Would You Qualify for a Mortgage Now?

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The widespread myth that perfect credit and large down payments are necessary to buy a home are holding many potential home buyers on the sidelines. According to Ellie Mae’s latest Origination Report, the average FICO score for all closed loans in May was 724, far lower than the 750 or 800 that many buyers believe to be true.

Below is a graph of the distribution of FICO scores of approved loans in May (the latest available data):

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Looking at the chart above, it becomes obvious that not only do you not need a 750+ credit score, but 54.9% of approved loans actually had a score between 600 and 749.

More and more experts are speaking up about the fact that if potential buyers realized they could be approved for a mortgage with a credit score at, or above, 600, the distribution in the chart above would shift further to the left.

Ellie Mae’s Vice President, Jonas Moe encouraged buyers to know their options before assuming that they do not qualify for a mortgage: 

“The high median credit score is due to many millennials believing they won’t qualify with the score they have – and are therefore waiting to apply for a mortgage until they have the score they think they need.”(emphasis added)

CoreLogic’s latest MarketPulse Report agrees that the median FICO score does not always tell the whole story:

“The observed decline in originations could be a result of potential applicants being either too cautious or discouraged from applying, more so than tight underwriting as the culprit in lower mortgage activity.”

It’s not just millennials who believe high credit scores and large down payments are needed. Many current homeowners are delaying moving on to a home that better fits their current needs due to a belief that they would not qualify for a mortgage today.

So what does this all mean?

Moe put it this way:

“Many potential home buyers are ‘disqualifying’ themselves. You don’t need a 750 FICO Score and a 20% down payment to buy.”

Bottom Line

If you are one of the many Americans who has always thought homeownership was out of your reach, let’s get together to start the process of getting you pre-qualified and see if you are able to buy now!

originally posted on Real Estate with Michele Milic

BREXIT: What’s the FIXIT for U.S. Home Buyers and Sellers?

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BREXIT: What’s the FIXIT for U.S. Home Buyers and Sellers?

Now that much of the dust has settled and the panic has waned, let’s take a look at what impact Britain’s exit from the European Union may have on the U.S. housing market.

The most immediate impact of Brexit will be on mortgage interest rates. Interest rates have remained at historic lows for the last several years. Contrary to what many experts believed, rates have remained low throughout the first half of 2016.

Possible impact of Brexit on mortgage rates?

In a recent article, the Washington Post explained:

“Brexit has spawned the recent bout of volatility in global financial markets. That has anxious investors scurrying for safety — and few assets are safer than U.S. Treasuries. High demand for government debt pulls down interest rates.

That all translates into ultra-low mortgage rates for American households. And with Britain voting for Brexit, they could go even lower.”

However, the lower rates caused by Brexit may be short lived as Trulia Chief Economist Ralph McLaughlin pointed out in a recent post:

“While the departure of the UK from the European Union has driven down the 10-year bond, and thus mortgage rates, we expect them to rebound later in the year as uncertainty over the economic consequences of the departure lifts.”

Bottom Line

Rates are already at historic lows. The UK’s exit from the EU almost certainly guarantees they will remain low (and possibly go lower) over the next few months. If you were thinking of buying your first home or trading up to the house of your dreams, this may be the time to act. The cost of money may never be better for a potential buyer.

originally posted on Real Estate with Michele Milic

SOLD Short Sale Home in Las Vegas NV

SOLD Short Sale Home in Las Vegas NV

 

Single stories in Las Vegas are always in high demand, such was the case with 4325 E New York Ave.

Property details:4325 E New York Ave Las Vegas NV

  • 3 bedrooms
  • 2 bathrooms
  • 2 car garages
  • living area 1,231 SF
  • lot size 7,405 SF
  • RV parking
  • fireplace
  • year built 1988

 

Follow the link to see all available Short Sale Single Story Homes in Las Vegas.

The listing was a short sale, and we knew that we have to move quickly as owner started receiving letters from lender threatening with immediate foreclosure.

