Las Vegas Real Estate Blog

Popularity: 24%

Mortgage rates continue to rise as the Spring buying season rounds the corner. The rate increase could limit how much money home buyers may be able to borrow. Additionally, it could force some sellers to reduce their prices.

According to the MBA, rates for 30-year mortgages rose to 6.42 percent which represented a high not seen since July 2002. The rise in interest rates could definitely dampen new and pre-owned home sales as we move into the spring season. A popular time for home buyers searching for a home in the hopes of moving during the summer school break.

The higher borrowing rates are also impacting home loan applications which were down 20% from last year. However, some among us still remain optimistic. Economists are counting on the underlying strength of the economy and seasonal spring demand to pull the market through its rough patch.

For more information, contact MillionSaverHomes.com a local Las Vegas real estate broker at 702.212.3513

Popularity: 15%

The Housing Opportunities, Programs and Education Program (H.O.P.E.) has helped more than one-hundred low-income working families in the Las Vegas area purchase a home. The program is designed to assist families with down payments and credit counseling.

Additionally, H.O.P.E. has just added a new property management component to its program which will assist families in finding a home to rent during the year or so it may take to repair credit in order to qualify for a home purchase.
The H.O.P.E. program will host a home buying education seminar that’s free to the public on Wednesday, March 22. For more information, call 592-9526.

For more information, contact MillionSaverHomes.com a local Las Vegas real estate broker at 702.212.3513.

Popularity: 11%

The “average working people” of Las Vegas are deeply concerned about the lack of affordable housing in the LV area. To that end, they have announced plans to hold a community-wide conference to discuss the issue.

The April 6 conference at Green Valley Ranch in Henderson is to include what organizers hope are a “diverse group” of more than 200 “policy makers, private sector concerns and workforce representatives.”The goal of the confierence is to generate strategies for addressing the lack of affordable housing, and to get people in positions of authority and influence to commit to those strategies.

For more information, contact MillionSaverHomes.com a local Las Vegas real estate broker at 702.212.3513.

Popularity: 14%

According to the Greater Las Vegas Association of Realtors, LV home prices continued to drop in February to a median price of $309,000. This continues a drop in prices that began in December and that appear to have continued into the first quarter of 2006. It has also prompted some local housing analysts to revise their double-digit appreciation rates to single-digits only.

On a brighter note, condo and townhome sales are stronger than last year. The median price increased 9.1% to $196,450. Great news for condo and townhome owners.

For more information, contact MillionSaverHomes.com a local Las Vegas real estate broker at 702.212.3513.

Popularity: 12%

Quiz time…..

True or False: Does paying extra on an interest-only loan pay down a loan faster than a standard amortizing loan?

If you guessed “False” you are correct!

If you pay extra on any mortgage, you’ll pay it down faster. But if you have a mortgage with an interest-only option and you make the same payments as you would on a standard amortizing mortgage, it will pay down at the same rate as the amortizing loan.

Interest-only loans allow people to pay only the interest or interest plus as much principal as they wish; even extra if they want. But the reason people get interest-only loans is to have the payment flexibility when they need it.
Its important to note that if you pay extra toward your interest-only loan (that is, more than the monthly principal and interest payment), one good thing that happens is the next month’s required payment drops.

Interest-only mortgages can allow flexibility and choice needed by some buyers. However, the pros and cons of this, or any loan product, should be researched thoroughly before committing to any particular one.

For more information, contact MillionSaverHomes.com a local Las Vegas real estate broker at 702.212.3513.

Popularity: 13%

Las Vegas-based real estate broker Millionsaver announced the national expansion of the Millionsaver franchise program. The recent decision to expand their real estate brokerage program nationally was a direct result of the ongoing success Millionsaver has experienced in the Las Vegas market.

The Millionsaver franchise program provides brokers with an efficient franchise system designed to acquire buyers and sellers and manage agents. Millionsaver has developed its own unique IDX system, contact management software, and referral system to give its agents and brokers a distinct competitive advantage.

Millionsaver agents do well because they work smarter. According to John Vanhara, President of EastBiz.com and founder of Millionsaver, “Our agents don’t waste time on prospecting methods, which worked 10 or 20 years ago. We don’t believe in telemarketing, cold calling, door knocking or other methods taught in traditional real estate companies. We strongly believe in the Internet and in providing comprehensive information to customers.”

“Our efforts are paying off, and we are able to attract thousands of buyers and sellers to our agents. Our agents work as professionals. They handle the serious work we trained for: negotiating price and terms, helping to arrange financing, coordinating inspections, and seeing the transaction through to a satisfactory closing.”

The Millionsaver franchise program provides anything an agent would need for conducting business — at no cost to them. This includes providing leads and referrals, advertising, and even office and administrative support. Additionally, the Millionsaver franchise does not charge any initial franchise or royalty fees.
“We see a huge potential in expanding to local markets. We hope to find real estate brokers who will share our vision and mission,” said John Vanhara. “We aren’t interested in making money on real estate agents, but with real estate agents.”

Popularity: 11%

Growth in real estate-related employment in LV has trended between 10% and 15% above the national average since 2000.  This is not a bad thing, but according to the mortgage insurance firm PMI, this may spell trouble with a capital “T” if the housing market heads south.

The belief is that when housing prices flatten out or drop, local economies like LV’s may lose their re-fi backed cash infusions, homeowners may hemorrhage equity and lenders may have to reckon with upside-down loans.

For more information, contact MillionSaverHomes.com a local Las Vegas real estate broker at 702.212.3513.

Popularity: 15%

According to a new study, many Hispanic and Asian residents are choosing to live in new metropolitan areas while Black Americans continue their migration South.

A sharply rising number of Hispanics are heading for Nashville and/or Indianapolis; as a large number of Asians move to Orlando and Phoenix. While the traditional immigrant centers, mainly in the Southwest and West, are still home to half of Hispanics and most Asian residents, newer destinations are growing faster.Additionally, 5 of the 10 metropolitan areas with the largest growth in the black population are in the South with Atlanta being the top gainer. However, the study also found that the fastest-growing black populations among large metropolitan areas were in Las Vegas, Phoenix and Orlando.

The change in migration patterns are said to reflect the quest for economic opportunity and not necessarily because of any family or racial ties.

For more information, contact MillionSaverHomes.com a local Las Vegas real estate broker at 702.212.3513.

Popularity: 12%

If lower auto and homeowner’s insurance rates interest you, then you may want to focus on paying your bills on time. You may be asking yourself, what does one have to do with the other?

Its a little known fact that insurers use credit scores, that we typically associate with good mortgage rates to assess one’s risk of filing a claim. The idea is that if you can manage your personal finances well, you should be able to do the same thing with a car and home. But, don’t assume that if your FICO score is high that you will automatically qualify for lower insurance rates. Insurers interpret your data using their own unique risk models, so the numbers they apply to you may differ from the one your mortgage lender uses. Secondly, insurers rely on credit scores to varying degrees, so the amount of the discount will differ from company to company.

For more information, contact MillionSaverHomes.com a local Las Vegas real estate broker at 702.212.3513.

Popularity: 13%