10 things you need to know before you buy your first home

1. Pay your bills on time, and don’t carry balances. Poor credit means higher interest rates. These days, poor credit can mean the difference between being an owner and a renter.

2. Don’t forget taxes. In addition to your mortgage payment, you’ll have to pay taxes and insurance. Sometimes this is excluded from your mortgage payment, so when you get your loan make sure it includes an escrow account for taxes and insurance.

If you file a Section “A” and take deductions, you can deduct your mortgage interest and property taxes. Owning might seem to cost more than renting, but what you save in taxes may make up the difference.

***Check with your tax professional ***

3. Know your REALTOR®’s role. Typically you pay nothing to your agent – the seller does.

4. Get a professional home inspection as part of any offer you make. You’ll learn the condition of the property and what repair bills you might face down the road.

5. Get pre-approved by a lender so you know how much you can buy and borrow. A formal pre-approval document marks you as a serious buyer.

6. Save. You’ll need money for a down payment and closing costs.

7. Look at FHA, VA, and state-backed loan programs.

8. Hit up your family. 22% of first time home buyers receive gifts from relatives and friends. Some companies offer grants and incentives to workers who are buying a first home.  

9. Look at bank owned properties for extra credit. Current law provides for a credit of $7500 that has to be paid back over 15 years. Pending legislation may up that amount and change it from a loan to a straight credit so check with your agent or lender before closing.

10. Act now but be patient.  If you have the down payment and can afford the payments,  buying now makes a lot of sense.  There’s tons of inventory for you to choose from, interest rates are low and sellers (mostly banks) are ready to deal.  On the other hand, because you’ll be dealing with a bank instead of a seller it’s going to take longer to get your offer accepted and you may need to go through the process on a couple of properties before it all come together.  It will take about 30-45 days from when the bank accepts your offer until you close and move in.

Who wants to be a millionaire?

 

 

 

Check out The Kincaid Team’s newest listing. This property is  a steal at $35,000.

Please contact Jessica @ (702) 413-8872 for current comps and rental rates.

Don’t miss out on this fantastic opportunity.

 

Posted By: Jessica Kincaid

Who do you know?

1.) Have you recently missed a house payment?

2.) Have you recently missed two house payments?

3.) Is your home worth less than what you owe?

4.) Have you recently experiences any negative life changes? (Death, Divorce, etc.)

If you or anyone you know can answer yes to one of the above questions, we can help. Please call 702-423-2968 for a free and confidential consultation.

Posted by: Jessica Kincaid

Happy Halloween

Happy Halloween

Despite Loss: Running for Public Office was a Valuable Experience – Gail Hartnett, Candidate District 18

In response to yesterday’s voting blog, Gail Hartnett (2006 National President of Women’s Council of REALTORS®) sent this over. I found it a perfect fit and inspiring as well. Gail really hit home how important politics is to our businesses while demonstrating what happens when you don’t vote.
Thank you Gail for sharing this with us. If you have anything you would like to share with us, please send it to info@thekincaidteam.com.

In January 2007, I was asked if I would consider running for the State Legislature. I had thought about it several years back but I had about 8 years of volunteer leadership in front of me. The door was now open and “discovery” began. Family meetings, team meetings, sessions with business friends, neighbors, party officials and lotsa prayers followed. I believe that Authenticity, Transparency and Unity are imperative to good government. We need people with strong convictions, no pre-determined agendas and a true desire to listen and represent our citizens. .. I made the decision to go for it!

My life experiences and leadership roles prepared me for the challenge. …I found myself stretching “one more time” and doing things I have never done before. I met people I never would have met. I used my networking skills and raised them to yet another level. I was proud to be a REALTOR® as I shared what we do as professionals to improve the quality of life for those in our communities. I learned more about our schools and the teachers who are so important to our future, the issues surrounding our youth, our elderly and our businesses. The economy, air quality, transportation, hospitals, taxes, education, home schooling, health care, horse racing just a few of the issues brought to my attention.

What I knew when I began, was that while our Legislature is in session, laws are being made every day that affect our lives and the lives of our children and loved ones. As a REALTOR®, I understand that these laws affect our livelihoods, our way of life and the lives of those whom we serve. What I didn’t know, was how many of us take what we have for granted. Actually, I did know that, but it was brought home “vividly” as I continued my adventure.

