Are You Buying a Home in Las Vegas? (florida investment property)

August 27th, 2009 admin Posted in realestate |

By Richard Hewitt

You have made the decision to make one of the largest investments you’ll ever make in your life-buying your first home in Las Vegas. You’re excited, but at the same time worried. Some of the questions you may be asking are: Will I be able to afford the home of my dreams? Do I have enough money for a down payment? Can I get a home inspected before I make an offer?

No need to worry. The home buying process in Las Vegas can be overwhelming, but if you go into it prepared, your first purchase can be a good experience.

Here are some things to you need consider before making the plunge.

Getting a mortgage - Fear of being rejected for a home loan is one of the main concerns for first-time homebuyers. To reduce the stress, you may want to get pre-approved for a loan before looking at prospective homes. This will not only help you feel more confident, it will also give you an advantage when there are multiple offers for a specific home. The fact that your loan has already been approved is of great value to the seller: because it shortens the purchase process and there is less of a chance that the buyer will back out of the sale.

Mortgage Payments - The costs involved in the purchase of a home can be overwhelming to first-time buyers. However, with the help of a real estate professional, you can calculate out how much they you are able to pay each month in mortgage payments, and from there, what prospective homes offer a feasible payment plan.

Be acquainted with an agreement with an agreement of purchase and sale and go over the clauses with your realtor. A verbal offer carries no legal weight at all - So be prepared to make an offer in writing.

Down-Payment - The down-payment amount varies depending on the value of the home you choose and your mortgage lender. And in some cases, first-time home buyers can purchase a home with no money down. Although it varies from state to state, most offer government-funded programs for first-time buyers that help people buy a home with no down-payment. Your real estate professional will be able to explain the different options available to you.

Closing Costs - First-time buyers often forget to consider the closing costs when making an offer on a home. Paying closing fees of up to 10 percent of the home sale amount is not unusual. Add that to the down-payment and you’ll have quite a sum to raise before the final papers can be signed. However, a smart first-time buyer takes this into account before making an offer, and with some professional help, the costs can be estimated in advance.

Making offers - Don’t feel pressured into making an offer on the first home you see. This is a common mistake of many first-time homebuyers. Make sure you view different homes to get a feel for the marketplace. When you do decide on a home to make a bid on, work with your real estate professional to get all of your questions answered first before making an offer. But don’t wait too long to make an offer. The longer you wait, the greater the chance other prospective buyers may place offers, making it harder for you to negotiate a good deal.

Condition of the Home - Buying a “problem” home is another fear of first-timers. A home that needs major repairs can become a costly venture. And, unless the asking price is adjusted to reflect the hidden repairs needed, chances are the home is not worth as much as the seller is asking for it. To avoid untoward surprises, your real estate professional may advise you to hire a home inspector before making a serious offer. In that way, you know what you are getting into.

Above all- Make sure you understand and are comfortable with every aspect of the transaction. Your real estate professional can be an invaluable asset in helping you make educated decisions so that your first-home purchase in Las Vegas is a rewarding experience.

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Home Trends in The Woodlands/Montgomery County

By utah burden

Here is the market report for April 2009 through June 2009 on home sales in The Woodlands/Montgomery County area:

According to Trulia.com, the medium sales worth home in The Woodlands for the period April 2009 to June 2009 was $230,000, a 57.3% increase, or $83,800, compared to the second quarter 2009, and a whopping 60.5% growth compared to the same time a year ago.

The average listing price for The Woodlands homes was $494,846 for the week ending July 15, 2009, representing a decrease of 2.1%, or $10,805, compared to the prior week and a decrease of 3.4%, or $17,369, compared to the week ending June 24, 2009.

There is still time to take advantage of this buyer’s market, but it won’t last eternally. So don’t fail to see the chance of a lifetime to purchase a home in The Woodlands/Montgomery County area.

Determining how much house you can pay for, or what payment you feel calm with, can be a trying process. Calling lenders, looking at mortgage loan programs and interest rates can be confusing, to say the least. There is an unproblematic way to get started, and present yourself an idea of where you stand.

The first step is to find out what mortgage interest rates are at the current time. You can normally do this with a couple of phone calls to lenders or some swift looking on the internet. Get your rates on conventional fixed rate loans. Now use this helpful table to see what your payment would be at different price ranges and interest rates. Payments might be higher or lower than those shown in the chart depending on current interest rates.

To get a very apparent picture of how much home you can actually qualify for, the most excellent idea is to contact a reputable local lender and let them analyze your entire situation. The lender can calculate your income-to-debt ratio, do a quick credit score and provide you the information you need. Normally, lenders like to see a ratio not exceeding about 28%. This does not take into consideration long term monthly debt. As an example, to qualify for a loan, lenders may require ratios of 28% or 36%. This means you can spend up to 28% of your gross monthly income on a motgage payment, and no more than 36% of your gross monthly wages on all forms of debt, mortgage included.

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www.utahburden.com

Banks Under Fire for Rise in Foreclosures

By Angela Stringfellow

According to the latest reports by RealtyTrac, a record 360,149 homeowners received a foreclosure notice in July a whopping 7% increase over figures from June. Despite recent good news about an increase in existing home sales and stabilizing home prices, the foreclosure crisis itself doesn’t seem to be easing up.

The government both Federal and State continue their efforts to create alternative solutions for homeowners in distress. Just two weeks ago, the Obama Administration released statistics about the number of homeowners who have been offered assistance under a number of the programs available to help prevent foreclosure, in an effort to put pressure on banks and mortgage lenders for not doing enough to help homeowners in trouble. Overall, only 15% of eligible homeowners have received assistance.

The bottom line is, as the number of foreclosure filings continues to replace some or, in some cases, nearly all of, the number of new and existing homes sold each month, the housing market will continue to struggle, and prices, while the decline may lessen, won’t rebound.

In Idaho real estate, there were 2,491 new foreclosure filings in the month of July, and only 83 foreclosure properties sold. 1,074 of those were in Ada county alone. The number of Idaho foreclosures on the market is increasing substantially. The average sales price for an Idaho foreclosure was only $184,527.

The number of sales in Ada County decreased in July as well. In June, there were 448 properties sold compared to only 282 in July. Another interesting fact the average sales price was down a bit, too: from $198,625 in June to $192,619 in July, although the average sales price per square foot remained the same at $102.

You can even beat the incredible $102 per square foot average sales price by taking advantage of the many foreclosure properties in the current Idaho real estate market. Idaho home prices are very, very reasonable right now, so call your local Boise foreclosure expert to make an appointment to view one of the many fine homes on the market today.

If a move to Boise appeals to you, visit the number one Boise real estate site at http://www.movinidaho.com. Mervin Hanover, Boise foreclosure and short sale expert, can help you make your Boise dreams a reality.

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