Las Vegas Real Estate News and Tips

Buying a Home: Understanding Mortgage Interest RatesPeople in the market to buy a home may notice changing interest rates in the news - especially in todays rising interest rates environment. Since interest rates tend to rise or fall slowly over many months or years, home buyers may have difficulty understanding why experts concern themselves so much with the issue. In fact, interest rates can often dictate part of the housing market's health, including home prices and what a homeowner may have to pay for a mortgage each month. Because of this, home buyers should understand various aspects of mortgage interest rates, and how they can affect the mortgages people can get to buy a home.

For informational purposes only. Always consult with a licensed mortgage professional before proceeding with any

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Debt-to-Income Ratio InformationA person's debt-to-income ratio can have a big effect on whether or not they can buy a home. Too much debt can impact a buyer's interest rates and may even be cause for a loan to be denied. Understanding debt-to-income ratio can be important during the home buying process, especially for people who have significant amounts of debt.

For informational purposes only. Always consult with a licensed mortgage professional before proceeding with any real estate transaction.

Understanding Debt-to-Income Ratio

Debt-to-income ratio is a factor that lenders pay attention to when a loan application is being processed for approval. The ratio consists of two numbers: the amount of money that the potential home buyer owes to lenders every month versus

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Las Vegas Housing Market Update - October 2018

We are seeing more homes for sale in today’s market. We have 7337 single family homes listed in our MLS. Up almost a thousand from 6358 last month. Condos, town homes and high rise condos add 1494 options. Total homes listed for sale is 8831 as of today. That’s up over 600 from last month’s total of 8223. An increase of 12.5% from September and an amazing 44.3% from this time last year.

We sold 2691 single family homes in October. We sold 737 condos and town homes for the month. Total homes sold was 3428. That’s a 10.3% increase from September but down 9.6% from this time last year.

The median home price dipped slightly from last month’s high of $300K. It fell back to $295,025 in October.

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Las Vegas High Rise News - October 2018

Buyers have 343 options available in our top high rise buildings.  That’s a jump from 320 last month but lower than the 363 luxury condos in our top building last year.

We sold 70 high rise condos in our top buildings last month.  That’s up from 54 last month but lower than the 83 we averaged over the three months of Summer.  It ties the 70 units sold in October 2017.

Top Selling High Rise Buildings in OctoberJuhl led our high rise buildings with 13 units sold.  All but one of the 13 units sold were developer units that sold with zero days on the market.  MGM Signature was second with 11 units sold.  Third place was ONE Las Vegas with 7 closings.  Five of those seven were previously unsold

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What You Need to Know About Refinishing Your Kitchen CabinetsRefurbishing kitchen cabinets can be a big project for homeowners. Understanding the benefits and knowing the process can help homeowners decide whether or not kitchen cabinet refurbishment is right for homeowners.

Replace or Refurbish Kitchen Cabinets?

The average cost to refurbish kitchen cabinets starts at around $1,000 and goes up from there. This is much less expensive than installing all new kitchen cabinets, which can costs an average of $3,560. For homeowners on a budget who want to enjoy the look of kitchen cabinets without the great expense, refurbishment is an excellent option.

DIY or Contractor?

One of the things that a homeowner must decide when trying to install new cabinets is whether or not to hire a contractor or do the

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Good Reasons to Obtain an Updated Property SurveyBuying a home is complicated with a lot of moving parts. In addition to the purchase and sale agreement, there are inspections, appraisals and very often surveys. A home survey lets a home buyer know for sure where the boundary lines are for their property. But beyond that, what are the other details of a home survey?

Types of Surveys

There are actually several different survey types, each with a specific purpose. While commercial property surveys may be more comprehensive and detailed, a survey is always a good idea when buying both raw land or a home, or prior to building. Some of the various types of surveys include:

  • ALTA/NSPS Survey: The initials stand for American Land Title Association and National Society of Professional
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Deferred Maintenance: What Is it?When looking for a new home to buy, one of the things that may come up during the search is deferred maintenance. When a home has deferred maintenance, it can have a big impact on the homeowner. But just what is deferred maintenance? This guide will explain what deferred maintenance, and what it means for buyers and sellers alike when dealing with a home that has it.

What Is Deferred Maintenance?

Deferred maintenance on a home is exactly what it sounds like: when a homeowner continually postpones necessary repairs, resulting in the home to fall into disrepair. This is often done in order to save money, stay underbudget, or simply because they can’t afford to have their home repaired. Examples of deferred maintenance include things like: 

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    Home Addition Information For HomeownersThe decision to add on to a home is usually not made easily. Homeowners in The Ridges of Summerlin have many factors to weigh when they're trying to decide if a home addition is right for them. Knowing what usually leads people to get a home addition, how a home addition can improve property value, and what to expect during the construction process can help homeowners decide if they would like to proceed.

    For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

    Reasons Why Homeowners Get Additions

    There can be many reasons why a homeowner will eventually decide to get an addition. Some of the most common reasons for bedroom or master suite additions

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    Jumbo Loans: Everything You Need to KnowFor home buyers who want to buy a property with a big price tag, jumbo loans are a clear path to securing a mortgage. Most often, jumbo loans are necessary to buy luxury property. However, in high cost of living areas, jumbo loans may be required to purchase modest homes as well. Either way, a home buyer who wants to take out a loan that is higher than the conforming loan limit must do so with a jumbo loan. Knowing the difference between a jumbo loan and other types of loans can help you get a loan for the house you want to buy.

    For informational purposes only. Always consult with a licensed mortgage professional before proceeding with any real estate transaction.

    What Is the Conforming Loan Limit?

    In most cases, the conforming loan limit

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    How to Spot the Signs of a Housing BubbleIt's not always clear to buyers and sellers when they're in the middle of a housing bubble. This is because their perspectives can be compromised by the sheer weight of the numbers in front of them. Plus, certain markets, such as San Francisco or Los Angeles, have proven that prices can continue to rise for years at a time—even as experts say that the good times won't last much longer. However, Roma Hills new home buyers can look for specific signs to see if their dream home is located inside a ready-to-burst bubble.

    For informational purposes only. Always consult with a licensed mortgage professional before proceeding with any real estate transaction.

    Home Prices Outweigh Salaries

    If people in a neighborhood are making relatively modest

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