I attended Campaign Schools. I now understand why we donate to candidates we believe are the right people for the job…..It takes money, and lots of it to market to the public and get your message out. I understand the importance of volunteers. I understand how important your family is and how ultimately, they are the ones who matter most.

Let me tell you about the interviews and the questionnaires from organizations I didn’t know existed. Sitting at a table with the Editorial Board of the newspaper with your opponent sitting right beside you…that was a treat….wow….knowing that you “knew your stuff”, but feeling that you just weren’t “on”… …then reading the paper two days later and getting their endorsement …that was a high!

Going door to door actually meeting voters…that became my new weekend, evening and sometimes weekday activity.…the district was a lot bigger than I thought when I started this.

The Primary was May 27th. We did not prevail. We ran a good, positive campaign.

What have I learned from this? A question I always pose to those whom I mentor when things don’t go as planned. I have documented the process of my campaign and will use it in the future to help others move into positions of influence in our communities. Good will come from my experiences. I have met incredible people with valid issues…I have had the support of the business community and many, many others and I will serve in some way to assist in the important work that needs to be done.

Two important messages:
1) WE NEED GOOD PEOPLE…. Okay GOOD PEOPLE…step up to the plate and Run for office!
2) GET OUT AND VOTE…don’t let anything stop you!
Was it a good experience? It was a GREAT experience!

Graduates keep program alive

http://www.viewnews.com/2008/VIEW-Jul-01-Tue-2008/North/22423453.html

ICAN helps kids deal with stress, drugs and other lifestyle issues

By LAUREN ROMANO
VIEW STAFF WRITER

They can’t let it go.

A group of 20- and 30-year-olds who spent their tween years attending leadership camp have worked to make sure that kids still are able to participate in the program they loved so much.

About two years ago, the group formed Issues Concerning Adolescents in Nevada using the tools and experiences they had while participating in Students Taking Action to Terminate Unlawful Substances.

"It was such a huge part of us growing up and making us who we are, and it was heartbreaking to think it wouldn’t be there for other kids," said Lisa Fotheringham, vice president of youth with ICAN.

Although the resistance education program and annual summer camp that Cadwallader Middle School teacher Jim Shoop ran in the 1980s and ’90s has never been dark, Fotheringham said that after Shoop got cancer and became less involved, the programs just haven’t been the same.

After nearly 18 months of working under the ICAN name, the organization has received nonprofit status and participants are gearing up for their second summer camp in August.

When the program started in the 1980s, the focus was on drunken driving, and in the ’90s, saying no to drugs was added. But "these kids are faced with stuff we never had to deal with," Fotheringham said.

The new name reflects the large range of topics today’s kids deal with, which include staying drug and alcohol free, focusing on school and a positive community. Topics discussed are stress, anorexia, drunken driving, peer pressure, people skills, prescription drug abuse and self-destruction. Fotheringham said they will bring in guest speakers to talk about anything the kids recommend.

During the nine-month school year, participants from all over the valley meet once a month at the Clark County Government Center, 500 S. Grand Central Parkway, in downtown Las Vegas.

"(ICAN) changed my perception on ways to live, especially stress," said Alex Wheatley, 15, a Northwest Career and Technical Academy student. "I am more organized now."

The one-week, youth-run summer camp gives participants a chance to have fun with campfires, dances and games, but the more serious talks take place when students are split into family groups, do activities and have discussions.

"Camp was an amazing experience," said Wheatley, who was a youth staff member last year. "I came back talking to everyone about it. I can’t wait to go back this year."

Youth staff is made up of high school students who have attended camp in the past. Last year, for ICAN’s first camp, the youth staff included students who had been in the Students Taking Action to Terminate Unlawful Substances. The student leaders are given the reins to organize their own curriculum.

"Camp is a life-changing experience," said Theresa Verali, 15. "It’s pretty crazy how close you get with people just from one week of camp."

Students ages 11 to 17 can join ICAN at any time. There is no cost to be a member. The camp, which takes place from Aug. 11-17, is held at Camp Lee Canyon at Mount Charleston and costs $225. All meals and activities are included.

For more information or to register for camp, visit www.icanlv.org.

