Tag Archives: Jillian Batchelor

Why You Should Buy a Home Before 2014

Are you looking to buy a home soon, but aren’t sure if you should buy now or wait? With the rising costs associated with buying a home, it’s a no-brainer that you shouldn’t wait long to put in that offer. Here are some major reasons why you should buy a home now, in 2013, instead of waiting for 2014.

Interest Rates are Rising

One problem with historically low interest rates is that they have nowhere to go but up. At the beginning of June, that’s exactly what started happening. Ben Bernanke, the chairman of the Federal Reserve, announced then that he may begin to slow the government’s QE3 program. This is the Federal Reserve’s program of buying back mortgage backed security and treasuries from the banks in order to encourage the banks to lower interest rates and stimulate the economy. Immediately after the announcement, there was a sharp rise in mortgage interest rates, all the way up to a full percentage. Bernanke has since backed off the statement, and interest rates have slightly settled, but the program will end, and 2014 is the probably time from for that to happen. When the qe3 program does end, rates will likely shoot to the 6% range.

Home Prices are Rising

Interest rates aren’t the only thing rising. In May 2013, home values across the U.S. were up approximately 12.1% from May 2012. With interest rates and home rates rising, it indicates that action is needed to buy a home before they rise anymore. Every time an interest rate rises just 1%, it means 10% less buying power. That means that if home prices rise 10% and rates go up by 1% within the next year, your buying power decreases by 20%! That is a significant chunk of change that could go towards a bigger home now instead of interest rates later.

Right now, homes are still affordable. The housing affordability index, put out by the National Association of Realtors, is based on the relationship between median home price, median family income, and average mortgage interest rate. In January 2013, the index hit a high with a composite number of 210.7. That means that a family earning the median national income makes more than twice what is necessary to qualify for the same home. However, you should know that the affordability index is sliding. In May, the last figures posted were 172, which is 38 points lower than the points posted in January. This means that houses may get less affordable the longer that you wait.

Guard Yourself against Inflation

If you could pay today’s prices for eggs, gas, and milk for the next 30 years, would you do it? Of course you would! Prices are only rising, and inflation leaves you with less buying power. A 30 year fixed rate mortgage works the same way. It guards you from inflated interest rates and prices.

When you’re ready to begin your home buying process, or if you would just like more information, contact Jillian Batchelor of The Batchelor Group today at 702-823-3801, or visit us online at www.lasvegas1realestate.com. Hurry before the numbers start to rise!

Las Vegas Mortgage Market Update With The Batchelor Group and First Option Mortgage

Home buyers in today’s real estate market have better outcomes with Realtors and Lenders who work as a team on behalf of buyers. Jillian Batchelor and Pamela Wilkins of First Option Mortgage are such a unit and any home buyer would do well to have this pair in his or her corner.

Both Jillian and Pamela agree that before any buyer is able to submit an acceptable offer, the buyer must be pre-qualified and have some grasp of the type and amount of loan that is within his or her capabilities. A call or email to either Jillian or Pamela will get the ball rolling on pre-qualification which should always occur before looking at homes seriously.

Pre-qualified home buyers have clear parameters and are able to focus on homes for sale that conform to their individual loan qualifications. The right fit will support a quick close and move in date. Additionally, a pre-qualified buyer is more confident and able to evaluate other critical aspects of the home purchase such as price relative to investment and value as opposed to simply the outer limits of loan qualification. A pre-qualified buyer is able to closely evaluate home inspections, community assets and location of the real estate because the stress of qualifying for the loan is off the table.

Once an offer has been accepted, the strength and fast moving pace of the First Option Mortgage process is quite extraordinary. As a direct Lender, there is no time consuming a search for the best loan because First Option will make the loan commitment directly thereby avoiding the additional time required to seek out funding sources as many online loan companies and brokers must do. First Option Mortgage gives all borrowers their exclusive “10 day underwriting guarantee” which is a promise to First Option borrowers that loans will be evaluated and approved by the underwriting department within 10 days of submission. This assurance of quick action gives home-buyers a true competitive edge when it comes to performing in a fast moving real estate climate.

Financing programs that adapt to today’s special circumstances provide opportunities to individuals who hit rough patches during the downturn and have recovered but still have some financial scars. First Option Mortgage has a wide range of financial products to help first-time home buyers and home buyers who suffered setbacks when the bubble burst but have landed on their feet and are ready to evaluate buying a home again. Jill Batchelor and Pamela Wilkins are well prepared to help the Las Vegas community benefit from a healthy and robust real estate market. They are the experts in low down FHA loans, VA loans and specialized loans that save the expense of mortgage insurance. The experience and knowledge of different financing programs appropriate to different market conditions and buyer circumstances promise the best terms and the best homes for all of their clients.

Call the Batchelor Group at 702-823-3801 or email at: www.LasVegas1RealEstate.com to discover Las Vegas real estate opportunities for you.

Why sell your home before 2014

Placing a home on the market with the objective of achieving a closed sale before 2014 is a worthwhile goal and still quite doable. Homes that are promoted over the holiday season are viewed by buyers who are determined and sincere. The Realtors who commit to working the holiday season expect to initiate and close sales before the beginning of the New Year. Buyers looking for homes this time of year are more frequently pre-qualified and prepared to submit a deposit and perform on a tight schedule. The short fuse of this goal supports momentum, energy and desire that will not fade before close of escrow. Because Realtors are working with fewer and more qualified buyers, the focus is more resolute. Buyers, sellers and Realtors, the stakeholders who stand to benefit from end of year closings are getting qualified for loans, putting homes on the market and booking real property showings to prepare for an exciting 2014.

Experienced Realtors expect to put in long hours over the holidays. Showings and open houses scheduled before, after and on Black Friday are less in number but more effective as far as producing sales. Only the most serious are shopping for homes this time of year and real estate professionals tend to be more dedicated to those who will most certainly boost year-end sales totals. Although homes are viewed less overall, those looking to buy are envisioning a move-in and will work hard to make it happen before the New Year.

Aggressively marketing a home before year end is an opportunity to avoid another uncertain time of higher interest rates which will undoubtedly occur in 2014. Higher interest rates will reduce the amount of qualified buyers. It is expected that the number of homes for sale will increase at the beginning of the New Year and sellers will be competing with one another for the same buyers. Realtors recommend making the sale now before competition will decrease the odds for a quick closing. The past few years have demonstrated a volatile market and have shown us all how quickly conditions can change. A fast close before the end of the year will reduce the risk of market fluctuations which affect otherwise good real estate sales. For sellers considering another real estate purchase, a closed sale will expedite other opportunities.

It can be very challenging to market a home during the holidays but it is also a time that many homes look their best. To close a real estate sale before 2014, call Jillian Batchelor at 702-823-3801 or contact us online at: www.LasVegas1RealEstate.com and make an appointment today.