Nevada Real Estate >> Las Vegas Real Estate Specialist

Rhodes Ranch Area (Las Vegas NV) July 2010 Real Estate Market Report (Rental & Resale Listings)

Sun, 05 Sep 2010 15:27:11 -0400

Rhodes Ranch Area Resale Market Report (homes for sale, pending and sold):

Active Listings (8/15/2010): 281
Under Contract (8/15/2010): 404
Sold July 2010: 97
Low: $68,000 (Sunset Cliffs)
Median: $135,000 (Canyon Trail)
High: $530,000 (Area Custom Home)

Rhodes Ranch Area Rental Market Report (homes for rent, contingent, leased)

Active Listings (8/15/2010): 79
Under Contract (8/15/2010): 22
Leased August 2010: 75
Low: $650/month (Vistana)
Median: $1150/month (Sierra Madre at Rhodes Ranch)
High: $2650/month (Rhodes Ranch)

Includes: Apache Hills, Apache Springs (The Falls), Astoria Homes at Rhodes Ranch
(Independence), Canyon Trail, Huntington, Liberty @ Warm Springs, Maplewood, Rhodes
Ranch, Richmond@ Rhodes Ranch, Sierra Madre, Venezia, Vistana.

Rhodes Ranch Area Community Information, Listings & Homes for Sale

Rhodes Ranch Area Most Recent Real Estate Market Report

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I Just Had My Second Worst Home Inspection EVER Yesterday!

Sat, 04 Sep 2010 10:02:56 -0400

I was shocked. Some days on home inspection days you fret a little because you just know there are issues but yesterday I didn't even squirm.

The house was built in 2005 and appeared "solid".

Until the Home inspector turned on the water and everything (except the bathroom sinks) started leaking like a sieve. Including toilets. Including a hose bib. Including pipes in walls. Including the roof (well turning the water on didn't cause that one!) Including the kitchen sink.

Here is the moral of the story for any buyer in any state: GET A HOME INSPECTION!

I always recommend one and I always leave it up to the buyer to decide if they can live with the "issues" especially in these "as-is" homes sold these days.

Even if you think the home is "solid".

Especially if it is a "newer" home. Newer homes here that were sold at the height have issues because they were slapped up by builders and maybe bought by "investors" who rented them out and didn't turn in minor issues to warranty - because the renters never told them - then they became bigger issues later. Especially after a home sits vacant in the elements without utilities.

Definitely if it is a "distressed" property with deferred maintenance.

I think the fee is a small price to pay to alert you to potential disaster in the future and hopefully you have a home inspection contingency to get you out of your contract in the event things go horribly wrong.

Even if you lose that inspection fee & end up walking away from that home - you may find yourself saving loads of money in the long run.

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Las Vegas Area Rental Home Market Report July 2010 (includes Henderson & North Las Vegas)

Sun, 05 Sep 2010 12:03:25 -0400

Renters are becoming buyers finally as resale purchase prices drop and economic conditions in the valley are preventing high numbers of new incoming residents to move here. This has softened rental prices slightly as many investors are buying all cash in the market currently and then renting. More homes available for rent (higher supply) and less renters (lower demand.)

Units Leased:

July 2010: 2106
June 2010: 2214
May 2010: 2049
April 2010: 2210
March 2010: 2269
February 2010: 2100
January 2010 1784
December 2009: 1713
November 2009: 1691
October 2009: 2015
September 2009: 1849
August 2009: 2011
July 2009: 2029
June 2009: 1853
May 2009: 1760

Average Monthly Rental Rates:

July 2010: $1425
June 2010: $1410
May 2010: $1254
April 2010: $1413
March 2010: $1193
February 2010: $1731
January 2010: $1582
December 1009: $1313
November 2009: $1313
October 2009: $1264
September 2009: $1477
August 2009: $1255
July 2009: $1405
June 2009: $1299
May 2009: $1348

Median Monthly Rental Rates:

July 2010: $1100
June 2010: $1100
May 2010: $1150
April 2010: $1100
March 2010: $1100
February 2010: $1100
January 2010: $1100
December 2009: $1100
November 2009: $1100
October 2009: $1125
September 2009: $1150
August 2009: $1150
July 2009: $1195
June 2009: $1195

May 2009: $1200

Las Vegas Area remains a Landlord's Market in the Rental Sector for the Las Vegas Valley.

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Last Month's Las Vegas Area Rental Home Report

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Solid hardwood or engineered hardwood. Which is better?

