Las Vegas Real Estate Info

A questionable FICO score is not a guarantee that a potential homeowner cannot get a loan, however there is some basis of foreclosure rates versus the score on the FICO.

Loans with FICO’s of 661 and higher had a less than 1% foreclosures.
Loans with FICOS of 620 to 660 had just over 2% foreclosures.
619 or less had over 8% foreclosures.

It’s worth mentioning that there is a broad range of scores below 619. But during the house hunting process, it may be a good time to investigate your own credit scores to begin any repairs that are needed.

Begin your research by ordering a credit report from ALL THREE of the reporting bureaus below:

Equifax Credit Information Services
Atlanta, GA (800) 685-1111

Trans Union Corporation
Springfield, PA (800) 851-2674

TRW Information Services
Chatsworth , CA (800) 682-7654

If there are errors on the report, you can take the time to correct them. It’s worth knowing that credit bureaus are required to respond to all written requests within 30 days of receiving them. Bear in mind it can take 60 to 90 days to impact your FICO score with either positive or negative remarks. Avoid ‘credit repair companies’ because like you, they can only correct errors on the report and not erase poor credit history. Accurate information stays where it is for 7 to 10 years.

This information brought to you by Henderson Homes.

The average number of homes previewed by Internet homebuyers has decreased steadily in the past four years, while that of traditional buyers has changed very little over the same period. The upfront research conducted by Internet buyers has given them a better sense of market conditions compared to traditional buyers, enabling them to act more quickly to find, bid on, and close escrow on the home of their choice.

Highlights of the “2004 Internet Versus Traditional Buyer Study” include:

· Internet buyers spent an average of 5.9 weeks considering the purchase of a home before contacting a REALTOR(R), compared to 2.1 weeks for traditional buyers.

· Internet buyers spent an average of 4.8 weeks investigating homes and neighborhoods prior to contacting a REALTOR(R), compared to 1.6 weeks for traditional buyers.

· Having done significantly more research than their traditional buyer counterparts, Internet buyers spent less time looking for a home once they began working with a REALTOR(R), spending just 1.9 weeks on average, compared to 7.1 weeks for a traditional buyer.

· The typical Internet buyer also visited fewer homes with their REALTOR(R) than the typical traditional buyer. Internet buyers visited an average of 6.1 homes with their REALTOR(R), whereas a typical traditional buyer visited 15.4 homes with their REALTOR(R).

· Internet buyers tended to be younger than traditional buyers with a mean age of 38.5 years, compared to 43.5 years for traditional buyers.

· Internet buyers had higher incomes and were better educated than traditional buyers. The median income of an Internet buyer in 2004 was $168,540 while that of a traditional buyer was $142,470.

· Moreover, while most homebuyers in both groups had at least a four-year college degree, 14 percent of Internet buyers had completed post-graduate work compared to 5 percent of traditional buyers.

· Internet buyers were three times more likely to be first-time buyers than traditional buyers, with 23 percent of Internet respondents reporting that they were first-time buyers compared to 7 percent of traditional buyers.

· Internet buyers often conducted their home searches from afar, with a median distance of 100 miles between the homes they purchased and their previous residences, compared to 12 miles for the traditional buyer. More than four out of five traditional buyers purchased homes within 25 miles of their prior residence.

This information brought to you by Las Vegas Homes and Real Estate.

Las Vegas Appraisers are scoffing at the idea that the Las Vegas Housing bubble will pop. The article cites the following Las Vegas housing cycle:

• In 1905, the City of Las Vegas started with only 30 people. Even then, naysayers said the city would not last.
• In 1955, surrounding Clark County had grown to over 25,000. Life magazine published a big cover story asking, “Las Vegas – Is the Boom Overrated?�
• In 1995, when the population topped 1 million, bankers were warning against loaning too much money to prevent “over-building.�
• Nevada has shown the fastest population growth in the nation for 18 years straight.
• In 2005, abut 7,200 people moved here every month, that’s 86,500 in just one year.
• In 2025, about 1.5 million MORE people are expected to be living in the Las Vegas Valley.

For more information click here.

This information brought to you by Las Vegas Homes and Real Estate.

Looking at the options? Check out these Las Vegas Area Homes. These homes are in the $250,000 range, whether for the single business man or woman, family or couple getting started.

Las Vegas is second only to Walt Disney World as the favorite vacation destination in the United States. Last year the city drew nearly 30 million visitors and estimates show it will exceed that number this year. The largest city to be developed in the 20th century continues to grow by about 4,000 people per month.

What attracts them to the area? The abundance of jobs, the beauty and affordable master planned communities or the freedom from state taxes?

The answer is: All Of the Above.

New home sales are relatively low, restaurant and buffet dining is cheaper in some places than preparing a meal at home, entertainment and night life is abundant and the weather in this desert oasis is sunny nearly every single day of the year.

Sounds like a paradise, right?

For many it is and while gaming is a $5.5 billion dollar business, there are more businesses coming into Las Vegas every day. There are manufacturing plants, corporate offices and mega-resorts settling in that are not on the strip. The options of Las Vegas living are limitless and that is what attracts people to Las Vegas.

This information brought to you by Las Vegas Homes and Real Estate. Discover your home in this desert oasis today.