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Jan. 24, 2022

Why Pre-Approval Is Key for Homebuyers in 2022

Why Pre-Approval Is Key for Homebuyers in 2022

Why Pre-Approval Is Key for Homebuyers in 2022 | MyKCM

You may have heard that it’s important to get pre-approved for a mortgage at the beginning of the homebuying process, but what does that really mean, and why is it so important? Especially in today’s market, with rising home prices and high buyer competition, it’s crucial to have a pre-approval letter prior to making an offer. Here’s why.

Being intentional and competitive are musts when buying a home this year. Pre-approval from a lender is the only way to know your true price range and how much money you can borrow for your loan. Just as important, being able to present a pre-approval letter shows sellers you’re a qualified buyer, something that can really help you land your dream home in an ultra-competitive market.

With limited housing inventory, there are many more buyers active in the market than there are sellers, and that’s creating some serious competition. According to the National Association of Realtors (NAR), homes today are receiving an average of 3.8 offers for sellers to consider. As a result, bidding wars are still common. Pre-approval gives you an advantage if you get into a multiple-offer scenario, and these days, it’s likely you will. When a seller knows you’re qualified to buy the home, you’re in a better position to potentially win the bidding war.

Freddie Mac explains:

“By having a pre-approval letter from your lender, you’re telling the seller that you’re a serious buyer, and you’ve been pre-approved for a mortgage by your lender for a specific dollar amount. In a true bidding war, your offer will likely get dropped if you don’t already have one.”

Every step you can take to gain an advantage as a buyer is crucial when today’s market is constantly changing. Interest rates are rising, prices are going up, and lending institutions are regularly updating their standards. You’re going to need guidance to navigate these waters, so it’s important to have a team of professionals such as a loan officer and a trusted real estate advisor making sure you take the right steps and can show your qualifications as a buyer when you find a home to purchase.

Bottom Line

In a competitive market with low inventory, a pre-approval letter is a game-changing piece of the homebuying process. Not only does being pre-approved bring clarity to your homebuying budget, but it shows sellers how serious you are about purchasing a home.

Posted in Las Vegas
Jan. 16, 2022

Moving From California To Las Vegas: #1 Relocation Guide For 2022

Las Vegas NV

If you're considering moving to Las Vegas from California, then you've arrived at the right place. This detailed guide will tell everything you need to know concerning moving from California to Las Vegas, including things you didn't think you even had to think about! 

Making a move from the sunshine state to a city best known for its casinos and gambling might feel daunting. But rest assured that while California has stunning skylines and spectacular beaches, Las Vegas has incredible red rock formations, great hiking trails, and of course, world-class entertainment. In addition, Las Vegas is a family-friendly city with an abundance of activities to enjoy.

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Posted in Las Vegas
Jan. 6, 2022

#1 Relocation Guide: Everything To Know About Moving To Las Vegas

Las Vegas, Nevada Relocation Guide

Tucked away in a sandy desert, you'll find the exciting city of Las Vegas. This city is located in the beautiful state of Nevada and is bold, bright, and busy. Las Vegas is exceptional, whether day or night, the city is a spectacular treat. Las Vegas is a vibrant, busy city that is known worldwide for its exceptional gambling, dining, and shopping.

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Posted in Las Vegas
Dec. 17, 2021

Living In Summerlin Las Vegas: What It's Really Like [2022]

Living In Summerlin Las Vegas: What It's Really Like [2022]

Situated along the western edge of the Las Vegas Valley, living in Summerlin, NV is a dream come true for many people. The mountain city was named one of Money Magazine's 'Best Places to Live' in 2014. Summerlin has seen some incredible growth in recent years that parallels that of Las Vegas. 

With the addition of the Golden Knights NHL team, the Raiders NFL team, other entertainment, and sports, the area is moving away from being known as a place to visit, gamble, shop, and drink to a place people consider relocating to for a fun lifestyle. 