Debbie Gartner (Floor Coverings International :Westchester NY & Fairfield CT) — Sun, 04 Jul 2010 09:25:24 -0400

I get this question about hardwood often and of course the answer is "it depends." It depends on many factors including your subfloor, condition of your floor and what factors are important to you (e.g. ability to sand & refinish, height of floor (relative to other surfaces and/or cabinets and doors), cost, type of wood. There is no "one size fits all" answer.

Usually, I go to a customer's home where I can look at their circumstances and advise them. I'll ask them questions to better understand their needs. And, often, I will give them prices for both options, so they can make a well informed decision.

Clarification - this is a discussion about HARDWOOD not LAMINATE. Laminate is fake hardwood - it looks real, but it's not. Engineered hardwood sounds fake, but it's not. It's real hardwood through and through just done in layers (it's a poor term for it that often causes customer confusion).

Advantages of solid hardwood. (3/4" thick)

- It can be sanded & refinished MANY times. So, if you get lots of scratches or if you want to change the color later, you can.

- If you have other hardwood in the house, chances are it's solid and this could be matched up to it from a height perspective and sometimes from a color perspective.

- Sometimes, it's less expensive...this all depends on what you are comparing it to, but sometimes, solid is less expensive than a sandable engineered product. Sometimes, this is simply because the solids are more popular and sell more and hence are put on special more often.

- Comes in both prefinished and unfinshed forms. (i will write another blog post on this). So, if you have hardwood in other areas and want to match the color exactly (or almost exactly), this can be a great option for you.

Advantages of engineered hardwood (thickness varies from 5/16" to 3/4" but usu 3/8" or 1/2")

- Does not require a plywood subfloor. This means if you have cement, you can install right over it and you don't have to worry about installing plywood which can greatly increase your costs.

- Can be installed below grade (e.g. in a basement that is below the ground). Now, if there is a moisture problem hardwood may not be your best choice, but assuming moisture is not an issue, engineered hardwood is more flexible as to where it can be installed.

- Multiple ways to install - nail down (if plywood), glue or float. More abt this in another post.

- Engineered hardwood is often (but not always) more stable. Because of it's layers, it's often stonger than solid hardwood. And, because the layers are perpendicular to each other, there is usually less expansion and contraction so it allows for a tighter fit, esp during the winter when it's more arid. In addition, because it's more stable, you can often go wider in the planks (and can do so more cost effectively).

- Often, engineered products can be less expensive. This is not always the case, but often the 5/16" and 3/8" are less expensive. But, the thicker ones, esp if they can be sanded & refinished multiple times can sometimes be more expensive. Of course, everything depends on what you are comparing (e.g. type of wood, width of planks, grade of wood, etc....I think I'll have to do a whole other blog post for on this topic.

- Some engineered hardwoods can be installed over radiant heat (but not all). Very few solid hardwood can - only quarter sawn or rifted - usually this only comes in an unfinished format.

I hope this info is helpful for you. If you do have an interest in setting up a free appointment - either for yourself or for a client, pls call us at 914-937-2950 or visit our website. There are many of us across the country so you can also try to find someone in your area. See what our customers are saying about us.

And, if you have any questions, feel free to write in.

Debbie Gartner, Floor Coverings International in Westchester/Western Fairfield

Feel free to download our free flooring guide. Or, visit our flooring selector - almost 2,000 options for hardwood, carpet, tile and more.

"We bring the store to your door."

www.lasvegasmtg.com Report: Is Las Vegas housing inventory rising due to declining sales?

Sat, 04 Sep 2010 12:34:56 -0400

www.lasvegasmtg.com Report: Is Las Vegas housing inventory rising due to declining sales? The Greater Las Vegas Realtors and Applied Science has reported that Las Vegas housing inventory has been increasing weekly at a pace of 280 homes per week since late April. The housing inventory in Las Vegas has increased to 14,854 a 4,800 increase in four months.

Current housing inventory has increased by 20% over last year withvacant or tenant occupied properties representing 80% of the standing inventory. Contingent sales that are currently pending, 80% are short sales that require the banks approval. The Short Sale process is slow and tedious with a success rate of only 25% in actual closing.

In a recent article about the concerns HUD Secretary Shaun Donovanhad about declining sales nationally of existing home sales since the First time Home Buyer Tax Credit had expired in April 30th we are seeing the same statistics in Las Vegas. Las Vegas has seen a decline over last year mirroring the west coast numbers of 31% decline in pending sales.

With rates as low as they have been in a half a century and housing prices at 1980 levels a slowing of sales and higher inventory does not paint a rosy picture for a recovery for our Las Vegas Housing Maket relatively soon. If the Federal government re-instates the Tax Credit will we see another spurt of buyers interest only to slow after it is removed?

