Las Vegas Developers Gain Interest in Buying Land

Rising property value, declines in consumer debt and increasing employment growth are giving potential, but hesitant, buyers the confidence to plunge into homeownership. The demanding growth for 2014 continues to increase and has spiked new construction projects and home improvements.

For the first time in many years, Las Vegas developers are interested in the Southwest part of the Las Vegas Valley to build new homes and businesses. On January 16th the Bureau of Land Management released land to be auctioned to developers who have been waiting for this turnaround in the market for years! There hasn’t been an auction like this since 2007. When the economy and housing market took a turn in 2008, the demand for new land nearly disappeared.

There were 440 acres for sale and 160 sold with the largest sell being 20 acres at 2.1 million dollars. All of the land purchased will be used for new homes and stores. With this kind of eagerness in developers it is only appropriate to assume the economy is finally turning around.

Times are changing once again and it is exciting to see the homebuyer interest in Las Vegas. It looks to be another period of recovery for the housing market in Las Vegas, but overall growth should increase throughout the year with better job growth, more sales, more homes constructed and prices going up.

For additional information or to schedule an appointment for mortgage prequalification, call Premier Mortgage Lending at 485-6600 or visitwww.AnotherChanceNevada.com

Premier Mortgage Lending, NMLS #393282, is located at 8689 W. Sahara Ave., Suite 100, Las Vegas, 89117. The full-service lender is a member of the Las Vegas and Boulder City Chamber of Commerce, Better Business Bureau and Southern Nevada Home Builders Association, as well as an affiliate member of the Greater Las Vegas Association of Realtors.

Mortgage Concerns Should Start to Ease

Southern Nevada home prices cooled off in November with the median price of an existing single-family home selling at $183,000, down 1 percent from October. This decrease occurred despite the steady gains for nearly two years. These figures have since stabilized, however the outlook of sales for new homes is greater than those of existing homes. Existing home sales are expected to rise 1.7 percent in 2014 where new-home sales are expected to rise 20.2 percent.

After rising in 2013, mortgage rates for a 30-year fixed-rate mortgage are anticipated to average 4.8 percent this year and rise to 5.4 percent in 2015. Despite the rise in mortgage rates since last spring, housing indicators posted strong expansion at the end of 2013. The amount of consumers who were planning to buy a home rose to 6.9 percent in December, up 5 percent from November, and continue to strengthen.

Consumer attitudes about the ease of getting a mortgage are at the highest level in 3.5 years, despite their concerns of mortgage availability. The Federal Reserve’s survey of senior loan officers reported that they have eased lending standards for residential mortgages, which is a main cause. This should offset some negative impact from high interest rates. This strong appreciation seen over the last two years should make local homeowners happy; especially when expectations are set to see home prices stabilize in 2014.

For additional information or to schedule an appointment for mortgage prequalification, call Premier Mortgage Lending at 485-6600 or visitwww.AnotherChanceNevada.com

Premier Mortgage Lending, NMLS #393282, is located at 8689 W. Sahara Ave., Suite 100, Las Vegas, 89117. The full-service lender is a member of the Las Vegas and Boulder City Chamber of Commerce, Better Business Bureau and Southern Nevada Home Builders Association, as well as an affiliate member of the Greater Las Vegas Association of Realtors.

2014 Housing Outlook: What to Expect

Predicting the future is a trait most people wish they possessed, especially in the housing market in our economic conditions. However, one of the strongest pillars of the economy after the latest and greatest financial downturn has in fact been the real estate market. With housing prices increasing and builder confidence looking up, fewer homeowners are expected to be underwater in 2014.

Here are some of the expectations for the 2014 housing market:

1. Home buying process less crazed
There will be more inventory and less competition from investors creating more mortgage credit which should calm the buying process

2. Fewer homeowners will be underwater
Rising prices have helped millions of homeowners with underwater mortgages to regain positive equity last year. This trend is predicted to continue in 2014. Nevada had some of the highest shares of underwater homeowners to emerge from this group.

3. More Available Homes
New construction and prices rising should bring both new and old houses onto the market, which helps inventory return to traditional levels

4.Housing prices will continue to rise
While housing prices started to rise this last year, 2014 is expected to continue but at a slower more steady pace. Consumers intending to buy a home within the next six months, is at its highest rate since the year 2000.

5. Younger homeowners are in the future!
With the economy expected to expand, younger people will be moving out. With renting rates and low vacancy rates being an issue, most renters are more likely to move on to homeownership.

For additional information or to schedule an appointment for mortgage prequalification, call Premier Mortgage Lending at 485-6600 or visitwww.AnotherChanceNevada.com

Premier Mortgage Lending, NMLS #393282, is located at 8689 W. Sahara Ave., Suite 100, Las Vegas, 89117. The full-service lender is a member of the Las Vegas and Boulder City Chamber of Commerce, Better Business Bureau and Southern Nevada Home Builders Association, as well as an affiliate member of the Greater Las Vegas Association of Realtors.

2014 New Years Resolutions

Every year people make New Year’s resolutions. We reflect back on better days, life’s obstacles that we have overcome and the years that have passed in hopes of making a change that will solve our problems. Statistics show that nearly 40% of Americans make resolutions and a mere 8% actually follow through with them. Premier Mortgage Lending would like to help those of you in that 8% to better understand your mortgage lending options so you can purchase a new home in 2014.

The housing instability has finally made a turn, with monthly foreclosures down to levels last seen in 2008, but most people aren’t spending money. It is tough to get a loan and it may get tougher due to Qualified Mortgage Rules going into effect. It makes sense for people to be saving rather than spending. We understand that you may have had a hard time making mortgage payments especially when affordability is down. We want to help! We’re here to help make all of your mortgage experiences easy and enjoyable.

If you are looking to buy or invest in 2014 remember these key resolutions:

  • Understand your credit
  • Find the best loan with the best terms
  • Acquire a trusting buyer team
  • Call Premier Mortgage Lending

For additional information or to schedule an appointment for mortgage prequalification, call Premier Mortgage Lending at 485-6600 or visitwww.AnotherChanceNevada.com

Premier Mortgage Lending, NMLS #393282, is located at 8689 W. Sahara Ave., Suite 100, Las Vegas, 89117. The full-service lender is a member of the Las Vegas and Boulder City Chamber of Commerce, Better Business Bureau and Southern Nevada Home Builders Association, as well as an affiliate member of the Greater Las Vegas Association of Realtors.