Nevada Real Estate >> Las Vegas Real Estate Specialist: January 2008

Las Vegas Area First Time Buyer: Rent or Buy?

Purchasing a home for the first time can be a scary process.  What is even more scary is our rental market whichLas Vegas NV Real Estate has tightened up since the credit crunch!  If you have large dogs, expect a denial just because of them!  How about rental homes getting foreclosed on and the tenants had no clue?

Now, if you don't want the anxiety, now is probably the time for you to start looking at purchasing your own home.   Right now, with interest rates in the mid 5's and home prices sliding downward, there are areas with very little disparity between an FHA house payment and a rental payment.

  • Contact a trusted real estate professional 
  • Talk to the recommended lender to find out how much you qualify for.  Make sure your lender is knowledgeable about first time buyer programs such as FHA and down payment assistance (DPA) programs associated with FHA.
  • Once you are approved, have your agent set you up on an email "drip"
  • Make an appointment to look at the homes
  • Pick out your home
  • Write the contract

At Contract time you will need:

  • Your preapproval letter from your lender.  
  • Your Checkbook for your Earnest Money Deposit (figure between 1-2% of purchase price) 

Multiple offers are happening with homes that are priced right.  Do not try to lowball or lowball and get concessions (closing costs paid) or you could lose the home.  Be prepared to write multiple offers on attractively priced homes.  Avoid short sales because it is a long shot to get closed. 

During the escrow period you will have to make sure you keep up on Due Diligence:

  • Keep in touch with your lender, escrow officer and agent to see if you need any more documents
  • Receive your "Certificate of Resale" and read the community CCRs, Bylaws, Financials and all other documents provided.  As per Nevada law, you have 5 days after receipt to read and understand those documents.  If you cannot live within the community guidelines you can get out of your contract.
  • Hire an inspector (write it in the contract) EVEN IF IT IS NEW CONSTRUCTION!
  • Have the seller's deliver the CLUE report (write it in the contract) so you know the property is insurable. 
  • Make sure your lender has all required documents INCLUDING APPRAISAL so the loan can be underwritten during your due diligence period.
  • Read your PRELIMINARY TITLE REPORT 

In Nevada  you do not get the keys when you sign your loan documents at the title and escrow company.  

  • Lending conditions must be met
  • Loan Must Fund
  • Title Must Record

Right now the deals in Las Vegas New Construction & Resale Market are disappearing as soon as they hit the market.  Make sure you interview your agent:

  • Are they full time?
  • Do they have backup support from a team environment to deal with time sensitive issues?
  • Do they actively work the markets so they know where to find the deals?
  • Ask them to give some real life examples of deals they have seen in the last week
  • Ask them how much negotiating and contract experience they have had.
  • Ask for customer testimonials and references
Call or email me today.  You may be surprised at how much buying power you can receive with prices & interest rates so low on safe fixed products such as FHA.

Thanks,  Renée Burrows 702-580-1783 Broker/Owner, REALTOR®
 

 

copyright 2006-2013 Renee Burrows, REALTOR®, Savvy Home Realty Solutions  702-966-2494

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Comment balloon 18 commentsRenée Burrows • January 27 2008 08:05PM
Las Vegas Area First Time Buyer: Rent or Buy?
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Purchasing a home for the first time can be a scary process. What is even more scary is our rental market which has tightened up since the credit crunch! If you have large dogs, expect a denial just because of them! How about r ental homes… more
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Richmond at Rhodes Ranch is snuggled in the southwest Las Vegas valley foothills. They feature great peek-a-boo views of the mountains to the west and to the north! Schools (1/27/2007) Zoned are: Sierra Vista High School, Faiss Middle School &… more
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February 1-2, 2008: Happy Paws & Friends February 23, 2008: Petstacular! March 1, 2008: Bark in the Park March 29, 2008: Celebrity Dog Walk April 12, 2007: Pet a Palooza Great Las Vegas Area Pet Resources: LasVegasDogs. net Meetup (breed specific… more
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This Rhodes Ranch Area resale market report was generated on January 27, 2008 (graph on bottom): Active Listings : 501 Under Contract: 79 Sold 12/20/2007-1/20/2008: 42 Months Inventory: 11. 9 Low: $129, 900; High: $3, 490, 000; Median: 270, 000… more
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Las Vegas, NV Valley Short Sale Inventory Absorption Update January…
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The absorption rate for Las Vegas Short Sales has dipped slightly for January 2008.. Inventory has risen dramatically (+316). Pending units have risen slightly at +38 Units. Solds have increased by 10 units. There are many reasons for the lack… more
Las Vegas, NV Valley High Rise Inventory Absorption Update January…
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We have seen the Las Vegas, NV high rise real estate market have a phenomenal (and scary) jump in inventory in the last several months. For several reasons: Too many speculators in that market. They want to close n flip. They are not interested… more
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Rhodes Ranch Area Active Listings/Sold/Rental Real Estate Market…
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This Rhodes Ranch Area resale market report was generated on January 20, 2008 (graph on bottom): Active Listings : 502 (very large one week jump) Under Contract: 76 Sold 12/15/2007-1/15/2008: 44 Months Inventory: 11. 4 Low: $114, 000; High: $2, 675… more
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Why I Declined an Interview with a Major News Outlet:
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I got a call late Monday to be interviewed with a major cable news outlet. Several people are kicking my butt (son included) because I declined the interview. Why would I do such a thing? First of all the inital conversation with the outlet did NOT… more
Las Vegas, NV Area New Construction January 2008 Report
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While we saw an upward tick in Las Vegas New Construction units sold in October, we have a slight downward number of units sold in December. There is barely any standing inventory to close Building permits are up a whopping 114%. This is good… more
Anthem Country Club: Short Sale Listing!
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Pendings are still rising 5 weeks post Las Vegas Foreclosure auctions! Five weeks post we are looking at rising closings (+10 Units/one week) and pendings rose at a nice rate when I expected them to start leveling off (+66 Units/one week)! Yes we… more
Rhodes Ranch Area Active Listings/Sold/Rental Real Estate Market…
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This Rhodes Ranch Area resale market report was generated on January 13, 2008 (graph on bottom): Active Listings : 461 Under Contract: 70 Sold 12/5/2007-1/5/2008: 46 Months Inventory: 10 Low: $114, 000; High: $3, 490, 000; Median: 266, 910 (listing… more
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Las Vegas, NV December 2007 Rental Home Report
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Average rents increased last month, median rents up also. Inventory has dipped and demand is very high in January traditionally. Absorption increased slightly but spring demand will bring it back down more than likely. Units Leased: December 2007… more
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First August then S eptember then October Now NOVEMBER! Obvious anticipation for rental homes, or maybe just housing period is driving the amount of building permits for multi family buildings up for the third month in a row! Amount of Multi… more