Best Bets for Adding Value to Your Home in 2014

America’s remodeling dollars are flowing again. If you’re looking to upgrade, Remodeling magazine’s 2014 Cost vs. Value Report tabs these projects as offering the best return on your investment.Image

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Price Reduction… 2070 Driscoll Drive Reno, Nv 89509

Price Reduction...  2070 Driscoll Drive Reno, Nv 89509

Fabulous, well maintained SW home with 4 car garage. Expansive views of city & mountians. Upstairs features 3 bedrooms, 2 baths & spacious great rm w/ hardwood floors, fireplace. Sit on the spacious deck (over 1000 sq ft) and enjoy the view. Large kitchen w/ Viking 6 burner range. Downstairs has large bonus rm, wet bar & brick fireplace + bedroom and full bath. Attached 700sf 2 car garage, plus a heated 2 bay 912 SF detached garage w/ 9′ doors. Solar water heating system. RV sewage cleanout.

In case you were wondering what area’s In Reno/Sparks had the most home sales in 2013, here it is!

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2013 saw 7,241 residential sales across the Reno Sparks market. And though this number was down slightly (1 percent) from the number of residential sales in 2012 (7,322 units sold), it was still respectable given 2013′s low inventory levels with which the market has had to contend all year.

Our region’s MLS defines over 40 MLS areas within Reno-Sparks. [See Reno-Sparks MLS Area Map]. How were 2013′s sales distributed across these MLS areas? Quite varied. Obviously many factors contribute to the number of sales for a particular area. The area’s size, location, population, density, and median sales price are a few that come to mind off the top of my head.

But looking simply at units sold, these are the top selling MLS areas in Reno and Sparks, Nevada in 2013 ranked by the number of sales in each.

Rank MLS Area 2013 Sales
1 Reno-South Meadows 585
2 Reno-Northwest Suburban 457
3 Sparks-East 431
4 Spanish Springs-South 422
5 Sparks-Suburban 404
6 Reno-Stead 391
7 Reno-Southwest 381
8 Reno-Old Northwest 354
9 Sparks 318
10 Reno-South Suburban 279
11 Reno-Cold Springs 259
12 Sun Valley 259
13 Reno-North 233
14 Reno-Old Southwest 229
15 Spanish Springs-West 208
16 Reno-Northwest Foothills 203
17 Reno-Donner Springs 196

Reno’s South Meadows area (MLS Area 143 on the map) takes the top spot with 585 residential sales. That number represents a bit more than 8 percent of all sales in the Reno-Sparks market.

Total residential sales across all property types, including: site/stick built; condo/townhouse; manufactured/modular; shared ownership. Data courtesy of the Northern Nevada Regional MLS – January 2014. Note: This information is deemed reliable, but not guaranteed.

Is NOW the time to buy a home?!?!

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Is the housing market still seasonal? The market has been so up and down recently that the answer can depend on whom you ask, and the market that you’re talking about. But, historically, residential real estate sees a lull in the winter holiday season and beginning of the new year — when everyone seems a bit crunched for time, not to mention money. And in most markets it doesn’t pick up again until the end of January. There’s a reason that data on home prices, mortgage rates, etc., are “seasonally adjusted.”

There are compelling signs, though, that as 2013 winds to a close, serious home shoppers should ignore this convention and instead turn it to their advantage. Here are key things that prospective homebuyers might want to consider before putting their quest on winter hiatus.

Mortgage rates have fallen: Primary among the reasons to move now has been the fluctuation in mortgage rates. After having taken a sharp bump up in the late spring, as the housing market re-energized and demand for mortgages surged, mortgage rates have dropped for the second straight week. And at an average of 4.10 percent for a 30-year-fixed loan, they’re at their lowest in six months. It might be true true that with the Federal Reserve apparently committed for the near term to keep interest rates low by buying bonds, that borrowers have some wiggle room. But there are other reasons not to delay.

The ceiling will drop on loan amounts: If you’re seeking a government-backed mortgage — as most mortgages are — you’re already restricted to getting a loan that’s based on the median home prices in your desired area ($417,000 in most housing markets). And the acting head of the Federal Housing Finance Agency, Edward DeMarco, has announced that these limits will go lower next year. While DeMarco assured the public in October that the change wouldn’t be sudden, and that financial markets would have at least six months to adjust, why would you want to wait until then? Home prices in the U.S., meanwhile, have continued to rise.

