NEW YEAR, NEW HOME?

With Christmas just ending and New Year’s right around the corner there are something’s you should be familiar with if you plan to purchase a home in 2018. The Real Estate market is looking better for first time home buyers in 2018, so now is the time to start shopping around to find your dream home. New Year, new home right? Right off the bat, Mortgage credit is still tight from the downturn and years of stringent underwriting, but the outlook continues to improve. Mortgage interest rates are around 4%, and despite recent increases, rates remain close to their historic lows. An increasing number of lenders also now offer loans with as little as a 3% down payment.  Second, it may take time to find your dream home. The most recent data from NAR show that the supply of existing homes for sale is insufficient and new home construction is not meeting demand. More buyers are competing for a smaller number of affordable homes than a year ago, so you’ll likely be touring open houses and listings with many of the same people. Lastly, homes in Las Vegas are on such high demand that market values are only increasing. Going up day by day, according to NAR they are at a record high! Planning for this purchase is what is going t help you in 2018. Find a Real Estate agent who is very familiar with the area you plan to live in. They can give you lots of tips and tricks on the area. If you are working with someone who is not familiar that can lead you too confusion from both ends and you will end up in a home that you were not completely in love with. Getting prepared to speak with lender is what is next on your list, shop around!!! Do not just go with the lender your agent wants you to because they know them, find someone who will work directly with you, and help find you the best rates and deals. Shopping around is what is really going to save you in the long run when purchasing a home in Las Vegas. Once you find the lender you would like to work with, get pre-approved. Getting pre-approved is very important so you are not wasting your time looking at homes that you will not get a loan for, or for something with high interest which makes the value of the home go up. In Today’s competitive market, your offer will most likely not be the only one on the home. Make your offer stand out, writing a personalized letter stating why you want this home, or you can do a little over the list price to let the seller know you are very interested. 2017 was a crazy year for the Real Estate market in Las Vegas and predictions are that it is only going to go up from here. If you are planning on purchasing a home in the Las Vegas area, you should start shopping around and doing your research to find the best agent, best lender, and best deal!