Now is the time to…

Buy a house:

I’ve covered this topic here.  We’re already seeing signs of recovery and I think prices, now equal to 2004’s, will equalize as we clear out inventory.

Buy a car:

Toyota and General Motors, the 2 largest auto manufacturers, are bracing for lower profits and weaker earnings in 2008.  Dealers will be more motivated than usual to move inventory.  There are tons of resources online telling you how to get the best price on a new car.  Look for no-interest loans, extended warranties and other dealer extras that cost money in a robust market but that most dealers will now throw in to make the deal.

Given a choice, take the no-interest loan over a cash rebate.  A rebate uses today’s money to purchase a declining asset.  Zero interest lets you use other people’s money today and pay it back with tomorrow’s cash.

Do the math before buying a hybrid.  With gas prices high, hybrids will be in demand, which means their prices will rise – and dealer incentives will be fewer.  Calculate your gas savings versus the increased cost of a hybrid.

If you have to take on more debt, don’t buy.  Only buy a new car if you’re ready to trade in your existing car and not increase your monthly payment. Be sure to negotiate price before negotiating financing.  Focusing only on payments usually results in a bad deal.

Vacation close to home:

Even with higher gas prices a road trip makes a lot of sense this year.  With higher airfare and a weak dollar, leaving the country makes less sense.  Stay close to home and enjoy the wonders of our beautiful country.  Here are a few of my favorites:

Zion National Park

Grand Canyon

Sedona, Arizona

Yellowstone National Park

Plant a garden:

It’s not just rice that’s getting expensive; eggs, bread & produce are also costing more.  Planting a garden may not replace your weekly trip to the grocery store but growing even a small portion of your food will make you feel more self-sufficient. 

You might find the benefits are worth the work.  Think about how many centenarian gardeners whom Willard Scott wishes a happy birthday to.

Pay off debt:

I couldn’t go a whole post without mentioning the evils of consumer debt.  Look at your expenses and find one luxury to omit.  Use what you save to pay off debt, open a savings account or add to an existing investment. 

While it’s never good to carry a lot of consumer debt, the current economic climate makes it especially risky.  When you’re running close to the bone, any little thing can push you over the edge.  Use this as an opportunity to get smart about your financial health and when the economy rebounds you’ll be ahead of the game.

During this liquidity crunch, pay off lines of credit but leave them open; even if you have to leave a small (less then $250) balance.  This way you can borrow if necessary. 

Invest in the stock market:

The Dow Jones has crossed the 13,000 mark and gas company profits are in the news.  What happened to the “recession”?  While the housing sector (depreciating asset) and retail gas (increasing liability) prices are dragging down some areas of the economy; Wall Street is optimistic about the lower-than-expected job losses and higher-than-expected GDP. 

How about Chevron? Microsoft? Apple? Tupperware? Shell, and BP? *

Overall 60% of American Stock Exchange and NASDAQ public companies who have reported 1^st quarter 2008 earnings have beaten their estimates.  Of the companies not meeting earnings, 73% were in the housing and/or financial sector.

Don’t count those stocks out yet.  The Federal Reserve continues to create an environment helpful to big banks. Many of these institutions took huge write downs in the last 2 quarters, wiping the slate clean and opening the door for profits in the rest of 2008.

**This is not an endorsement of any stock, merely a snapshot of those companies meeting or beating earning projections.**

*In light of Barack Obama’s suggestion to redistribute gas company profits, you might be better off investing in foreign owned oil companies such as BP or Shell.

It’s Official

Issues Concerning Adolescents of Nevada (I.C.A.N.) is official. We received our letter from the IRS and we are ready for your donations now.

For more information, you can visit www.icanlv.org. There you can learn all about us and what we do for the Southern Nevada community along with the ways you can donate.

Want to get involved? Youth meetings are the second Tuesday of every month at the Clark County Government Center at 6:00pm.

Also, 2008 Leadership Camp is coming up. August 11-17. Registration is due June 1. Applications and financial aid forms are available on the I.C.A.N. website.

Posted By: Jessica Kincaid

Bragging Rights

I had to take a moment to post a great article about one of our own.

http://www.erealestateexec.com/local_profiles1/jessica.php

Posted By: Erin Camp