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Posted in Summerlin
Dec. 16, 2021

Retiring In Las Vegas: Top 5 Reasons To Retire in Sin City [2022]

Retiring In Las Vegas: Top 5 Reasons To Retire in Sin City [2022]

Suppose Las Vegas has been one of your favorite places to visit over your life, and you’re ready to retire. In that case, you might be considering retiring in such an exciting place. If you’ve never visited and experienced Vegas life, you may want to consider some things before relocating to Las Vegas. 

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Posted in Las Vegas
Dec. 9, 2021

Everything You Need To Know About Living In Downtown Las Vegas

Living Downtown Las Vegas, NV

When thinking of living in downtown Las Vegas you probably think of the casinos, clubs, tourists, late night attractions and attractions in general along with the overall nightlife. If these are the kinds of things that interest you and you like living close to downtown, Las Vegas is the place for you. 

Not only is it known for its renowned nightlife and tourist attractions, the downtown is also flourishing with career opportunities, gorgeous condominiums, and plenty of variations of entertainment for all to enjoy.

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Posted in Las Vegas
Dec. 9, 2021

Living In Las Vegas: 9 Things You Need To Know Before Moving [2022]

Living In Las Vegas

If you’re thinking of moving to Las Vegas there are lots of great things that come with it. Although the city has a reputation of gambling, casinos, partying and adults only, that's not the case and Las Vegas is so much more than the nightlife persona people have created. Outside of the tourist area of the strip and downtown where all the partying happens, Las Vegas is fast growing with suburban neighborhoods.

With lots of friendly communities and amenities outside of the main strip, it's a very beautiful place to live and raise families. Along with the suburban neighborhoods, Las Vegas has historic downtown areas to explore and so much uniqueness it fits with anyone.

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Posted in Las Vegas
Nov. 17, 2021

Retirement May Be Changing What You Need in a Home

Retirement May Be Changing What You Need in a Home

Retirement May Be Changing What You Need in a Home | MyKCM

The past year and a half brought about significant life changes for many of us. For some, it meant entering retirement earlier than expected. Recent data shows more people retired this year than anticipated. According to the Schwartz Center for Economic Policy Analysis, 2021 saw a retirement boom:

“At least 1.7 million more older workers than expected retired due to the pandemic recession.”

If you’ve recently retired, your home may not fit your new lifestyle. The good news is, you’ve likely built-up significant equity that can fuel your next move. According to the latest Homeowner Equity Insights report from CoreLogichomeowners gained more than $50,000 in equity over the past 12 months alone. That, plus today’s sellers’ market, presents a great opportunity to sell your house and address your evolving needs.

You Can Move Closer to the Ones You Love

The 2021 Home Buyers and Sellers Generational Trends report from the National Association of Realtors (NAR) provides a look at the reasons people buy homes. For those reaching retirement age, the number one reason to buy is the opportunity to be closer to loved ones, friends, or relatives.

If you find yourself farther from your loved ones than you’d like to be, retirement and the equity you’ve built in your home may enable you to move closer to the people in your life who matter most.

You Can Find the Right Home for Your Needs

Not only can your equity power a move to a new location, but it can also help you purchase the right size home. Lawrence Yun, Chief Economist at NAR, says many homebuyers 55 and older choose to downsize – or buy a smaller home – when they make a purchase:

“Clearly from the age patterns, young people want to upsize, and the older generation is looking to downsize. . . .”

Whatever your home goals are, a trusted real estate advisor can help you to find the best option for your situation. They’ll help you sell your current home and guide you as you buy your next one while you move into this new phase of life.

Bottom Line

If you’ve recently retired and your needs are changing, you’re not alone. Let’s connect so you can get a better sense of how to find a home that will match your situation.

