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It’s a great time time to buy a home, but there’s a catch—only for those who buy smart.  Tara-Nicholle Nelson, a broker in San Francisco, gives some tips that are relevant to the Las Vegas short sales market.

  • First, stay on track by getting the order right: Know what you want before looking rather than looking to find what you want.  By having a concrete vision of your home–including your price range, your vision of the home itself, and your vision of the location–you’ll avoid homes that are a bad fit.  An agent’s job is partly to translate your sometime abstract vision into a concrete dwelling, but the more you work to focus your vision, the happier you’ll be in the end.  Towards this end, write down what you want before consulting an agent.
  • Second, know what you want, but also know when to settle. To find the best deal, you need to strike a hard bargin but also be realistic about what kind of home you’re going to get for the money you’re willing to put up. If you’ve been searching for months on end and no home has met your complete wish list, then it might be time to compromise.  A real-life home that meets most of your needs is better than a dream house that remains merely a dream.
  • Third, caste a wide net, but then focus on one good fish.  That is, in the beginning, look widely around to find a broker you trust, but once you find your broker and your strategy, focus like a laser beam.  Housing markets vary from city to city and from neighborhood to neighborhood within a city. Having someone–a broker–with intimate knowledge of the local market can make a world of difference.  The focusing aspect of this strategy is necessary to avoid wild goose chases and to succeed in the sometimes tiring process of finding a home.
  • Fourth, the small print matters, especially for the Las Vegas short sales market. Contracts for short sales vary widely and the facts about the condition of the home become especially relevant. Make sure to read inspection reports for short sales.
  • Fifth, beat your own bad psychological habits by doing your accounting on paper and in the cool hour.  By this I mean that making financial decisions and calculations on the fly and in your head can sometimes break your bank.  We humans tend to weigh the price tag more heavily than extra fees and costs, even though money is money. We also tend to let our desires get in the way when we’re in the process of actual buying.  To avoid this, write up your all of the costs on paper or on a spreadsheet and make your decisions when you’re at your most realistic.

Kathryn Bovard is experienced with the often lengthy and sometimes stressful Las Vegas short sale process.   If you are contemplating a Las Vegas short sale, she can assist and navigate you through the entire process. Call Kathryn direct at 702-348-7191 to schedule a short sale consultation today.

Considering a Las Vegas Home purchase?  Search all Las Vegas Homes for Sale using our free, interactive map-based search.

 

 

The Las Vegas housing market isn’t as bad as you might think.  Though the overall price of homes is down from last year, the overall price is staying stable, DQ News reports.  In general, the re-sale market has been strong and is the key to the Las Vegas housing recovery, says Dennis Smith, the president of Home Builders Research.

An example of good news: March home sales in Las Vegas crossed a significant mark, topping 5,000 sales.  The following sentiment–quoted from Hubble Smith (Las Vegas RJ), quoting David Brownell (Keller Williams Realty)–bodes well for Las Vegas real estate:

“Everybody still has the mindset that the market is in the tank, but the market is as vibrant as it’s ever been.”

He continues:

“To cross the 5,000 mark in March is very significant. It’s huge. There are probably only a handful of months that cross 5,000. To have that in March, what does that mean for June and July? Maybe 5,500?”

The majority of sales has been of existing homes, so this good news doesn’t exclude most of the Las Vegas high rise market.

 

 

Kathryn Bovard is experienced with the often lengthy and sometimes stressful Las Vegas short sale process.   If you are contemplating a Las Vegas short sale, she can assist and navigate you through the entire process. Call Kathryn direct at 702-348-7191 to schedule a short sale consultation today.

Considering a Las Vegas Home purchase?  Search all Las Vegas Homes for Sale using our free, interactive map-based search.

 

The answer is that it’s different for everyone. And that’s because a variety of factors influence the decision. But there are really only two routes you can do down, fixed-rate mortgages and adjustable-rate mortgages.

Fixed-rate mortgages are loans that have, you guessed it, a fixed-rate of interest. But who are they right for and when are they the best idea? I’ll give you three factors:

1. You don’t plan on moving. If you plan on staying in the home a long time, then this loan can save you money if interest rates go up, which leads us to the second factor.

