Las Vegas Real Estate Blog

Down Payment Assistance

Down Payment Assistance Programs - Las Vegas

Learn more about the different down payment assistance programs available in Las Vegas. 

CHENOA

CULINARY HOUSING PROGRAM

HOME AT LAST

 

HOME IS POSSIBLE

Key Benefits:

  •  Get up to 5% of the loan value
  •  Usable for down payment and closing costs
  •  Forgivable after three years (if you stay in your home)
  •  Attractive 30-year interest rate
  •  No first-time homebuyer requirement
  •  Financing available for manufactured homes
  •  Statewide program

 Program Requirements:

  •  Borrower may not own property at the time of closing
  •  For government loans (FHA, USDA, VA) — qualifying income must be below $98,500
  •  For conventional loans (HFA-preferred) — please visit our income limits by county page
  •  Home price below $484,350 
  •  Minimum credit score of 640...

Why is it a great time to buy in Las Vegas this Spring 2019?

According to the latest Market from the Greater Las Vegas Association of Realtors (GLVAR), local home prices inched back up to the $300,000 mark in March (2019) while fewer properties changed hands and more homes were on the market than a year ago. Here are some other positives for homebuyers looking to purchase a home in Las Vegas this Spring: 

Low Interest Rates

After nearing 5% in 2018...rates are now 4.41% on a 30-year mortgage. 

Your Tax Refund may be the Key to Homeownership

Tax refunds are often thought of as 'extra money' that can be used toward larger goals. For anyone looking to buy a home in Spring 2019, this can be a great jump toward a downpayment. 

More Inventory

This Spring more homes are coming on the market. More listings means more choices for homebuyers! Our Southern Nevada inventory is up sharply from one year ago, but is still less than a three-month supply homes available for sale. 

Get settled in time for Summer! 

Don't miss out on hosting friends and family in your new home!

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Buyers Win Big as Rates Hit Long-term Lows

The Housing Market has been a hot-topic in the news lately. Depending on which media outlet you watch, it can start to be a bit confusing to understand what’s really going on with interest rates and home prices!

The best way to show what’s really going on in today’s real estate market is to go straight to the data! 

Interest Rates:

“The real estate market is thawing in response to the sustained decline in mortgage rates and rebound in consumer confidence – two of the most important drivers of home sales. Rising sales demand coupled with more inventory than previous spring seasons suggests that the housing market is in the early stages of regaining momentum.” – Sam Khater, Chief Economist at Freddie Mac

Mortgage Rates March 2019 SeeVegasHomes

Bottom Line

This graph indicates good news for the spring housing market! Interest rates are low! If you are considering buying a home or selling your house, let’s get together to chat about our market!

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The Guide to Dog Friendly Businesses in Las Vegas

Dog Friendly Restaurants

Two locations: Summerlin and Town Square

Dog Friendly Bars

Dog Friendly Retail

Dog Friendly Parks and Walking Trails

  • All American Park: 1551 S. Buffalo Drive, Las Vegas, NV 89117 (cross street: West Charleston Boulevard) - dog run
  • Barkin' Basin Park: 7351 W. Alexander Road, Las Vegas, NV 89129 (cross street: North Tenaya Way) - This park is specifically for dogs and and features: 3 separate dog areas, shaded seating for pet owners, water fountains for dogs and people
  • Douglas A. Selby Park: 1295 N. Sandhill Road, Las Vegas, NV 89110 (cross street: East Washington Avenue) - This park features large and small dog runs. 
  • Justin Myron E. Leavitt & Jaycee Community Park: 2100 E. St. Louis Avenue, Las Vegas, NV 89104 - This 18-acre park features multiple dog runs.
  • Police Memorial Park: 3250 Metro Academy Way, Las Vegas, NV 89129 ( cross street: West Cheyenne Avenue) - This park features...

5 Reasons Homeowners Throw the Best Super Bowl Parties! [INFOGRAPHIC]

Will you be watching the Super Bowl in your own home this year? 

