Las Vegas Real Estate NOW

Great topic to discuss today and that is mortgage misperception things that people think are so but maybe they are not. For instance, “I know I must be at my job for at least two years or be at my current job for two years.” John Ingram lets us that is FALSE! He explains that mortgages have moved passed that rule what lenders are looking for is that you have been working for two years. Must show you have a stable job history but if you change jobs that is okay. There is even opportunity when you change fields where it could still be okay. It all comes down to can we build a story that says your income stable, consistent, and reliable there is a chance. If Harvey wanted to apply for a loan all his money would have to be document. Lenders will hear stories from clients stating, “I have this income coming in making everything okay for me,” usually the lender asks them does that show on paper? Mostly commonly being is tipped specialist we have tons of those in Las Vegas and as such there is a large amount of cash. That goes unreported on a person’s tips make it tricky unless they have it on paper to be able to qualify for a loan. Outstanding job to John Ingram for giving out these tips for us! If you are interested in getting a loan or how to qualify please contact us and we will put you in touch with John Ingram! Thank you for watching! Subscribe to our channel to get the updated market trends each month for Las Vegas, and other great real estate tips and news! Tune in every Tuesday at 9am to 101.5FM & 720AM, KDWN, The Talk of Las Vegas to hear Las Vegas Real Estate Now! Call Harvey for all of your Real Estate needs: (702) 203-1165. Check out radio show website: https://lvrealestateradio.com/ Check out real estate website: https://brownblankfeld.com/

It is safe to say interest rates might be going up by a little bit, with the strength of the economy and things in that nature that is usually an indicator that they are going to go up. We need to look back at history these rates are is still very low and outstanding. Harvey and Rowe can still remember when interest rates used to be in the double digits. Down payment assistance seems to be going away, there is still some programs out there, but you can still get into a home with low down payment these days. They changed the rules on that they are now looking at lower income levels for most of down payments it was almost $100,000 and now it is about $50,000-$60,000 per house hold. Realtor.com was talking about our market they think we are looking pretty good for next year. They think we will see about 8% of appreciation that is their projection. Also going to see an increase of volume next year as well, which would be nice our trail slipped a little by the end of last year it will be nice to see it increase. Looking to get a loan, or if you are applicable for down payment assistance? Please contact us and we can put you in touch with Rowe Nelson with Southern Fidelity Mortgage. Thank you for watching! Subscribe to our channel to get the updated market trends each month for Las Vegas, and other great real estate tips and news! Tune in every Tuesday at 9am to 101.5FM & 720AM, KDWN, The Talk of Las Vegas to hear Las Vegas Real Estate Now! Call Harvey for all of your Real Estate needs: (702) 203-1165. Check out radio show website: https://lvrealestateradio.com/ Check out real estate website: https://brownblankfeld.com/

Harvey talks about an article that was in the Sun, the article states that Las Vegas housing prices remain leveled in December. Interesting enough is that when Harvey went through a couple of articles last month, they were identical pricing level in November. They go on and it says, “stable home prices and fewer homes changing hands in the Las Vegas Valley caused housing values to plateau last month, according to the valley’s leading real estate association. GLVAR reported the median price of single-family homes rose slightly to $295,050 in December, up from $295,000 in November. The median price of local condos and townhomes sold in December dipped slightly, from $164,900 in November to $163,000 in December. We still have not reached our peak in 2006 median home prices were at $315,000. In today’s market we are barley approaching the 300’s, slowing moving up to your peak. Interested in how much your home is worth in the Las Vegas Valley? Please contact us so we can put you in touch will a local expert! Thank you for watching! Subscribe to our channel to get the updated market trends each month for Las Vegas, and other great real estate tips and news! Tune in every Tuesday at 9am to 101.5FM & 720AM, KDWN, The Talk of Las Vegas to hear Las Vegas Real Estate Now! Call Harvey for all of your Real Estate needs: (702) 203-1165. Check out radio show website: https://lvrealestateradio.com/ Check out real estate website: https://brownblankfeld.com/

I get a credit card bill and pay it right away just because I do not want to any interest on it. Doesn’t that mean my credit should be ok? Yes, that is good on the surface, but our consumers will go a step further to say they do not have any debit or pay the credit cards in full. So, then the consumer says they have nothing to show that they minimal payment. John Ingram would say that is not true what ends up happening your creditors report to your credit bureau once per month about you. Generally, and almost always is what they put on your monthly statement. When bureau sends you that monthly statement, things to look for is do you have a balance. Sure, because you haven’t received that bill to pay it and that is what showing on you credit. When you use a credit card throughout the month, and you are waiting for that bill to come in and credit card report is going to reflect that you have a balance and that you have a minimum payment. Want more information on what to look for on your credit please contact us to put you in touch with John Ingram. Thank you for watching! Subscribe to our channel to get the updated market trends each month for Las Vegas, and other great real estate tips and news! Tune in every Tuesday at 9am to 101.5FM & 720AM, KDWN, The Talk of Las Vegas to hear Las Vegas Real Estate Now! Call Harvey for all of your Real Estate needs: (702) 203-1165. Visit our radio show website: https://lvrealestateradio.com/ Visit our real estate website: https://brownblankfeld.com/

