http://susancruz.cbvegas.com/blog/archive_201506/sort_entrydatetime-desc/ MARKET STATSSo far 2015 is looking a lot like 2014 in terms of closings. Both single family homes and condominiums are very close to 2014 levels between January and May. However, the type of buyer has been shifting with prices ratcheting higher during the past year. Investors now make up a relevant but declining share of closings and the higher prices have likely tempered some first-time buyer interest although low interest rates have been supportive of this segment. With the recent volatility in mortgage rates and the Federal Reserve jawboning about a possible interest rate hike in 2015, the low rate headwind many buyers have come to expect may not last forever. Some of the more marginal buyers may be headed for a disadvantage. Although not all Fed observers believe they will increase rates, the recent national jobs data seems to favor the idea of a rate increase, if even a moderate one. Still, the picture remains murky with a Fed board that is not aggressive. After a strong bump in prices between March and April, pricing pressure took a breath and essentially traded sideways. We prefer a more settled market with gradual shifts in pricing at levels that reflect the underlying fundamentals in the job market and household incomes. With job growth maintaining an upward trend, this instills some level of comfort that prices have not escalated beyond what the majority of buyers can afford.SINGLE FAMILYCONDOMINIUM/TOWNHOMERENT OR BUY...THAT IS THE QUESTION?The choice between buying a home and renting one is among the biggest financial decisions that most adults will ever make. But the costs of buying are more varied and complicated than for renting. These confusing details make it hard to decide. Check out this latest blog with three tips on deciding when to buy!SINGLE FAMILYDAYS ON MARKETAVERAGE & MEDIAN (3 MONTH MOVING AVERAGE)CONDO | TOWNHOMEDAYS ON MARKETAVERAGE & MEDIAN (3 MONTH MOVING AVERAGE)SINGLE FAMILYSALE PRICEAVERAGE & MEDIANCONDO | TOWNHOMESALE PRICEAVERAGE & MEDIANSINGE FAMILYAVAILABLE & CLOSED INVENTORYCONDO | TOWNHOMEAVAILABLE & CLOSED INVENTORY http://susancruz.cbvegas.com/blog/5689/las-vegas-monthly-market-update-june-2015/ Thu, 25 Jun 2015 06:02:58 -0800 Home mortgages yield a multitude of options to select from and choosing the best one is entirely a matter of personal preference and financial standing. Coldwell Banker Premier Realty (CBPR) discussed the subject of mortgage as a matter of personal fit with Wells Fargo’s Home Mortgage specialists. The two main forms of home mortgage are fixed-rate and adjustable-rate.            The two differ in that fixed-rate has precisely what it sounds like- a fixed interest rate and payment for the life of the loan. This is beneficial in that it allows for individuals to budget confidently with a concrete expectation of what their payment will be, regardless of shifting interest rates and the economy’s ambiguity. Wells Fargo told us this is typically a better option for homeowners who see themselves as remaining in said home for a longer period of time. Depending on financial mobility month to month, it is always a better choice to select a shorter life on your loan, as this lowers the amount of interest you will end up paying in the end. However it’s imperative to weigh in on whether or not your shorter mortgage with higher payments will be restrictive to your lifestyle, or worse be a struggle to successfully pay. The second major type of mortgage is adjustable rate, or commonly referred to as ARM mortgages. Adjustable rate mortgages have adjustable interest rates that will remain consistent for 5, 7, or 10 years, and then begin to adjust due to national trends annually. While this may sound like rolling the dice, Wells Fargo sets a cap on how high interest rates can climb to on your loan, keeping borrowers safe from astronomically high rates. A beneficial aspect of ARM is that the initial interest rate is almost always lower than a fixed-rate mortgage. While fixed-rate and ARM constitute the two large branches, there are a variety of subsets to choose from. Some examples of adjustable rate mortgages that are mentioned in Wells Fargo’s “Purchase and Renovate” program allow for lower monthly payments and the loan itself encompasses costs of renovating the property. Home ownership is not necessarily restricted to those with exemplary credit, although credit score often determines optimal interest rates and mortgage plans. Wells Fargo has a “Home Opportunities” mortgage plan meant for those with sub-prime credit scores and lower income. Wells Fargo states, “Our Home Opportunities program may help first-time homebuyers and low or moderate income homebuyers who don't have a large down payment.” While it may seem daunting to secure satisfactory lending or lending at all, mortgages exist for every homebuyer and getting pre-approved is a great first step to take before starting the process.  