5 Reasons Homeowners Throw the Best Super Bowl Parties!

Highlights:

  • Watching the big game at home with your friends & family offers many advantages.
  • There’s more room to entertain a large crowd, and you don’t have to worry about complaints to your landlord if you cheer too loudly!
  • The kitchen is big enough to make as many appetizers as you want, and if some of your guests are only there to watch the commercials, they can do so on a different TV in another room!
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Where is the Housing Market Headed in 2019? [INFOGRAPHIC]

Where is the Housing Market Headed in 2019 INFOGRAPHIC - SeeVegasHomes

Some Highlights:

  • ­Interest rates are projected to increase steadily throughout 2019, but buyers will still be able to lock in a rate lower than their parents or grandparents did when they bought their homes!
  • Home prices will rise at a rate of 4.8% over the course of 2019 according to CoreLogic.
  • All four major reporting agencies believe that home sales will outpace 2018!

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Your 365-Day Mortgage Rate Forecast

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Why Has the Las Vegas Housing Supply Increased as Sales Have Slowed Down?

Why Has the Las Vegas Housing Supply Increased as Sales Have Slowed Down SeeVegasHomes

According to the latest Market from the Greater Las Vegas Association of Realtors (GLVAR), the inventory of homes for sale in Las Vegas this year has increased 44.3% from one year ago, all while sales of existing homes are down 9.6% from a year ago. 

For over three years leading up to this point, the exact opposite was true; Inventory dropped as sales soared.

Chief Economist of the National Association of Realtors (NAR) Lawrence Yun shed some light on what could be contributing to this shift,

“This is the lowest existing home sales level since November 2015. A decade’s high mortgage rates are preventing consumers from making quick decisions on home purchases. All the while, affordable home listings remain low, continuing to spur underperforming sales activity across the country.”

Let’s take a deeper look:

Interest Rates

Since January, 30-year fixed mortgage interest rates have increased nearly a full percentage point (from 3.95% to 4.9%). Fannie Mae, Freddie Mac, the National Association of Realtors, and the Mortgage Bankers Association are all in agreement that rates will continue to increase to about 5.2% over the next 12 months.

“The rise in [mortgage] rates paired with this very strong price appreciation absolutely is slowing housing,” ...

Is Buying a Home Really More Stressful Than Planning a Wedding? [INFOGRAPHIC]

Is Buying a Home Really More Stressful Than Planning a Wedding? [INFOGRAPHIC]

Some Highlights:

  • According to a new survey from Open Listings, 62% of Americans ages 25-54 believe that buying a home is more stressful than planning a wedding.
  • Many young couples are saving for a wedding and a home at the same time.
  • The average US wedding now costs 66% of a median home down payment, according to The Knot.
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Americans Rank Real Estate Best Investment for 5 Years Running! [INFOGRAPHIC]

americans-rank-real-estate-best-investment-for-5-years-running

Some Highlights:

  • Real estate has outranked stocks/mutual funds, gold, savings accounts/CDs, and bonds as the best long-term investment among Americans for the last 5 years!
  • The generations agree! Real estate is the best investment!
  • Generation X leads the way with 37% believing in real estate as the top investment.
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First-Time Home Buyers Continue to Put Down Less Than 6%!

First-Time Home Buyers Continue to Put Down Less Than 6%!According to the Realtors Confidence Index from the National Association of Realtors, 61% of first-time homebuyers purchased their homes with down payments below 6% in 2017.

Many potential homebuyers believe that a 20% down payment is necessary to buy a home and have disqualified themselves without even trying, but in March, 71% of first-time buyers and 54% of all buyers put less than 20% down.

Ralph McLaughlin, Chief Economist and Founder of Veritas Urbis Economicsrecently shed light on why buyer demand has remained strong,

“The fact that we now have four consecutive quarters where owner households increased while renters households fell is a strong sign households are making the switch from renting to buying.

Households under 35 – which represent the largest potential pool of new homeowners in the U.S. – have shown some of the largest gains. While they only make up a third of all homebuyers, the steady uptick in their homeownership rate over the past year suggests their enormous purchasing power may be finally coming to [the] housing market.”

It’s no surprise that with rents rising, more and...

