You’ve talked with a lender, gone through your finances, and now you have your preapproval. Let’s say it’s $450,000. So naturally, you start looking at homes. You find one listed at $425,000 and another at $440,000. Both are within your budget. You like both of them. But if I asked you which one would give you the lower monthly payment, what would you say? The $425,000 home? Maybe. But before you answer, there are a few things I’d want you to know. Because when you're buying a home in Las Vegas, the list price is only one part of what that home could actually cost you. And sometimes, the home with the lower price tag isn't the one that gives you the better financial outcome.

Prefer to watch instead?

I break this down with a few simple buyer scenarios in my latest YouTube video:

 Watch: How Much House Can I Afford in Las Vegas?

[https://youtu.be/YM_Ux-YiYgs]

Let’s Look at Two Homes

Imagine you've found two homes you could genuinely see yourself buying.

Home A is listed at $425,000.

Home B is listed at $440,000.

There's a $15,000 difference, so Home A seems like the obvious financial choice.

But then I start digging a little deeper.

Home A has a $250 monthly HOA.

Home B doesn't have an HOA.

Okay. Now things get a little more interesting.

That alone doesn't tell us Home B will have the lower monthly payment. Your financing, property taxes, homeowners insurance, and other factors still matter.

But it does tell us something important.

We can't determine what either home will cost you each month just by looking at the list price.

So rather than assuming, I want your lender to run the numbers for both properties.

And we're just getting started.

Now Let’s Find Out What the Sellers Are Willing to Do

Maybe you really like Home A.

It’s $425,000, it fits within your budget, and you can absolutely see yourself living there.

From the buyer side, you’re probably thinking, This one is $15,000 less. Financially, this has to make more sense.

Meanwhile, behind the scenes, I’m gathering information.

I’m looking at the property and the costs associated with it. I'm reviewing the market information. I’m communicating with the listing agent and trying to understand where there may or may not be some flexibility.

And maybe I learn that the seller of Home A isn't willing to contribute toward your closing costs.

That doesn't mean you shouldn't buy the house.

It simply gives you another piece of the financial picture.

Now let's look at Home B.

This one is $440,000, so yes, the list price is higher.

But maybe this seller is in a different position.

Through my conversations with the listing agent, I learn there may be some negotiating room. Maybe the seller is willing to consider an allowable contribution toward your closing costs.

Now we have two very different scenarios.

And this is exactly where I don't want you making a decision based solely on the price you saw online.

What Are You Actually Trying to Accomplish?

This is a conversation I want to have with you before an offer is written.

Maybe your biggest priority is getting the purchase price down.

Or maybe you tell me:

“Allison, I really want to keep more cash in my pocket after closing.”

Okay. That's important.

Maybe the monthly payment you're comfortable with is more important to you than simply buying the home with the lowest purchase price.

That's important too.

Once I understand what you are trying to accomplish, I can look at the real estate side of the transaction through that lens.

Then your lender comes back into the conversation.

Maybe there are different financing options available to you. Depending on your individual circumstances, that could include conventional, FHA, VA, or perhaps a builder financing incentive if you're considering new construction.

Your lender is the one who will help you determine which financing option is appropriate for you and calculate the actual numbers.

My role is different.

I'm looking at the property, the costs associated with it, what I'm learning from the listing side, and where there may be opportunities within the transaction.

Then I can take that information to your lender and say:

“Can you run this scenario for my buyer?”

Now we're working with actual numbers rather than assumptions.

And Here’s Where the Story Can Change

Remember Home A?

$425,000.

You really like it. It's within your budget. And when you first saw it, you assumed it would be the less expensive option.

But it has the higher HOA. The seller isn't willing to help with closing costs. And after your lender runs the numbers, maybe it's simply not getting you where you want to be financially.

You love the house.

But the numbers aren't loving you back.

Now there's Home B at $440,000.

You love this one too.

Yes, it's listed for $15,000 more.

But maybe it doesn't have that higher HOA. The seller has more flexibility. There may be an opportunity for an allowable seller contribution. And depending on your financing and the terms you choose to offer, your lender may be able to show you a scenario that gets you closer to the monthly payment or cash-to-close amount you actually wanted.

Could the $440,000 home potentially give you a lower monthly payment than the $425,000 home?

Yes, depending on the complete financial picture.

Could you potentially need less cash at closing?

Again, possibly.

And that's why the $15,000 difference between the list prices doesn't tell you which home makes more sense financially.

So Let Me Ask You Again

You have two homes you love.

One is listed at $425,000.

The other is listed at $440,000.

Which one gives you the lower monthly payment?

If you're now thinking, “Well, Allison... I need more information,” then you got it.

Both homes may be completely within your budget.

That's not the question.

The point is that you can’t assume the $425,000 home will have the lower monthly payment or require less cash at closing simply because it has the lower list price.

You need to see the whole picture.

And that's where having your real estate agent and lender communicating throughout the process matters.

I’m doing the research on the real estate side, communicating with the listing agent, looking for negotiating opportunities, and helping you understand what may be possible.

Your lender is running the financial scenarios.

And then that information comes back to you.

Because ultimately, it's your home, your money, and your decision.

My job is to make sure you have the information, guidance, and strategy behind you to make an educated decision about what works best for you.

The Number on the Listing Is Just One Number

If you're preapproved up to $450,000, that's valuable information.

But don't let that number, or the number you see on a home listing, tell you the entire story.

The least expensive home on the listing isn't automatically the least expensive home for you to buy.

Sometimes it will be.

Sometimes it won't.

The difference is taking the time to look beyond the price tag and understand what the numbers actually mean for you.

Thinking About Buying a Home in Las Vegas?

If you're considering buying your first home, your next home, or it's simply been a while since you've gone through the process, I'm happy to talk through where you are and what you're hoping to accomplish.

If you're ready to start that conversation, [schedule a time to connect with me here]. 

As a Las Vegas local for more than 20 years, I proudly help buyers, sellers, and relocators throughout Las Vegas, Summerlin, Henderson, North Las Vegas, Northwest Las Vegas, Southwest Las Vegas, Boulder City, and Pahrump.

Information provided is for general educational purposes only. Financing options, seller contributions, loan terms, monthly payments, closing costs, and qualification requirements vary by buyer, property, loan program, lender, and transaction. Buyers should consult with their lender and other appropriate professionals regarding their individual financial circumstances.

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