For decades, 20 percent was the traditional benchmark for down payments on a purchase of Las Vegas homes for sale, but today's real estate market has changed. According to data from the National Association of Realtors, approximately 60 percent of homebuyers make a down payment of six percent or less.

Do you still see the down payment as an obstacle to your dream of homeownership? Use these helpful saving tips that have been successful for clients of our brokers.

1. Determine a Target Number
   Once you've established a price range of homes within your means, calculate different down payment amounts to see your options. Prequalification, through a lender or online site like NerdWallet, is a great tool to help. 
   
   
2. Create a Budget
   Every goal needs a specific plan. Make a complete list of expenses, then set a reasonable timeline, so you know how much to put away each month. Breaking the total down into smaller amounts is also psychologically less intimidating.
   
   
3. Automate Savings
   Technology makes it easy to save money painlessly. Set up a payroll transfer or other automatic transfer program like Digit to deposit money in a savings account before it ever gets in your hands.
   
   
4. Trim Expenses ...
   Saving money comes down to reducing what goes out and increasing what comes in. You might be surprised at how much you can save cutting out seemingly minor expenses. What's more important, that $5 latte from Starbucks or a home to call your own?
   
   
5. ... and Increase Income
   Fortunately, you don't necessarily have to build up your courage and ask your boss for a raise. From selling on eBay to driving for Uber, there are numerous ways to make extra money.
   
   
6. Pay Off Credit Cards
   When considering the effect of credit card debt on expenses, we often deceive ourselves into thinking only about the minimum monthly payment. Keep in mind the longer you carry credit card balances, the more it costs you in interest charges.
   
   
7. Bank "Found" Money
   Instead of treating yourself to new clothes or a vacation with bonuses, tax refunds, and other windfalls, put every penny into your down payment. 
   
   
8. Research Home-Buying Programs
   Are you a first-time homebuyer? Maybe you're a military vet, or you work in the public service sector. Depending on your situation, you may qualify for one of literally thousands of down payment assistance programs available, including ones offered by city or state governments.
   
   
9. Take in a Roommate
   In many areas, the monthly costs of renting are higher than mortgage payments. If you live alone, taking in a roommate or two equals significant savings to stash in your down payment account. 
   
   
10. Borrow from a Relative
    You might be understandably reluctant to incur additional debt at a time when you're taking on the largest loan of your life. Borrowing money from parents or other relatives gives you more flexibility on repayment terms, including the length of the loan and lower interest.

For most people, buying and selling a home are the most significant financial transactions in which they'll ever be involved. Contact us for more information.