Tag Archives: real estate market

What a Year It’s Been for Homeownership

looking back at the housing market

All the news and events going on in the country seem to have made a lot of us gaze back on all that’s happened in 2016 and think “Thank Goodness It’s Almost Over!” We can understand that. But it’s precisely because of that sentiment that we’d like to bring up some of the good news from the past year that we reported on in our blog posts about the state of the housing market. What’s more, as far as we can see, there’s good reason to believe that there 2017 will be great, too. Take a look and see what you think.

The Las Vegas Housing Market Has Returned
In fact, not only the housing market, but the economic status of our exciting city has bounced back from the years immediately following the Great Recession. For a long time, it seemed that the country had given up on Las Vegas – but they didn’t count on Las Vegas not giving up on itself. But we’re back, baby! And with the lowest unemployment rate since August 2008, the new T-Mobile Arena and our very own NHL hockey team (Go, Vegas Golden Knights!). Then there’s the opening of major new hotel/casinos and the start of more, new medical facilities, the possibility of an NFL team on the horizon (and did we mention IKEA?). With all that came people, families, and jobs. And following close on the heels of everything was a rise in the construction and sale of new homes, the resale market ticked up, and foreclosures came down. Plus, the year’s run of record-low interest rates helped homeownership return to numbers that naysayers never believed would happen again. Additionally, the slow and steady rise of real estate values in Las Vegas has helped many long-time homeowners escape the ‘underwater borrower’ scenario and begin to return to firm financial footing, too. In short – it’s clear that people are rebuilding their lives in Las Vegas, and thanks in no small part to the entrepreneurial spirit of our residents.

Mortgage Standards Loosened Up
Following the economic crash (can you believe it was nearly 10 years ago?) – banks and other lenders tightened their belts and made the task of obtaining a mortgage loan much more difficult than it had ever been. Partly due to new regulations, partly due to economic and social pressures – the fact is, the restrictions put in place were at such a high threshold that getting a loan became an onerous task – even for those who were gainfully employed and had good credit scores. As for those who had been financially harmed by the housing crisis, the thought of owning a home again seemed an impossibility. But 2016 saw mortgage lenders nationwide begin to ease their lending guidelines – with FHA and VA following that lead, as well. As a result, and with the passage of time that resolved many credit issues incurred due to the recession, more and more people are able to escape the rental market, invest in themselves and their family, and begin planning for the future by buying a home of their own.

Millennials Join First-Time Buyers in Huge Numbers
We mentioned this in a recent blog post, but it bears repeating here: According to recent reports from the National Association of Realtors® and Zillow – the market share of first-time buyers has risen to 35% of all homes purchased. (Big news when so many headlines reported a lack of homes in this price range!) Even more notable is that 61% of those buyers were under the age of 35. Many new statistics have confirmed this trend and further indicated that not only weren’t those Millennials going to be living in their parents’ basement forever (did you really think they would?) – but many were actually choosing to wait to buy until they could start with what would normally be considered a “2nd move up home” (which leaves that many more ‘starter homes’ available for the buyer’s market).

Since the election, many industry experts forecast that the 2017 housing market will continue to grow, but at a more moderate pace (which is something we’re all in favor of, quite honestly). Western cities will continue to lead the nation in home sales and pricing. Interest rates are anticipated to rise slightly, but since 2016 saw the record lowest home mortgage rate occur in August 2016, that’s not the worst news we’ve heard all year!

All things considered, Las Vegas and its housing market have bright futures to look forward to – both in 2017 and beyond. The even better news – is that Premier Mortgage is here to help homebuyers get the most value for every dollar. How? By offering “No Fee” loans that make sure you spend less of your hard-earned cash towards the cost of getting your mortgage loan – and more into the home you’re buying.

Find out more about Premier Mortgage Lending’s true “No Fee” mortgage loans, as well as their many other products and services by calling (702) 485-6600. Their experienced loan officers are there to help with your questions and can assist you in navigating from signed purchase agreement – to getting the keys to your new home.

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, Henderson, 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.