We are involved in a transaction right now with a custom home and did the home inspection. The inspector discovered that there was kitec plumbing in this house. We all thought this an ancient history thing, we usually think two things were history. The first thing is convincing people that they need home inspections we thought we moved passed that and 20 years later we are still talking about and dealing kitec plumbing. What is interesting the reason why Ben brought that up is because when I confronted the seller “didn’t you guys deal with this when you did your home inspection” because they didn’t build the home. They bought it from the original sellers and the sellers told Harvey they didn’t do a home inspection. Now the current sellers are the paying the price giving the buyer funds to be able to replumb the house which is an expensive expense. Even if you are buying a brand-new construction a home inspection is necessary and a good protection to have. We notice in the last past two years there will be a list of things that will come out on in a new home. That is supposedly ready finish and delivery are they are not. If you have any questions on what to do while dealing with kitec plumbing or need expertise for home inspection. Please contact us for more information to put you in touch with an inspector. Thank you for watching! Subscribe to our channel to get the updated market trends each month for Las Vegas, and other great real estate tips and news! Tune in every Tuesday at 9am to 101.5FM & 720AM, KDWN, The Talk of Las Vegas to hear Las Vegas Real Estate Now! Call Harvey for all of your Real Estate needs: (702) 203-1165. Check out radio show website: https://lvrealestateradio.com/ Check out real estate website: https://brownblankfeld.com/

With the new year there is some new loan limits for FHA, VA and conventional. FHA just announced that they are raising their loan limits in Clark County and of course everywhere else. Here in Clark County the new loan limit for FHA is $294,515 which is awesome, and the conventional is $484,350. VA is pretty much the same, VA runs the same as conventional. In terms of a conventional loan if you put a little more down you go up $600,000 no jumbo as long it doesn’t exceed more than $484,350 which is crazy. The thing is with jumbo loan there is nothing wrong with that program they are usually a little more expensive and a little more unique in credit score criteria that you need to do in those guide lines as such. Jumbos are not a bad deal if you are looking in the million-dollar price range. VA loan limits can go well above that and work out a deal, VA has great programs out there for higher priced homes. People were surprised when they find out they could do VA a loan for much higher priced home. Even though the general rule of thumb 100% financing on those higher priced homes, you can even come in with a little a down payment as opposed to the standard. If you have any questions about how to get financing or how these loans programs work, please reach out to us and Leilani Carazio so we can help answer any questions you may have. Subscribe to our channel to get the updated market trends each month for Las Vegas, and other great real estate tips and news! Tune in every Tuesday at 9am to 101.5FM & 720AM, KDWN, The Talk of Las Vegas to hear Las Vegas Real Estate Now! Call Harvey for all of your Real Estate needs: (702) 203-1165. Check out radio show website: https://lvrealestateradio.com/ Check out real estate website: https://brownblankfeld.com/

Everyone is getting ready for their tax appointments and they are looking for their settlement statement or HUD1. It is very important to make sure you a have copy of that if you sold or bought in 2018. If you don’t have a copy you need to make sure to reach out to the agent you were working with, or the title company and gather that piece of paper because you are going to need it. We recommend at least doing this twice a year is to check into the title of your home. What we mean by that is unfortunately, in how the world works with the cyber fraud and just fraud its self. You never know what can be against your property and it is a really good idea to keep an eye on what is going on. Basically, what we do is a quick search and say everything is ok with the property or “hey did you know you have a lien on the property, Velma down the street put a lien on property because she is upset with you” whatever the case might be. You saw that piece of mail that came in and thought it was junk and threw it away not realizing it was notice. If you have any questions on how to find the best fit title company to protect you when liens get placed on your property, please reach out to us so we can help answer any questions you may have. Subscribe to our channel to get the updated market trends each month for Las Vegas, and other great real estate tips and news! Tune in every Tuesday at 9am to 101.5FM & 720AM, KDWN, The Talk of Las Vegas to hear Las Vegas Real Estate Now! Call Harvey for all of your Real Estate needs: (702) 203-1165. Check out radio show website: https://lvrealestateradio.com/ Check out real estate website: https://brownblankfeld.com/

This month we currently have 7,149 single family homes in the market. We have 2,453 homes under contract, pending or contingent. Lastly, sold in the last 30 days are 1,860, that creates an absorption rate of 3.84. Absorption rate is the number of months it takes to sell the existing inventory. If we wanted to sell all 7,149 home it would take a little under 4 months to do so, based on the current rate of absorption being sold in that time frame. As we compare to last month (December) absorption rate was 3.65 its gone up a little bit. When you go year over year it gets exciting for buyers that the market is a lot more normal. A year ago, the absorption rate was 1.85 it has gone up 2 months (60 days). We saw this coming middle of the year back in April when the trend switched from the inventory shrinking to flatting out and start increasing again. Curious about the Las Vegas Housing Market? Watch this video and all our Market Trend videos to see how YOUR market is changing. Should I sell my home now? Should I buy a home now? If you ask yourself these questions, we can answer these questions for you. Thank you for watching! Subscribe to our channel to get the updated market trends each month for Las Vegas, and other great real estate tips and news! Tune in every Tuesday at 9am to 101.5FM & 720AM, KDWN, The Talk of Las Vegas to hear Las Vegas Real Estate Now! Call Harvey for all of your Real Estate needs: (702) 203-1165. Check out radio show website: https://lvrealestateradio.com/ Check out real estate website: https://brownblankfeld.com/