What Will My Payment Be?

When shopping for a home, the question always in your head is "What will my payment be?".  The best thing to do before you even begin home shopping is to find out how much home you can afford and what payment you are comfortable with.  Speak with a loan office at your bank, credit union or local mortgage broker.  Find someone reputable.  The number 1 reason real estate transactions don't close is because the loan officer fails to perform or flat out lies to their client.  Another great resource for a reputable mortgage person is your real estate agent.  I have a group of people I work with on a regular basis and I know who can and cannot get the job done properly and professionally.  Get pre-approved and you know what you can afford and an idea of what the payment will be.

Retiring in Las Vegas

Where have you thought living when you retire?  Las Vegas has been and will continue to be a hot spot for retirees.  The great climate is just one of the reasons people are choosing to live in Las Vegas.  Even though June thru August are extremely hot, the beauty of the other 9 months make it all worth while.  Besides, isn't that what air conditioning is for? 

Don't want to be bored when you retire, Las Vegas offers year round entertainment inside and outdoors.  From the multiple award winning gold courses like TPC at Summerlin to the Rio Secco Golf Course in Seven Hills. 

 How about nightly entertainment?  Uh this is Las Vegas, there are 100's of shows at the Las Vegas Strip Resorts as well as lounges and local smaller venues as well.  There are even companies like Fill A Seat that offer yearly membership for unlimited shows for the cost of a ticket to one show.

With Lake Mead National Recreation Area nearby there is boating and fishing along with hiking trails close to the Lake.  Plus hiking and biking at Red Rock Canyon features some of the most beautiful scenery in the United States.  Still concerned about the summer heat?  Mount Charleston is a great place to cool off.  Typically 30 degrees cooler than on the Las Vegas strip and less than an hour away.  With winter sports like skiing and snow boarding and summer on the mountain is perfect for a picnic or a hike.

Las Vegas is certainly a city where there is always something going on but you can also lay back and enjoy the serenity of the desert southwest.

Is My Home Still Underwater?

Here in the Las Vegas real estate market homes underwater have become the norm since 2008.  Underwater, meaning that the mortgage on the home is more than the value of the home.  The market has shifted once again, thankfully, placing many home owners back in positive equity.  If you plan on living in your home and are able to make your payments, then it really doesn't matter if you are underwater or not.  Although it certainly doesn't feel good that you are paying on a home that is not worth what you owe.  If you are in a position that you need to sell your home is where if you are underwater or not is crucial.  Basically, if you need to sell and you do owe more than your home is worth is where you need to consider doing a short sale.  Short sale is when your mortgage holder, typically a bank, agrees to let you sell your home for less than is owed.  When this happens, the goal for the homeowner is to forgive the remaining balance on the home after it is sold.  Therefore releasing the former owner of any liability for the mortgage deficiency. 

Depending when and how much you paid for your home and any down payment will determine if you are underwater still.  Home prices have gone up about 25% over the past 6 months and continue to rise in recent weeks. So many people that have been underwater no longer are. 

The best way to find out where you stand is to have a Comparative Market Analysis done on your home to determine the value.  I offer this analysis free with no strings attached simply by emailing me at lvhomesbymike@gmail.com