Watching Las Vegas Grow: Again, Bigger, and Better Than Ever

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Reinventing itself – yet again. That’s Las Vegas for you. It’s always been a bit of a microcosm of American ingenuity; that ability to create something new and desirable out of what’s near at hand. It happened when the seeds for the city were first sewn back in 1905, took off again with the start of Hoover Dam, kept growing with the arrival of Nellis Air Force Base, and took full advantage of the prosperity sweeping the country following World War II with the glamorization of gambling.

As Rick Piette, owner of Premier Mortgage Lending observes, “During the 80’s, the Las Vegas Strip transformed itself from a California getaway weekend into a world class destination resort city. And because all those people had to live somewhere, construction for both housing and commercial properties boomed. And boomed. And boomed. And then it got quiet in 2007.

“Things got tough,” Piette continues, “but slowly and steadily Southern Nevada has been on the mend, and the evidence is everywhere you look. Data, statistics, and news reports continue to show that despite the reservations the rest of the country may have had about Las Vegas’ recovery – it’s returning to firm ground more and more every day.”

With major financial investments under way in the city – from the new Elan Resort & Casino and Resorts World, to the expansion of the Las Vegas Convention Center and McCarran airport, and the addition of the new Las Vegas Arena (that could see the first major sports franchise come to town soon) – it’s clear that those with the money still see Las Vegas as a good bet.

“But it’s not only tourism-related projects that have been lowering the local unemployment rate – which is now below 7% and still dropping,” Piette reveals. “New industry is finding its way into the city and making a difference in the local economy, as well. Tech and data companies are establishing a firm base in Las Vegas, while office, retail and entrepreneurial services have now surpassed their pre-recession numbers. ”

In response, it’s only natural that the housing market would be bouncing back, as well. Construction workers are now in high demand, and new and used home sales have been on a steady upward trend for some time, effectively leveling out the playing field for both buyers and sellers.

For those who play the numbers game based on news headlines, it’s important to keep in mind that even what might at first seem to be bad reports – aren’t necessarily so.

“One example is the recent announcement that Las Vegas once again topped the foreclosure rankings nationwide,” reports Piette. “But in truth, this is a direct reflection of a recent Nevada Supreme Court ruling that is effectively forcing the hand of banks to begin clearing out their foreclosure pipelines. These are properties that filled their books during the recession and banks have been holding onto them for years. Far from being a negative, however, it’s the gradual return of these foreclosed homes to the market will help Las Vegas reflect a more accurate housing status – and one that keeps both supply and demand of homes from rising too high or falling too far.”

So what does all this financial investment, building and expansion activity, improved job market, and housing recovery really mean for Las Vegas?

“It means what those of us who call Las Vegas “home” have known for a long time,” Rick Piette explains. “It’s a great place to live – for growing families and retirees, for young professionals just starting out, and for those looking for opportunity. We enjoy over 300 days of sunshine every year, a great sense of community, and let’s face it – you have to try really hard to get ‘bored’ in this city.

“The fact is, Las Vegas is more than a just a tourist destination. People come from all over the country to find, start, or create a better life here. And we like to think the role Premier Mortgage Lending plays in helping that happen makes a difference,” Piette adds.

“After the recession hit and so many lost their homes, we created our “Another Chance Nevada” program that helps people regain the pride of ownership as soon as one day after short sale or foreclosure,” he explains.

“And now that many have had the time to recover both their finances and credit histories – we are proud to offer a true “No Fee” mortgage loan – which means no origination, underwriting,, document or other ‘junk fees’. So buyers are able to keep on the path toward financial recovery without paying unnecessary loan fees that can add up to $5-$10,000 or more out of their pocket.”

The bottom line is that your bottom line matters to the people at Premier Mortgage Lending – and that’s one of the reasons for their new “KnowBeforeYouOweNevada.com” website. Visit the site to learn more about your protections as a consumer and how you can (and should) save money on your next mortgage loan.

Premier Mortgage Lending, NMLS #393282, is located at 701 N. Green Valley Pkwy., Suite 125, Henderson, 89074. 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.

Is Now The Right Time To Buy?

Sold Home For Sale Sign in Front of New Houses

Deciding when the right time is to buy a home is a tricky thing. Or sometimes not. In truth, for many people the timing is determined by their current life situation. Let’s face it, if you just had new twins join your household, that 1-bedroom apartment simply isn’t going to cut it any longer.