It is only speculation on my part but the increase in inventory might be the release of shadow inventory we have heard, about but did not see in listings. If this is true, the release of more inventory while consumer demand is slowing is not a positive outlook for home prices stabilizing in Las Vegas for the short term. What is your opinion?

John Le Francois

Senior Loan Officer

All Western Mortgage Inc.

8345 W. Sunset Rd.
Suite 200
Las Vegas, NV, 89113
US

Work: 702-947-0648

Mobile: 702-271-2659

Fax: 702-541-9901

jlefrancois@awmlv.com

http://www.lasvegasmtg.com

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Designing a kitchen backsplash

Debbie Gartner (Floor Coverings International :Westchester NY & Fairfield CT) — Sat, 04 Sep 2010 08:42:52 -0400

Designing a kitchen backsplash can sound tricky and intimidating. Many of my customers call me and just don't know where to start.

So, here are a few tips to get you on your way.

1. Decide the objective of your backsplash - Do you want it to be a focal point or just to blend in? This will determine how you go about it (i.e. how fancy, now intricate). If you have new granite countertops and beautiful new cabinets, you might prefer for one of those to be focal point. What trips people up is that they start looking at each section of the kitchen separately and you can't do it. It's one room and it needs to work holistically together. If everything fights for your attention, it's distracting. More often than not, the backsplash is usually meant to blend in and help unify the other elements of the kitchen. It's usually a small space, so often less is more.

2. Decide what style you want - Do you want a more modern looking design, more classical or trendy? Do you like backsplashes that look more like natural stone (with some texture and color variation) or do you prefer a shiny glossy look and one with less color variation? Consider looking in a few home or kitchen magazines to see what you prefer.

3. Choose the other main elements first - Usually, it's best to pick out cabinets, countertop and floors first. From there, it's usually pretty simple (if working with an expert) to find a backsplash tile that will work. Make sure you have samples of each of these items so you can color coordinate color and texture for your tile. Personally, I find it easier to find a base tile and then if you want to get fancier with an accent tile (e.g. another color or matching granite, or metal or glass) you work that in as step 2.

4. If you are having challenges visualizing, WAIT to pick out the colors of your backsplash. I have so many customers that just can't visualize how everything will look when it's all finished. And, it's no wonder because when you are redoing your whole kitchen, virtually every element is changing. How often do you redo your kitchen? I'm guessing not often. Of course for someone like me who does this all the time, it comes more naturally, but for a regular customer, most of them need some assistance. From a sequencing standpoint, you'll want to get floors, cabinets and countertops done all sequentially. And, while your kitchen is out of commission at this point, once those countertops are installed and sinks/appliances reconnected to water and/or gas lines, your kitchen is operational again. If you need to, you can delay a bit before picking finalizing the backsplash, especially if this makes you feel more comfortable in your decision. I have many customers that opt for this solution. It just gives them piece of mind and more confidence in their choices.

5. Determine budget - or at least determine is this something you want to go on the high end, low end or somewhere in between? This may narrow down your choices quickly (e.g. can you afford natural stone or glass, or do we need to stick to a ceramic or porcelain?). Backsplashes usually cost more than most customers are expecting due to the labor and attention to detail needed (e.g centering around each section and working around electrical outlets).

Once you have decided on these questions, the backsplash usually just falls into place. You can pick tile, shape/layout and whether and other fancy elements. I love to go to my customer's homes to help them pick out the right colors, styles and layouts. It doesn't usually cost more for these services - it has to be done anyway because someone has to come and measure. You might as well pick some who can measure and provide design advice.

If you are in Westchester, NY or Stamford, CT area, please feel free to give us a call at 914-937-2950 and I'd be happy to guide you through the process. And, for some design ideas, feel free to click on our website - kitchen backsplashes.

Debbie Gartner, Floor Coverings International in Westchester/Western Fairfield

Feel free to download our free flooring guide. Or, visit our flooring selector - almost 2,000 options for hardwood, carpet, tile and more.

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Dear First Time Homebuyer, how many hands in the cookie jar???

Fri, 03 Sep 2010 22:32:33 -0400

First homebuyer speaks to a loan officer or a real estate agent. For some reason, they decide to seek a 2nd opinion because of that gut feeling or because they have heard something different.

A buyer called me regarding some mortgage information after speaking to another loan officer. Forward ahead, skipping details of the story. I give them a totally different answer and I see some major read flags. I also have a bad feeling about how this loan officer is explaining things based on the buyers answers to me. This buyer tells me that they will get the documents from her mom and call me the next day. I never heard back from her, so I followed up. Here is what I received in an e-mail today....

