Las Vegas Real Estate Blog

The amount you have available for a down payment will affect what types of loans for which you can qualify. Down payments typically range from 3 to 20 percent of the sales price for the property.

Tips for Accumulating a Down Payment

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Armed with this information, you will be a more informed consumer and better positioned to obtain the most favorable mortgage available to you.

In today's increasingly automated society, it should come as no surprise that when you apply for a mortgage, your ability to pay can be reduced to a single number. All the years you've been paying your mortgage, car payments, and credit card bills can be analyzed, sliced, diced, spindled and mutilated into a single indicator of whether you're likely to meet your future obligations.

All three of the major credit reporting agencies (Equifax, Experian and TransUnion) use a slightly different system to arrive at a score. The best known is called the FICO score, based on a model developed by Fair Isaac and Company (hence the name) and used by Experian. Equifax's model is called BEACON, while TransUnion uses EMPIRICA. While each of the models considers a range of data available in your credit report, the primary factors are:

Each of these, and other items, are assigned a value and a weight. The results are added up and distilled into a single number. FICO scores range from 300 to 850, with higher being better. Typical home buyers likely find their scores falling between 600 and 850.

FICO scores are used for more than just determining whether or not you qualify for a mortgage. Higher scores indicate you are a better credit risk, and thus may qualify for a better mortgage rate.

What can you do about your FICO score? Unfortunately, not much. Since the score is based on a lifetime of credit history, it is difficult to make a significant change in the number with quick fixes. The most important thing is to know your FICO score and to ensure that your credit history is correct. Conveniently, Fair Isaac has created a web site (http://www.myfico.com/) that let's you do just that. For a reasonable fee, you can quickly get your FICO score from all three reporting agencies, along with your credit report. Also available is some helpful information and tools that help you analyze what actions might have the greatest impact on your FICO score. Each of the credit services offers similar services on their web sites: http://www.equifax.com/, http://www.experian.com/, and http://www.transunion.com/.

Remove all clutter from the house. 

• Are countertops free and clear?
• Have you removed unnecessary furniture throughout the house?
• Remove the art gallery and coupon collection from the refrigerator.
   
  Check the bathrooms.
• Are the surfaces clean and clear?
• Are shower curtains and doors hung properly?
• Is the flooring clean and fresh?
• Are towels neatly hung?
   
  Check the walls.
• Is paint and wallpaper fresh and clean?
• Are the walls free from holes?
• Are there any colors or objects on the walls that need to be removed?
   
  Check the floors.
• Is the carpet clean and free from stains?
• Are hard surface floors clean and free from stains?
   
  Check windows and window coverings.
• Are all the windows clean?
• Are draperies and blinds clean?
   
  Pet check.
• Be sure to clean and remove kitty litter, pet toys and bedding.
   
  How's the aroma?
• Try to air out the home prior to showings.
• If air freshener is necessary, use well before showings as a consideration to those with allergies.
   
  Set the mood prior to showings.
  
• Open draperies and blinds.
• Turn on the radio to a classical music station, set the volume on low.
• If you have time, cook a batch of cookies to have the warm, welcoming aroma permeating the home.

Radon gas - even the name sounds ominous, evoking images of radiation and nuclear devastation. Radon gas is created when uranium in the soil decays. The gas then seeps through any access point into a home. Common entry points are cracks in the foundation, poorly sealed pipes, drainage or any other loose point. Once in the home, the gas can collect in certain areas - especially basements and other low-lying, closed areas - and build up over time to dangerous levels. The Environmental Protection Agency of the US Government has set a threshold of 4 pico curies per liter as the safe level. As humans are exposed to the gas over a period of years, it can have a significant and detrimental effect.

How widespread is the problem? Radon has been found in homes in all 50 states. Certain areas are more susceptible than others (http://www.epa.gov/radon/zonemap.html), but no location is immune. Concentrations of radon-causing materials in the soil can be either natural or man-made. Homes built near historic mining operations may be at higher risk. The only way to tell for sure is to have a home tested.

Testing for radon comes in two forms: active and passive. Active devises constantly measure the levels of radon in a portion of the home and display those results. Passive devices collect samples over a period of time and then are taken away and analyzed. Either method can help you determine your level of risk. The EPA web site (http://www.epa.gov/radon/radontest.html) provides information on finding appropriate resources and testing devices.

So whether you have an old home or a new one, live in an old mining town or in the middle of the Great Plains, radon is a reality. But it is a reality that we can live with. Proper testing and mitigation can eliminate radon as a health threat. For more information, visit the EPA web site on radon at www.epa.gov/radon.

Beyond the glitz of ‘The Strip', Las Vegas has grown into a sophisticated city with a high number of affluent people moving to the area.

Those relocating are looking for the lifestyle. There are some incredibly beautiful suburban areas with some amazingly good private and public schools. The area has a lot to offer. Anybody who moves from California gets an automatic pay raise because there are no state taxes here. Las Vegas grow up into an amazingly sophisticated city with a tremendous number of affluent people moving here.

A lot of the negative press about the national market has contributed to a downturn in the market. Today is certainly one of the best times to buy or sell real estate in Las Vegas. While some speculators got caught up in the boom, prices have generally adjusted. It is very opportunistic market if clients can visualize selling a bit lower now and re-buying more advantageous property at a similarly lower price.

Las Vegas is going to become an international destination and the opportunities in this town-especially in the luxury markets-are the best anywhere in the world. What's most important when dealing with any affluent or celebrity clients is to respect his or her anonymity agents have represented some of the most affluent people in the world, who are savvy and refined.