But for most people, listening to all the chatter out there about when you should try to sell your existing home to buy a new one that’s better suited to your needs can be confusing at best. At worst, it feels a bit like trying to follow advice about investing in the stock market: All the so-called “experts” seem to have polar opposite opinions about how and when it should be done. When the truth is, no one has come up with a ‘sure-thing’ (or we wouldn’t be here writing this article, would we?).

“The fact is, there’s no single answer that’s right for everyone,” points out Rick Piette, owner of Premier Mortgage Lending. “Every situation is different, everyone has their own set of circumstances to consider. But there are a few checkpoints to keep in mind on the way to your decision, and we’d like to point out three of them to help you determine when is the right time for you to make the leap into buying a home.”

What If You’ve Had A Short Sale or Foreclosure?

“This is perhaps one of the most important questions we hear, especially these days,” reports Piette. “So many experienced financial hardships when the recession hit that losing a home to a foreclosure or short sale became much more common than it had been in the past.

“What many people don’t realize is that although there are enforced waiting periods of several years to get another government-insured mortgage loan – there are other options available that can help you get back into a home of your own as early as 1 day after those events. Here in Las Vegas, we created Another Chance Nevada just for that purpose – because we saw a need to help families get back into their own homes, and we wanted to help. With several loan programs and private money financing available, we’ve helped hundreds of locals become homeowners again. Plus, with our Another Chance Nevada loans, there are no pre-payment penalties – so when credit has been restored, owners are able to refinance to a more traditional mortgage loan to save even more.

Do I Buy When The Market is Hot, Cold, or Holding?

“The good news is that across the country, the housing market has made gains since the crisis and has pretty much returned to a stable footing,” states Piette. “As always, some markets are ‘hotter’ than others – often simply due to supply and demand. Others see rising job opportunities and populations that increase competition and prices. And if you should find yourself in a transition to a new area, it’s often wise to rent first to make sure you find the neighborhood that appeals to you most.

“But for those who know their city and plan to stay put for 5 years or more, buying a home is almost always going to be the best option. Here in Las Vegas especially – where rents are nearly twice the cost of a mortgage payment for the same property – it just makes more sense to invest in yourself, rather than your landlord.

“Real estate in Las Vegas has pretty much returned to normal, which is a great thing,” Piette continues.” There’s now the typical ebb and flow of values that naturally occur over time, and no indication of another ‘bubble’ on the horizon. In fact, prices that have been steadily climbing over the past 3-4 years are cooling slightly, showing that the cost of homes is leveling off. Right now, it’s neither a Seller’s nor a Buyer’s market – which pretty much puts everyone on a level playing field.

What About My Credit and Finances?

“There’s no doubt about it – the state of your credit score and finances are critical when it comes to buying a home,” states Piette. “It can be the difference between loan approval and denial, and also affect how much that new home is going to cost you over time. Simply put, someone with a good credit history will pay less for a home over the 30-year term of a loan because of a more favorable interest rate, than one with a poor credit score. By as much as $100,000 or more.

The good news? Interest rates are still at historic lows – although there’s reason to believe with recent jobs data reports that the Fed may begin raising those rates soon. Plus, the upcoming Presidential election may also play a role in interest rate fluctuation.

“Surprisingly, surveys have shown that almost 50% of potential buyers simply assume they won’t qualify for a traditional mortgage loan, so they don’t even apply. But the truth is, many of them will (at Premier Mortgage, we make it happen all the time.) But even if a traditional loan isn’t available to them right now, getting a non-traditional loan at a slightly higher interest rate helps build their credit back up so they can refinance to qualify for a lower rate in the near future.

“One other thing that many buyers aren’t aware of is that the regulatory changes in the mortgage industry have been made in favor of the consumer. More transparency, clearer disclosures are two of them. And buyers are learning that shopping around for the right mortgage is one of the easiest ways to save money – a lot of it. For example, as a mortgage broker, Premier Mortgage Lending is able to offer clients a true No Fee loan. That means no loan origination, document fees, or other junk costs that banks and mortgage bankers will often add onto your Loan Estimate. It can be a savings of literally thousands of dollars – and one that can tip the scales in your favor so you receive that “Great news! Your loan is approved!” phone call. (Visit our KnowBeforeYouOweNevada.com website to learn more.)

“When you put these elements together – a level real estate market, current low interest rates that are projected to rise, and the cost of owning being considerably less than renting – it’s a pretty safe bet that Las Vegas is currently a prime market to buy into right now,” Piette reveals. “Our company is proud to be playing a big role in helping Nevadans get back into a home of their own. It’s about time, don’t you agree?”

Premier Mortgage Lending, NMLS #393282, is located at 701 N. Green Valley Pkwy., Suite 125, Henderson, 89074. 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.