"His mother is still looking it over and is waiting for her other Son to get back from vacation to look it over. She also has a Brother who has purchased numerous homes looking it over. I mentioned to her that maybe she should look to getting a professional second opinion. She however is not going to make a decision without her other sons and brother input. When he returns I will pass on your information and concerns to him."

What is wrong with this picture? As a first time homebuyer, she is gravitating towards advice from family members. But shouldn't they be seeking advice from other like minded professionals? Maybe another mortgage professional? I know opinions and insights can help some. But if I needed a second opinion on a special type of surgery such as heart surgery, am I going to wait for my son to come home, who has had shoulder surgery and surgery on his gall bladder? Maybe to get an idea if it was painful or not, but really nothing else. But what else could my son tell me? Could he in detail explain the exact procedures for such a surgery? What would be right or wrong? Maybe tell me things that he read online? Even reading things online can be dangerous. Please read these two posts showing the bad information that is out there.

HUD guidelines are creating misinformation & scare tactics - by Paula Henry - Very good post, yet very scary because of the details set forth by a specific loan officer, which was 110% wrong and incorrect.

Rumors about FHA loans monthly mortgage insurance increase - Same kind of wrong information that is talked about in Paula's post above. That someone else listed the same wrong information of 1.55% for the monthly mortgage insurance.

Too many hands in the cookie jar? Again, seeking help from family members can some times be helpful when trying to seek a specific direction in life or when dealing with a problem. But to try and get insightful knowledge about mortgages from family members? I would rather take my chances with a deadly snake in the amazon. At least if I get bit, it will be a quick death. In regards to the woman above, it could be a slow death, after trying many different answers from her family members. Not unless they deal with mortgages on a daily basis, should this woman be taking strong advice from them. Sorry people, I have seen this back fire more often then none. I have even seen the old "going with a friend" answer fall apart at the end. It's easy to give an answer or to promise something, but when it falls apart or doesn't come true? Then were are all of these people at?

Hey, want a cliff notes version of this women's story? Before I start... Mother pays $800 a month on her house. They will cash-out $220,00 to give to the daughter to buy their new home in cash. So, bottom line was that this loan officer told them that her mothers new payment would go from $800 to $1,350 a month. pppssss... mind you, she only has 5 yrs left on her mortgage. But the worst part? The loan officer said that the mother could still pay the $800 monthly and she, a new home owner, could pay her mother the extra $300. And then went on to say, this is great considering that we are talking about 2 homes. Hey loan officer, what about taxes and home owners insurance? Ah, another $400 a month for the mother and another $500 a month for this first homebuyer who will own the home free and clear. Rut row, that is another $900 a month that he didn't explain about and the buyer didn't think about this. It gets better.

I told her that he mom could co-sign for her instead of tapping into her mom's house. Remember, mom only has 5 years left. Secondly, I did some research and found out that the property that they wanted was approved for a USDA loan in New Jersey, for 100% financing. She began to listen, but still needs to talk to family members.

Conclusion : First off, it sounds like this other loan officer has no clue and was just telling her what she wanted to hear. Imagine that. Secondly, she seems to want to trust family and not a professional expert. Lastly, will she pick door number 1 or door number 2? ( ssshhhh, I am behind door #2) Time will tell and I will keep you posted.

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For more information on FHA loans, please go to this link. The FHA Expert

For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags!

For information about FHA myths & FHA rumors, please read : FHA Myths & Rumors

Did We Exhaust Our Pent Up Demand For First Time Buyers with the Tax Credit?

Fri, 03 Sep 2010 20:52:51 -0400

Las Vegas Listing Inventory (homes for sale) has risen dramatically since the first time buyer tax credit. While I may be convoluted with my thinking as to whom I am working with (mainly investors all of a sudden) I had to go check GLVAR's listing stats and see if the "Shadow Inventory Fairy" paid us a visit. NOPE!

It is because buyer demand is DOWN DOWN DOWN! Not down horribly bad. I took a peek at August's numbers (I don't pull my Las Vegas Real Estate Market Report stats until the middle of the month due to late reporting by list agents!) Sales are pretty strong for August (in fact stronger than I thought) and are so far coming in at over 3500 closes. Listings have dropped slightly and pendings have risen slightly so that is all good.

When I checked the new listings on the market, we rose slightly in June (but still down down down when you compare to 2006, 7 and 8). July's new listings on the market were well below June 2006-2009's numbers. We are still anxiously waiting on August's numbers.

