Welcome to LAS VEGAS the HOTTEST housing market in the country!

Let me explain, yes there are lots of foreclosures and depending on where you here your information, the talking heads on TV make it sound like doom and gloom.  Well I have to tell you, I have my boots on the ground and business is good.  Currently there is an over stock of over priced homes, there is no shortage of buyers, everybody still wants to buy, however not everybody can qualify under the new guidelines most lenders are using.  Lots of foreclosures mean lots of wonderful deals to be had.  Go to a home auction sometime, there are literally hundreds of  buyer's each bidding on the same home, it can only go to one of course, and that person must be qualified to buy.  The people that can buy use me to find them the best deal, I am familiar with short sales, foreclosures and bank owned properties or REO.  Obviously, as well as most other agents still in business I am very familiar with a standard owner-to-owner sale.  These are rare during these times, because the owner simply cannot sell for the low price of a bank owned property in the same subdivision.

Fact: When the market is turbulent and suffering, there are many more opportunities, remember the next big boom if there is one starts somewhere near the bottom.

Fact: The price of homes for sale will continue to come down over the next 18 months until this over supply is absorbed.

Why buy when you can rent, wait that's not right... is it?  Let me explain; if you want to live in a 500,000 house, your mortgage, insurance, taxes and association fees are going to run you about $4,000 per month.  The loan is a 30 year fixed rate, so no adjustment.  This is after you came up with the 3% for closing costs plus any money you put down to buy your house.  Now lets add to this the cost to repair anything that breaks, pool service and landscaping costs.  Wow, it's getting expensive just to live there.  Now lets think about when it's time to sell because of a layoff or job transfer; most likely you will list your home with an agent and the total fees for selling are going to be roughly 35,000, and hopefully you get at least that much more than you owe, if not it comes out of your pocket.

OR- you can rent the same home for less than 2,000 per month and have no repair costs, move on short notice without having to sell, and if you don't like the area, give notice and move or move when your lease is up.  All you have to do is come up with first months rent and the same amount for a refundable security deposit.

Think about what I just shared with you, that is reality in today's market, you get to live in more home for less money by renting and not buying.  $2000 more in account every month for other things like; kids, cars, vacations, insurance, food or better yet a SAVINGS account. 

Fact: Owners are not desperate to rent there home, so most likely a price reduction from asking price won't happen!

Fact: I am paid from the owner of the property, not from you in any way shape or form, your security deposit is 100% refundable provided you don't damage the home.

HOWEVER... If you do choose to buy during these times, here are some facts to remember; no matter what the mortgage agent tells you! 

1) Only get an adjustable rate mortgage when interest rates are high, so when they adjust they will adjust down not up. 

2) Do not get an interest only loan!

3) Do not get 100% financing!

4) If you HAVE to do any of the above to purchase now then you cannot afford the home!  One, two and three are the reason most owners are in trouble.

5) A refinance can land you in just as much trouble with a bad loan, LEAVE your equity alone, DO NOT trade your equity for cash, buying cars or paying bills.

6) Remember; until you make your last mortgage payment, you are actually renting the home from the real owner; "the bank"

7) Sale prices are coming down quite rapidly at this time.

8) The market will be normal again when rents are the same or more than the mortgage payment, if that ever happens.

9) Your adjustable rate mortgage is not tied to the fed rate.

Summer is near and with it comes many opportunities for both Buyers, Sellers and Renters of residential properties.  If you are wishing to buy, sell or rent a home now or in the future, Bill Welch specializes in the southern Nevada housing market.  I'm a full-time dedicated REALTOR that has an excellent reputation for getting desired results for my clients. My knowledge and integrity has helped families make seamless transitions when obtaining housing in Southern Nevada.

Contact Bill  Welch Today at    702- 528- 6528

2920 S. Durango Dr.   Las Vegas, NV.  89117

If you are looking for a home in Souhtern Nevada, Bill Welch's knowledge of the local housing market enables him to find you the right House, Townhouse, Condo, High-Rise or Investment Property in the shortest period of time.

YES!! You CAN Quailify to Buy or LEASE a Home

Questions about getting APPROVED call Bill Welch @ 702-528-6528