As promised… Here are the homes sold this month so far in Northern Nevada by Harcourts NV1 Realty.
This market is on fire right now. If you are looking to sell drop me a line. Interest rates are the lowest they have been since 2013 and there is not much out there to buy. As you all know I work with both Sellers and Buyers. In this market working with both keeps me knowing what the other side of the fence is going through.
So people around town have been asking me how is business, are you keeping busy, what is the market like? Well I have heard you loud and clear.
Every Week from here on out I will post and update of the homes the Harcourts Team has sold in the last week with the price and address. We are in a very exciting time right now with all of the positive things that are happening in our AMAZING community.
So today is the first of many that will give a recap of what we at Harcourts Realty are doing in our community.
Currently there are 981 sales pending in the market overall, leaving 1324 listings still for sale. The resulting pending ratio is 42.6% (981 divided by 2,305).
So you might be asking yourself, that’s great… but what exactly does it mean? I’m glad you asked!
The pending ratio indicates the supply & demand of the market. Specifically, a high ratio means that listings are in
demand and quickly going to contract. Alternatively, a low ratio means there are not enough qualified buyers for the
Taking a closer look, we notice that the $200K – $300K price range has a relatively large number of contracts pending sale.
We also notice that the $200K – $300K price range has a relatively large inventory of properties for sale at 363 listings.
The average list price (or asking price) for all properties in this market is $586,079.
A total of 3252 contracts have closed in the last 6 months with an average
sold price of $290,184. Breaking it down, we notice that the $200K –
$300K price range contains the highest number of sold listings.
Alternatively, a total of 689 listings have failed to sell in that same period
of time. Listings may fail to sell for many reasons such as being priced
too high, having been inadequately marketed, the property was in poor
condition, or perhaps the owner had second thoughts about selling at this
particular time. The $200K – $300K price range has the highest number of
off-market listings at 215 properties.
I have to a favor to ask and I need your help. Would you be willing to vote for me for “Best Realtor in Reno? It’s a bit of a pain to do it but you will feel all warm and fuzzy inside for doing it. Here is the scoop. It also has to be done by 4 am of July 25.
Here it is. Go to newsreview.com/reno/home. Next look at the upper right hand corner where is says, ‘BEST” in Red. Double click and it comes up to register. If you already are registered just place password in. If not, you need to register and verify your email, blah, blah, blah… Then I am under the Personalities icon, second from end, at the top of the voting page. Of course if you have your favorites, add them but I am sending what I mailed to my out of Reno friends, just in case you don’t have favorites in these spots. You have to have at least 10 entries or they throw it out.
The most popular Home is in the Autumn Trails Community. This beautiful spacious home is on a wide lot with open space behind. You don’t have to wait 8 months for the builder to build your dream home. This home is ready to go and has all the upgrades you would want in a new build. The main difference is you do have to be put on a waiting this. This home is priced to sell and is under the new build prices. This spacious home backs up to open space and comes with a 2 car detached garage. The master bedroom includes a master retreat and the master bath and has separate vanities, garden tub, and shower all new tile and granite counter tops. A his and her walk-in closet is also included. The kitchen has raised maple cabinets with roll-outs and under cabinet lighting. A large island with sink and dishwasher includes plenty of sitting room at the island. A butler pantry is right next to the kitchen and a pantry with frosted glass door. From the kitchen sink you are open to the family room with a beautiful stone gas log fireplace. Windows look out to the common space. The family room is pre-wired for a home theater system for watching your favorite movies. The home includes a laundry room with sink and cabinets. A 75 gallon water heater so you never have to take a cold shower again. Two of the bedrooms are adjoined with a Jack n Jill bathroom with 2 sinks. The 5th bedroom has it’s own bathroom with a shower and is on the other side of the house so it would be a great guest room or in-laws quarters.
Welcome Home!!! Have you been looking for that home in Wingfield Springs that makes you want to move? You don’t have to look any longer. This home has every upgrade you can think of… from the Brazilian Tiger Wood floors to the Top of the Line appliances all the way down to the 6 inch custom baseboards to the crown molding that spans the expansive great room. This home has everything you have been looking for and more… The moment you walk in to this beautiful home you will see why no other home will compare. The first thing your guests will gawk at is the beautiful hardwood floors that open up to the flowing great room. The second thing you will notice is the Kitchen of your dreams with the custom hand built cabinets that have dome and down lighting. You will never want to eat out again after you use the GE Monogram 6 burner range. No home is complete if you don’t have a place to relax and enjoy your meal. Take your pick of eating out on the Deck or go downstairs and eat on the covered patio and look at a view that most would kill to have. But that’s not it… Every home needs a place to kick up your feet and relax. This home comes with its own Hot-tub that comes with the home. Just when you think it cant get any better you walk into your new Master bedroom from your own slider off the deck. You take your shower in a Shower that only is fit for a king/queen. After your done you walk into your own master closest that comes with custom shelves and cabinets for all those clothes you have been saying you don’t have enough place to put them all… You are HOME… Don’t wait and call for your showing NOW.