I had my one and only first time buyer send me 10 listings last friday. They were all still available on Tuesday when we went searching. This would NOT have happend from January 2009 to May 2010. What would have happened is that 4 would have changed to contracted status and another 4 would have multiple offers and 2 would be damaged so bad that they wouldn't be eligible for financing (which 2 were ineligible for financing.) BUT HOORAH! We still had 8 to choose from!

What this boils down to is more concessions for first time buyers like I explained in the video that I did a while back in anticipation for this moment.

In May I predicted we would go from a seller's market to stable by December. In July, I moved that prediction up to Oct/November. Now I move it back to Nov/December!

First time buyers, if you feel like you missed out on the tax credit, do not feel bad. You can recoop that in lower prices (yes we are having slighty declining prices in some areas) and by getting your closing costs paid (which was a little harder to do with 20 offers on the same property during tax credit time!)

Call or email for your consultation today!

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When Temps Drop So Does Demand for Pool Home Listings in the Henderson & Las Vegas Area!

Fri, 03 Sep 2010 20:24:28 -0400

As I am writing this on the eve of Labor Day Weekend in September 2010, temperatures are well above 100 degrees today!

Demand for pool homes traditionally drops with the temperatures in the fall and rises in the spring as the temperatures rise. Generally the best time to buy a Las Vegas, Henderson or North Las Vegas pool home is October, November, December or January when no one else is thinking about it! You will have less competition & more homes to choose from!

Just wanted to pass that little tidbit of information your way if you were considering buying a pool home in the future – like next spring. You may want to start your search for pool homes right now so you have less competition and stress when looking for that perfect home!

Search the Newest Las Vegas, Henderson or North Las Vegas Area Pool Home Listings for Sale:

(links updated daily!)

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Should you install tile yourself? Installing tile in Westchester and Stamford.

Debbie Gartner (Floor Coverings International :Westchester NY & Fairfield CT) — Fri, 03 Sep 2010 06:52:01 -0400

Should you install tile yourself? Tile is the one flooring surface that so many do-it-yourselfers think they can install themselves (or they have a friend who can do it). And, tile is also the one surface, moreso than any other surface, where I see such a wide spectrum of skills and some VERY messed up tile jobs, so this is a big watch-out.

Because tile is so labor expensive, it is the most expensive surface to install. And, because it’s more expensive, it’s one of the areas customers try to save on, especially these days. Sometimes these jobs are done by do-it-yourselfers, sometimes by handymen, sometimes by people who are handy. Regardless, this can sometimes lead to major issues, and personally I think it’s best to have a professional tile installer help you.

By far, the biggest issue is the one area inexperienced installers don’t see or don’t know about and that is floor prep. Your tile is only as good as the subfloor and the prep underneath it! If you haven’t done this correctly, it doesn’t matter how much you’ve saved on your labor or how good your tile laying skills are, or how great a deal you got on those tiles as they will surely crack.

What sorts of issues can happen?

Most common issue is cracking. And, this happens often – usually not right away, but sometimes 1-2 yrs later; sometimes 5-10 yrs later. Most common reasons for this are because someone installed on top of plywood or a wood surface and/or because floor is uneven. Floor prep and leveling is super important. If you don’t do it, you’ll be sorry. I can’t even tell you how many jobs we have seen where the tile is cracked, and it’s obvious to me why it’s happened – no floor prep. This is even more important in Northeast and mid-Atlantic areas where homes are older and tend be less level.

Uneven tile laying – you should always use spacers. I have seen many sloppy jobs – tile and grout lines uneven. I also see lots of sloppy cuts around the edges and the trim and missing transitions. It’s quite sad. Looks terrible no matter how nice the tile is.

Improper lay out and spacing. My installers measure and center. So whether it’s a floor or a bathroom wall or backsplash, we measure to see how the tile will lay out. We center it in the room so you don’t have ½ pieces on one side of the room or your design or border hitting the electrical outlets.

Grout lines that are too large – Ugh. Every time I see large grout lines, my nose starts to cringe as this looks so dated. But, so often, this is just done by someone inexperienced and not up-to-date on the trends. Thinner grout lines look nicer, last longer and are easier to clean and maintain.

Wrong or no trim pieces. When finishing off tile, especially in a bathroom, you need to have bullnose or wallnose pieces for smooth transition to the wall. Otherwise, it just looks unfinished and it’s obvious that it was done by an amateur.

I could go on about other issues, but I think this is enough for now. If you’re considering installing tile flooring in your bathroom or adding a tile floor in your kitchen, please consider calling a professional. If you are in Westchester, NY or Fairfield, CT counties, please free to give us a call at Floor Coverings International 914-937-2950. We also have branches in most other parts of the US and Canada.

