There's a new trend in real estate. Recently released national statistics for existing homes show that sales prices rose 4.2% from February to March, which is much higher than the predicted 1.8%. Four facts stand out:
The federal government is offering $8,000 tax credit to a 2008 return that never needs to be repaid.. This offer is for first time homebuyers as well as anyone who hasn't owned a home for three years. Lawrence Yun, National Association of Realtors’ Chief economist predicts, “By early summer we should be seeing a positive impact on home sales resulting from the stimulus provisions.”
NAR President Charles McMillan reports that, “Record-high housing affordability conditions are helping markets recover, with home sales higher than a year ago in most areas of California, Florida, North Virginia and cities such as Minneapolis, Las Vegas, and Phoenix. The housing market heals from the bottom up as sellers trade up or down, according to their needs.”
Q: The hottest question in real estate right now is this: Is it time to start buying?
A: One argument for YES is that with lower home prices, there are deals to be made at every price point. Some areas that were booming in earlier times, such as Las Vegas, have homes for sale at 40% less than a year ago. A second argument could be made that a 4.75% fixed 30-year mortgage rate makes buying in destination areas like Las Vegas quite tempting.
So the right question may be: What would you regret if you bought now? Most of us look back over our real estate history and regret that we didn’t buy sooner, hold longer and buy more.
The US Department of Energy estimates that 39% of our energy consumption is from homes. The meaning of a GREEN house is changing: many think of a home that’s minimizing its carbon footprint with solar panels, energy efficient appliances, and other creative solutions.
But the Wall Street Journal recently challenged four architects to think bigger when creating a Green Home of the future. Rather than thinking merely of changes to our homes, the architects challenged how we currently live.
Imagine a room that serves as a living room by day and bedroom by night, all serviced with rollaway furniture to meet that moment’s needs. Think of a house that captures rainwater and easily converts it into usable household water. Or really think outside of the box: a house with a “biomorphic” exterior that turns dark in the heat to insulate, and clear in the cold to capture as much sunlight as possible. (Check out the article at http://online.wsj.com/article/SB124050414436548553.html if you’re interested.)
Thinking of building a “green” house of your own? Here are some interesting links:
What happens when the priciest properties don’t sell? You may assume that the prices drop, but that's not usually the case. What I am seeing is that many people who have the means to hold a property just take it off the market and wait for another and better day.
From an article on Forbes.com, investor Marty Zweig pulled his $70 million penthouse off the market last month. Leonard Ross, the financier with a $165 million Hearst Mansion in Beverly Hills, de-listed in September. Prince Bandar of Saudi Arabia even took his $135 million Aspen ski lodge off the market.
Then there's Donald Trump. He sold his Palm Beach, Florida estate, Maison de L’Amitie, for $75 million. The $25 million discount that the Russian oligarch buyer received from the $100 million asking price represents the single largest residence price concession of all times. Still, Trump made a good deal because he bought the home for $41.4 million just 4 years before.
The lesson to learn is that any property, not just those currently listed, may be for sale.
article courtesy of: James G FifieldBusiness DevelopmentOld Republic Title Company of Nevada8861 W. Sahara Av. #290Las Vegas, NV 89117W: 702-313-2088M: 702-807-6676jfifield@ortc.com
We started the day with the best available rates in the high 4.000's. We will end the day with best available rates in the low to mid 5.000's. Although they have climbed steadily for the last four days, today was the biggest single day rate increase we have seen in the last year. Rates are now the highest they have been in nearly six months. Why did this happen today? Credit concerns. Mortgage servicers, originators, banks, insurance funds, hedge funds, sovereign wealth have been selling their securities causing rates to "reset." Treasury prices are being pulled down as well as a result of this. Some in the mortgage business are calling this "a black Wednesday." Many are predicting the Fed will come to rescue again and rates will rebound in the next few weeks. However, today is an important reminder that rates can move often and throughtout a day. When you find a payment you like, best practice is to lock your loans!!!
If you have any questions please don't hesitate to contact me.Best regards,Aaron M. GordonBank of America Home LoansSenior Mortgage Loan Officer / Sales ManagerPlatinum Club - Bank of America Top 5% in Nation
NEW! Click Here For The Latest Information on Las Vegas Real Estate Stats
Aaron M. Gordon
Cell / Direct: (702) 283-2333
Office: (702) 304-8900
The Home Buyers Scouting Report® matches your personal home search criteria with properties that are currently listed for sale and in your price range.
