Coldwell Banker Premier Realty

Can't Buy a Home? Think it's a Bad Decision? You may be wrong.

What You May Not Know About Buying a Home in Las Vegas
Posted: March 23, 2015 by Jesse Olive

The economic crash earlier this decade has left many individuals and families timid about buying a home, when much of the data reveals that it is actually still a great time to buy a home in Las Vegas, NV. The fact that home values are not plummeting OR sky rocketing demonstrates a more stable market than what we have recently seen. Owning remains more attractive relative to renting in many Las Vegas locations, and interest rates are lower than we were accustomed to before the crash. Furthermore, with down payment assistance programs like Nevada’s Home is Possible program (HIP) it is actually easier to get into a home for many. HIP offers buyers 4% towards closing costs and under a 5% interest rate for individuals with a credit score of at least 640. 

Even with this knowledge there are too many individuals and families that stop there, because their credit is below a 640. The reality is, there are a number of companies that can help improve your credit score enough to get you into a home. Consumer Credit Counseling is a great example and an option that we frequently refer our clients to. So, if a buyer’s financial situation will allow them to get into a home and it makes more sense for them to own a home than to rent, we encourage them to check with a credit counselor and see what can be done to improve their credit.

Does doing it on your own seem overwhelming? There are also programs like the non-profit organization, The Neighborhood Assistance Corporation of America (NACA), that help individuals who differ in income levels make home ownership a reality by helping those enlisted in their programs understand what type of home they can actually afford and creating an action plan for improving their situation enough to buy a home.

If you do not already have a realtor and are interested in speaking with someone about how you can get into one of these programs, please contact us toll free at: (800) 758-7071 and we will put you in touch with the right real estate expert to help you.


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