Has Las Vegas Surpassed Post-Recession Home Prices in 2018

4 Reasons Why Today’s Housing Market is NOT 2006 All Over Again Las Vegas Home Prices Pre Recession SeeVegasHomes

With home prices rising again this year, some are concerned that we may be repeating the 2006 housing bubble that caused families so much pain when it collapsed. Today’s market is quite different than the bubble market of twelve years ago. There are four key metrics that explain why:

  1. Home Prices
  2. Mortgage Standards
  3. Mortgage Debt
  4. Housing Affordability

1. HOME PRICES

There is no doubt that home prices have reached 2006 levels in many major markets across the country, but Las Vegas is not there yet. As of May 2018, we are now at a median sales price of $289,000 - we are still below the peak of $315,000 in mid-2006. However, after more than a decade, home prices should be much higher based on inflation alone.

Frank Nothaft is the Chief Economist for CoreLogic (which compiles some of the best data on past, current, and future home prices). Nothaft recently explained:

“Even though CoreLogic’s national home price index got to the same level it was at the prior peak in April of 2006, once you account for inflation over the ensuing 11.5 years, values are still about 18% below where they were.” (emphasis added)

2. MORTGAGE STANDARDS

Some are concerned that banks are once again easing lending standards to a level similar to the one that helped create the last housing bubble. However, there is proof...

Hope Brings You Home: Southern Nevada's Newest Downpayment Assistance Program

Hope Brings You Home is a new down payment assistance (DPA) program starting May 1, 2018. This program is available in much of southern Nevada and providing an incentive to qualified homebuyers to purchase a primary residence in the following specific zip codes in Las Vegas, North Las Vegas and Henderson: 

Hope Brings You Home Downpayment Assistance Nevada Hardest Hit Fund SeeVegasHomes

Las Vegas: 89101, 89102, 89103, 89104, 89106, 89107, 89108, 89109, 89110, 89115, 89118, 89119, 89120, 89121...

A Tale of Two Markets [INFOGRAPHIC]

Two markets inventory demand SeeVegasHomes

Some Highlights:

  • A trend that has been emerging for some time now is the contrast between inventory & demand in the Premium & Luxury Markets vs. the Starter & Trade-Up Home Markets and what that’s, in turn, doing to prices!
  • Inventory continues to rise in the luxury & premium home markets which is causing prices to cool.
  • Demand continues to rise with low inventory in the starter & trade-up home markets, causing prices to rise!
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VA Loans by the Numbers - Spring 2018 [INFOGRAPHIC]

VA Loans By The Numbers Spring 2018 Las Vegas

Some Highlights:

  • Since the creation of the VA Home Loans Program, 22 million veterans have been able to achieve the American Dream of homeownership.
  • In 2017, $188 billion was loaned to veterans and their families through the program.
  • VA Purchase Loans are on the rise - on the West Coast, Las Vegas, NV and Arizona top the list.
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Legends Condos - Las Vegas Spring Sales 2018

Legends Condos Lone Mountain Las Vegas NV 89129 SeeVegasHomes

As of April 4, 2018, 8 condos have sold so far in 2018 in the Legends Condos in Las Vegas, NV 89129. The average days on market in Legends is now just 6 days! Condos not selling in a week are the anomaly! 

According to the Greater Las Vegas Association of Realtors, this is the lowest our condo inventory has been since 2004 – which puts condo sellers in Las Vegas in a very favorable position.

The highest sales price in Legends, so far in 2018, is $185,000 - this is an increase from 2017's highest priced sale of $175,000. 

If you are curious as to what your Legends condo is worth, please enter your address below to get a free home value estimate today!

Stay up to date with the latest sales and listings in Legends here.

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The Cost of Renting vs. Buying Today 3.30.18 [INFOGRAPHIC]

The Cost of Renting vs. Buying Today 3.30.18 [INFOGRAPHIC]

Some Highlights:

  • Historically, the choice between renting or buying a home has been a tough decision.
  • Looking at the percentage of income needed to rent a median-priced home today (28.9%) vs. the percentage needed to buy a median-priced home (15.7%), the choice becomes obvious.
  • Every market is different. Before you renew your lease again, find out if you can put your housing costs to work by buying this year!
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