Wondering if Now is the Right Time to Buy a Home in Las Vegas? The Odds are With You.

image003When the final real estate market figures for 2015 were tallied in Las Vegas, a remarkable thing was discovered: Every zip code in the urban Las Vegas valley reported a price gain in median value over 2014.

That’s huge news – especially in a city hit so hard in the aftermath of the economic collapse. Many so-called “experts” said it wasn’t possible. Many said Las Vegas would never recover. (Seriously – “never” – direct from the Wall Street Journal.)

And yet, here we are – with Las Vegas ranked as the top state in the U.S. with a four-year value jump of nearly 75 percent. That’s not to say every homeowner in the city has fared so well, of course. Some who bought at the height of the boom prior to the housing crisis are still suffering negative equity. Unfortunate as that is, it was to be expected for a city hit as hard as we were.

“But the fact is that for those who bought real estate in Las Vegas since 2012, their homes have and continue to appreciate,” comments Rick Piette, owner of Premier Mortgage Lending. “And that is a trend that will only help those still working towards recovery – as a rise in the median value of homes is a rise for them, too.

In addition, there are several other good reasons for potential buyers to “get off the fence” and make their move into homeownership here in Las Vegas, such as:

1. Credit is becoming move available to consumers. Thanks to more and better lending models, along with renewed confidence in the U.S. housing market, more lenders are easing mortgage loan standards and issuing loan approvals.

2. Interest rates remain at near-record lows. Traditional 30-year mortgage loans remain at rates lower than 4%. That’s a figure that even our parents would have been thrilled to receive when they bought their first home. (In 1965, the average interest rate was 5.83%.)

3. Unemployment continues to drop. From a high of over 13% in 2008 to its current 6.2%, jobs are coming back to Nevada. In fact, Nevada ranked 11th in the nation for job growth from 2009 to 2015.

4. Housing in Las Vegas is poised for a strong season. Employment, income, and population are all on the rise, and analysts agree, ”Las Vegas real estate is in about the best shape it’s been in for a decade.”

According to Piette, “All of these reasons – when added to the emotional and psychological benefits of owning a home – mean that for those who have been waiting for “the perfect moment” to buy a home in Las Vegas – now is that time.

“But be smart about the entire process. Find the right Realtor® – then do your homework to make sure you find the best mortgage lender, too,” he adds. “Mortgage loans are no longer ‘one-size-fits-all’ like they used to be. There’s a huge difference between how loans are made between banks, mortgage banks, and mortgage brokers – and it’s a difference that can cost buyers who don’t know what to look for thousands of dollars out of their pocket.

“So shop around, compare interest rates, pay attention to the fees – and you’ll save money. That’s what we tell all of our clients at Premier Mortgage. And most of the time, they come back to tell us “You were right. Let’s do this.” It’s a good feeling.”

To find out more about what to ask prospective lenders, visit Premier’s www.KnowBeforeYouOwe.com website and view the quick educational videos that make it easy to understand how to shop for a loan. We’re pretty sure you’ll be glad you did,” confirms Piette.

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.

Why Owning A Home Is Important, And Why Should You Buy One Now?

james-altucher-this-is-why-owning-a-home-is-financial-suicide

We’d like to be honest about something: There are plenty of reasons why “other people” want you to buy a home. But there are even better reasons why you should do it for yourself.

As far as the “others”, we’ll be the first to admit: Owning a home is a huge driving factor in our economy. It affects builders, real estate professionals, insurance agents, contractors, inspectors, appraisers, furnishings stores, interior decorators, and yes – mortgage lenders, too. The real estate market is tied into the cycle of jobs, and the list of benefits it brings to your local community are innumerable. In other words, the act of buying and owning a home – one person, one couple, one family at a time – has a cascade effect on your hometown that simply cannot be overstated.

“Even so – those reasons don’t address the most important factors about owning a home,” reveals Rick Piette, owner of Premier Mortgage Lending in Las Vegas. “It may sound surprising – even as you realize the livelihood of so many depends on the purchase and sale of real estate in your community. But making the choice to purchase a home actually benefits you the most – and is perhaps the most life-changing decision you can make.”