http://susancruz.cbvegas.com/blog/5399/introduction-to-mortgages-fixed-vs-adjustable-rates/ Wed, 24 Jun 2015 06:07:17 -0800 At Coldwell Banker Premier Realty (CBPR), we are often asked questions like, “Why is title insurance so important? What does title insurance protect me from?” And, “How does title insurance work?” Title insurance becomes involved in the transaction at the point of escrow--the period of time where all the funds and documents that are related to the transfer of the property are verified. Escrow is an integral part of the transaction for both buyer and seller, as it protects each party from unforeseen situations that could jeopardize one party. It allows the necessary time for a title company to verify the documentation of closing on the property. We recently met with Lisa Ray of Ticor Title Las Vegas to get a title professional’s insight. “Title Insurance isn’t simply transferring a deed” Ray explained. “Title Insurance protects the buyer from risks that appear far down the road in ownership, like undisclosed heirs or impersonation of the true owner.” Title insurance is the bulwark that protects buyers from falsification or foul play by sellers. “Hidden defects” include the two previously mentioned, as well as forged signatures on the deed, the deed signed off by someone mentally unsound, or minors signing the deed. These circumstances potentially can complicate your claim to ownership drastically and may appear years after you bought your home. Title Insurance protects you from concerning yourself over these complications, should they arise soon after closing or a decade after. On both sides of the fence there is a lot of good faith entrusted in the other party. Escrow and the consequent validation by the Title agent ensure legitimacy in this good faith, and should issues arise, help correct the situation for the misinformed party. Ray added, “Ticor Title is a member of the Fidelity family of Title companies, collectively representing the largest Title and Escrow services nationally.” This is bolstered by Ticor’s 2.6 billion claim reserve. Ray told us “Our claim paying ability is larger than any in the industry.” Contact Lisa Ray to learn more about the Title and Escrow process at 702-932-0777. http://susancruz.cbvegas.com/blog/5109/title-insurance-a-few-whats-and-whys/ Wed, 24 Jun 2015 02:15:10 -0800 Coldwell Banker Premier Realty recently spoke with Denise Eccher with Homeowner Relief Lawyers, LLC of Las Vegas, NV in order to help educate our readers about the benefits of short sales versus foreclosures. In that interview, we learned that foreclosures can be a crippling blow to anyone’s credit, taking into account that foreclosures automatically drop your credit score from 85 to 160 points for 7 years. These circumstances can essentially bar you from lending services and can reach as far as denying you for insurance applications in some instances. Even small lines of credit become nearly impossible to attain. In addition, many potential employers have begun to look into credit scores as part of candidate selection. “What many do not realize is that the financial nightmare of a foreclosure can be averted with a short sale”, Denise explained. ”Short sales are a form of mortgage default that can keep your credit score far more in-tact than enduring a foreclosure’s long lasting effects.” Essentially, a short sale is a process in which a homeowner gets approval from their mortgage lender to “pay off” their loan with an amount less than the full balance. This process is often the best option for anyone struggling with mortgage payments that is on the path to defaulting on their mortgage and foreclosure. Some criteria must be met in order to qualify for the short sale process. In order to go through a short sale the seller must prove a hardship.  There are many different types of hardship ranging from extreme financial issues to job transfer without the ability to sell the home for what is owed. People may think they “don’t qualify” for a short sale because they are not devastated financially. This simply is not true.   The short sale process begins with the seller signing a listing agreement with a real estate agent and the mortgage lender’s approval of the potential short sale. Once a buyer surfaces and makes an offer the seller accepts, the seller’s mortgage lender must also accept this offer. With this approval and the sale’s conclusion, the seller is now free of their mortgage obligation.  