Online...available 24 hours a day! At your convenience, login to HBM II’s private, password-protected website to view the listings that meet your home search criteria with pictures, prices, addresses, directions, maps and more!* You can specify a particular school, lot size, almost any amenity you want and get just those listings that are in your price range.
While online, you can save your favorite properties to a notebook for easy reference and to receive updated information on those properties. Can’t find your favorite? You can change your personal search criteria to include additional neighborhoods and home styles. If you are interested in a specific property you have driven by, simply type in the address and view information about that property.
With the Home Buyers Scouting Report® you can receive daily updates on new listings as they become available! Be the first buyer to see a new property. Many busy homebuyers have heard about a great property only to find that it had already been sold.
There is no obligation. Using the Home Buyers Scouting Report® will allow you to get a real sense of the current housing market in the privacy of your own home. Whether you are looking to buy a new home soon or just thinking about new home possibilities, we believe this is the best home finding service available and as a preferred customer, we would like you to know about it.
For more information about receiving this FREE home finding service, call today. We look forward to hearing from you.
Steve Harless and Aaron M. Gordon Cell / Direct: (702) 283-2333
May. 16, 2009 Copyright © Las Vegas Review-Journal
Bank-owned homes gobbled up
By HUBBLE SMITH LAS VEGAS REVIEW-JOURNAL
Headlines scream almost daily about soaring foreclosures, that more than 1 million homes were lost to foreclosure in 2008 and the number is expected to top 1.2 million this year.
The good news in Las Vegas is that bargain-hunting buyers are chomping through the foreclosure inventory at a faster pace than other parts of the nation.
Existing-home sales increased 77 percent in the first quarter to 9,122, and roughly two-thirds of those sales were bank-owned properties, said Larry Murphy, president of SalesTraq, a Las Vegas-based research firm.
He counted 2,376 bank-owned dispositions in March, compared with 1,846 acquisitions, leaving bank-owned inventory at 15,954 properties. It's the first time dispositions have outnumbered acquisitions since Murphy started keeping track.
"It could be a fluke," he said. "I'm curious to see if it happens twice."
Clark County had 4,863 foreclosures for April, down 37.2 percent from 7,747 in March, but up 154 percent from 1,911 in the same month a year ago, Sacramento, Calif-based Foreclosures.com reported.
Preforeclosure filings, which start with a notice of default, dropped to 8,639 in April from a record 11,593 in March. There were 4,426 Clark County preforeclosure filings in April 2008.
Banks have also become more sophisticated and savvy with REO pricing, Murphy said. They'll list a foreclosure at below-market value to create competitive bidding between interested parties, bringing in multiple offers and getting a better price in the final analysis, Murphy said.
The median price of a foreclosure sale in March was $127,500, compared with $149,900 for homes that were not bank-owned, SalesTraq reported.
"The multiple bids for homes under $200,000 are here for a while," Steve Hawks of Platinum Real Estate Professionals said. "The homes under $200,000 are in short supply, and then you have investors competing with first-time homebuyers to make it even more competitive."
As for bidding wars, buyers don't want to overbid on a foreclosure home because it might not appraise high enough for the loan, Hawks said.
"The cash buyer can bid as high as they want, so in this market, the edge goes to the investor with cash," he said. "Don't count the builders out. Frustrated buyers can take heart that builders have retooled and are building smaller homes, which will increase supply for first-time homebuyers."
Banks need cash and their bulging portfolios of "hidden" foreclosure inventory are one way to help them get it, said Alexis McGee, president of Foreclosures.com. If they price the homes right, it could translate to incredible deals for consumers on bank-owned foreclosure inventory, she said.
"This isn't a pipe dream amid a recession with 8.9 percent national unemployment and foreclosures at all-time highs," McGee said. "Now is the time for homebuyers and investors to press capital-hungry banks to unload their phantom REO inventory."
The "phantom" inventory is lender-repossessed properties that are not showing up for sale on the Multiple Listing Service. Only about 30 percent of REOs are listed on the MLS, McGee said.
