Benefits Of Living In Las Vegas
People in so many cities and towns are troubled by the risks of natural disasters. Las Vegas has been spared from major natural disasters of the kind this client is worried about, such as earthquakes, hurricanes, tornadoes or tsunamis.
Most of days are sunny, and we can enjoy the sheer beauty of colorful sunrises and sunsets and picturesque desert views each day.
Grand Circle Tours which visit great national parks, such as Grand Canyon, Monument Valley, Bryce Canyon, Arches,and Zion leave from Las Vegas and come back to Las Vegas. The popular town of Sedona is 5 hours away.
It’s no fun for many people, if you’re in a rural area and there isn’t much to do, but Las Vegas offers world class shows and restaurants, a line up of all the brand boutiques and many signature golf courses. You can play tennis and racket ball free without any reservations. Play poker all day and night, nobody will complain, you can even get a chance to be a millionaire.
That’s why, Las Vegas is one of the most popular retirement destinations, but not only retirees, it is possible to work on the Internet away from the office for months at a time. It’s not unusual for a day-trader to be making buy-orders beside the pool in his backyard facing a golf course.
Such luxurious life style can be realized here in Las Vegas at a very reasonable price.
After the bubble burst, the overreacted market resulted in many Las Vegas properties in being highly undervalued some economists say, now ordinary people who are out of state or overseas can acquire second homes here. It is also possible to purchase a second home with friends who have similar tastes in their life style.
The world is an exciting place, why not break out of the ordinary?
VA Loans
25 Million peope are eligible for a VA loan! Only 10-15% utilize this financing option…no down and no MIP insurance this is a very viable financing option in today’s Las Vegas home buying marketplace. Mortgage rates are at an all time low…it’s a great time to find the perfect home! Contact Vaughnie with www.teamlasvegasrealestate.com for more information!
Q: Can an Older Homeowner Who Is Cash Poor but House Rich Use Their Home to Tap into the Equity?
A: Yes, but not so much by refinancing. A reverse mortgage is a better, and increasingly popular, option for older Americans to convert home equity into cash. Money can then be used to cover home repairs, everyday living expenses, and medical bills.
Instead of making monthly payments to a lender, the lender makes payments to the homeowner, who continues to own the home and hold title to it.
According to the National Reverse Mortgage Lenders Association, the money given by the lender is tax-free and does not affect Social Security or Medicare benefits, although it may affect the homeowners’ eligibility for certain kinds of government assistance, including Medicaid.
Homeowners must be at least 62 and own their own homes to get a reverse mortgage. No income or medical requirements are necessary to qualify, and they may be eligible even if they still owe money on a first or second mortgage. In fact, many seniors get reverse mortgages to pay off the original loan.
Repaying a reverse mortgage is not necessary until the property is sold or the owner moves. Should the owner die before the property is sold, the estate repays the loan, plus any interest that has accrued.
Team Las Vegas Real Estate
Phone: (702) 400-3815 or 702-371-6272
Mortgage Matters: Applications Reach Highest Level Since 2009
Mortgages are making big moves in June, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 8. Mortgage applications increased a whopping 18 percent from one week earlier/Last week’s results included an adjustment for the Memorial Day holiday.
The Market Composite Index, a measure of mortgage loan application volume, increased 18.0 percent on a seasonally adjusted basis from one week earlier to the highest level since May 2009. On an unadjusted basis, the Index increased over 30 percent compared with the previous week. The Refinance Index increased over 19 percent from the previous week to the highest index level since April 2009. The seasonally adjusted Purchase Index increased around 13 percent from one week earlier. The unadjusted Purchase Index increased over 23 percent compared with the previous week and was 4 percent higher than the same week one year ago.
“Mortgage application volume increased sharply last week. The increase was accentuated due to the comparison to the week including Memorial Day, but the level of refinance and total market activity is the highest since the spring of 2009,” says Michael Fratantoni, MBA’s Vice President of Research and Economics. “Refinance volume increased as borrowers were able to lock in at mortgage rates below 4 percent, and purchase application volume was its highest level in over six months. HARP volume has been steady in recent weeks at about 28 percent of refinance applications.”
The refinance share of mortgage activity increased to 79 percent of total applications from 78 percent the previous week. The adjustable-rate mortgage (ARM) share of activity remains around 5 percent of total applications from the previous week.
