As the summer temperatures have spiked in the Las Vegas Valley so have the valley’s median home-sale prices and the interest in buying a home now.
“The Southern Nevada housing market has definitely heated up as potential homeowners and investors are both vying to buy homes at today’s amazing prices. Reports of our market’s 32 percent year-to-year increase in median sales prices have fueled this interest and led to 75 percent of homes sold within 60 days in May,” said Rick Piette of Las Vegas-based Premier Mortgage Lending, citing May home sale statistics released last week by the Greater Las Vegas Association of Realtors (GLVAR).
In May, the valley’s median sales price of a single-family house was $170,000, a slight increase from $167,000 in April and up from May 2012’s median price of $128,000. On the other hand, the median sales price for condominiums and townhomes was $89,000, up from $85,000 in April and $62,000 in May 2012.
“With prices continuing to increase, many people think that now is a great time to buy a home. I have met many people who want to buy a home but are uncertain where to start. And there are others who don’t believe that they can qualify to purchase a home due to a recent short sale or foreclosure,” Piette said.
“The only way to find out if you can buy a home is to meet with a full-service lender like Premier Mortgage Lending and go through the complimentary mortgage pre-qualification process. I believe that becoming prequalified for a mortgage makes your home search easier because you know if you can qualify for a mortgage, the type of mortgage and the amount before even setting foot in a home for sale.”
He said that new financing programs such as his company’s Another Chance Nevada program make it possible for those who have recently experienced a short sale or foreclosure. Another Chance Nevada connects individuals with private and institutional portfolio lenders who offer 15- or 30-year, fixed-rate loans at interest rates that are typically higher than traditional mortgage rates.
Full-documentation guidelines are followed and at least a 20 percent down payment is required. The down payment can come from personal funds or can be obtained as a gift from family members. Borrowers may close within 30 days from the time of loan approval, and may refinance the loan at any time without penalty.
“The Another Chance program is designed specifically for those folks who’ve had a recent short sale or foreclosure and gives them an opportunity to buy a home at today’s great prices, build equity and re-build their financial future,” Piette said.
An Another Chance loan may be used on the purchase of a re-sale or a new home. The lender is currently working with Beazer Homes, D.R. Horton, Dunhill Homes, Harmony Homes, KB Home, Pardee Homes, Pulte Homes and Del Webb, Richmond American Homes, Ryland Homes, and William Lyon Homes.
“Buying a home today can be challenging if you need financing,” Piette said, explaining that the GLVAR reported 57 percent of homes sold in May were purchased with cash.
“As a full-service lender, Premier Mortgage Lending can connect you to many different lending programs based on your unique situation, including traditional loans and Another Chance Nevada. We can help you compete against all-cash offers by having a mortgage pre-qualification letter in hand. Most importantly, we can help you weigh if buying a home now is the right decision for you.”
For additional information or to schedule an appointment for mortgage pre-qualification, call Premier Mortgage at 485-6600 today.
Premier Mortgage Lending (NMLS 393282) is located at 8689 W. Sahara Ave., Suite 100, Las Vegas, 89117 and 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.