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Teresa Parker- Pahrump Local Expert Blog

Tuesday, August 6, 2019   /   by Teresa Kenney Parker

How Much Do You Know About Down Payments?

How Much Do You Know About Down Payments?





Whether you’ve owned a home before, or you’re ready to jump into homeownership for the first time, there are always a lot of questions swirling around about what is truly required for a down payment, and how to best source down payment assistance. Let’s tackle these two today.


1. How much do you really need for a down payment?


There is a long-standing misconception about down payment requirements. A survey from Fannie Mae shows only 17% of consumers know the minimum options are actually between 1 - 5% of the purchase price and 40% don’t know how much they need at all.There are many mortgage loans available that require as little as 3% down for first-time buyers, and some ask for only 3.5% down from repeat buyers. There are even loans available for Veterans that provide 0% down payment options too.


We’ve mentioned recently that you don’t need to come up with a  ...

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Thursday, August 1, 2019   /   by Teresa Kenney Parker

Fed cuts interest rates: What it means for the housing market

Fed cuts interest rates: What it means for the housing market
The Federal Reserve cut interest rates for the first time since the recession. Will mortgage rates dip further?

BY
PATRICK KEARNSStaff Writer

JULY 31, 2019


The U.S. Federal Reserve announced Wednesday it would cut interest rates for the first time since a recession hit the U.S. economy in 2008. Real estate economists are split on the immediate impact it will have on mortgage rates and the housing market.
The Fed is cutting interest rates 25 basis points from between 2.25 percent and 2.5 percent to between 2 percent and 2.25 percent. It had previously signaled it would not hike rates at all in 2019 – after four rate hikes in 2018 – but it became more apparent in recent weeks that it would actually cut rates this time.
“Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability,” the Federal Open Market Committee sa ...

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Wednesday, July 31, 2019   /   by Teresa Kenney Parker

State Route 160 Construction Blasting Concludes in Southwest Clark County

CLARK COUNTY, NEV. – The Nevada Department of Transportation (NDOT) announces that construction blasting along State Route 160 through the Mountain Springs community has concluded for the immediate future. Blasting was needed for bedrock removal to make room for highway expansion through Mt. Potosi in southwest Clark County.
 
The work is part of a $59 million upgrade of State Route 160 that began last summer, widening a 6-mile stretch of asphalt highway from two to four travel lanes between Mile Markers 16 and 22. Aggregate Industries SWR Inc. is the general contractor. The project creates a safe passing lane for slower moving traffic while altering the roadway geometry for fewer twists and turns.
 
There have been 58 blasting events, with the first occurring September 24, 2018. Blasting subcontractor Sanders Construction has used a total of 120,000 pounds of explosives thus far, helping remove 100,756 cubic yards of material or enough rock and dirt to fill over 30 ...

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Wednesday, July 31, 2019   /   by Teresa Kenney Parker

Why Now Is the Perfect Time to Sell Your House

Why Now Is the Perfect Time to Sell Your House


As a homeowner, it’s always tempting to dream about the next big project you’re going to tackle. The possibilities are endless. Should I renovate? Should I refinance? Should I stay? Should I move? The list goes on and on.
In today’s housing market, it’s actually a great time to shift your thoughts toward selling your house and moving up into the home of your dreams. Here’s why:
Inventory is on the rise, but there’s still an overall shortage of houses for sale (less than a 6-month supply found in a more normal market), so homes are going under contract quickly. In fact, the National Association of Realtors (NAR) Realtors® Confidence Index Survey reports that right now homes are only staying on the market for an average of 27 days. That’s less than one month, an even more accelerated pace from the 36-day trend we saw last spring.The same report also ...

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Tuesday, July 30, 2019   /   by Teresa Kenney Parker

How to Increase Your Equity Over the Next 5 Years

How to Increase Your Equity Over the Next 5 Years





Many of the questions currently surrounding the real estate industry focus on home prices and where they are heading. The most recent Home Price Expectation Survey (HPES) helps target these projected answers.


Here are the results from the Q2 2019 Survey:





Home values will appreciate by 4.1% in 2019






The average annual appreciation will be 3.2% over the next 5 years






The cumulative appreciation will be 16.8% by 2023






Even experts representing the most “bearish” quartile of the survey project a cumulative appreciation of over 6.7% by 2023





What does this mean for you?


A substantial portion of family wealth comes from home equity. As the value of a family’s home (an asset) increases, so does their equity.


Using the projections from the HPES, here is a look at the potential equity a family could earn over the next five years if ...

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