RENO, Nev. — A street newly nicknamed Startup Row intersects this city’s old strip of casinos touting Money Maker Jackpots and Crazy Cash Slot Tournaments.
While old-fashioned slot machines are whirring nearby, this stretch of road has become a home for smartphone app makers, cloud computing developers and companies like one that set up shop here recently to build tiny sensors that allow devices to connect to the Internet.
For most of America, Reno stirs images of worn-out casinos, strip clubs and quick divorces. But it is trying to change that reputation and reduce its reliance on gambling by taking advantage of its location and low taxes to gain a solid footing in the new economy. Instead of poker payouts, Reno now boasts of e-commerce ventures, an Apple data center and a testing ground for drones. It also hopes to attract a large factory to build batteries for Tesla’s electric vehicles.
“People believe in this town, and they’re tired of being presented as this joke,” said Abbi Whitaker, a local business owner who helped create a marketing campaign to reshape Reno’s image. “When you’re at rock bottom there’s a good chance to reinvent how you go up.”
A Slow Turnaround
Reno, Nev., which is heavily dependent on the gambling industry, had a more severe downturn than other parts of the country. But as the area attracts new employers with its convenient location and low taxes, the economy is starting to recover.
Reno exemplifies how cities not far from California, including Boise, Idaho, and Tucson, are trying to poach the state’s technology culture to help diversify their economies, marketing themselves as places where taxes are lower and environmental regulations are less onerous. They hope that when the next recession strikes, they will not sink to the same depths as they did in the last one.
Reno is among the best situated, less than a four-hour drive from San Francisco and in a state with no corporate or inventory taxes. It gained appeal as an outpost of Silicon Valley nearly adecade ago after a Microsoft licensing unit and an Amazon distribution warehouse moved in. California refugees were buying homes, lured by the relatively low cost of living and the 30-minute drive to Lake Tahoe.
Then came the Great Recession, walloping Reno’s gambling industry, and its housing and job markets. At the end of the recession in 2009, homes had lost nearly half the value they had in the beginning of 2006, and median prices continued to fall. At its depths in September 2010, Reno’s unemployment rate was 13.4 percent compared with the national average, 9.5 percent, according to Moody’s Analytics.
But now, after several years scraping along the bottom in almost every measure of economic health, Reno appears poised to turn the corner, according to economists who study the region. Housing prices are slowly starting to rise. The unemployment rate has declined to 7.1 percent. New technology companies are arriving, and older ones are expanding, including Zulily, an e-commerce company for women and children’s clothing and home décor, which announced plans in May to double its warehouse and hire 600 people.
Most of all, civic boosters are on edge waiting for Tesla, Elon Musk’s electric vehicle company, to announce the location of its new battery factory that is expected to employ more than 6,000 people. Tesla has said it is considering Nevada, Texas, California, Arizona and New Mexico.
Reno is not far from one of the few lithium deposits in the country, it is relatively close to Fremont, Calif., where the vehicles will be assembled, and its industrial park has tens of thousands of acres of land for the auto company’s new expansive factory. Tesla officials did not respond to requests for comment.
“There are solid reasons to be optimistic about Reno,” said Greg Bird, an economist at Moody’s Analytics. “We’re starting to really see the data turn for them.”
Reno competes for new businesses with Salt Lake City and major cities in Arizona, all of which are convenient for online retailers to set up shipping locations for customers in California and the rest of the West. In Tucson, Duralar Technologies, a global nanotechnology company, announced in March that it planned to set up its United States headquarters there.
Boise has increased its marketing to lure new technology companies and has drawn several start-ups in recent years, said Clark Krause, executive director of the Boise Valley Economic Partnership. The organization emphasizes its outdoor lifestyle on its website.
It is not a simple climb back from the depths of the recession for these cities. Nearly all are constrained by a shortage of skilled workers to fill the jobs created by companies their economic development offices are trying to attract.