The average loan size of all loans for home purchase in the US was $243,733 in May 2012, up from $238,135 in April 2012. The average loan size for a refinance was $226,576, up from $219,664 in April. The largest purchase loans were made in the Pacific region at $357,978 while the largest refinance loans were also made in the Pacific region at $313,826.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) increased to 3.88 percent from 3.87 percent, with points decreasing to 0.43 from 0.46 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,500) decreased to 4.12 percent from 4.13 percent, with points increasing to 0.41 from 0.35 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 3.71 percent from 3.70 percent, with points decreasing to 0.59 from 0.60 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The average contract interest rate for 15-year fixed-rate mortgages increased to 3.23 percent from 3.20 percent, with points increasing to 0.48 from 0.46 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The average contract interest rate for 5/1 ARMs remained unchanged at 2.78 percent, with points increasing to 0.49 from 0.40 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
For more information, visit www.mortgagebankers.org.
Team Las Vegas Real Estate
Phone: (702) 400-3815 or 702-371-6272
5 Master Bedroom Design Ideas to Maximize Comfort and Space
For some, the master bedroom is not only a place to sleep; it also doubles as a favorite reading spot, an entertainment hub, or even a yoga studio. But with limited space, how can you make this popular room a more flexible space, without sacrificing style and comfort?
“Your bedroom should be the ultimate reflection of your personality, as well as your hobbies and passions,” says Ben Thorud, Senior Vice President of Ashley Sleep. “Whether you want to curl up with a good book, watch a movie on your home entertainment system, or help the kids with their homework, you can add some simple designer touches that help maximize your comfort and space.”
The following simple bedroom design ideas can easily transform any master bedroom, no matter how big or small:
1. Upgrade your bed. Whether your mattress has seen better days, or you just want to upgrade to a bigger size with more space to spread out, a new bed is one of the most important investments you’ll ever make.
2. Choose a comfortable headboard. If you spend a lot of time sitting up in bed, consider trading out your old headboard for one with a tufted, padded or sloped design. It makes it easier to lean back while watching TV, reading a book or surfing the Web.
3. Don’t scrimp on the pillows. Adding lots of pillows to your bed is not just more comfortable for sleep, it’s also more inviting and compels us to spend the day in bed (or at least initiate a good pillow fight!)
4. Add a media chest. A media chest provides a place to tuck away the TV, DVDs and games when they’re not in use. Plus, a media center usually stands high enough so you can see over the footboard. You could also use your dresser as a TV stand, with a top drawer reserved for storage, and install a floor-length mirror to replace the one that once sat on your dresser.
5. Extra seating. If the kids spend a lot of time in your bedroom, consider adding a bench at the foot of the bed, or a cozy chair in the corner of the room. It provides more space for people and for storing your things.
Source: Ashley Sleep
Team Las Vegas Real Estate
Phone: (702) 400-3815 or 702-371-6272
May 29 is ’529 Day’ – Do You Know What That Means?
Today is 529 Day and according to a survey released by financial services firm Edward Jones, 62 percent of Americans have no idea what a 529 college saving plan is. The survey, which asked respondents to identify what a 529 plan is from a list of options spanning from “a college savings plan” to “a form of life insurance,” found that almost two-thirds chose the wrong answer. About 14 percent of the respondents simply said they did not know.
According to the firm, the survey results reinforce the growing problem that many Americans are facing today – the rising costs of higher education. Tuition costs of four-year public colleges rose 8 percent from 2010 to 2011, and they are expected to continue to rise, according to the College Board. Created more than 15 years ago in 1996, a 529 plan is a tax-advantaged savings plan designed to encourage preparing for future college costs.
Awareness for 529 plans rises with the wealth level of those surveyed. Only 27 percent of respondents making less than $35,000 a year identified a 529 plan, while 57 percent of those making between $75,000 and $100,000 annually and 62 percent of respondents making more than $100,000 annually identified the correct answer.
Respondents who have college degrees were much more likely than other respondents to identify a 529 plan, with 53 percent choosing the correct option. This compares to 33 percent of respondents who attended—but did not complete—college and 29 percent of those whose education ended with high school or earlier.