Loans might be tougher to qualify for, or at least require more paperwork: Starting in January 2014, in order to get a “qualified mortgage” — a loan that’s insured by the Federal Housing Administration, prospective homebuyers will have to make a stronger case for their credit-worthiness. Along with documents spelling out the terms of the loan, mortgage seekers will be supplying proof of current income and assets, credit history, and other debts. And then they’ll have to prove that the annual amount of debt they carry is no more than 43 percent of annual income. The changes, required under the Dodd-Frank Wall Street Reform and Consumer Protection Act, also mandate that the loans carry a fixed-rate and be paid over a term not longer than 30 years.

Investors appear to have taken a breather: Those real estate speculators who were driving up housing prices, and swooping in to snatch away the bargains by making higher bids and cash offers, now seem less smitten with the residential market. A recent poll of investors found that only around 1 in 5 are still interested in buying more homes — about half the number from a year ago. That means less competition.

Average homebuyers seem discouraged: Speaking of the competition, applications for new mortgages have been ebbing in recent months, along with consumer confidence. That should improve the chances of those willing to stay in the hunt, even if it means slogging through the winter weather.

Sellers might be more motivated: Just as it can show a bit more commitment to shop for a home in November and December, the same might be said for sellers, especially those who might be seeking a tax advantage by selling before the year is out, or who have grown impatient after seeing their properties fail to sell during the market’s peak season.

What better time to see a home?: Sure, it might be a little tough to judge a house’s curb appeal through the gloom and slush of late autumn and early winter, not to mention under the holiday lights and tinsel. But what better time to see what a home can stand up to?

It’s true that there are some key areas that probably can’t be inspected or tested if it’s cold or snow is on the ground, such as air conditioning units (which could be damaged in operated at temperatures below 60 degrees) and in-ground sprinklers. On the other hand, it’s a prime time to see how the heater works and how well-insulated the home is. Some other things that might be much more evident include: roof leaks, a basement that floods, pipes that freeze, and inadequate lighting. And how easy is it to get to and from the property during bad weather? If it’s in a rural area, are you likely to get snowed in, see a road washed out or be trapped by a mudslide?

And as for those uninspectable areas: If you can’t wait until the weather warms to have those checked, explore a contingency built into the contract that takes care of any possible repairs

New Listing… 2070 Driscoll Drive Reno Nv 89509 $469,900″

Fabulous, well maintained SW home with 4 car garage. Expansive views of city & mtns. Upstairs features 3 bdrms, 2 baths & spacious great rm w/ hardwood floors, fireplace. Sit on the spacious deck (over 1000 sq ft) and enjoy the view. Large kitchen w/ Viking 6 burner range.   Downstairs has large bonus rm, wet bar & brick fireplace + bedrm and full bath. Attached 700sf 2 car garage plus a heated 2 bay 912 SF detached garage w/ 9′ doors. Solar water heating system. RV sewage cleanout.

New listing. 325 Desert Meadow Court Reno Nv 89502 Asking $ 329,900

GORGEOUS HOME IN HIDDEN VALLEY HIDDEN EVEN FURTHER IN HIDDEN MEADOWS. SHOWS BEAUTIFULLY. IMMACULATE & LOADED WITH UPGRADES: EXTERIOR, TILE ROOF, PRIVATE COURTYARD, AND ON 1/3 ACRE. UPGRADED CARPET AND TILE, CROWN MOLDING THROUGHOUT HOME, CENTRAL A/C UNIT, 1 FIREPLACE, FURNACE, AND WATER HEATER. CENTRAL VAC, GOURMET KITCHEN W/ISLAND AND KITCHEN AID APPLIANCES. PLANTATION SHUTTERS THROUGHOUT THIS BEAUTIFUL HOME THAT WILL IMPRESS THE PICKIEST OF HOMEOWNERS. THIS IS A HOME NOT JUST A HOUSE.

September, 2013 Market Report Area 100, Greater Reno/Sparks

September, 2013 Market Report Area 100, Greater Reno/Sparks

Here is the latest information on the Reno/Sparks Housing Market.

  • Days on Market (DOM) by Special Conditions

– Short sale properties had an average days on market of 232.
– Properties with no special conditions had an average days on market of 72.
– REO Properties had an average days on market of 90.

