Last Updated on June 5, 2017 by Taylor Welshe
Almost 75% of Nevada’s residents call the city of Las Vegas home, but this doesn’t mean that it no longer has other beautiful places to live in. Some of its other top-ranked cities include Paradise, Reno, and Henderson. And although the state garners millions of visitors every year for its many different and lively casinos, the other main attractions it offers both to locals and tourists alike include its natural wonders and breathtaking scenic landscapes. A plus of living here is that it doesn’t have personal or corporate income tax. (Source: Livability.com)
Real estate values and prices
The biggest reason behind the higher cost of living in The Silver State is that housing here is more expensive. On average, homes here have a value of $230,200, which is $34,900 higher than the median home value nationwide. (Source: Zillow)
It’s worthy to note though that the price of a house here still depends on the specific type of residential property building it classifies as. For instance, townhomes here are the cheapest, having an average value of $129,906.88. Next cheapest are PUD homes at $133,246.46, then condominiums at $136,214.93. The most expensive are single-family homes, with an average property value of $143,048.10, although they comprise 72.30% of the housing market.
Mortgage lending laws
All of the counties in the state follow the standard conforming loan limit, which is set to $417,000. However, five of them have higher FHA limits, since they have more expensive real estate.
Home buyers should also note that this state issues “deeds of trust” rather than actual mortgages. Lending institutions do this because it eliminates the need for them to bring matters of foreclosure to the court.
Offer and rate comparison: A must-do for all home buyers
Mortgages aren’t cheap, but it doesn’t mean consumers can’t do anything to minimize the costs associated with it. They can prevent paying more than what’s necessary by making the wisest possible choice, which they can through extensive comparison of offers and rates. Even just a few decimal point-difference can already mean thousands of dollars less throughout the entire life of the loan.
Situations wherein refinancing makes sense
NV has one of the highest foreclosure rates in the entire country. This is why home owners should explore all their housing loan cost-reducing options in order to minimize the odds of losing their home.
Refinancing is one of the strategies they can check out. As long as they do it correctly, they can reduce their interest rate by 1%, which will then result in lower monthly payments, making it easier to afford. Some borrowers may also find it a wise move to switch from an ARM to a fixed-rate mortgage (vice versa) if it will give them the opportunity to reduce their overall expenditures.
Availability of home buying assistance programs
Because the cost of buying a home in the state is more expensive than many other places in the country, a number of consumers may find themselves having difficulties making the purchase. Fortunately, there are several tactics that will help them increase their chances of becoming mortgage eligible. They can also seek the help of certain organizations focused on making the home buying process more accessible. Some also provide assistance for existing borrowers at risk of foreclosure.
For instance, the Nevada Homeowner Relief Program helps out families wanting to make the step towards home ownership, as well as those having difficulties making monthly mortgage payments. They also extend a helping hand towards those who are already at risk of losing their homes. Other organizations that can aid with mortgage-related concerns include the Nevada Home Retention Program, the Nevada Hardest Hit Fund, the USDA Rural Development, and the Home Affordable Refinance Program.
Nevada Homeowner Relief Program
Nevada Home Retention Program
Nevada Hardest Hit Fund
USDA Rural Development
Home Affordable Refinance Program