Just about half (48 percent) of respondents with children of any age indicated they knew about a 529 plan. Those with children between the ages of 13 and 17 were less likely (43 percent) than their peers with younger children to identify a 529 plan. More than half of respondents with children under the age of 13 (52 percent) correctly identified a 529 plan. Those with no children were much less likely to choose the correct option (30 percent).
Team Las Vegas Real Estate
Phone: (702) 400-3815 or 702-371-6272
Why Debt Can Be a Good Thing
When it comes to the best ways to use money, too many Americans operate under a key misconception, says investment adviser and financial planner Ike Ikokwu.
“Money is opportunity, and having a blind spot for maximizing investment can drastically reduce one’s future options,” says Ikokwu, author of “Winning the Money Game: Separating the Myths from the Truth.” That blind spot is debt, he says. Just as Americans have learned there are such things as good fats and good cholesterol, so too is there good debt for a prosperous financial future.
As Ikokwu explains, the three most common ways of becoming wealthy involve debt: “They use it to launch businesses, invest in real estate, or pay for advanced degrees in order to become high-income earners.”
Ikokwu also outlines the following myths concerning debt:
Paying off your home mortgage provides financial security.
A 15-year mortgage is always the quickest way to pay off your home.
Putting money in your 401K or other qualified plan saves you taxes.
The stock market is the only place to generate high, double-digit returns.
Admonishments to “stay out of debt” prevent people from gaining financial independence, Ikokwu says. Investing in education, a new career in another state or a new business may be more lucrative than paying down a mortgage.
“My definition of being ‘debt-free’ is to have enough money so that you can pay off your debt at any time – if you need to,’’ he says. “But you don’t necessarily want to do that. Good debt can save you money on taxes, increase your investment gains and allow you to take advantage of wealth-building opportunities. Bad debt, on the other hand, is like having a big hole in your money bucket.”
Team Las Vegas Real Estate
Phone: (702) 400-3815 or 702-371-6272
Q: When Is the Best Time to Refinance?
A: Many people flock to refinance while mortgage interest rates are low, particularly when rates are about two percentage points below their existing home loans.
Other factors, like when to finance, will depend on how long you plan to hold on to your home and whether you have to pay considerable fees to refinance. It also will depend on how far along you are in paying off your current mortgage.
If you expect to sell your home relatively soon, you are not likely to recoup the costs you incurred to refinance. And if you are more than halfway through paying your current mortgage, you probably will gain little by refinancing. However, if you are going to own your home for at least another five years, that is probably long enough to recoup any refinancing costs and realize real savings as a result of lowering your monthly payment.
In fact, if it costs you nothing to refinance, you can gain even more. Many lenders will let you roll the costs of the refinancing into the new note and still reduce the amount of the monthly payment. Plus, there are no-cost refinancing deals available.
Contact your lender, and its competitors, before you refinance.
Team Las Vegas Real Estate
Phone: (702) 400-3815 or 702-371-6272
5 Secret Habits of Wealthy People
By Barbara Pronin, RISMedia Columnist
We have all heard stories about average people who made it big in one field or another and became super-rich. Finance writer Farnoosh Torabi, writing for Yahoo! Finance, interviewed a score of now-wealthy Americans to get a bead on how they went from rags to riches.
From Torabi’s research, here are five simple but telling traits and everyday habits of the very wealthy that may help you in your quest for financial independence:
1. Street smarts count – Many of today’s wealthiest Americans were not intellectually gifted or academically inclined. In fact, it is often the goof-off or the class cut-up whose active imagination and gut feeling leads to a bright idea or product that winds up making a fortune. Schooling should never be ignored, most maintain – but trusting your gut will almost always open the door to success.
2. Identify and act on opportunity – The rich are reportedly always looking around for the next big idea – like a fun gadget, or a new use for land or equipment in what is normally is ‘off-season.’ But coming up with the idea is just the beginning. True entrepreneurs, most say, will act on the idea and find a way to bring it to fruition.
3. Enjoy your money – While saving is a key habit of successful people amassing riches, many wealthy entrepreneurs recommend putting away half of each little windfall and spending the other half on something fun, like a vacation. Enjoying your money is instrumental is keeping oneself motivated to keep achieving, according to many of those surveyed.
