IT’S THE BEST OF BOTH WORLDS!!
Las Vegas is in the middle of a seller’s market fueled by the lowering of the interest rates a few weeks ago, and the continuing inventory issue… No matter if you are selling light bulbs or real estate, whenever you have high demand and low inventory you will see rising prices.
Most logical buyers would say that this is the worst time to buy a home. Normally I would agree BUT right now in Vegas we have 2 factors that make this the perfect time to buy…. Let me explain!!
I have always said that it is more important to get a good rate than a good price when buying a home! SO… Although prices are going up, taking advantage of the historically low rate will work out much better for you in the end!!
Do not be blinded by rising home values when borrowing money is almost FREE!!
The word FREE brings me to my 2nd reason why it’s an amazing time to buy a home… The State of NV is offering up to 5% towards the purchase of your new home that NEVER has to be paid back…. Yes you heard me right!! FREE MONEY!! And there are NO strings attached!! Add on top of that the 3% I almost always try to get from the seller could mean up to 8% towards the purchase of your new home… On a $250,000 home that would be $20,000 FREE MONEY!!!
If you want to learn more about what is happening in the market and would like to either buy or sell a home call me 702-218-4585
So you’re thinking about buying a new home, huh? Well here are a couple pointers you should think about before diving into the water. What have you done? What do you need to do to move forward in this process?
- Crunch your numbers – figure out what you can do financially. Are you truly ready to buy a house now? What types of payments do you think you can cover?
- Know your credit – you should know your credit because it will determine what your interest rate and mortgage payment will be. The lower your score, the higher your payments will be. If you have credit issues, you should begin fixing them now since it usually takes time.
- Garner a down payment – Your down payment on your home will be anywhere from 5% to 20% of the price of the home. The median home price in Las Vegas is $196,000 which means your down payment would be anywhere between $9,800 and $39,200.
- Get educated – take advantage of the free home buying seminars, typically offered by banks or nonprofits. There you will learn things like what each portion of a mortgage payment goes toward and criteria lenders use to evaluate a buyer.
- Interview at least 3 Real Estate agents – 52% of buyers fin an agent through a friend but these are some good questions to ask:
- How long have you been in real estate? You want someone who knows what they are doing.
- How long have you been in the area? If they lived in the area their entire life, they’re likely to know more about the area versus one who recently moved to the region.
- What’s your schedule? If they’re not full time, you need to know when they will be available.
- Do you have any vacations planned? If they’re heading out of town soon, make sure they have a back up realtor just in case you find the perfect home while they are away.
- Know the difference between a real estate agent, broker, and a REALTOR.
- Real Estate Agent – anyone licensed to sell property, usually completed 100 hours and passed an exam.
- Broker – one who continued his studies and hires agents to work under them
- REALTOR – an agent or broker who is a member of National Association of Realtors. They adhere to a detailed code of ethics. You can consider them an added insurance that they are committed to your cause.
- Mortgage shop – you won’t buy the first house you like, don’t settle with the first mortgage price you get.
- Ballpark closing costs – 3% to 6% of the purchase price of the house goes towards closing costs because of taxes, transaction fees and other expenses.
- Ponder the future – always have an emergency fund to cover at least 3 to 6 months worth of bills. You may face a financial hardship and you should make sure you are prepared.
The Hanna Group closed a home today for a true 1st time home buyer!! I just love closing first time home buyers!! To see the excitement in their eyes is truly priceless… This particular closing meant a lot cause it was for my brother in law and sister!! Such an amazing family!! I am so happy for my niece’s and nephew (and upcoming nephew… I know it is a boy sis)… Truly an amazing home located in the Northwest part of town…
They are truly so happy now that we are past all the hard work!! Buying a home is not easy but when you have a Realtor that knows that they are doing it sure does make it much easier to deal with!! If you want to buy a new home and are 100% committed I WILL get you into a new home… Just look at how happy they are = )
If you or anyone you know is thinking about buying or selling a home your referral would mean the world to me… 702-218-4585