DO YOU WANT TO HEAR THE GOOD NEWSOR THE GOOD NEWS
When it comes to tracking the national housing market’s performance, CoreLogic is one of the industry’s top voices. They provide insights and trend projections based on “trillions of data points” to anyone interested in “housing economies and property markets” (that’s the dry-as-melba-toast description of their focus area). From time to time, I come across their blog (the one with the exciting title of—wait for it— “Insights”). It’s worth reading because their national data has a track record of providing a fairly accurate profile—one we can compare with our local Las Vegas housing market trends. It should be of interest to any Las Vegas homeowner since, as CoreLogic puts it, “this is information that is at the core of every smart decision.” Hard to argue with that. At the end of September, they came up with a look at the housing market, thus far, in 2014, and a look into the future. The year’s history to date was pretty much what’s been reported and confirmed elsewhere. A quick summary: • Nationally, rates on 30-year fixed mortgages: steady at around 4.25% • Freddie Mac reports continuing refinancing decline [of course: most folks’ mortgage loans have great rates already, so why refinance again?] • Existing home sales healthy & growth rate steady • “Pent-up supply and demand dynamics are gripping the housing market…” Hold it! What was that? “Pent-up”? “Gripping”? This was anything other than the staid, predictable language we expect from CoreLogic. I didn’t say boring (because blogger Mark Fleming is a good writer)—but fireworks are definitely not Insight’s hallmark. Sooooo…what’s with the drama? You had to read further to see what caused them to get all worked up: –In a slow-moving housing market [like the Las Vegas housing market, for instance], a major decline in prices can take five years, and the bounce back to prior levels another five years. –Year-over-year, house price growth has been “consistently strong.” –The depth and duration of the current housing cycle is consistent with past local cycles All of which leads to: “Based on our forecast, nationally we may see prices return to the prior peak in as few as three years.” In any case your take on our Las Vegas housing market is anything like as bullish a scenario as that one, today could be a strategic time to give me a call! Whether your plans involve seizing the moment to buy or sell, the first step is to place an experienced REALTOR® at the core of your team.
FALL DECORATING IDEAS LIVEN LAS VEGAS HOMES FOR SALE
Having a Las Vegas home for sale as autumn swings into full bloom has more than one advantage. First off, this is definitely not looky-loo season—the majority of home shoppers this time of year tend to be serious-minded (perhaps because many are hoping to be comfortably moved in by the holidays). Whatever the reason, because many other owners will wait until spring to put up their own Las Vegas home for sale, if you are listing now, you can usually count on a narrower amount of competition. A subtle reason fall is an exciting season to put up a home for sale has to do with what can be a presentation advantage—the same reason home décor professionals like this time of year. It’s the Autumn Advantage: a time of year loaded with eye-catching decorating ideas. When the leaves start to change, it’s time to take advantage of the autumnal decorations that can make any Las Vegas home for sale extra inviting. • Pumpkins aren’t Just for Jack-o’-Lanterns Modern Man may have cracked the atom and devised telescopes that can see to the very edge of the Universe, but it has still failed to come up with a way to spruce up a home for fall without adding a pumpkin or two. Why fight it? There are a thousand ways to use the ubiquitous squash in arresting placements. One example is to cut a generous hole in the top, and then drop a fall-appropriately planted pot (think gold, red, orange and brown) through it, flowers, and all. This “pumpkin plant pot” can work to add color both inside and outside any home for sale in {Your Region}. • Re-purpose an old Window Where a rustic touch is appropriate, another autumnal planter idea is to find a discarded wooden window (the more thoroughly weathered, the better: decorators call it ‘up-cycling’), secure a potted plant to it, then hang it on the wall in place of a family picture (remember: when you have a home for sale, it’s recommended to remove as many of the personal mementos as possible). This “outside inside” décor trick creates a seasonal feel you can add to by embellishing further with dried leaves and berries. • Scents of Autumn Using scents can be central to fall decorating. These seasonal aromas can be counted upon to trigger positive memories for the visitors to your home. Scented candles are an appropriate way to add ambiance to your house. You can go further by incorporating cinnamon sticks around your candles, or adding a few drops of clove and cinnamon oil to your potpourri or fall arrangements (just don’t overdo it)! • Fall: a Season for Comfort If you’re thinking warm fires, plump cushions and plush throws to emphasize the coziness of the season, you’ll make it happen. A comfortable home highlighted with fall colors sets a scene that boosts the beauty of a home for sale unlike any other time of the year. Whether you have already listed your Las Vegas home for sale, or are just now setting the stage, give me a call to put together a marketing blitz that will use the season to make that sale happen!
LOW CREDIT SCORE YOUR FIRST HOME MAY STILL BE WITHIN REACH
Buying a Las Vegas home—especially if it’s your first—takes attention to detail, even for home buyers with spotless credit. The challenge is a good deal greater if your credit score has dropped below the level most banks require to approve a home loan. The good news is that potential Las Vegas home buyers with less than outstanding credit can still buy their first home—if. That “if” is in italics because ignoring it can turn into a real stopper. The thing that can make buying a home possible even with spotty credit is if you do some careful financial planning. Careful = details are attended to—everyone. Financial = it’s about the money: columns of figures, dollars and cents—not emotion. Planning = charting out the specific effects of actions taken now. The first detail to be mastered is self-education: understanding the rules of the credit game. The most important factor banks use to determine mortgage eligibility is your FICO (Fair Isaac Corporation) credit score. FICO credit scores, which range from 300 to 850, are based on a number of factors. Two factors leading the parade are how much debt you have and your payment history. Usually, borrowers need a credit score of at least 650 to qualify for a conventional home mortgage loan. Although your credit score tops the list, it’s not the only factor. Banks will also consider the amount of money you can commit to a down payment. Too, various lending institutions have different rules for determining eligibility–and some offer non-conventional mortgage loans. When banks lend money, they are in essence taking a calculated risk that the mortgage-holder will be able to pay it back. The more money you can commit to a down payment, the lower the risk for the bank. If you have a low credit score, but offer to make a large down payment, you increase the odds of being approved. You can always put off a home purchase for a while to build a down payment fund. But you might have more set aside than you think. A 1997 change in rules allows first-time homeowners to tap into their IRA retirement fund before the age of 59 ½ without penalty. Anyone who hasn’t had a financial interest in the home during the previous two years is considered a first-time homeowner. Another option to consider is a non-conventional loan. Las Vegas first-time buyers with relatively low credit scores often follow this route. You may also be eligible for government help through the Federal Housing Authority. FHA loans help to ease credit requirements—for example, some recipients with http://money.usnews.com/money/blogs/my-money/2013/11/01/what-to-do-if-your-credit-score-is-too-low-f…scores as low as 580 can qualify if they can afford a down payment of as little as 3.5%. It all means that a low credit score doesn’t necessarily mean you can’t buy that first Las Vegas home. Call me for an introduction to a lender to start your pre-approval process today! 0
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