Which Type of Mortgage is Best for Me?

I get this question nearly everyday.  First off, I am a real estate agent not a loan officer but the home you choose to purchase can make a difference in the type of mortgage you will need.  The most popular mortgages are Conventional, FHA and VA.  Conventional mortgages are the most common and in the past have required at least a 20% down payment.  Currently you can obtain a Conventional mortgage with as little as 5% down. 

An FHA Mortgage which is backed by Federal Housing Administration (Fannie Mae & Freddie Mac) offers down payments as low as 3.5% down.  With a FHA mortgage the home must be in move in condition including having a stove, functioning hot water heater and here in Las Vegas, working air conditioning.  Current maximum amount for a FHA mortgage in Las Vegas is $287,000.

VA mortgage is a great way to go if you qualify.  VA Mortgages are reserved for current and former military personnel.  This mortgage offers $1 down with a maximum purchase price of $417,000.  VA mortgage also does not require mortgage insurance so the monthly payments are considerably less than FHA or 5% conventional mortgages.  As far as the home goes, the home must be in move in condition and must be owner occupied within 30 days of close of escrow. 

For more information on which mortgage is best for you and to search home, click here.

Is it Time to Sell?

Have you been thinking of selling your home but just not sure if now is the time?  Are you making life changes in 2014 and now is the time to sell?  No matter what your situation, the real estate market in Las Vegas is good.  There has been an increase in home inventory through the holiday period and there are now approximately an even number of buyers and sellers in the market place, which has reduced the multiple bidding wars that were common last summer.  In most neighborhoods prices have continued to rise at a slow but steady pace.  There are a few neighborhoods where prices have capped out and even dropped a percentage or two. 

You can find out what your home is worth with a no obligation Home Value Report.  Even if you are still upside down or underwater on your mortgage there are several options still available to you, in order to minimize the effect to your credit history.  The FREE Home Value Report is a great way to find out just where you stand. 

Mike Kruse - Vegas International Properties Realty Group - 702.286.3434

Skye Canyon Master Planned Community Announced

 

Skye Canyon master planned community has been announced and will be located in northwest Las Vegas.  Situated on 1,700 acres, this master planned community will eventually have 9,000 homes along with hiking and biking trails.  This community is being developed by Olympia development which is best know for the award winning Southern Highlands community in southwest Las Vegas.  Skye Canyon, will be located near Grand Teton and US 95, just north of Centennial Hills and adjacent to Providence master planned community.  Ground breaking is set to take place in early 2014 with homes available by late 2014.  To get the latest updates on Skye Canyon master planned community, use this link and then click on "Contact Us".

Brand New Homes on Sale

Most national home builders are publicly traded companies and there fiscal year will end with the calendar year.  What this means for consumers wanting a new home is now is the time to buy and make it quick.  Any home builder with standing inventory is shaking in there boots right now.  They need the inventory off the books regardless of cost or loss.  There are some good specials to be had here in Las Vegas.  Some builders are including all appliances and will pay all closing costs and even willing to drop the already reduced price.  The price on new homes has shot up over the past few months but with these year end specials, they are a great deal.  After December 31st, the builders won't mind the homes sitting again until the jump in the market that happens virtually every spring.  For the latest deals check out brand new homes on sale and ring in 2014 in a beautiful new home.

Brand New Townhouses from $122,990

The prices of homes in Las Vegas have shot up over the last several months.  I have found an amazing deal in northeast Las Vegas.  Brand new townhouses available from 122,990.  These are not just basic townhouses either, they feature two car garages and include granite counter tops and are being sold completed meaning all appliances and window coverings are included. 

The community, Cliffs at Dover,  located near Nellis Air Force Base has easy access to I-15 and is a guard gated community with a clubhouse and swimming pool.  Once completed the community will have 500 homes.  These brand new townhouses from $122,990 are selling quickly and have great financing incentives for first time home buyers. 

Las Vegas Real Estate Stabilizing

The Las Vegas real estate market has been hot over the past few months.  It appears the heat just like summer is leaving.  The Greater Las Vegas Association of Realtors announced yesterday that the average home price in September was down 1.1% from August 2013. 

There are several reasons this may be.  I can attest that as an active Realtor in Las Vegas I have seen some neighborhoods that have dropped a couple thousand dollars but this is certainly not across the board.  I expect the main reason in the average price dropping is that more lower priced homes were sold and fewer higher priced homes.  When you average it this will show a slight drop.  Prices certainly are stable and are not falling like a brick. 

As a Realtor in Las Vegas my main objective, besides providing the best service to my clients, is keeping a pulse on the market.  The market started cooling in the middle of August and is not chugging along with no help from the government shutdown but I will save that for another post.

If you have been thinking of selling, now is a great time as prices are up significantly for the year.  Las Vegas real estate is stabilizing and you can get a free report on the current value of your home here.

Las Vegas Becoming A Buyers Market

No, Las Vegas is not becoming a buyers market anytime in the immediate future.  However, the market is certainly stabilizing.  There are now nearly 6,000 single family homes available which is up about 50% in the past month.  Multiple offers are still happening in various parts of the valley.  Particularly the southwest and Henderson areas.  Now, sellers are getting greedy.  With more homes on the market, prices have stopped rising so quickly even falling slightly in a couple areas. The new thing I am seeing daily in working with home buyers is that the sellers are asking to waive the contingency on appraisal.  I don't recommend doi9ng this unless you are able to pay the difference in cash.  See homes in Las Vegas here.