Las Vegas is a booming city due to a number of factors including affordable housing, 13 new schools built each year. The national median price for existing homes jumped to a record $219,000, up 15 percent from a year ago, the fastest rate of growth in 25 years, according to the National Association of Realtors. Las Vegas median new home price tops more than $287,500. Still it's a bargain compared to California. Las Vegas Real Estate is growing at a rapid pace.

Shane Jager  
 
General Realty Group Inc
cell phone (702) 234-6394

Current Home Listings

Rent is a viable option if you plan on moving within a year or two or simply can't afford a down payment. If you buy a home and move a year later you may just break even with your increased home equity and closing costs you'll have to pay. Renting also provides generally smaller monthly payments that a mortgage will all the extra fees. Also home repairs are the responsibility of the homeowner.

Buying has many attractive points. Not only do you build home equity and your personal net worth but also have huge tax savings. If you sell your home after you've lived in it for at least 2 of the past 5 years you afford capital gains tax. Mortgage Interest and property taxes are fully tax deductible. Also during a 30 year loan the first years your paying much more interest than principal on your loan. Interest only loans have an option to pay toward principal but it's up to you.

Use this Loan Calculator to get a breakdown if you pay Weekly, Bi-Weekly, Bi-Monthly, Quarterly, Semi-Annually, or Annually.

PHP Mortgage Calculator much more detailed and long report that shows Principal and Interest paid for each year.

Loans You want to try to put down at least 20% of the home cost if at all possible. If you don't and get a loan for 95% of the amount and put 5% down then you'll have to pay PMI (Private Mortgage Insurance). Reason is the Federal Goverment guarantees the 80% of a home loan should one faulter. Others avoid PMI by getting a 2nd mortgage 80/20, 80/15 or 80/10 for example. Your second mortgage will usually have a higher interest rate though so once your home equity has risen you could refinance for a new combined 80% loan.

Loan Rate Lock
Mortgage lenders generally offer a loan rate that is good for 30 days. This is called an interest rate lock. If you don't close within the 30 days, your rate may change to reflect the lender's change in its cost of funds. If you think rates may rise, you may try to get a longer rate-lock period for an additional fee.

ARM, Interest Only There are ARM loans(adjustable rate mortgages, 1, 2, 3, 5, 7 year) and Interest Only loans either a ARM or a 15 or 30 year fixed loan. Advantages of interest only is the full payment is tax deductible. Although your not paying towards your principal your betting on your home appreciation.

Originiation Fee sometimes a new home builder will refer you to there mortgage company. They say they give you for example 1% of the loan amount if you go with them. However, they'll usually have a 1% orgination fee so those two cancel each other out.

You no longer have to pay $15 or whatever. Consumers are entitled to one free credit report per year. See the governments website for more information regarding this ftc.gov/bcp/conline/pubs/credit/freereports.htm or just go to annualcreditreport.com to get your free credit report.

If you do wish to pay for it (go right ahead) here are credit score bureuas to do so:
equifax.com
experian.com
transunion.com
myfico.com

How your FICO Credit Score is computed


35% Payment History
how timely you pay your bills
bankruptcy, judgements, suits, liens, wage attachments, etc.

30% Oustanding Debt
How much you owe on credit card balances

15% Length of Credit History
Allows for more predictably as to how one handles credit.

10% Types of Credit Used
credit cards, retail accounts, mortgage

10% New Credit Applications
number of recent credit card applications (can signal financial trouble)
number of credit inquiries (administrative inquiries such as those made by lenders are do not count negatively affect your score)
time since inquiries and accounts opened.

What doesn't count in a score
The scoring model doesn't look at:

- Your Age, sex, marital status, race, color, religion, national origin
- Where you live
- Whether you own a home or rent
- Income or Employment History* (mortgage lenders may, however)
- Education
- Any interest being charged on credit card or another account
- Any rental agreements
- Any child support

Get the home appraised by a professional appraiser. Generally costs around $300. An appraiser will check sinks, drains, pipes, heating and cooling systems, foundation, walls, ceilings, floors, electrical wiring, lighting, circuit breaker, windows, doors, driveway, etc.

Lot's of parks for kids and various activities. Working on a page currently with a list of Las Vegas activities.

Traffic is pretty bad in certain areas and roads aren't always in the best condition either.
Here are 15 live Las Vegas video traffic cams.

There is a drought so water is an issue. Lake Mead water level is at all time lows. City of Las Vegas recently signed a contract in 2005 for $300 million with Arizona to have them divert more of their water over the next 10 years from the Colorado River. However, water is relatively cheap compared to California.

Weather ...It's hot in June, July and August. As long you don't work in a job outside then it's bearable.

Updated Oct 23, 2007


Back Home