Welcome to LAS VEGAS one of the HOTTEST housing markets in the country!
Let me explain, yes there are lots of foreclosures and depending on where you hear 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 mixed in with an enormous amount of foreclosures and thousands of people attempting to do short sales. There is however, no shortage of buyers, everybody still wants to buy, however not many can qualify and or come up with 10% down under the new guidelines most lenders are using. Many buyers hear foreclosure and assume it is a great deal, however that is very rarely the case today. Many that choose to buy will give me an opportunity to find them the best deal, somtimes I can and other times I can't. Two things everybody can rely on when dealing with me is honesty and the fact that I am very familiar with short sales, foreclosures and bank owned properties or REO. Obviously, as well as most other agents still in the game I am very familiar with a standard owner-to-owner sale. These are rare during these times, because the owner simply cannot afford to sell for the low price of a bank foreclosure in the same subdivision.
Fact: When the market is turbulent and suffering or blossoming, there are many opportunities, remember the next big boom if there is one starts somewhere near the bottom.
Fact: The sale price of homes come down over the next 18 months until this huge over supply of foreclosures are absorbed.
Fact: It is summertime here and quite hot, so when I say "one of the hottest housing markets" it is primarily due to the outside temperature being above 108 daily.
Buy or Lease, what to do??? Here's an example to help with that decision!
Why buy when you can lease, 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 lease 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 month’s 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 leasing and not buying. How does $2000 extra bucks every month sound? Just think you can spend most of that on GAS for your SUV or over priced groceries or that shockingly high utility bill from running the A/C last month.
Want to lease a home you have come to the right place to get started. Just click search properties on the left and select residential rentals and find your home, we have all the listings in southern Nevada. See some you like just call, also search Craig’s list at http://lasvegas.craigslist.org/apa/ and enter Bill Welch into the search for field to find our best deals.
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.
Fact: Leasing is NOT throwing your money away; 1) You get to enjoy more home for less money every month. 2) You don't pay for repairs. 3) You don't have to worry about the high cost of selling when your job transfers you or the neighbors lousy dogs bark continuously day and night 4) You have more money for your family and therfore a less stressful life.
HOWEVER... If you do choose to buy during these times, here are some facts to consider; no matter what the mortgage agent OR realtor 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... unless you need it to fill your SUV up with GAS.
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.
10) DO NOT BUY ANYTHING IN 2008!!!
Summer is here 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 LEASE a Home
Questions about getting APPROVED call Bill Welch @ 702-528-6528
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