Refined Living – Your Southern Nevada Real Estate Professionals & Henderson Community Experts
Week 2 of living with our family of four in a cramped hotel room while our home in the new Lennar Aventine Community in Henderson is nearing completion! Luckily in this last week they’ve wrapped the house prepping it for the stucco! Watch the video to see for yourself how it’s coming along as well as the details on the front and back balcony feature!
For more information on Buying in the Community, be sure to contact us today!
Alright, it’s been 1 week living in a hotel while our new home in Lennar’s Aventine is another week into construction. Check out the progress in the premiere VLOG episode showing a glimpse of the downstairs area! Be sure to contact us for more information on the Community!
Being a REALTOR® that holds a Certified Distressed Property Expert (CDPE) designation, I’ve helped many hard-shipped homeowners avoid foreclosure by representing them in a short sale. After all, Southern Nevada was arguably the hardest hit area in the Country when the housing bubble burst. Some property values decreased as much as 60% in less than a year! Combine that with record unemployment and it’s no wonder why many homeowners struggled through financial difficulty. While those successful short sales were bittersweet it did allow my Sellers to close a stress filled chapter in their lives.
Fast forward to 2015 and there are new loan programs available welcoming them back to homeownership! Traditional home loans are a reality in as little as 3 years from their short sale date! A recent MSN story is an example of this very situation (link below). While I’m sure it will meet with much criticism, the current guidelines, restrictions, and the thorough underwriting Lenders are practicing will determine who can actually qualify.
To get started, contact me so I can introduce you to my local preferred lender Brad Malkin with Noble Home Loans. He’s well versed and up-to-date with all things lending and has direct access to these loan programs.
Mike Rebarchick (702) 501-8726 or rebarchick@gmail.com
MSN – Boomerang homebuyers poised to return to market with a roar
Hello Everyone!
Having a REALTOR who is up-to-date with the market makes all the difference. Whether it’s to get the best deal when purchasing a home or to get top dollar when selling it! Kandis and I pride ourselves on our obsession to keep current with the trends to give our clients a valuable advantage.
With the 2014 year-end data in, we wanted to touch on a few topics of conversation to help inform everyone on the latest in the Southern Nevada Real Estate market.
1) Market Prices – The Median Price of a Single Family Home for 2014 ended at approximately $199,900. That’s an increase of nearly 11% in just one year! With many investors leaving the market because of the increases (cashing out), traditional Buyers are back in the mix. While the prices have somewhat stabilized we should see a much more “normal” pricing increase of 1%-3% in 2015 as inventory remains low.
2) Housing Inventory – As noted above, the housing inventory is still incredibly low. In a healthy housing market we should have somewhere around a six-month supply of homes. Currently we’re less than a three-month supply of inventory. With an average of 2,500 single family residences exchanging hands each month there are only 6,758 currently for sale in the Las Vegas Valley. So, in effect, there’s really not enough supply to keep up with the demand!
3) Interest Rates – Record low interest rates are still happening — but for how long?! Banks have loosened up on their underwriting guidelines and are lending money once again. As of today a 30-year Conventional Loan offers an interest rate as low as 4.15% and an FHA Loan at 3.35% for 30 years too…. with as little as 3.5% down! We don’t know how long these ultra-low rates will be around so now’s the time to take advantage.
4) New Home Construction – New home construction has slowed down dramatically as the housing inventory for the resale market increased in 2014. The other factor is that Builders are asking for more per square foot on their base models than the price of most resale homes. They’ve adjusted their prices slightly, but to counter that they’ve withdrawn a majority of Buyer incentives such as free appliance upgrades or closing cost help.
5) Short Sales and Bank Owned – Is there a bigger misconception in our market than these two types of sales? Probably not! Short Sales make up less than 15% of the homes currently available and, with banks offering loan modifications or other government assisted foreclosure alternatives, short sales are less and less common these days.
Bank Owned properties make up less than 5% of our market and their prices are typically higher than the average resale comparable homes sold. Why is that? How can that be? Well, there are government programs (Homesteps and Homepath) that have looser lending rules, and which allow Buyers to work around appraisal contingencies. This essentially allows them to borrow more money than these homes are worth, so the banks increase the prices to compensate for the programs.
As always, I hope this blog helps and if Kandis and I can help answer any questions just Call/Email/Text us anytime!
Mike Rebarchick
Las Vegas Strip photo by: nanpalmero
Welcome to our website. We are dedicated to providing our clients with the finest customer service available and hope we can help you buy or sell real estate.
We pride ourselves on being experts in bringing home buyers and home sellers together throughout the Las Vegas and Henderson areas. With our years of experience in real estate sales, no one knows our area better!
Our website has been designed to provide you with the information you need to make the right real estate decisions. So check it out and then give us a call or send us an email. We are here FOR you !
As a Certified Distressed Property Expert, we can also help if you’re facing foreclosure. Statistically 7 out of 10 homeowners in default of their home loan do not seek assistance from a professional to review their options. With the laws constantly changing, talk to an expert immediately. We have a team of professionals to help in these unfortunate circumstances. You may even qualify for relocation assistance from your Mortgage Company!