Debbie Gartner, Floor Coverings International in Westchester/Western Fairfield

Feel free to download our free flooring guide. Or, visit our flooring selector - almost 2,000 options for hardwood, carpet, tile and more.

"We bring the store to your door."

It's official - FHA has formally announced the mortgage insurance changes for FHA loans

Thu, 02 Sep 2010 15:04:56 -0400

FHA first shared these changes on August 4th, after it had been approved by Congress and then the President signed off on it on August 11th. FHA has finally come out with the mortgagee letter, ML 2010-28, which puts it officially in writing now.

This mortgagee letter is effective on FHA loans in which the case number is assigned on or after October 4th, 2010. This policy will increase the monthly mortgage insurance and decrease the mortgage insurance premiums for purchase money and refinance transactions, to include FHA streamline refinances.

So what are the major FHA changes regarding mortgagee letter 2010-28? - For terms greater than 15 years -

LTV's <= 95% will increase the monthly fee to 85 bps >> Old monthly fee was .50 bps

LTV's > 95% will increase the monthly fee to 90 bps >> Old monthly fee was .55 bps

And lastly, it will reduce the Upfront Mortgage Insurance Premium, UFMIP, from 225 basis points to 100 basis points.

How will this affect new homebuyers?

3 quick examples (these examples are putting the minimum down payment of 3.5%)

On a $275,000 mortgage – the change in payment would be about $70 higher a month

On a $200,000 mortgage – the change in payment would be about $45 higher a month

On a $125,000 mortgage – the change in payment would be about $27 higher a month

Buyers Beware - If you have your eye set on a specific home, or are negotiating on a property, or are very serious about buying soon, you will have 31 days to make a mortgage application before these new changes take place.

FYI in regards to Charlie Ragonesi's comment, #4 - I still don't think that this will move buyers from FHA loans to conventional loanss. Here is my reason why... please read : FHA loans vs conventional loans - The buyer's buying power will only decrease by about $10,000 or so.

These 2 posts I wrote previously below go into more details about the changes and showing more detailed figures.

Bill H.R. 5981 passes - FHA Mortgages to increase it's annual mortgage insurance premium

STOP TAXATION? - The new changes for FHA loans are being called : The New Homebuyer Tax

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For more information on FHA loans, please go to this link. The FHA Expert

For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags!

For information about FHA myths & FHA rumors, please read : FHA Myths & Rumors

What is your loan officer bringing to the table?

Thu, 02 Sep 2010 21:02:03 -0400

I love to dine...what that means is I am pretty darn picky about the food I partake of and I enjoy sharing the dining experience with friends and family through a leisurely and satiating experience. I am quite certain in one of my former lives I must have been French, Italian, Greek, Russian, Indian.......anything but tried and true born in the U.S.A. Don't misunderstand, I am a very loyal American...except when it comes to food. I don't "do" fast food.....left to me there would be no Golden Arches, no Whoppers and no deep fried "what ever that thing is".......they wouldn't exist because they would be bankrupt for the lack of my money.

Give me quality....or give me nothing. Send me to bed without my supper......that's okay by me. And, I am not talking high brow, five star dining experiences.....a local diner who produces the best corned beef hash in history is fine by me. I just don't want "canned", "processed" and poorly cooked food....and avoid it at all costs.

Now, lest you think I have gone off the deep end into some fixation with food...let me explain that my current fascination with the topic of food was brought on by Karen Fiddler's post on saving her transaction. It is a great post and Karen's intuition kicked into high gear to inspire her to sit down with her clients and get to the bottom of what they "weren't" saying......and what they weren't saying is that they were confused and frightened by the repeated questions and additional documentation required from their loan officer.

So confused and frightened, in fact, that they were ready to withdraw their offer. Karen soothed their fears and assured them all was okay, talked with the loan officer and established the communication and flow of information to alleviate her clients fears and save the transaction from almost certain failure. Kudos to Karen for listening to that still small voice...all to often we humans think our own loud voice is more intelligent than that little small glimmer Providence has given us.

Now, the point of my love of good food and the intimate and romantic nature of exquisite dining is this (yes, she is finally going to draw a connection between food and finance...thanks for hanging in there): I question what the loan officer is question is "bringing to the table"....clearly, the borrowers are being fed only when the loan officer feels like feeding them and only what this loan officer thinks they should be allowed to eat. The quality of the ingredients, the preparation and the presentation are of no consequence to this "drive through" fast food junkie.

