THE ADAMS TEAM
Rothwell Gornt Companies
Las Vegas Real Estate Agent Robert Adams Las Vegas Real Estate Blog
Las Vegas has VERY low inventory and VERY high demand right now. In this HOT seller's market you need to come in with clean, strong offers. If you can find pocket listings (listings that agents have that have not yet been listed on the ML) then you can get offers in before the bidding wars, often times equaling a better purchase price for you the buyer. Inventory is remaining very low (below the 5,000 mark). Deals are getting harder and harder to lock down. You can read a thread about the competitiveness of the current market here.
If you want to hear about the possible softening of the market then read click here.
With that being said, if you find a property that you want to purchase, it is important that you write up a clean, strong offer. Click here for some tips to getting you offer(s) Accepted.
If you would like my team and I to represent you in purchasing your next home please send us what type of home you are looking for by filling out our Buyer's Form. If you need Sell your home please fill out our Seller's Form.
We hope this is informative and we thank you for your business!
My market is Las Vegas. Link states: "Las Vegas was the country’s sole large market that completely missed out on rent growth in 2012, as prices were cut 1.7 percent."
This is due to the huge increase in demand of the rental properties from investors. They are buying them all up and dumping them on the rental market. This is heavily increasing the rental supply.
I hope this gives some insight to why our rental rates are decreasing.
It is a 2 story, 4 bedroom in Silverado Ranch with a pool, corner lot, 3 car garage. Just under 2,200 sq ft in the house and just under 10k sq ft lot. It is approved at $185K. Send me a message if you are interested in having The Adams Team at Rothwell Gornt Companies represent you in purchasing this home and we will send you more details.
Government-insured mortgages are about to get more expensive.
The Federal Housing Administration, which is the largest insurer of low-down payment mortgages, announced Wednesday that it will raise premiums by 10 basis points, or 0.1%, on most of the new mortgages it insures.
Translation: A borrower opting for a 30-year, fixed-rate mortgage who puts 5% or more down will now pay an annual insurance premium of 1.3% of their outstanding balance. And someone who puts less than 5% down will pay a premium of 1.35%.
The agency said it will also raise premiums for borrowers with jumbo loans -- or loans of $625,000 or more -- by 5 basis points, or 0.05%, and increase the minimum down payment requirement on these loans to 5% from 3.5%.
Related: 10 great foreclosure deals
FHA said it will require most buyers to pay insurance premiums for the life of their loan. A policy that was put in place in 2001 allowed borrowers to cancel premium payments once their debt fell below 78% of the principal balance. One exception will be for borrowers who put more than 10% down at the time of purchase.
Additional new policies include a requirement that any mortgage for an applicant with less than a 620 credit score and debt-to-income ratio above 43% must be underwritten manually. Lenders who want to issue loans to these applicants must be able to adequately document why they decided to approve the loans.
The agency also decided to put new restrictions on reverse mortgages, no longer permitting retirees to take such large, upfront payments.
Related: Where are the first-time homebuyers?
The changes are an effort to reduce the agency's exposure to risky loans and bolster its financial reserves, which have been depleted due to high delinquency rates from the mortgage crisis. The agency did not say when the new rates will take effect.
Last spring, FHA increased both premiums and upfront costs on mortgages. Such hikes make it tougher for mortgage borrowers -- especially first-time purchasers who can't afford the large down payments most private lenders require today, according to Jaret Seiberg, a Washington policy analyst for Guggenheim Partners. "They are the ones most likely to turn to the FHA for credit," he said.
And that could have a negative impact on the housing market overall. "You can't have a healthy housing market without a constant influx of first-time buyers," said Seiberg.
READ THE WHOLE ARTICLE HERE: