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Housing Prices Shoot Up!

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What all you should consider when buying a new home

When buying a house, many people have checklist of what they want included in the property itself.  But there are a few additional things home buyers should consider looking into before making their final offer.  While the house might meet be the home of your dreams, the surrounding areas and other necessary information should be a priority as well.

Two generation family looking at a house for sale

Two generation family looking at a house for sale

Crime Report: Look into the crimes that have been reported in the area. Check the sex offender’s registry.  Be aware of your surroundings

Schools: Every school is given a rating and when having school ages children; it would be beneficial to know what school your child will be zoned for.

Surrounding businesses: How far away is the closest grocery store or gas station? Be pleased with the businesses you will have to frequent.

Noise Factor: Is the home close to the freeway? Airport?  Will outside noise be a big issue for you?

Visit home at different times of day: The home will look different at night compared to the day.  Check out the street lighting.  Pay attention to any additional outside noise that might occur at night.

Consider the commute: Try to find multiple ways in and out of the neighborhood you are considering in order to get to and from work.

Street Parking: While this isn’t always an issue, some neighborhoods have only certain areas for vehicles leaving very little space for visitors or additional cars.

Drive around the neighborhood: Are there a lot of kids? Are the yards nice? Most HOAs take yards and community cleanliness into consideration but it is also a great thing to look into yourself.

Remember to be happy with your surroundings and the perfect house will be there for you.

Make Your Home Loan Closing a Breeze

Buying a new home, whether it’s your first or your fiftieth, is often both an exciting and stressful process. There are things you can do as a homebuyer that will decrease the stress side of the equation significantly so that when you find that perfect home, it can be smooth sailing through the closing process.homeloan

  1. Start with a mortgage loan prequalification: Financing is pivotal to purchasing a home for most homebuyers. Serious buyers should become prequalified for a home loan before they begin shopping. Being preapproved means the sellers will take your offer seriously while helping you clarify what you can and cannot afford. Serious changes like a change of job or default on bills during the loan making process can still jeopardize you loan – just report them to your loan officer right away to minimize harm.
  2. Have your down payment ready: Seldom does it work out for buyers who shop for a home before they have their down payment saved. It is tough to pull together large sums of money in a short time. Certain prepayments and other financial settlements are due at closing that do not count towards a home’s down payment so make sure you are financially prepared.
  3. Debt ratio and credit profile: Now is the time to resolve any outstanding credit profile problems. Consolidate debt, if necessary, to decrease monthly payments and pay off what you can. Generally speaking, your monthly expenses cannot exceed 45% of your monthly income.
  4. Don’t write-off your buying power: Business owners and those who are self-employed are able to write-off business expenses to minimize their taxable income. Keep in mind that excessive tax write-offs will lower your purchasing power since it plays a critical factor in your debt to income ratio.
  5. Don’t skimp on home inspections: A thorough home inspection including a separate termite and lead (if applicable) inspection may save you thousands in unexpected costs. Be sure to make you offer contingent upon findings. The buyer has the right to ask the seller to repair any problems with the home or adjust the purchase price pursuant to inspection findings. In extreme cases, inspections save homebuyers from the nightmare of purchasing a home in severe disrepair.
  6. Be prepared to discuss in detail these additional issues with your loan officer:
    1. Self-employment of two years or less
    2. The origin of and terms of any gift money or secured loans for down payment
    3. Any debts of which you are a co-signer
    4. Previous short-sales, foreclosures or bankruptcy in the past seven years
    5. Debt related to the IRS or spousal alimony/child support
    6. A new job including part-time work
    7. Deferred student loans

The good news is that whether you have a high credit score with a solid payment history or you lost a home through foreclosure or short-sale, an experienced, customer-focused loan officer is likely to have a loan product that will work for you as long as you’ve done your part in preparing to enter the market. Happy home hunting!

Fall is the New Spring for Homebuyers in Las Vegas

Do you want a new home for the holidays in the Las Vegas, NV area? The Tuesday after Labor Day through Thanksgiving marks one of the busiest times of the year for those in the market for a new home. As summer begins to fade out (and with it those 100 degree and higher temperatures), folks in Vegas begin to take an interest in extending their lives past the tethers of air conditioned spaces. One of the reasons? Fall is an exceptional time to find a new place to call home.

Imagine spending the holidays in a new homeFirst Time Home Buyers and welcoming the New Year with living space to match the needs of your family. Do you want your next home to have a fireplace for romantic winter nights or a pool and spa to complete your own home resort and health club? Your home is your castle – humble or extravagant – so make sure it has the features that best suit your lifestyle.

The first step in home buying is to become pre-qualified for a home loan. When home shopping already prequalified for a mortgage, you’re signaling to any potential seller that they are dealing with a serious buyer, ready to pounce on the chance to upscale (or downsize) the minute you find your dream home.  Fall is also a perfect time for first-time home buyers including young couples and single professionals or snowbirds ready to invest in their winter home, unencumbered by the need to move based on the annual school schedule.

Another benefit of making a home purchase before the first of the year is that many of the costs associated with the purchasing process are tax deductible. The tax benefits may be the strongest driver for some buyers. Pair the benefits for buyers with motivated sellers and great deals can be had in places like Las Vegas and surrounding communities since sellers generally want to seal a deal before the holidays get too close.

Don’t wait too long to start looking if you plan a home purchase this fall. According to Vegas Inc., sales were up 8 percent in the three months ending June 30, 2015 from the same period last year. That means you’ll likely have some competition from other buyers. The right lender is a critical partner in helping you make an offer on a home with confidence. Contact Sydnee Johnson Las Vegas Home Loans at 702-830-2271 today or email her at Sydnee@premiermortgagelending.com to get prequalified.  Ask about her no-fee loans and how she’ll get the lowest interest rates available for your home mortgage.

 

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