As consumers and as agents, I think it is your right to have your financing served "your way" (okay, I just could not resist)......and, there is absolutely no excuse for the uncertainty and insecurity Karen's clients experienced because their loan officer could not find the time, or presence of mind, to serve them (and their agents, for that matter) quality "food", prepared with thoughtfulness and compassion and served with humility for the opportunity to represent them with the purchase of their home.

Now, I have to rush off to make steamed mussels and clams in a white wine reduction infused with shallots, fennel, garlic and fresh herbs from the garden, finished off with a splash of cream and fresh tomatoes....and freshly made bruschetta! Bon appetit!!!!

Deborah Garvin

If you are looking for answers and creativity to accomplish your home buying goals and financial stability, contact me for a thorough analysis of your current and future home buying and refinance opportunities. FHA, VA, renovation expert, HUD Certified First Time Homebuyer Certified Mortgage Banker.

(619) 787-8212

As a seller, do you listen to your listing agent's advice about potential buyer's financing offers with FHA Loans?

Sun, 01 Aug 2010 22:29:33 -0400

Sellers, don't accept offers from a buyer with FHA financing. Wait, don't accept offers with VA financing. Wait, don't accept offers with conventional financing. Gee, you might as well wait around for a cash buyer.

FHA loans are not a bad thing. It could just be that your listing agent isn't familiar with FHA mortgages, or maybe had a bad experience once before, or that they are afraid that the house might not pass a FHA appraisal. In my opinion, I just think the listing agent is flipping a coin on your property and it could cost you thousands of dollars.

I have been hearing negative things about FHA loans since I first got into mortgages back in 1992. But what prompt me to write about this again was after reading a comment by Sally Cheesman in her post, Holding an offer hostage for a second pre-approval. Read Sally's comment : Listing agent denies offers with FHA & VA financing.

PS... make sure you truly understand about the difference between pre-approval letters and pre-qualification letters.

I wanted to point out two comments from a post comparing FHA loans and Conventional loans. And keep in mind, these 2 comments are coming from realtors defending FHA mortgages.

Chris Olsen wrote this comment : Comment by Chris - He states that a seller accepted a conventional offer that was $10,000 less than his clients FHA offer.
Karen Crowson wrote this comment : Comment by Karen - She states the bias opinions from other realtors.

Here are some false assumptions about FHA loans :

Only for first time homebuyers

for those borrowers with poor or bad credit

for those with no money

FHA loans take a longer time to process or close - FALSE

FHA loans are more expensive, have higher fees and or rates. Again, False. Every mortgage lender has a profit margin, regardless of the type of mortgage. If someone is charging you more on a FHA loan, it's purely out of greed. Here is a good example. FHA fees and why I was charged more. Please read the 2nd paragraph.

appraisers are more difficult on the appraisals. This comment is so 2002 and prior. Yes, this was sometimes an issue back in the '90s. But HUD changed the appraisel requirements about 7 years ago. (I would love for some appraisers to chime in here and I will post your answers.)

If you have 20% down, conventional is the way to go. FALSE.... it depends on your credit score. Please read this. FHA Loans vs Conventional Loans - 20% down - A Rude Reality Check

a lender that is asking for more information that you didn't expect, because it's an FHA loan. This is not always because of FHA, but could be because of specific investor overlays. Just keep this in mind.

Conclusion : Pick your realtors and loan officers wisely. We all should have the buyers or sellers best interest at hand, but this is not always the case. Is this negative? Yes, but it's the truth and it's reality. Just do your research carefully and keep the emotions out of your decision.

Overall, these negative comments from realtors about FHA loans usually come from old time realtors that haven't left the 90's, from those new realtors that don't know any better, or just from someone that heard a comment by another agent. You know, that trickle down effect. when someone gives their opinion as a fact, sometimes that other person listening will do the same. Just beware...

Solutions : If the property needs some work, or even major work, why not use a FHA 203-k loan. Here is some information on 203 k loans.

- What is a FHA 203 k loan & what can 203-k loans be used for -

- Energy Efficient Mortgages & 203-k loans -

PS... I don't make any extra money by promoting FHA loans. My job is to make sure that the borrower gets the best type of mortgage out there that suits their needs and goals.

Sellers, fire your listing agent if they tell you not to take an FHA offer !!!! Just my opinion, but the agent could be costing you lots of money. Unless you just don't care about throwing money out the window, this is extremely poor advice that could be based on assumptions or just a bad experience.

Please read : FHA loans aren't a bad things and the reasons why.

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For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags!

