Lenders in Las Vegas Nevada real estate are facing more pressure to make modifications in their home loans. This is because foreclosure numbers keep on growing. Until now, their efforts are just mostly half measures from the perspective of the borrower.
According to Esko Kiuru, a mortgage consultant in Las Vegas, Nevada, “These lenders should lower the loan balances and interest rates so that homeowners can lower their payments meaningfully and stay in their houses.”
Shopping with enough Cash
All indicators say that an inflationary environment is at hand. Housing prices will go up soon because the dollar will not be worth much; rents will surely go up for that same reason.
If you’re a real estate investor, your bank will not ask to increase your monthly payment due to inflation (if you have refinanced your purchase after the initial one in order to pull out most of your cash). However, your renters pay more. So if you’re getting good cash flow monthly and you have a stable monthly payment, you won’t care about the tribulations and trials that the market hold for you.
“If you have enough cash, this is the perfect time for you to go shopping either for your next home or investment property,” says realtor Scott Meservey. “You can spot bargains now in Las Vegas Nevada real estate like never before. This may sound different from what the news say. But now is the time for quick flips, since you can definitely get too-good-to-be-true deals,” he added further.
Shopping without much Cash
If you don’t have much cash right now, you can still shop for a home – get a loan with only 3% down payment even with a fair credit score. This would equate to a $4,500 down for a $150,000 home.
In markets like these, $150,000 will already buy you a good house. In most cases, you can get the seller to cover closing costs (usually a bank in foreclosure situation). At least you can have minimal down payment for now.
This is possible because banks are holding a huge inventory of properties, and the government will not be buying any of them. Also, it is typically slow this time of the year for sales in real estate.
So whether you’re a typical home buyer who is trying to get inside Las Vegas Nevada real estate, or an investor who is looking to create great scores in the market, you’re in the center of a perfect storm. There is cash flow in Las Vegas Nevada!