Tag Archives: trends in las vegas real estate

Tips on How to Get Approved for a Home Loan in Las Vegas

Buying your first house is extremely exciting, and many people can attest to that fact. However, in order to purchase a house, most people need to take out a home loan. Saving up enough money to cover the entire cost of the house is an impossible task for most, but a loan can seriously help make this dream a reality.

When you are thinking about purchasing a home, you need to work to get your financial situation in order. Generally, this means you need to save up a sizable down payment. If you’re able to qualify for an FHA loan, you can put as little as 3.5 percent down on the loan. Many people try to save a much as 25% for a down payment, but this can be extremely difficult, especially in more expensive parts of the country.

It’ also a must that you work to ensure that your credit scores are in decent shape… the higher the better When your fico scores are low, you pose a major risk to lenders. Even if you are approved for a home loan, you could end up paying very high interest rates. Fortunately, if this situation does occur, you could refinance later for lower interest rates once your finances are in a better place.

As you get closer to the home-buying moment, you should obtain a pre-approval with a loan provider. Generally, you are going to go through a bank or mortgage company to get a home loan. If you have any extenuating circumstances, you should speak with a loan representative about the best way to address any challenges. For example, if you have low credit scores, you would need to explore the option of entering into a specific program.

A pre-approval tells you how much of a loan you are going to get approved for. Then, you’ll be able to start looking at houses that fall within your approved budget. This pre-approval is quite important! It’s important to pay particular attention to the expiration date on the approval letter. Once that day has come and gone, you would need to get approved for the loan all over again.

When you are ready to buy your home, you’ll go through a last and final approval. Working with an experienced real estate agents like The Batchelor Group and Joshua Nieves one of the top lenders in Las Vegas through this process is highly advisable to great optimal results in your buying process.

Is Your Realtor Staying on Top of the Trends in the Las Vegas Market?

Is your realtor on top of the Las Vegas real estate market trends? In order for you as a buyer or seller to know what’s happening in the market in order to get you the best possible transaction on a property, you need a realtor who is a stickler and keeps up-to-date on the changes that are seen on a daily basis in the Las Vegas area. We at The Batchelor Group place a premium on changing with the times and getting a handle on current and future market trends. We know the real estate environment a year ago is likely to be completely different than the market is today. From buyer’s markets to seller’s markets, our expertise in navigating through all the complexities involved in buying or selling a home in a given timeframe can be an invaluable assistant to anyone entering the market.

There are times when the market changes so aggressively that you as a client need to be well-informed of what’s happening, such as trends in market appreciation or depreciation, that may affect buying or selling decisions. The Las Vegas real estate market can be a rollercoaster ride of peaks and valleys and without an advocate to help you know where the market is heading it can be a laborious and frustrating process for both the buyers and sellers involved.

There are many important factors to consider when evaluating market trends and how they may affect the price of your home. One of the most important things to consider of course is closing cost. In a buyer’s market it may be more likely that the seller is responsible for closing costs, so it is important to know where you might stand in making a deal. Also who pays for the home warranty, the appraisal, and repairs, also will vary depending on market conditions. If the loan in the transaction is FHA or VA, there may be additional requirements that need to be considered in terms of repairs before a deal can close.
Another aspect of market trends that a realtor can inform you on is what is likely to be the length of time in closing. This will change with market conditions. Length of time to closing can vary from 5, to 45 days or more depending on the amount of activity in the market at the time of the sale. If the sale is a short sale, it can actually take from 3-12 months to close on the property which of course would be very important for a buyer in order to make long-term plans.

Additionally, there are some specific things that buyers and sellers need to be informed on in regards to specific pricing of a home such as when a buyer should offer an ‘above asking price’ or an ‘low ball the asking price,’ then of course, how much over or under? An experienced real estate agent can help you make a more informed decision based on the current activity on the property and how many offers are currently on the table. Also, it may be possible to offer under the asking price if the property has noticeable repairs, i.e a minor fixer. Another aspect of pricing as a seller would be to obtain a better understanding of how aggressive you need to be in marketing your home to cover how much may be necessary in advertising costs. On the other hand, as a buyer, it might be important to know how far in advance and when to start looking for a home, which in some cases could take up to six months to buy in a slower market.

Hopefully, by now, you see how many factors come into play regarding market trends when buying or selling a home. At The Batchelor Group we take pride on having the latest knowledge on all market trends in Las Vegas, Nevada. Currently, we’re ranked as one of the top 20 real estate agents in Las Vegas out of over 11,500 realtors. As I’m sure you would agree there’s no way we could have done this without being on top of these trends and understanding where the market is headed on any given day. Our networking throughout the market gives us a unique perspective on the day-to-day happenings that can result in you getting the best deal possible. We vow that you as our client will gain all the benefits of this knowledge and promise to make your real estate transaction stress free. Please feel free to contact us at any time day or night at 702-595-8036. We’d love to speak with you directly to schedule a confidential consultation to discuss whatever your real estate needs may be. Also, you can visit us on the web at www.lasvegasrealeste.com. We look forward to working with you and simply answering your questions to make you feel comfortable with one of the largest investments of your life.