For information about FHA myths & FHA rumors, please read : FHA Myths & Rumors

Economic Conditions for the Las Vegas Valley August 2010 (includes Henderson & North Las Vegas)

Thu, 02 Sep 2010 15:23:14 -0400

Economic Conditions for the Las Vegas Valley July 2010

Housing Conditions:

Foreclosure/Short Sale Listings (8/15/2010): Total Listings 13902; Short Sales: 6144, 44% of all listings; Bank Owned Listings: 2738, 20% of all listings. Short sale and REO listings consume 64% of total listings
New Home Sales (July 2010, units sold): 323 Year Change -14.6% (excl condo conversions, highrises)
New Home Sales (July 2010, median price): $195,000 Year Change -5.2% (excl condo conversions, highrises)
Existing Home Sales (July 2010, units sold): 3611 Year Change -17.8%
Existing Home Sales (July 2010, median price): $123,400 Year Change: -1.3%
New Home Permits (July 2010): 371 Year Change -17.9%
Rental Rate (MLS Monthly Average June 2010): $1410/month

My analysis: Distressed listings (foreclosures and short sales) are 64% of total listings up 1% from last month. This figure is slowly going up after many months of decline HOWEVER REO is emerging as a new life form (investor trustee sale purchase flips.) Credit markets must be watched as underwriting guidelines continue to tighten. Condos are barely financeable. Resale sold units and pendings remain impressive from the tax credit highs. Inventory IS increasing as pent up demand from first time buyers was exhausted from the tax credit offering that expired June 30, 2010. The rental market is softening due to all the investor/first time buyer combination of activity. This adds more supply and creates less demand.

New Residents/Employment Conditions:

New Residents (July 2010): 4683, Year Change -3.3%
Total Employment (July 2010): 801,300 Year Change -2.3%
Unemployment Rate (July 2010) 14.8%, Year Change +1.8%

My analysis: The tourism, gaming and convention numbers need to improve before these numbers improve. New Resident Count will continue to plummet if no new jobs are created. Economists are hoping that City Center brings tens of thousands of new jobs. The Las Vegas Valley has lost -135,400 jobs since April 2008. I am not optimistic that City Center can pull us out of this slump. (see Tourism/Gaming conditions below!) City Center is expected to draw in anywhere from 10,000-15,000 new jobs. Unfortunately around 8500 construction workers from the project will be unemployed so that really boils down to only 2500-7500 new jobs. Unemployment rate is painful yet again. While these numbers are looking VERY bad, I am seeing some changes in the Tourism/Gaming Sector which will help this sector in the long run if it is sustainable!!

Tourism/Gaming Conditions:

McCarran Airport Total Passengers (July 2010): 3,518,217 Year Change -1.1%
Gaming Revenue (June 2010): $640,096,466, Year Change -6.9%
Visitor Volume (June 2010): 3,395,759, Year Change +3.5%
Convention Attendance (June 2010): 351,731, Year Change -1.0%
Hotel/Motel Occupancy (June 2010): 82.1% Year Change -0.1%

My analysis: Convention Attendance is Truggling again. This sector (tourism) needs to see some serious price corrections before we see a comeback. Corporate credit is not coming back any time soon. It will be hard to get convention attendance back up without corporate credit. Glad to see regular tourists are making their way here with the imbalance of the other numbers to replace the convention attendee numbers. Gaming numbers are back in the negative but thankfully not in the double digits like they have been in the recent past.

Sources: Salestraq, Home Builder's Research, Greater Las Vegas Association of Realtors, Nevada State Gaming Control Board, Nevada Department of Motor Vehicles, McCarran International Airport, Las Vegas Convention & Visitor's Authority, Nevada Department of Employment, Training and Rehabilitation. Information deemed reliable but not guaranteed. My analysis is my humble opinion

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Southern Highlands (Las Vegas NV) July 2010 Real Estate Market Report

Tue, 31 Aug 2010 19:33:37 -0400

Southern Highlands July 2010 Real Estate Resale Market Report (Homes For Sale/Under Contract/Sold):

Listings (8/15/2010): 184
Under Contract (8/15/2010): 210
Sold July 2010: 54

Since Last Month: Listings are UP +9, Pendings are DOWN -10, Sold Units DOWN -4.

Last Month's Southern Highlands Market Report

View Southern Highlands Homes For Sale Here (Updated Daily)

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More Las Vegas Communities Here

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What is your loan officer bringing to the table?

As a seller, do you listen to your listing agent's advice about potential buyer's financing offers with FHA Loans?

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Economic Conditions for the Las Vegas Valley August 2010 (includes Henderson & North Las Vegas)

Southern Highlands (Las Vegas NV) July 2010 Real Estate Market Report

I Just Had My Second Worst Home Inspection EVER Yesterday!