Las Vegas Real Estate Market Overview
The median price for homes for sale in the Las Vegas real estate market reached to the record breaking amount of $312,000 in December of 2005. That price amount is up well over thirteen percent from the figures of the same time in 2004. The median price for luxury condominiums in the Las Vegas real estate market in 2005 was around $172,000.
So far for 2006 the real estate market in Las Vegas is showing no signs of slowing down. Close to 3,000 homes in the Las Vegas area were closed on in the month of January which is outstanding considering that January is generally the slowest time of the year for most real estate markets.
Las Vegas continues to be an area of strong economical development. New casinos, restaurants and hotels are in constant development in the area, which is one of the main reasons that this area of the United States is staying at the top of the real estate market. Prices for homes in the Las Vegas area are expected to stay in the same price range until around March of 2006 when prices are expected to rise once again.
What are hybrid loans?
Over the last several years consumers have started to request alternative financing to a traditional mortgage from lending companies. The mortgage lenders response to this overwhelming demand was the creation of hybrid loans. What exactly are hybrid loans you may be asking yourself? Hybrid loans include some of the following.
Piggy back loans are hybrid loans that allow consumers the opportunity to purchase a home with a smaller down payment and possible avoid having to have private mortgage insurance. The two loans are approved simultaneously and will generally result in lower payments per month then a traditional mortgage and private mortgage insurance.
Graduated payment mortgages are another hybrid loan option. This type of hybrid loan starts off with smaller payments that gradually increase over a period of five years. This might be a great financing option for individuals who expect their income to increase over the next several years however since early payments on this type of hybrid loan are applied to interest first it could cause the principal amount for you loan to increase.
Other great alternative mortgage options include government programs such as VA and FHA loans. These types of loan help first time home buyers, lower income consumers and veterans afford to purchase homes with lower monthly payments and little to no down payments.
Hybrid loans offer an excellent alternative for home financing to those that may not have their needs met by a traditional mortgage. Because of their more liberal qualifications and as many are tailored to fit specific needs more consumers are finding they are more easily able to finance the new home they have been seeking.
