Wednesday, May 19, 2010
Las Vegas Hard Money blog is born in the best of times, at least from the point of view of lenders, investors, and home buyers.
This weblog hopes to help people involved or interested in hard money loans in Las Vegas through information and insights. While they may not be the best of the best, the entries here at least present a view on matters related to Las Vegas hard money.
(caption: Welcome to Las Vegas Hard Money Blog!)
Pardon the randomness and inconsistency in writing (we are but men!) and back to the birth of the blog. One reason why today, the birthday of this humble attempt to add something significant to cyberspace, is the best day for the hard money industry is because of housing affordability in Nevada’s resort and entertainment capital. According to news, Las Vegas houses have never been more affordable in the past three decades.
Citing a California-based real estate consultant, the news said that based on a median home price of $133,800 in April, the city’s housing cost-to-income is now at 19%. This simply means that “a lot of cab drivers and hotel workers below the median income have a chance to become homeowners for the first time in a long time.” “I think they realize that for $700 a month, they can own a home in Las Vegas,” said consultant John Burns, who has been studying the housing market for the past 30 years or so. Now this is good news for businessmen involved in Las Vegas hard money.
A rise in the affordability almost always means a rise in the number of houses that will be sold. Since real estate investors will need financing, they will borrow cash from Las Vegas hard money lenders and the deals will push through. At least three parties are happy: home buyers, real estate investors, and providers of hard money loans in Las Vegas. Now that’s a birthday celebration for this blog.
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