Rick Piette goes on to explain there are some very fundamental reasons this will always be true.

“When you’re in the midst of shopping for a home, there are elements your mind is constantly evaluating,” continues Piette. “Beyond the obvious points of finding a home style you like and being close to schools and shopping – your brain is actively making connections about your comfort level with the area. Proximity to people and places you’re familiar with; judgments about the surrounding homes and neighbors, and more. In fact, a wise real estate professional will find ways to appeal to your basic, evolutionary desires that address your need to supply safe surroundings for your family, a sense of community, and ways to provide relaxation (whatever that might mean to you).

“Why is this important?” Piette asks. “Because you’re not only making a financial investment in building your personal wealth – you’re putting down roots. Ultimately, where you choose to live will inform who your future friends will be, who your kids will meet and offer different opportunities for their futures. It’s the place you’ll create memories, build traditions, experience joy and heartache – and live life in all its myriad of flavors. It will be your “safe haven” from the world, where your family gathers to enjoy its unique existence. And it will be the base from which your children venture forth into the world as adults – their success often relying on the home environment you provided and on which they have come to depend.

In short, as this recent Wall Street Journal article elegantly informs, “A home is more than an investment. It is the place that helps shape who we are.”

“That’s why it’s no small matter – owning a home,” Piette adds. “Because the affect it can have on the trajectory of so many lives is immeasurable.

“For the past several years since the Great Recession, many people lost that touchstone and were forced by circumstances to become tenants rather than owners. But it doesn’t have to be that way. At Premier Mortgage, our mission is to find mortgage financing solutions that help families get back into their own home. We’re proud to say that’s exactly what we’re doing – one family at a time.”

“For years, interest rates have been at historic record lows in a nation-wide effort to help the housing market recover. And it’s worked, too. We’ve reported in previous blogs that all the data and statistics clearly show that over time the Las Vegas housing market has recovered. In many ways, it’s even healthier than ever.”

But the fact that interest rates have been so long for so long has also given buyers some leeway in postponing their decision to return to the ranks of homeowners. “Procrastination happens in everything we do,” suggests Piette.

“However, all reports point towards the fact that is about to change. The Fed has declared our improved U.S. economy and lower unemployment data indicate it’s time for an interest rate increase – and soon.

“What does that mean for those who have been ‘thinking about’ buying a home but haven’t taken action yet? Two things:

1) It’s time to get off the fence and make that decision, as delaying it can be costly in the form of higher interest payments on a mortgage loan; and

2) As many people will be making that call shortly – the amount of available home inventory will shrink as homes are removed from the market. That means potential buyers who felt they would have their pick of the home they want – will rapidly discover that’s no longer the case.

The bottom line is that there is plenty of great news affecting the current status of the real estate industry in the U.S.

• The economy continues to improve

• Jobs are still on the rise

• We’re healthy enough as a country to raise our interest rates soon

• But rates are still at historic lows right now

• Home builders are confident and building new homes to meet improved demand

• New mortgage loan industry regulations benefit borrowers more than ever before

• Time and distance from the housing collapse has made it possible for buyers to recover their finances and creditworthiness.

“Basically, if you were looking for a playbook on “The Best Time To Buy A Home” – you wouldn’t find a better convergence of circumstances than we’re facing right now,” reveals Piette.

When you decide that it’s the right time to buy, we’d like to remind you what Premier Mortgage Lending will bring to the table to help you make sure you get the right mortgage loan:

1) Savings (we’re the home of the true “No Fee” mortgage loan in Las Vegas)

2) Service (real people you meet and who work with you on your specific loan needs)

3) Transparency (no smoke, no mirrors – just apples-to-apples comparisons with other lenders, and honest answers to your questions)

You’ve heard it a hundred times before. But based on everything you just read, it may have never been more true: Now is perhaps the best time and opportunity to buy a home than ever before.

For more information on Premier’s loan programs and unique “Home Loans 101” educational program, visit. www.KnowBeforeYouOweNevada.com.

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.