All necessary paperwork was gathered, communication with lender established and even before initial package got submitted we were able to have negotiator assigned to the case. Within a first week complete short sale package was submitted, listing was taken and marketing of the property was in a full swing. Within first 10 days we received 5 offers.

With short sale transactions it is imperative to find qualified buyer, otherwise few months of hard work can easily be wasted. We were able to find such a buyer:

  • buyer was fully approved for the loan
  • understood the short sale process (length and possible outcomes)
  • had representation through real estate agent who also understood the process

Accepted contract along with all other disclosures got sent to lender. The problem was that lender few weeks back received BPO (Brokers Price Opinion) which was almost $35,000 above our comps and offer we accepted!

We immediately started valuation dispute. It took about a month, but lender finally came around and with our supporting documentation we were able to overturn the initial valuation.

Soon after, short sale approval letter was issued as a HAFA short sale, which put seller in position to not just receive FULL deficiency waived by the lender, but also to receive relocation assistance.

 

Short Sale Release Letter

Needless to say client was beyond happy!

It took another 30 days for buyer to secure financing and property officially transferred on 06/12/2015.

The whole process, from taking the listing to finalizing the sale took 3 ½ months, and that’s including 1 month we lost disputing valuation with lender.

At the end everybody wins:

  • lender didn’t have to go through lengthy and expensive foreclosure
  • buyer owns the property that he loves
  • seller doesn’t have to worry about collection calls and lender helped with relocation

This client came to us as a referral from family that we successfully helped few years ago with their short sale with CHASE.

View all Short Sale Homes with Pools in Las Vegas.

 

Note about new HAFA rules:

Effective 02/01/2015, through amending Making Home Affordable Program, HAFA short sales that close on or after February 01, 2015 are eligible to receive relocation assistance of up to $10,000. Also, according to Making Home Affordable, “HAFA has a less negative effect on your credit score than foreclosure or conventional short sale.

If you are facing foreclosure, don’t think that you are out of options! I know short sale process very well and can help you with your situation. Call or text me at (702) 419-5359 so we can discuss your options.

 

SOLD Short Sale Home in Las Vegas NV

 

 

 

 

Market Update for Nevada Trails Las Vegas NV June 2015

Nevada Trails in Las Vegas NV | Homes for Sale | Market Report June 2015

Regardless if you are buyer or seller in the Nevada Trails Las Vegas real estate market, having information about the current market conditions will empower you to make an educated decision regarding how to proceed.

Follow the link to see the list of all the homes currently for sale in Nevada Trail Las Vegas NV.

Nevada Trails Las Vegas Market Report June 2015

 

Market update for Nevada Trails Las Vegas NV June 2015

With only 3 months of available inventory, Nevada Trails real estate market is experiencing strong seller’s market. Out of 26 homes that are not yet in contract, 3 are short sales, 23 are traditional sales, and there are no foreclosures.

In the past 30 days 12 homes were sold and 11 new listings were taken keeping the current market balance in seller’s favor.

Average sold price per square foot is $140, with single stories selling for $160 per square foot. Escrowed properties indicate upward pressure on price per square foot with single stories pushing into $170/SF territory.

Properties in Nevada Trails stay on market for 61 days on average, which is slightly higher then in June of last year, however this would be more indicative of sellers knowing the market and waiting out for the best offer.

Average sale price is $346,000, which is 11% higher then 12 months ago despite temporary slowdown in the beginning of the year. 