  •  New Listings

– September, 2013 new listings was down -20.1% to 583 compared to 730 in August,
2013 and up 5.0% compared to 555 in September 2012.
– Properties listed at under $250,000 made up 56% of new listings entering the
market during the month of September, 2013.
– 22% of new September, 2013 listings were distressed. Short sales 17%; REO 3%;
No special conditions 78%; and Other 2%.

  •  Distressed New Listings History

– The allocation of new listings by special conditions increased, representing 19% of
the market in September 2013, down from 19% in August 2013, and 47% in
September 2012.

  •  Status of Pending

– Active/Pending-Short Sale represent 39.6% of the total active pendings;
Active/Pending-Loan equals 23.3%; Pending-No Show represents 25.4%;
Active/Pending-Call 9.4%; and Active/Pending-House 2.3%.

  •  Current Months Supply of Inventory (Unsold Inventory over Sales per Month)

– At the end of September, 2013, there was 4.0 months of unsold inventory based on
the monthly sales rate.

SPARKS, 75 QUIVERA LANE | Dominic Gentile, Realtor® | Condos to Castles. We are the first step in reaching your dreams.

SPARKS, 75 QUIVERA LANE | Dominic Gentile, Realtor® | Condos to Castles. We are the first step in reaching your dreams..

 

This well situated, grand one story country style home takes advantage of maximum light and unobstructed views.  Paved road from Quivera to the home…  This is not common in this area of town.   From its high vantage point, You’ll see sparkling Sparks lights in the evening, a panorama of the valley , beautiful surrounding homes, our changing seasons, and the occasional rain. On over 37 acres, at least 34 acres are undeveloped flat land surrounding the home, perfect for developing horse property.

 

The home is designed to accommodate the large family and has entertained over 90 people comfortably! Each bedroom has its own bathroom, the massive living area has a focal point of a floor to ceiling natural stone fireplace which is wood burning, also there is a pellet stove with a blower. The heart of the home is it’s kitchen which is open, featuring a 48 inch, 6 burner 2 oven WOLF range.  With many areas to seat people, especially the huge “nook” which is 14 X 26 and counts as part of the square footage. You’ll notice the more than ample counter space.  There is a cultivated 7800 sf yard that has an uncovered patio and is surrounded by a picket fence. There are 2 garages, the dimensions are extra deep 28 X 38. The home has a fire sprinkler system that protects the home home.  The RV garage has 2 bays and is 14″ high with 12″ high doors.  The assessment covers the costs of a 17 mile asphalt road which leads right to the home. The current owners are motivated to downsize and will leave this home with many happy memories of entertaining their large family.  If you have horses there is not a better property in the area for you to ride.   Grab your appetite for open land and come on up and view this amazing piece of heaven.

WANTED!!!

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I need your help!!!  Homes needed for these signs.  If you know of a home or condo that is in need for a FOR SALE sign let me know ASAP.

No home should go without one in this market.   Please give me a call if you see a home that is in need.   The only way to get your home sold is with a HARCOURTS FOR SALE SIGN!!!

Dont waste anymore time.  The longer you wait let longer your HOME will go without making you happy.   Just think if you sold your home Today your home would make you some serious cash.

DON’T WASTE ANOTHER DAY LETTING YOUR HOME FAIL BETWEEN THE CRACKS.

FOR URGENT RESULTS CONTACT.

DOMINIC GENTILE

775-749-8811

DOMINIC.GENTILE@HARCOURTSNV.COM

PRICE REDUCED!!!

PRICE REDUCED!!!  $324,900

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THIS IS ONE OF THE BEST SELLING FLOOR PLANS IN DOUBLE DIAMOND. GREAT

PROPERTY 4 BEDROOM, 3 BATH, 3 CAR GARAGE. CERAMIC TILE COUNTER TOPS IN THE KITCHEN WITH BREAKFAST BAR. OWNERS SUITE HAS A WALK-IN CLOSET UPGRADED TILE SHOWER AND GARDEN TUB AND DUEL SINKS. GUEST BATHROOM HAS DOUBLE SINKS AND UPGRADE CERAMIC TILE. NICE BACK YARD WITH PAD FOR A GAZEBO OR SPA. VIEWS OF MT ROSE AND THE SIERRA NEVADA RANGE. A MUST SEE…