For those of you have decided to wait out this crazy housing market and for those of you who have taken advantage of the homebuyer credit…you’re probably, thinking, “okay, I’ve decided to keep my home or buy my home, now what?” Houselogic.com is an online resource created by the NATIONAL ASSOCIATION OF REALTORS® to help those who currently own maximize the investment and treasure we call our home.

A couple of things I like about it:

• It is easy to navigate!
• It covers many areas of interest such as maintenance, upgrades, finances and community building.
• It has a binder option that allows you to save and organize your favorite posts.
• The binder option also makes it fun to research about the joys of homeownership with a game.
• It is F-R-E-E!

If you don’t get around to visiting the site, no worries!  I’ll probably pick out a few things from the site every now and then that applies to our Las Vegas market and post them on project southwest, lv.

Thanks for reading!

As a homeowner, what do you find are good investments in your home?  I can be in the way of  upgrades or maintenance but I’d love to hear your thoughts!

So homes are beginning to move faster here in Las Vegas, NV. Wondering how homebuyers are paying for these homes in an economy like this? Well, wonder no more!

With no further adieu: Here are the 3 famous fiancing types for purchasing Las Vegas single family residences in 2009:

In Third Place:
With 26.5% of the market share this year to date is Coventional Loans. Conventional loans require 20% down payment and are typically 30 year loans with fixed interest rates. This is what I’ve always known as the “cookie cutter” loan, but due to the hefty down payment, lenders find borrowers with this type of financing. The bigger the down payment, the larger the investment in the home, and the more likely the borrower will keep up their payments to protect their investment.

In Second Place:
With 30.6% of the market share is….Cash-Right on rich people! Must be nice to have a wad of cash just lying around! No really, in this economy, it’s a great idea to put your cash into something you know will appreciate in value. Congratulations for having the means to invest in real estate at such a great time!

Drumroll please…..

And in First place
with 34.5% of the market share is FHA! This very seductive loan only requires a 3.5% down payment and some lenders of FHA loans require that the property purchased must be “liveable” which means a stove, a water heater and HVAC (heating/vent/air conditioning) be present and working in the home. Of course there are costs associated with getting this type of financing and since you are not putting 20% down like in a conventional loan, you will be required to pay PMI or private mortgage insurance in addition to your PITI payment.

So with just 3.5% down, a fairly good credit history & some good negotiating, becoming a homeowner is possible.

Thanks for reading P.S. Las Vegas, Confessions of a Las Vegas REALTOR!

Arlene

Thanks to GLVAR for Stats!

Anyhow, here are a few things I wanna accomplish,

• Get a few free Vodka drinks in me
• See another great Vegas Strip Venue
• Meet a few new people who I can bump into at the New Media Expo on Saturday.
• Learn how to be a better blogger.

Hope to see you tonight!  If you are coming, leave a comment and hopefully we can “tweet up” @ Lavo!

RSVP to Tweetbash in LV!

Please be aware, there have been talks about Congress changing the required down payment for FHA loans from 3.5% to 5% AND to prohibit buyers from financing closing costs.  The reason for the change is due to the FHA reserve being diminished due to the wave of foreclosures.  Now even though the bill is in its early stages, who knows which way it will turn out.

Click here to check out the status of HR 3706

Information courtesy of:

Sean Uyehara, B.A.
Residential/Commercial Mortgage Consultant
C: (702) 336-4980
F: (702) 315-6110
sean@lvhomemortgage.com

 By the close of third quarter of 2009, the number of properties identified as distressed continued to rise. Available short sales and bank-owned properties as a percentage of total listings reached 60.3 percent during the final week of September. Of the 11,716 listings, 4,811 (41.1 percent) were listed at values lower than the amount owed on the mortgage while properties identified as bank repossessions totaled 2,253 (19.2 percent).
 
Of the 11,716 listed homes, only 4,103 0(35.0 percent) are occupied by their owners, while the remaining 7,613 (65.0 percent) are occupied by tenants or remain vacant. A flood of properties (11,013) remain under contract but are subject to conditions (e.g., bank release on a short sale). Another 3,850 homes are pending, or expected to close, suggesting nearly 15,000 homes have been reclassified from “available” to “contracted,” many of which may fall in and out of escrow over the course of the next several months for various reasons.

Information Courtesy of :

Krysta Sitko
A.V.P./Business Development
Fidelity National Title
Cell:  (702)303-0893
Email:  ksitko@fnf.com
Web:  fidelitylv.net 

Please don’t hesitate to ask me for a report which includes the full analysis and charts. Please note it is the market update from 9-28-2009

Thanks for reading!

Arlene

Thanks for reading!

Arlene

A friend of mine who is vegan and not even a Las Vegas local told me about this place called Red Velvet Cafe on  Sahara and Buffalo.  I’m all about trying new places and since one of my friends,  Anni and I have been on this health kick, we figured we’d give it a shot.

The draw to this place is their commitment the “healthy foodie”.  Their menu is pretty extensive and consists of sandwiches, salads, paninis, pizzas, and pastas mainly, with other items that I can’t wait to try.  Pretty much everything is vegan or vegetarian friendly, meaning they carry vegetarian or vegan meats and cheese to substitute.  You can also have everything with meat, which is what I do.  They even have appetizers like quesadillas and chicken nuggets that can be made vegetarian/vegan and are oven baked, not fried.

And of course who can forget desert.  The cafe is named after their signature dessert, the red velvet cake.  Yummy!  The presentation was great, it is vegan friendly, and at only 150 calories!  Seriously, I was in dessert heaven.

I highly recommend trying this place.  I’m originally from Los Angeles and have been dying to find places like this since I relocated here in 2004!  Thanks for the suggestion Jess!

Red Velvet Cafe website where you can find their menu, location, and hours.

Thanks for reading project southwest, lv- confessions of a las vegas realtor!

Arlene

Well, I’ve tried blogging in 2 other avenues before this one.  I’m hoping wordpress is the final home for my blog.  Anyhow, hello!  I’m Arlene M. Skinner and I’m a REALTOR® here in fabulous Las Vegas, NV.  My goal with this blog is to join the 21st century in the use of the technological resources available to me and have a little fun by sharing my experiences as a local and my favorite hott spots!  Chances are, you’ll probably be seeing a lot of video poker places, sushi bars, pho houses, and a good place to get some fro-yo!  If you have any to share I’d love for you to post them so that I can check them out too.

Every now, and then, my nerdy REALTOR® side will come out and I will share with you what’s going on in the Las Vegas, housing market.  Don’t worry, I’ll only post what I find interesting!  Let’s get started! And besides, this is a great way to help my future friends and clients!

Thanks for taking the time to read project southwest, lv!

Arlene M. Skinner