2. Interest rates are going up. Getting a fixed-rate can protect you from inflation.

3. You want a financial routine. Paying the same monthly amount can help you plan and budget around your mortgage.

So what if none of these factors apply to you? You may be better off getting an adjustable-rate or variable-rate mortgage. This kind of mortgage is a little more complicated because there are several kinds, but the basic idea is that your monthly payment will increase or decrease based on the change in your interest rate. Here’s a few reasons why this can be a good idea for some people:

1. Your income is going up. This mortgage can allow for the home-owner to pay less now and make up for it later. Receiving an initial low interest rate may help you qualify for a loan that you would not have otherwise been able to.

2. Rates are steady or declining. If the market is stable or if interest rates are going down, your mortgage rate probably won’t go up drastically.

3. You don’t plan on being in the home forever or may want to refinance down the road. If the home isn’t a long-term investment for you, you might save more money this way.

Deciding which type of mortgage is appropriate for you is a big decision. A bad mortgage can lead to  financial problems and even, as was the case for many, foreclosure. Make sure to consult with an expert and do as much research as possible.

 

Considering buying a home?  Search all Las Vegas Homes for Sale using our free, interactive map-based search. Or call Kathryn Bovard direct at 702-348-7191 so she can assist and navigate you through the entire process.

Categories : Las Vegas Mortgages
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Are you a divorced homeowner who is considering removing your former spouse’s name from the mortgage? A recent article in The New York Times offers some good advice for those recently divorced and considering refinancing. Avoiding an extra cost to the tune of 3 to 6 percent of the outstanding principal would be a good deal to anyone who has just bought out their ex’s equity stake in the home, and here is how you do it:

Simply ask your lender to remove your ex’s name, leaving the loan note in your name only. Now, not all lenders offer this service, but the ones who do generally don’t advertise it either. The saying “it never hurts to ask” definitely applies here. But before you get too excited, keep a couple of things in mind.

1. The lenders will run a credit check and expect you to meet some minium score.

2. If you owe more on the mortgage than the home is currently worth, you will be disqualified.

3. The lenders may require that any investors in the loan, after it is sold off, agree to the deal.

To sum things up, if the homeowner can prove that they can afford the payments and meet the required credit criteria, the release of liability might be granted. And remember, having a name removed can be good for both parties’ credit in that a lien can’t be placed on the home due to a former spouse’s failure to pay debt. In addition,  being delinquent on a mortgage payment will not affect the other person’s credit.

Considering a Las Vegas Home purchase?  Search all Las Vegas Homes for Sale using our free, interactive map-based search. Whether buying a Las Vegas Home or renting, don’t try to go at it alone. There’s lot of resources online, and an email to a local real estate or mortgage pro can set you in the right direction.

Want to know a few tips for a quicker Las Vegas short sale? Keep reading for a few tips on what buyers are looking for to help get you a better and faster deal on your home.

1. Stand out from the neighbors. Aesthetics are important. This means landscaping and upgrades that appeal to most people; i.e. make sure the grass is green instead of brown, and note that not everyone’s favirote color is electric purple, so any add-ons should be in neutral colors.

2. Up the ante. For example, offer to pay some or all of the closing costs to get more attention from buyers looking at similar homes. In a tough market, any incentive that can make buyers feel like they are getting a good deal is a good idea.

3. Make a good first impression. The first thing a potential buyer sees is the outside of the house. This includes the paint, the lawn, and the curb, so make sure these things look nice by putting a new coat of paint on the house and making sure the landscape is well manicured.

4. Make sure the house is move-in-ready. Make sure appliances, electrical, and plumbing are in working order. This way potential buyers can imagine themselves moving in right away instead of having to deal with a list of things to care of.

5. Have a realtor price the home. You don’t want to deter buyers by pricing your home way out of the market, but you also don’t want to short change yourself. Get a professional for this. It will end up speeding up the selling process.

Kathryn Bovard is experienced with the often lengthy and sometimes stressful Las Vegas short sale process.   If you are contemplating a Las Vegas short sale, she can assist and navigate you through the entire process. Call Kathryn direct at 702-348-7191 to schedule a short sale consultation today.

Considering a Las Vegas Home purchase?  Search all Las Vegas Homes for Sale using our free, interactive map-based search.

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