Hello, dear friend,
Welcome to Don’s Corner! I’ve been involved in the Las Vegas real estate industry for over 40 years, witnessing the ever-changing trends that come and go, only to resurface again. My goal is to provide you with articles and share my experiences to help you navigate the world of real estate. I hope you find them enjoyable and valuable.
So, are you contemplating embarking on the beautiful journey of home ownership, be it this year or in the foreseeable future? If so, I must share with you an invaluable piece of advice – it is never too soon to become friends with one of our Awesome Rossum Real Estate Agents, your guiding light in navigating the currents of the vibrant property market. Equipped with the latest market reports, they stand ready to assist you in making well-informed decisions, fostering a seamless path to your dream home.
At present, a keen eye on the mortgage rates is almost needed, given how it influences the kind of residence you can comfortably settle into. It’s never too early, I always say, to have a heart-to-heart with a lender, crafting a plan that aligns perfectly with your individual financial aspirations, setting a strong foundation for the homeownership journey that lies ahead.
However, let’s also take a moment to consider a few scenarios when it might be prudent to pause before diving headfirst into homeownership. In my experience, there are times when one should perhaps hold off:
- Financial Instability: With the current high property prices and mortgage rates, it might seem like a daunting venture. However, look at this as the perfect opportunity to strengthen your credit score. If you are navigating through a phase of financial instability, now is the golden time to find a new job, save for a larger down payment to eliminate the Private Mortgage Insurance premium (20% down), if you are self employed you must have 2 years of positive tax returns.
- Short-Term Residency: If you foresee a relocation or a significant change in your living circumstances in the near future, it might be wise to wait a while. Use this period to live well below your means to be able to save the extra money you would spend on a mortgage with a 7% interest rate and invest it in low risk investments such as: Government Bonds, Treasury Securities, Certificates of Deposit (CDs), and/ or Money Market Funds.
- Unfamiliarity with the Area: In case you’re considering a region that you’re not fully acquainted with, this period grants you the luxury of time to delve deeper, understanding the local neighborhoods better, and ensuring that when you are ready to commit, it is with a wealth of knowledge and confidence.
Embrace this period of high prices and mortgage rates as a grace period, a time to cultivate readiness, to refine your goals and strategies. This way, when the market beckons with the right opportunities, you’ll be well-placed to seize them with both hands.
Now, should the vibrant pulse of Southern Nevada be beckoning you, or if you’re already a cherished member of our community, we at Rossum Realty Unlimited are here, right in the bustling heart of Las Vegas, to extend a warm and inviting hand to assist you. A friendly conversation filled with insights, guidance, and the latest market reports is just a phone call away at 702.368.1850. Don’t hesitate; we are eager to help you every step of the way.
Love,
Don