Kim Duclos, Las Vegas Realtor

Friday, August 19, 2011

Super Conforming Loan Limits to Change Sept. 30, 2011

Expiring September 30, 2011: Super Conforming Mortgage Loan Limits

Don't Wait Act Now!

When the economic crisis began a few years ago, the government temporarily increased loan limits in high cost areas across the country because many lenders would have refused to make those loans without the government covering the risk of default. But now these loan limits are due to expire, and this is a big deal because mortgage rates are typically much lower when they are supplied through Fannie Mae and Freddie Mac.
           If you are looking to finance a large loan through the government, it's important to act quickly. Get in now or you could be paying higher rates.
         That's because when these loans are no longer allowed under Fannie Mae and Freddie Mac, they will be considered non conforming (Jumbo) loans, and these usually have a much higher rate because they will be backed by private investors and not Fannie Mae or Freddie Mac.
        In similar fashion, the FHA loan limits that were increased in 2008 due to the economic downturn are also scheduled to revert back to lower loan limits (those determined under the Housing and Economic Recovery Act of 2008) for loans insured by FHA on or after October 1, 2011. According to a brief released by the Department of Housing and Urban Development in May, this means that "FHA loan limits would likely decline in 669 of the 3,334 counties or county equivalents that are eligible for FHA insurance." If you are planning to finance a large loan through the government, it is important to be aware of this time line and to act accordingly.

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Friday, July 29, 2011

3 Questions on a Buyer's Mind

Questions on a Buyer's Mind

For those who are considering buying a home, they usually get advice and opinions from family members, neighbors, co-workers and even people they don't know. It can be confusing and scary. Hiring a trustworthy, experienced Realtor can make the process so much better....much smoother with less headaches and worries.

1. I hear quite often "are the prices going to continue to drop?"

While prices are front and center on most peoples minds. While no one can predict the future, there are some things to take into account. What kind of interest rate is available and what is your payment? Most people looking to purchase a home are spending money on rent each month. While waiting for the market to bottom out, the rates could increase. Projections from Freddie Mack, Fannie Mae and the Mortgage Bankers Association claim interest rates will increase over the next few quarters. Higher interest rates ultimately mean highter over the life of the loan.

2. I hear quite often "Will I get any appreciation if I buy now?"

There are many variables to be considered when we look at appreciation. In the Las Vegas market we have quite a few investors "flipping" properties and doing quite well. The investors would claim "appreciation is here and now". For most home buyers they have to look at their particular market, some markets are doing better than other markets. Some markets haven't suffered as much as other areas. It is a great time to buy and we have seen some increase in value in certain price ranges right here in Las Vegas.

3. Is buying better than renting?

Some of the most common reasons for buying a home is to have a place for family, a place to raise and educate your children. A home is a place to feel safe, participate in feeling "pride of ownership", and having rights over your own domain. On another note, you can obtain a mortgage that keeps your payment consistent for the years ahead....that just isn't possible while being a renter.

For other questions concerning real estate, just Call Kim...go to www.CallKim.net and begin searching for your new home.

Kim Duclos Las Vegas Realtor
(702) 521-3939 cell
(888) 949-2890 toll free

Tuesday, June 21, 2011

Energy Consumption Evaluation Form Repealed in Nevada - www.CallKim.net

SELLER’S ENERGY CONSUMPTION EVALUATION FORM REPEALED!

EFFECTIVE JUNE 13, 2011

According to the Nevada Association of Realtors......

AB 432, introduced by Assemblywoman Marilyn Kirkpatrick and Assemblywoman Teresa Benitez-Thompson, enacts provisions relating to energy auditors and removes the requirement of the evaluation of energy consumption form. This form required the seller to provide energy information and usage on the residence being sold.

After 5 long years and many discussions with Legislators, Energy Auditors and REALTORS®, an agreement was reached that the energy auditors need to be licensed in the state of Nevada and the current form for energy consumption that a seller must fill out provides no benefit to the seller or the buyer and therefore, should no longer be required. How can a buyer expect to have the same energy usage as the seller? Each family uses energy according to their needs.

AB 432 provides for the licensure of energy auditors by the Real Estate Division and establishes the minimum training and qualification requirements for individuals to be licensed as energy auditors. It would also establish the requirements for conducting an energy audit (including elements to be evaluated, software and tools to be used, and report to be provided).

The most important provision in AB 432 as it pertains to buying and selling property is it repeals the section of NRS that mandates a seller to fill out a form evaluating the energy consumption of the property...what this means is that the seller is no longer required to fill out the energy consumption evaluation form.

The licensure of energy auditors goes into effect on July 1, 2011 and repealing of the energy evaluation form became effective upon passage and approval. Governor Sandoval signed this bill into law on June 13th. Therefore, as of June 13th, the form is no longer required.

Three Cheers to both Assemblywoman Kirkpatrick and to Assemblywoman Benitez-Thompson.

For all of your real estate needs, please CallKim @ (702) 421-3939 or (888) 949-2890

Monday, June 13, 2011

Sahara Hotel Closed - Auction Taking Place on June 16, 2011

Sahara Hotel and Casino Closes! Huge Auction - get your special memorabilia and get a piece of history. I bet OJ Simpson would love to be shopping at this memorabilia event! Ha Ha, enough with the funnies. You will be able to buy signs, poker chips, hotel room furniture, casino furniture and there will be plenty of

history to take home.

While you are in Las Vegas, perhaps you would like to contemplate purchasing a second home, a vacation condo or perhaps a profitable income property. For those needs, please give me a call. www.CallKim.net

Kim Duclos crs abr gri

(888) 949-2890

(702) 521-3939