Today is July 4th, a great day in American history that marks the day some 233 year ago the U.S. broke free from England to become a separate country. The original settlers and great waves of subsequent immigrants have come here in pursuit of economic, political, social, and religious freedom. This still remains true. As I have noted in previous blogs about foreign investors who pursue opportunities to buy homes in Las Vegas, NV USA and other areas, the United States is regarded as politically stable and despite current economic turmoil, offers good long term investment potential.
Independence Day is a good time to reflect on the economic freedoms that citizens and other residents enjoy here from a real estate perspective.
Freedom to own your own home. Home ownership is the American dream. Today it is even more possible given the affordability of homes in the current market. A few years ago, some would-be homeowners got caught up in questionable “creative” financing schemes that put them in homes they quickly found they could not afford. As inflated housing prices abruptly came down to earth, housing has once again come within range of families. Today in Las Veagas, the median home price is $125,000. For this price, you cannot buy the Taj Mahal, but you can buy a good, nice looking home for your family as long as you have a steady job and decent credit.
Freedom to prosper. Owning rental property is attainable to people who want to buy a duplex and rent out the second floor or buy several homes to fix up and resell. There will always be people who by choice or by circumstance will need rental housing. At the moment, Las Vegas offers a wide selection of properties for investors to buy, renovate, and rent out and later resell. Many of the properties are bank owned and available at prices that may be below market value. Some investors who caught up in the speculation a few years ago, but properly financed investment property offers an opportunity to make money after spending some to buy the property and make it appealing to renters.
Freedom from economic tyranny. Some Nevada homeowners are currently in economic bondage due to excessive debt and spiraling mortgage payments on property that has lost its value. As a result, many have lost their homes or currently face foreclosure. Though this is a complex situation with no one-size-fits-all solution, there is help available to free homeowners from this vicious cycle. Some might find help from Federal programs like Making Home Affordable, by calling the Hope Now Hotline, or by working out other types of loan modification with their lender. Other legal remedies such as short sale or deed in lieu of foreclosure might be a better alternative than foreclosure or bankruptcy to many homeowners.
Whether you are looking to buy a home for your family or investment property to ensure your future or whether you need help to prevent foreclosure, call me personally so I can immediately help you on all your real estate needs.
J.E. Hartman, III-Real Estate Consultant & Licensed NV Real Estate Agent
702.809.8650 direct
ALTERNATIVE CHOICE REALTY