“We have the same challenges everyone else does when it comes to finding enough talent to grow as much as we could,” Mr. Krause said.
In Reno, where many workers traditionally have been employed in some aspect of the gambling industry, the work force is less educated than in more populous cities, economists said. Tesla, for instance, might have to recruit from elsewhere to find enough trained workers for its battery plant, should it decide to build here.
“We’re not going to wait for the gaming industry to come back,” said Mike Kazmierski, president of the Economic Development Authority of Western Nevada. “It’s not going to. So what are our strengths, and how do we capitalize on them?”
Mr. Kazmierski is encouraging Reno to prepare for the new kinds of companies his team is wooing. A major part of his strategy is just up the hill from Reno’s casino strip: the University of Nevada, Reno. The campus of 18,000 students has traditionally not played a major role in the city’s economy and is physically separated from the rest of town by Interstate 80. Students often earn their degrees and leave.
But now, the university is starting to work with Mr. Kazmierski’s team to make sure students are trained in specific skills or even the languages needed by companies looking to settle in Reno. The university created an on-campus office space this spring for an Australian drone company that decided to open a research outlet in Reno, one of a handful of locations the federal government has selected for testing unoccupied aerial vehicles.
Mr. Kazmierski outlined his vision on a recent morning driving down Reno’s casino strip, past the Showboat Inn, the pay-by-the-week motels and signs advertising $5.99 prime rib and fries. Towering old casino buildings could be turned into student dormitories or condos. Storefronts could house technology companies. The new drone research building could host an incubator space for businesses.
For companies, the region’s chief draw is its lack of taxes. But the location has other advantages. Reno is less than a two-day drive to anywhere in the West, an advantage for shipping companies.
And there is no shortage of land ready for development. Outside town, along miles of scrubby desert, large manufacturing centers, distribution centers and office parks already have moved in, and more are on the way. The area is so expansive that wild horses roam among the warehouses. Surveyor stakes mark new developments, and fire hydrants sprout seemingly in the middle of nowhere.
Three years ago Reno and the neighboring town Sparks averaged four tours a month for prospective companies. Mr. Kazmierski said that had increased to 10, with scouts from 14 companies visiting in May.
“The most challenging obstacle to get over is our image,” he said. “That image of a second-tier kind of Vegas is embedded in their heads.”
Visiting executives are surprised to learn that the Truckee River cuts through downtown, where a restaurant scene is emerging. Bike paths wind through the city and beyond, and urban gardeners raise chickens in their backyards. A new downtown boutique hotel has no casino. Instead, its main feature is its 164-foot climbing wall.
The Reno Collective, along Startup Row, offers a shared work space to foster entrepreneurialism. On a recent day the office was filled by young people tapping on laptops, some sitting on exercise balls, and one with a dog curled around her feet.
In the same building, Eric Jennings set up his company, Pinoccio, two years ago, making tiny radio sensors for enabling Internet connectivity.
“There’s such a low barrier to entry here,” Mr. Jennings said. “If you’re passionate about something you can just take it on.”
Home sellers are quick to pass the blame when their home is lingering on the market without any offers. The agent is the one who takes the hardest hit, but many sellers will also blame the house….stating location, or floor plan, or age as the reason potential buyers are not flocking to their door.
Yes, there are homes with “issues” that make them more of a challenge to market…however, the majority of the time it’s the sellers’ lack of preparation that is behind the shortage of buyer interest. Most home sellers have little to no experience in the art of presentation or the psychology of marketing.
If you want your home to sell….you must PREPARE it to sell!
Here are some Home Staging tips to get your house sold using strategic marketing….
1. Determine who your target buyer is. Whether they are a single professional, retired couple, or a young family….what features are most appealing to them?
2. Make improvements. Dated light fixtures, busy wallpaper, and worn carpet are not appealing to buyers. The age of your home becomes less of an issue if it appears well maintained.
3. Define space and function in each room. Arrange furniture for a smooth flow and spacious feel. It’s important to remember that what is convenient and comfortable for you, may not represent the most appealing floor plan to potential buyers.
4. Highlight the positive features. Most sellers have too much stuff…clutter that makes it impossible for buyers to see and appreciate the hardwood floors, built-in cabinetry, custom trim, stone fireplace, and beautiful view.
Homes don’t kill real estate deals….
BAD IMPRESSIONS due to sellers’ lack of preparation
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