"This is a staggering low number," she said. "That leaves 70 percent of lender-owned REOs that no one knows about potentially available for sale."
The number of REO listings in Las Vegas had been declining since February, when certain foreclosure moratoriums were enacted by Fannie Mae and Freddie Mac, as well as by some of the large lenders, Frank Nason of Residential Resources said.
He saw a 5 percent drop in the first week of May from the previous week, the largest weekly drop since he's been tracking the statistics.
Contact reporter Hubble Smith at hsmith@reviewjournal.com or 702-383-0491.
For my clients that are looking for financing, please check this post by the official lender of www.viewlasvegasrealestate.com mr. Aaron Gordon.
feel free to call Steve Harless at 702-217-1680 for additional information on homebuying tips or how to get started on buying Las Vegas Real Estate.
100% FINANCING WITH NEVADA BOND PROGRAM - FAST FACTS
http://nvhousing.state.nv.us
From that website, click “NHD – Down Payment Assistance Program”
One of the only 100% financing options left. A statewide initiative offered in every county in the state.
This is a loan program that the State of Nevada is offers first-time homebuyer's the down payment for your loan.
It’s a loan. A second mortgage. Not a gift. Up to $10,000 for down payment and closing costs.
The interest rate on a 30 year bond loan is 6.2000% today. As of 5/18, its 4.750% on FHA when you don’t use the bond.
The second mortgage of 3.5% to cover your down payment comes with an 8.20% interest rate and is a 20 year loan.
When is this good? Your buyer has no other way possible to get the 3.5% down payment on an FHA loan.
On a $165,000 purchase, the Bond loan will cost the borrower an extra $150 - $175/mo. It makes a lot more financial sense to try and get the 3.5% or $7,000 down on this loan. It will pay for itself within three years.
EXAMPLE:
$165,000 sales price $165,000 sale price 3.5% REGULAR DOWN PAYMENT – 4.75% RATE 0% DOWN PAYMENT – 6.20% RATE $845/MO. $992 + $49 for 2nd = $1041
This loan is not available for everyone and is based on qualifying guidelines.
Although there are some strict eligibility requirements, this program may work for many first-time homeowners.
There are limited lenders in Nevada, Bank of America Home Loans is the main servicer.
Qualification Guidelines for the Nevada Bond Program
A first-time home buyer is defined as someone who has not owned or co-owned their own residence within the past three years. So even if you owned a home a few years back, if it’s not in the last three you may still qualify.
If you are purchasing in a "Targeted Area" there are no restrictions on former home ownership. Please contact me if you think the home may be in a targeted area. These are usually areas where this is not as much resale activity and the State wants to stimulate its growth.
Total gross household income must fall within the Maximum Income Limits.
In Clark County, if you have a 1-2 person household, income cannot exceed $78,480. If you have a 3 person or more household it cannot exceed $91,560.
In Washoe County it can be a bit higher. In Elko County a bit lower. See the website for details.
The purchase price of the residence you wish to buy may not exceed the Maximum Purchase Price Limits for the area in which it's located.
Those maximums currently look like this:
Clark $349,515 Nye $283,981
Keep in mind, on a $349,515 sales price, the 3.5% down payment requirement would be $12,233 plus closing costs. Therefore, the $10,000 max bond help won’t quite cover that. Keep it under $300,000 if your borrower can’t come up with anything.
Income must support the repayment of the loan pursuant to the underwriting criteria applied by FHA, VA, or Fannie Mae, as applicable.
This simply means your loan has to be able to be approved by FHA, Fannie Mae, Rural Housing, or VA.
Also, if you require that assistance, you will have to prove that your assets, after closing, are $5,000 or less including, without limitation, cash, savings accounts, stocks, bonds and equity in real property. 401K is exempt…which is great news!!
You will also be required to successfully complete a First Time Home Buyer Education Course in person.
This is a fantastic loan program for first-time homebuyers who find themselves unable to qualify because they lack a minimal down payment.
However, due to historic low interest rates, they will want to exhaust all gift possibilities first. If you have any questions please don't hesitate to contact me.
