The basic home-buying process
Most purchases in the Las Vegas Valley follow the same general steps:
- Get pre-approved with a licensed mortgage professional.
- Choose a real estate agent who represents you.
- Tour resale homes, new construction, or both.
- Make an offer and negotiate terms.
- Open escrow and complete inspections and the appraisal.
- Finalize your loan, do a final walkthrough and close.
Buying for the first time? Our first-time home buyer guide covers each step in more detail.
Get pre-approved before you seriously shop
A pre-approval gives you a realistic price range and shows sellers you're a serious buyer. It also helps you move quickly when the right home comes along, instead of scrambling to arrange financing after you've found it.
Resale homes vs. new construction
Resale homes are often in established neighborhoods, may have mature landscaping, and can usually close sooner. New construction offers modern finishes, energy-efficient features and builder warranties, though build timelines can be longer. Communities in Henderson, North Las Vegas and the southwest valley offer both options.
Learn more in our guide to new construction homes in Las Vegas.
Down payment and closing costs
Your down payment is the portion of the purchase price you pay upfront. Closing costs are separate fees for things like the loan, title, escrow, and prepaid taxes and insurance. Most buyers need to plan for both, plus items like an earnest money deposit and inspection fees.
FHA, VA and conventional loans: the basics
- FHA loans are government-insured and often have flexible qualifying guidelines and lower down payment options.
- VA loans are available to eligible veterans, service members and some surviving spouses, and may offer little or no down payment.
- Conventional loans are not government-insured and can offer a range of down payment options for qualified buyers.
Important: This is general educational information only. Financing and loan qualification are handled by licensed mortgage professionals. We do not quote rates or determine loan eligibility.
Possible down payment or closing cost assistance
Some buyers may be able to use down payment or closing cost assistance, depending on eligibility and current program availability. Program rules and funding change over time, so a licensed mortgage professional is the best source for what applies to you.
Builder incentives and seller concessions
Builders sometimes offer incentives, such as help with closing costs or upgrades. On resale homes, a seller may agree to concessions — paying some of your costs as part of the deal. Neither is guaranteed; they vary by builder, community, home, market conditions and what's negotiated.
Why you should have your own real estate representation
A listing agent represents the seller, and a builder's sales team represents the builder. Having your own agent means someone is focused on your interests — comparing homes and incentives, reviewing contracts, and negotiating on your behalf.
Home inspections and appraisals
A home inspection is a professional review of the home's condition so you understand what you're buying. An appraisal is typically required by the lender to confirm the home's value supports the loan amount.
Making an offer and negotiating
Your agent helps you decide on price and terms, such as your earnest money deposit, inspection period, closing date and any requested concessions. The seller may accept, decline or counter, and it can take a few rounds to reach agreement.
From accepted offer to closing
- Escrow is opened and you submit your earnest money deposit.
- Inspections are completed and any repair requests are negotiated.
- The appraisal is ordered and your loan moves through underwriting.
- You complete a final walkthrough, sign closing documents and receive your keys.
How the Key Advantage Program helps
Eligible Key Advantage clients receive a minimum of $1,500+ in added value toward approved transaction-related expenses. Depending on your transaction, it may be used toward:
- Closing costs
- Appraisal credit
- Home warranty
- Rate buydown
Las Vegas home buyer FAQ
What is the first step to buying a home in Las Vegas?
For most buyers, the first step is talking with a licensed mortgage professional about pre-approval. It gives you a realistic budget and shows sellers you're serious before you start touring homes.
Should I buy a resale home or new construction?
It depends on your timeline, budget and priorities. Resale homes are often available sooner and sit in established neighborhoods, while new construction offers brand-new finishes and builder warranties. Many buyers across Las Vegas, Henderson and North Las Vegas compare both.
How much do I need for a down payment?
It varies by loan type, price and your situation. Some loan types allow smaller down payments than many people expect. A licensed mortgage professional can tell you what you personally qualify for.
Is there down payment or closing cost assistance in Las Vegas?
Assistance programs may be available depending on your eligibility and current program availability. Programs change over time, so check with a licensed mortgage professional about what applies to you.
Do I need my own agent if I'm buying from a builder?
You're not required to use your own agent, but having your own representation can be helpful. The builder's sales team represents the builder, while your agent represents your interests and can help you compare incentives, understand the purchase process, review available options and negotiate when possible.
What are seller concessions?
Seller concessions are when a seller agrees to pay some of the buyer's costs, such as part of the closing costs. Whether they're possible depends on the home, the market and what's negotiated in your offer.
What is the Key Advantage benefit?
Eligible Key Advantage clients receive a minimum of $1,500+ in added value toward approved transaction-related expenses, such as closing costs, an appraisal credit, a home warranty or a rate buydown.