4. Prioritize retirement saving – While putting the kids through college is a worthy goal, saving for your own retirement is primary for the wealthy. The thinking is, it’s okay to take out a loan for college, but there is no loan you can take out retirement.
5. Eliminate self-doubt – No matter how intimidated they may feel by people who are smarter or wealthier, successful people believe in themselves and have a core belief that that they have the right to be wealthy, too.
Team Las Vegas Real Estate
Phone: (702) 400-3815 or 702-371-6272
Homeowners Face Insurance Increases Nationwide
The recently released 2011 HomeInsurance.com RateReport shows a considerable increase in average 12-month homeowners insurance premiums for new policies in December 2011. The data represents approximately 15,000 policies sold across the United States with such top-rated carriers as Travelers, Safeco, The Hartford, and ASI/Ark Royal.
The RateReport shows that 12-month home insurance premiums in December 2011 were $810 nationwide, a 19 percent increase from January 2011 at $682. RateReport shows that on a nationwide basis, homeowners are paying, on average, $128 more per year for new homeowners insurance policies than they were at the beginning of the year.
State-by-state premium increases were more dramatic in some areas including Mississippi, Montana and New Mexico where new policies in December 2011 were carrying roughly 29-39 percent higher premiums than those sold in January 2011.
“Rate fluctuations are normal and can be caused by a variety of factors,” says Carlos Lagomarsino Founder of HomeInsurance.com. “The best thing homeowners can do is comparison shop and ask their agents to qualify them for all eligible discounts, such as a home-auto package, which can provide substantial savings.”
With the overwhelming increases in 2011, there were some bright spots where policyholders saw lower rates toward the end of 2011 such as Washington D.C., where homeowners were paying about 7 percent less for new policies. Likewise, new policies sold in December 2011 in Vermont, Virginia, West Virginia and California decreased in price as compared to earlier in the year when they were 1 to 3 percent higher.
Team Las Vegas Real Estate
Phone: (702) 400-3815 or 702-371-6272
Diving into Property Management: Items to Consider before You Invest
By Bob Floss
The potentially perfect moment has arrived to invest in rentals. Across the country rental demand is strong in many cities, and the costs associated with buying multi-family properties are lower than in recent memory.
Generally speaking, the goal of investing in rental properties is making money. Toward that end, and especially if you’re new to property management, a four-flat or smaller is probably the best way to go. Smaller buildings allow you the option of living comfortably in the building and managing it yourself, or living nearby but still self-managing. While careful management is essential for maintaining a building that benefits both owner and tenants, paying a manager to oversee the units will significantly affect your ability to profit.
Another important component of building management is people skills. Do you enjoy working with people and do so readily? If not, your investment may come to feel like more trouble than it’s worth.
Along the same lines, realistically assess your handiness around the house. Are you able to tackle at least minor building systems or other maintenance and repairs? If not, investing in buildings may not be for you. Or minimally, be sure you have a network of reliable handymen to call upon for service in short-order.
Beyond these concrete considerations, there are also a variety of liability and financial issues you’ll have to have eyes wide-open about before you invest. Major areas of potential complications include:
-Lease agreements – be sure you have all details specified and in writing.
-Handling security deposits – be sure you’re depositing money in an appropriate trust account that’s in accord with your state law.
-Disagreements about property condition – be sure you have tenants sign move-in and move-out forms about the condition of the unit and any damage.
-Ethical and legal considerations regarding renting – be sure you’re up to speed on Fair Housing and related law.
It’s a good idea for all new or potential landlords to enroll in a basic property management course – nothing fancy — through your local municipality, REALTOR® association, community college or other learning institution. You’ll get the low-down on essential information on day-to-day operations you’ll need to know, like showing properties, handling leases, collecting rents and managing finances.
If you’ve read this far and still stand ready to dive in, it’s an excellent market in which to do so, with a variety of different styles and sizes of building available at attractive prices. Keep in mind, as well, that if you are eligible for a FHA or VA loan when buying property, their minimum down payment requirement can help you regulate your cash flow until rental income is coming in.
Bob Floss, Bob Floss & Son Realty, is the 2011-2012 President of the Chicago Association of REALTORS®.
Team Las Vegas Real Estate
Phone: (702) 400-3815 or 702-371-6272