information to help evaluate a property's market position.

Before you make an offer, I can help you review comparable properties so you're not making your decision based solely on the seller's asking price.

Can the seller pay some of my closing costs?

Sometimes. A buyer can request that a seller contribute toward certain allowable closing costs, subject to the purchase agreement, loan program, lender requirements, and seller's willingness to negotiate.

A seller contribution isn't automatically "free money." Price, concessions, property condition, competition, appraisal considerations, and the seller's net proceeds can all factor into negotiations.

The goal is to structure an offer that makes sense as a whole.

Should I buy a home with an HOA?

Many Las Vegas and Henderson communities have homeowners associations. An HOA isn't necessarily good or bad—it depends on the community and whether its rules, costs, amenities, and restrictions fit your lifestyle.

Before purchasing, buyers should carefully review the available HOA documents, including applicable assessments, rules, restrictions, and other information provided during the transaction.

If you're buying a condominium or townhome, HOA considerations can be particularly important because the association's financial and property-related circumstances may also affect financing and ownership.

What should I know about buying a condominium in Las Vegas?

Buying a condominium involves evaluating both the individual unit and the condominium community.

In addition to the condition and value of the unit, buyers may need to consider HOA assessments, insurance responsibilities, reserves, pending or existing special assessments, litigation, rental restrictions, owner-occupancy considerations, and lender requirements.

A great-looking condo isn't automatically a great purchase. Understanding the association can be just as important as evaluating the unit itself.

Is buying new construction different from buying a resale home?

Yes. When you walk into a builder's sales office, the sales representative represents the builder—not you.

New construction involves its own contracts, incentives, financing options, upgrade decisions, construction timelines, inspections, warranties, and closing procedures.

Having your own real estate agent involved from the beginning gives you someone focused on your interests while you evaluate the builder, community, lot, options, incentives, and overall transaction.

Do I need a Realtor when buying a new construction home?

You can benefit from having your own real estate representation when purchasing new construction.

Builder representatives work for the builder. Your real estate agent can help you compare communities, evaluate pricing and incentives, consider resale implications, review available information, and guide you through the purchase process.

It's best to involve your agent before your first visit or registration with a builder, because builder policies regarding agent representation can vary.

Can I buy a home in Las Vegas while living in another state?

Absolutely. Relocation buyers routinely purchase homes in Southern Nevada while living elsewhere.

We can coordinate virtual showings, electronic documents, inspections, lender and escrow communications, and other parts of the transaction remotely. I can also help you compare communities based on the characteristics that matter most to you, such as commute, housing style, amenities, proximity to services, and lifestyle preferences.

How long does it take to buy a home?

There are really two timelines: how long it takes you to find the right home and how long it takes to close after your offer is accepted.

The first depends on your needs, inventory, budget, and market conditions. The closing timeline depends on financing, the purchase agreement, inspections, appraisal, title, HOA requirements when applicable, and other transaction-specific factors.

Rather than planning around a generic number of days, I help buyers establish a timeline based on their actual transaction.

What if I'm also selling a home?

Buying and selling at the same time requires additional planning.

Before shopping, we should evaluate your current home's likely market value, estimated proceeds, financing options, timing requirements, and whether your purchase depends upon selling your existing property.

The earlier we develop the strategy, the more options you're likely to have when it's time to negotiate.

What should I look for when choosing a Las Vegas or Henderson neighborhood?

Start with your priorities rather than someone else's definition of the "best" neighborhood.

Consider factors such as housing type, price range, commute, nearby amenities, HOA structure, recreation, access to shopping and services, and anything else important to your household.

I can provide objective property and community information and direct you to appropriate third-party resources so you can decide which areas best fit your needs.

When is the best time to buy a home in Las Vegas?

There isn't one perfect time that applies to every buyer.

Inventory, prices, interest rates, seller motivation, competition, and your personal circumstances can all affect the decision. Waiting for the market to be "perfect" may not be as useful as determining whether the available opportunities make sense for you.

We can look at current Las Vegas and Henderson market conditions together and determine what those conditions mean for your particular home search.

How do I know how much to offer on a home?

The asking price is a starting point—not necessarily the property's market value.

Before preparing an offer, I look at relevant comparable sales, active competition, market activity, property condition, location, time on market, price changes, and other factors that may influence value and negotiating strategy.

Price is also only one part of an offer. Financing, contingencies, closing date, seller concessions, earnest money, and other terms can influence how a seller evaluates your offer.

Why should I work with Teresa Story-Turner when buying a home?

Buying a home isn't simply about finding a property online. It's about understanding what you're buying, protecting your interests, structuring the transaction carefully, and knowing what to do when something unexpected happens.

I've worked in the real estate industry over four decades and have been a Nevada real estate licensee since 2001. My background includes residential real estate, escrow, 1031 tax-deferred exchanges, contract education, and training other Nevada real estate licensees.

I bring that experience to the transaction so you can make informed decisions throughout the process—from the first home we evaluate through the final steps of closing.

Ready to Start Your Las Vegas Home Search?

Whether you're buying your first home, relocating to Southern Nevada, moving up, downsizing, or simply exploring your options, you don't have to figure everything out on your own.

Let's start with a conversation about your goals, budget, timeline, and what you're looking for in your next home.

Want the complete step-by-step process?
Download my Las Vegas Home Buyer's Guide for a more detailed look at what to expect from preparation through closing.

Have a question that isn't answered here?
Contact Teresa Story-Turner, REALTOR® for personalized guidance about buying a home in Las Vegas, Henderson, North Las Vegas, or Southern Nevada.

Your story is my story.