With the help of competent attorneys, the legal obligation to pay the deficiency (the difference between the mortgage balance and the amount of the short sale), can be waived.  “Navigating this complex process requires experienced real estate attorneys who can take on the short sale to benefit both the seller and the agent. Four out of five real estate agents choose to avoid short sales due to the immense amount of work involved in short sales in comparison to regular listings.”, said Denise. “HRL effectively turns a short sale into a regular listing for the agent by handling all of the document collection and negotiations to obtain approval. Once approval is received, the transaction can close in the same way as a traditional sale.” “Agents will run into short sales while prospecting. Working together with HRL allows them to stay focused on their traditional sales while providing a great service to homeowners requiring the more intense process of short sale. One of the best benefits of helping a client during this difficult period of life is that these clients will send referrals – at least 2 from every short sale; and often many more. After a short sale seller moves on to the next chapter of life, they will typically come back to the agent in 2-3 years to buy a home again.  Short sales are a tremendous way to serve our community and help sellers transition out of these underwater homes while very effectively building a customer base.”For more information contact Marc or Denise Eccher at 702-589-7520. http://susancruz.cbvegas.com/blog/4819/short-sale-a-savior?/ Tue, 23 Jun 2015 04:21:43 -0800 Once you have reached your ultimate goal of selling your home, you are hopefully celebrating the fact that you received your asking price from a buyer or maybe even surpassed it if you are really lucky. But most importantly, the final offer you accept should factor in several additional expenses that go along with selling a home such as closing costs and your real estate agent’s commission. If not, you could be very disappointed in the net proceeds you get from the deal after your home is sold. This final blog has been created by Coldwell Banker Premier Realty as a Q&A to prepare you for what can be a harsh reality to those who do not account for what might appear to be “hidden costs” rather than simply budgeting properly for all aspects of the sale…1) Whose Responsibility Is HOA Seller’s Package? The seller is solely responsible for providing the buyer with this info. Agents may coordinate the ordering of the package, but some HOAs do not even allow them to order it. 2) Why Is Title Insurance Needed? Title insurance is needed for a home to show that the buyer really owns the property and to ensure there are no problems with it before closing. Again, the seller is usually responsible for paying for the buyer’s title insurance as a means of proving the title is clean.3) What If My Home Does Not Appraise? If your home does not end up appraising for the amount you are seeking from the buyer, you as the seller can reduce the price to the appraised value, the buyer can pay the difference in cash at closing, or either party can cancel the sale altogether because the price was not met. You can also choose to appeal the appraisal in hopes of improving it.4) What Are Closing Costs? Closing costs usually total between 3 and 5 percent of the loan amount that the buyer takes out on a home. These costs include a number of items such as loan origination fee, loan discount fee, loan application fee, points to buy down the interest rate, lender’s and buyer’s attorney fees, appraisal fee, credit report, lender’s inspection fee, mortgage broker commission or fee, tax service fee, processing fee, underwriting fee, wire transfer fee, interest from the day of settlement to the end of the tax year, private mortgage insurance premiums, hazard insurance premiums, property taxes from the day of settlement, settlement or closing/escrow fee, document preparation fee, notary fee, title search and insurance, recording fees, tax stamps and pest and home inspection. While that is obviously a lot of items to consider when closing, all of them are typically included as part of a Good Faith Estimate (GFE). Buyers are responsible for paying the home’s closing costs, but sometimes it can be worked into the deal to have the seller pay them instead. 5) How Much Should My Agent’s Commission Be? The standard commission rate for real estate agents is 6 percent, with 3 percent going to the buyer’s agent and 3 percent to the seller’s agent. This commission is paid by the seller.  http://susancruz.cbvegas.com/blog/4525/understand-your-proceeds/ Thu, 18 Jun 2015 02:25:53 -0800