Posted in Las Vegas
Nov. 16, 2021

Sellers: You’ll Likely Get Multiple Strong Offers This Season

Sellers: You’ll Likely Get Multiple Strong Offers This Season

Sellers: You’ll Likely Get Multiple Strong Offers This Season | MyKCM

Are you thinking about selling your house right now, but you’re not sure you’ll have the time to do so as the holidays draw near? If so, consider this: even as the holiday season approaches, there are plenty of buyers out there, and they really want your house. Here’s why selling this winter is a win for you.

Today’s buyers are still dealing with a limited number of homes for sale. Thanks to continued low inventory, those buyers are competing with one another for their dream home. And when that happens, if your house is one of the few on the market, it will rise to the top of the pool – and it will be worth it.

According to the latest data from the National Association of Realtors (NAR), the average seller received 3.7 offers on their house in September. For a view into what’s happening at the state level, take a look at the map below:Sellers: You’ll Likely Get Multiple Strong Offers This Season | MyKCMNationwide, the average seller today is getting nearly four offers. That number is significant because it means you’ll likely have multiple offers to pick from if you sell your house this season. To put things into perspective, no matter where your state falls, remember that you really only need one good offer to close the deal.

Any offer you receive will likely be from a highly motivated buyer who’s doing everything they can to beat the competition. The stakes for buyers are high. They’ve been looking for a house and they want to lock in their dream home before prices and mortgage rates rise further next year. Chances are, they’ll get creative with the terms of their offer, which could include waiving contingencies and offering over the asking price – both of which are great news for you.

If you’re on the fence about when to sell, remember your house is a hot commodity this season. As other sellers take a break for the holidays with plans to re-list their homes in the new year, you can put your house in front of motivated buyers by making your move today. That means your house will be the center of attention, and likely the center of a bidding war too.

Bottom Line

Selling now gives you even more opportunity to win big as buyers compete for your house in today’s market.

Posted in Las Vegas
Nov. 3, 2021

Experts Project Mortgage Rates Will Continue To Rise in 2022

Experts Project Mortgage Rates Will Continue To Rise in 2022

Experts Project Mortgage Rates Will Continue To Rise in 2022 | MyKCM

Mortgage rates are one of several factors that impact how much you can afford if you’re buying a home. When rates are low, they help you get more house for your money. Within the last year, mortgage rates have hit the lowest point ever recorded, and they’ve hovered in the historic-low territory. But even over the past few weeks, rates have started to rise. This past week, the average 30-year fixed rate was 3.14%.

What does this mean if you’re thinking about making a move? Waiting until next year will cost you more in the long run. Here’s a look at what several experts project for mortgage rates going into 2022.

Freddie Mac:

“The average 30-year fixed-rate mortgage (FRM) is expected to be 3.0 percent in 2021 and 3.5 percent in 2022.”

Doug Duncan, Senior VP & Chief Economist, Fannie Mae:

“Right now, we forecast mortgage rates to average 3.3 percent in 2022, which, though slightly higher than 2020 and 2021, by historical standards remains extremely low and supportive of mortgage demand and affordability.” 

First American:

“Consensus forecasts predict that mortgage rates will hit 3.2 percent by the end of the year, and 3.7 percent by the end of 2022.”

If rates rise even a half-point percentage over the next year, it will impact what you pay each month over the life of your loan – and that can really add up. So, the reality is, as prices and mortgage rates rise, it will cost more to purchase a home.

As you can see from the quotes above, industry experts project rates will rise in the months ahead. Here’s a table that compares other expert views and gives an average of those projections:Experts Project Mortgage Rates Will Continue To Rise in 2022 | MyKCMWhether you’re thinking about buying your first home, moving up to your dream home, or downsizing because your needs have changed, purchasing before mortgage rates rise even higher will help you take advantage of today’s homebuying affordability. That could be just the game-changer you need to achieve your homeownership goals.

Bottom Line

If you’re thinking of buying or selling over the next year, it may be wise to make your move sooner rather than later – before mortgage rates climb higher.

Posted in Las Vegas