Keith Thomsen

IS NOW THE RIGHT TIME TO BUY REAL ESTATE IN VEGAS?

With all the articles that are out there regarding the Las Vegas Nevada Real Estate Market it is very difficult to decide if now is a good time to buy.  Depending on whom you listen to, either the market is still in a complete free fall or things have stabilized.

In my opinion NOW IS A GREAT TIME TO BUY!!

Fact:  prices have fallen 50 to 75% already here in the Las Vegas Nevada Valley.  Some condos have dropped as much as 90%.

Fact:  the average price of a single family home is now $108,000.  The same as what it was in 1996.

Fact:  the number of single family homes sold in 2011 was 4.5% more units than in 2010 when the government was giving $8,000 to 1^st time home buyers.

Fact:  the number of condos sold in 2011 was 3.9% more units sold then in 2010.

Fact:  investor accounted for 67% of all real estate purchases.

Fact:  all cash transactions accounted for 54% of all real estate purchases.

Fact:  with so many people losing their homes to foreclosure and short sale the rental market has never been better with rental prices going up over the past 2 years.

Fact:  mortgage rates continue to be stable – in the 5% range.  Investors can still get a good rate – 6% range - with 20% down.

Fact:  unemployment rate in Vegas is down to 13% - still not good but showing improvement.

Investors:  Based on an average house of $108,000 with 20% down your monthly payment, at 6.0% interest, with taxes, insurance and HOA, would be $706 a month.  With the average rent being $1050 you have good strong positive cash flow.

Owner Occupied that is FHA qualified:  that same $108,000 home with 3.5% down, your monthly payment, at 5.0% interest, taxes, insurance, HOA fee and FHA Mortgage Insurance, would be $795.00 a month.  Plus with the current tax incentives for owning a home – they may change but right now you can deduct your mortgage interest from your taxes – this is a great time to own a home.

Both owner occupied and the investor has to be committed to the property for the long term – 5 years or more.  The days of buying and getting rid of it in a couple of years are gone.  We are back to the pre boom years when the average person stayed in the home for 7 years with appreciation averaging 1.5% per year.

With so many choices, on the market right now, the right home is waiting for you!

So YES now is a great time to buy in the Las Vegas Nevada market.

If you’re looking to buy a home, for investment or to live in, contact me today.

I have assembled a team of professionals to assist me in making sure everything goes as smoothly as possible.

 -          Title and escrow officer:  to make sure the closing goes smoothly and that all parties are treated fairly.

-          Short Sale Facilitator:  short sales are the most complicated transaction in real estate.  They require exhaustive paperwork, follow up and most of all patience.  I have a person who just works with the banks on the short sale process.  Proven fact that an agent who tries to deal with the short sale on their own, without a facilitator, only gets 14% of their short sale listings approved.  Using a facilitator 93% success rate.

-          Transaction coordinator:  makes sure that all the I’s are dotted and all the t’s are crossed and that we stay legal.

-          Loan Officers:  I have available a number of different loan officers so that we can find any qualified buyer a loan that meets their needs.

-           Home Inspectors:  very important step when buying a home.  With foreclosures and short sales many times these homes have not been kept up.  A good inspector looks for any issue that may cost you money or create a problem after you have purchased.

-          Any other service you may need such as a landscaper to get your yard ready to list or back into condition after you purchased; a pool person; a handy man; or anyone else.  Our connection program has someone to take care of anything.

 Let me put my team to work for you!