Below are details on homes sold in Nevada Trails Las Vegas in June 2015:

Street Bldg Desc Sale Price SqFt BR BTHS Garage Pool DOM
Apache Cliff St 2 Story $465,000 3,302 4 4 3 Y 23
Pioneer Ranch Ave 2 Story $315,000 2,427 4 3 3 Y 49
Cross Plains St 1 Story $230,000 1,434 2 2 2 N 13
Brushwood Peak Ave 1 Story $322,000 2,007 3 2 3 N 61
Rainbow Rising 2 Story $479,950 4,300 5 6 3 N 252
Burnt Oak Ave 2 Story $270,000 1,950 4 3 2 N 6

 

 

 

 

 

 

Homes selling fastest and for the top price in Nevada Trails Las Vegas, have certain characteristics:

  • they are clean and de-cluttered
  • bathrooms and kitchen are sparkling clean
  • minor repairs already done (do not wait for home inspections)
  • great curb appeal with front lawn freshly trimmed
  • property appropriately priced based on current market conditions

Whether you are prospective buyer looking for a home in Nevada Trails Las Vegas, or a homeowner thinking of selling, give me a call at (702) 419-5359, and I would be happy to provide more details about Nevada Trails real estate market.

 

Market update for Nevada Trails Las Vegas NV June 2015

7127 Horseshoe Cliff Ave Las Vegas NV 89113

Search current inventory of Homes for Sale in Nevada Trails Las Vegas

Listing Details7127 Horseshoe Cliff Ave

Nevada Trails Beauty For Sale

7127 Horseshoe Cliff Ave, Las Vegas NV, 89113
Price: $449,950
MLS number: 1537098
Bedrooms: 4
Bathrooms: 3.5
Square Footage: 3,302

Call Michele Milic at 702-419-5359 to see if this property is still available and arrange a showing.

You Will Love the Views of Las Vegas STRIP From this Beautiful Home

Wonderful opportunity to own a stunning property in the Nevada Trails area of Southwest Las Vegas. At the entrance of the property are decorative iron security door with video door bell which leads to the front courtyard. From the courtyard there is direct access to mother-in-law quarters and separate third car garage with electric car hookup charging station.

Grand entrance will greet you with grand open to below area, beautiful chandelier, elegant staircase, and wooden floors. From there, floor plan opens up to formal living room with view of the courtyard and access to backyard. Formal dinning room is separated from family room/great room by decorative columns.

Great quality, thick crown molding throughout the whole house, plantation shutters on all outside windows and french doors, 6 sets of french doors going out to balconies, courtyard and backyard.

 


Click here to see additional images of this Nevada Trails home for sale.

Kitchen Perfect for Entertaining

If entertaining is your forte, there is no better place to do this then from the expansive kitchen in this amazing home. The stainless steel appliances make the kitchen come together, but it’s the vast amount of space that makes bringing friends together so easy. Kitchen features granite countertops with full backsplash , kitchen island, and walk-in pantry has plenty of room to hold food for a small army.

Nevada Trails in Southwest Las Vegas

Nevada Trails, nestled between Rhodes Ranch and Coronado Ranch in Southwest part of the Las Vegas valley is one of the most desirable neighborhoods in the entire Las Vegas area. With sweeping views of Las Vegas Strip (at least from front covered balcony) and close proximity to the city, you can be on the Strip or McCarran International Airport in 15 minutes, it’s an oasis in the city.

Nevada Trails Las Vegas NV 89113

The Homeowners association in this neighborhood is second to none. Streets are always well taken care of, lawns are mostly manicured with the utmost care. Community features 23 acres of extensive park system with interconnecting walking trails. Three main parks, Majestic Bluff, Robindale Park, and Nevada Trails County Park have plenty to offer, including tennis and basketball courts, exercise track, beautiful picnic area, playgrounds, and biking paths.

Find Similar Homes in the Area

7127 Horseshoe Cliff Ave Las Vegas NV 89113

About Michele Milic

I believe in treating my clients with the utmost respect, courtesy, confidentiality and to the best of my ability. I work closely with my clients to make sure they are completely educated on the process and in providing regular communications. My goal is to ensure that you have the best possible experience either buying or selling a home. I look forward to assisting you with your real estate needs.

Contact Us

Michele Milic
[email protected]
(702) 419-5359
NV Lic. #60819

Realty One Group
8395 W Sunset Rd Ste#190
Las Vegas, NV 89113