Best regards,
Aaron M. GordonBank of America Home LoansSenior Mortgage Loan Officer Platinum Club - Bank of America Top 5% in Nation
Phone: 1.702.283.2333Fax: 1.866.905.7922www.aarongordon.net
10190 Covington Cross Dr. #190Las Vegas, NV 89144
Assistant: Leah FuscoPhone: 1.702.304.8906leah.fusco@bankofamerica.com
*Disclaimer By Steve Harless - The reason for the following post is to let the general public know what is being talked about and presented in the US. In my personal opinion, I do not believe that an $8,000 downpayment assistance will be available. That being said; please take the article below with grain of salt.
WASHINGTON – May 13, 2009 – First-time homebuyers will soon have another option if they want to use their $8,000 tax credit toward a downpayment. On the tails of a Florida-created program that Gov. Charlie Crist is expected to sign into law, the federal government announced its own downpayment assistance program at the National Association of Realtors® Midyear Legislative Meetings & Trade Expo taking place this week in Washington, D.C.While the tax credit applies to “first-time homebuyers,” the term is misleading. In general, anyone who hasn’t owned a home for the past three years is considered a first-timer under the program. Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development (HUD), hopes to have additional details available within a few days, though it’s still unclear how soon homebuyers can apply for the credit.Donovan said that the Federal Housing Administration (FHA) would allow its lenders to credit homeowners up to $8,000. He made the announcement to several thousand Realtors yesterday at a special daylong session called, The Real Estate Summit: Advancing the U.S. Economy.“We all want to enable FHA consumers to access the homebuyer tax credit funds when they close on their home loans, so that the cash can be used as a downpayment,” Donovan said. According to Donovan, FHA approved lenders will be permitted to “monetize” the tax credit by using short-term bridge loans. Donovan also said that more will be done, and the Obama administration plans to further stabilize the housing market. “I do think we have some early signs that the market overall is stabilizing,” said Donovan. “Since January, we’ve seen both home sales moving up and down around a relatively stable number, and we are seeing the first signs that the rapid decline in home prices is starting to abate.”
Dear Family and Friends:
I am proud to announce that starting today Aaron Gordon is our lender of choice for ViewLasVegasRealEstate.Com
For more information on Aaron or to get pre-qualified for a home click here
Thank you for taking the time to read this and feel free to contact him for all your lending needs.
Steve Harless - Realty World
Please take time to read his latest newsletter below:
Gordon Team - Weekend Rate Report – May 8, 2009
Please email me for daily rate changes.
WEEKLY RATE REPORT :
Rates went up a bit from last week.
Mortgage rates rose slightly last week. They had been staying around a record low.
For the past six months, the Government has continued efforts to buy mortgage backed securities to bring rates down to levels that help create demand and assist in the revival of the housing market. However, lately they have not been able to buy as much as is necessary to keep rates down so rates are creeping upward.
WEEKEND RATES - PLAN ON AROUND:
4.625% (APR 4.882) FOR A 30 YR FIXED CONVENTIONAL LOAN with ONE POINT, NO ORIGINATION!
4.875% (APR 5.108) FOR A 30 YR FHA / VA LOAN, WITH ONE POINT, NO ORIGINATION!
5.750% (APR 6.022) ON A 30 YR JUMBO LOAN OVER $417,000 with ONE POINT, NO ORIGINATION!
5.125% (APR 5.222) ON A 5 YR JUMBO ARM with 1/2 POINT, NO ORIGINATION!
6.250% (APR 6.405) ON A 30 YR INVESTOR LOAN UNDER $417,000 WITH 20% DOWN with ONE POINT, NO ORIGINATION (720 mid score)!
5.250% (APR 5.489) ON A 30 YR INVESTOR LOAN UNDER $417,000 WITH 25% DOWN with ONE POINT, NO ORIGINATION (720 mid score)!
NO ORIGINATION FEE ON ANY OF THE LOANS ABOVE. These rates are for purchases only. Refinance rates are slightly higher.
NEW ANNOUNCEMENTS THIS WEEK :
Appraisal independence changes. The Home Valuation Code of Conduct (HVCC) is now here. This code is designed to all for appraisal independence and to eliminate the influencing of appraisers in their value decisions.
The code specifically prohibits lenders from accepting appraisal reports completed by an appraiser selected, retained or compensated by a mortgage broker or a real estate agent. Appraisals transferred from another lender are not allowed.
