With the current contraction in our global economy spurned by the housing bubble, housing prices are at 10 year lows. Mortgage rates have fallen to rates we have not seen in over a decade. Currently, there is an incentive plan for first time buyers (individuals who have not owned a house within last three years) that if you purchase a home before October of 2009, you can appreciate an $8000 tax credit.
SalesTraq has reported that the median price of an existing home in March of 2009, in Las Vegas, was $134,900…a 41.3% decline from the same month a year ago. Sales of existing homes increased by 85.6% during the at month to 3626 recorded closings. However, 66% of these closings were foreclosed properties.
Most insiders feel that in Las Vegas, we will hit the bottom toward the end of 4th quarter of this year. Then we may see some positive growth toward second quarter of next year. Short sales will become a prominent factor as bank-owned properties are taken off the market. The Mortgage Bankers Association forecasts a steady increase in home sales beginning in the second quarter.
If you are a first time buyer…now is the time. Interest rates are between 4-5% fixed. FHA down payment requirement is at 3%. Conventional mortgage down payment requirement is 5%. Those coupled with low interest rates, and first time home buyer tax credit…make for an amazing opportunity to own your own home.
If you are in need of a new home, home mortgage, or loan modification, contact me directly…our teams of professionals can help…“Empower You Life”.
Being an entrepreneur has given me a deep appreciation for individuals who are success oriented and never give up. The drive to always “push through” is a trait of successful people.
I have been fortunate to associate myself with many successful individuals over my life. It began with my father who instilled in me the ability to step outside of the box…to create something out of nothing. He taught me the importance of integrity in business...traits that I have incorporated into the various business models I employ.
I spent the first ten years of my career in the medical field. I worked side by side with amazing individuals who put their own self-interests aside in order to nurture others back to good health. Many times I witnessed life and death situations. It was always humbling to experience the team-work that evolved around trying to save a lives.
As my career path evolved into the business world, not only could I bring those experiences into my persona, I saw a need to spread information…real information for real situations. A close friend of mine began to mentor me in aspects of blogging. He has given me incredible insight into how a blog should be developed…how to focus my passion for helping mentor people to becoming successful entrepreneurs. This passion for mentoring others began when I was a young child and continues today. It is not about me, but rather those who have influenced my life.
I am a work-out addict and a real “ski dog”. Sorry guys and gals…I do not “ride”. I live for deep powder and steep chutes. I love the feeling of looking over the edge of a steep run…feel my heart beat faster with that adrenaline rush and then “jump in”. I love golf…but I always wonder if I will ever break 100…lol! Most of all, I love my wonderful family…they are the best! Thanks for stopping by and I hope you feel empowered today.
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