The HVCC does not allow for the recommendation of an appraiser from a lender’s sales or loan production staff.
Appraisal reports must be received by the borrower at least three business days prior to closing: The HVCC requires a lender to provide the borrower with a copy of the appraisal report promptly upon completion and at least three business days prior to closing.
If the appraisal report is not available or if it will not be received by the borrower three business days prior to closing, the fulfillment associate must obtain a written waiver of this right from the customer or postpone the closing.
If a waiver is obtained, the borrower will receive a copy of the appraiser report no later than closing. The HVCC only applies to appraisal reports and not alternative valuation products.
QUESTION OF THE WEEK : “Top Five Interesting Questions on FHA Loans”
Q: "Even if I put down 20% do I have to pay mortgage insurance on an FHA Loan?" A: "On an FHA loan, regardless of the size of the down payment you will pay mortgage insurance for at least 5 years unless you do a 15 year loan instead of a 30 yr."
Q: "Why would you ever put down more than 3.5% on an FHA loan?" A: "Bad credit or to make a stronger loan. Down payments bigger than 3.5% are a compensating factor for FHA underwriters. We recently got an approval for a borrower with a 505 mid-score putting 20% down on an FHA loan. If you are rejected for an FHA loan, consider a bigger down payment of at least 5-6%."
Q: "Does FHA require a 620 credit score?" A: "No. Some lenders do require it. Some even raise the rates when the score is higher. Some don't. Here, at Bank of America Home Loans, we don't have credit score minimums, nor credit score rate adjustments on FHA loans."
Q: "Do FHA loans take 45 - 60 days to close?" A: "The closing of all loans comes down to borrower and seller cooperation, processing time, appraisal time, repair time (if necessary), selling bank cooperation, and more. The average close time on the loans in our branch today is 30 days. 75% of these loans are FHA. On all loans today, you want to consider allowing 30 -45 days.
Q: "Is FHA more demanding on the appraisal?" A: "FHA appraisals are done on the same form as a conventional appraisal. Although an FHA appraiser may require some repairs that a conventional appraiser won't, the appraisal process is no more demanding." Please call or email me with any questions or comments.
LOWER YOUR INTEREST RATE TODAY: If you have an FHA or VA loan or you have a loan with Countrywide or Bank of America, you definitely want to call and find out about your streamline refinancing options. No appraisal on most loans, no credit report on some, and no income or asset documentation on most.
Have a great sales weekend!!
Phone: 1.702.283.2333Fax: 1.866.905.7922 aaron.gordon@bankofamerica.comwww.aarongordon.net
| RealEstateHomeSale.com | | 123ExchangeLinks.com Land for Sale | Changing LINKS RealEstateRegional.com | Las Vegas Real Estate Group | Business Directory for Las Vegas, Nevada| |LinkRE.com: Links and Information for Real Estate RealEstateBig.com - The Real Estate Directory | Nevada real estate agents on ActiveRain
Why Choose Me | About Steve Harless | Make A Offer On A Home | Curb Appeal List | Loan-Related Closing Costs | Your FICO Score | Hot Deals!!! | First Time Home Buyers | Las Vegas Investor Information | Our Preferred Lenders | My Realty Blog | Las Vegas High Rise Condos | For Sale By Owners | Link Exchange | Las Vegas Foreclosures | Apply For A Loan | Condo Conversions | Latest Real Estate Reports | Can I Afford It? | Las Vegas Homes For Sale | Las Vegas Relocation | Free Home Search | Follow Steve On Twitter | Looking to Buy? | Tell a Friend | Real Estate News | Real Estate Glossary | New Homes & Resales | Looking to Sell? | Our Featured Homes | Home | Loan Application Checklist | Your Buying Power | Free Las Vegas Search | Site Map | Mortgage Calculators | How to Sell Your Home | Buying Foreclosures/REO's | Contingencies in Contracts | Gated Communities | Fixer Uppers | My Blog | Win $1000 | Las Vegas Buyers
Copyright © 2010 Realty One GroupPortions Copyright © 2010 a la mode, inc.Another XSite by a la mode, inc. | Admin Login| Terms of Use| Site MapAll rate, payment, and area information are estimates and approximations only.
