ANOTHER HAPPY HOMEOWNER!!!

ANOTHER HAPPY HOMEOWNER!!!

Say hello to The Warner’s. This cute couple just bought their new home in Reno. What an interesting road it was to the finish line. Mary-Lou and Dennis were a pleasure to work with were calm and collected when things weren’t the most ideal. I want to thank Britanya Hanlon at Wells Fargo Home Loans for making the dream happen for the Warners.

This is the reason I love what I do, Seeing the smiles on my clients faces when they get the keys. BTW… Dennis is smiling on the inside, :-).

Congratulations Warner’s

Dominic

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Video Diary

Video update. On market conditions in reno/sparks

NEW HOME SALES

“Don’t touch that dial.” That familiar broadcasting statement certainly applies to the markets these days, as some upcoming news could lead to big decisions. Read on for details.

There was news on the housing front as New Home Sales surged by 8.3 percent in June to 497,000. New Home Sales are up a whopping 38 percent since June of 2012, the largest annual increase since 1992. It’s important to note that New Home Sales in May were revised lower to 459,000 from 476,000, while Existing Home Sales came in weaker than expected, down 1.2 percent from May to June.

In other economic news, Weekly Initial Jobless Claims rose by 7,000 in the latest week to 343,000, above expectations. Meanwhile, Durable Goods Orders, which are orders for items that last for an extended period of time, had an upside surprise, surging by 4.2 percent in June, well above expectations. And consumers are still feeling positive, as Consumer Sentiment came in at 85.1, higher than expected.

What does all of this mean for home loan rates? It’s important to remember two things. First, home loan rates are tied to Mortgage Bonds, meaning that as Bonds improve, home loan rates improve. Second, the Fed has been purchasing Bonds and Treasuries at the rate of $85 billion a month since late last year, via their Quantitative Easing (QE) program. But as the housing and labor markets have begun to improve, there has been talk that the Fed should taper its purchases soon. The uncertainty surrounding this decision has caused volatility in the markets.

Some of this uncertainty may come to an end this week. The Fed’s next two-day meeting of the Federal Open Market Committee begins Tuesday, with the monetary policy statement set to be released Wednesday at 2:00 p.m. ET. The statement will be closely watched around the globe for any signs that the Fed will begin tapering its Bond purchases–or if the members feel that tapering should be put off until 2014. If inflation starts to rise and economic reports continue to be strong, the Fed could consider tapering its Bond purchases sooner rather than later. Whether this will cause Bonds to worsen, leading to higher home loan rates–and how much higher–remains to be seen.

The bottom line is that home loan rates remain attractive compared to historical levels and now remains a great time to consider a home purchase or refinance. Let me know if I can answer any questions at all for you or your clients.

Harcourts BlueBook

Harcourts BlueBook

The Harcourts Bluebook Collection offers you a range of the latest properties on the market.  Our quarterly publication on all homes in the USA that are listed with Harcourts Real Estate.

Reno/Sparks Market Report June2013

Reno/Sparks Market Report June2013

 Summary

“The fact remains that we are still in a seller’s market and the demand for homes is very high,” said Helen Graham, 2013 president of the Reno/Sparks Association of REALTORS. “This demand is mostly made up of homes in the under $250,000 price range. In June 2013, 62 percent of the homes sold were priced at or below the $250,000 price.

Homebuyers need to understand that if they continue to wait for home prices to decline, while Interest rates have been Increasing for the past five months, it is likely to lower their purchasing power.”



Median Sales Price

– June 2013 median price was up 1.6% to $222,000 compared to $218,500 in May 2013 and up 30.6% compared to $170,000 in June 2012.
– Median price is defined as the mid-point, where, for the time period identified, the price for one-half of the sales are higher and one-half are lower.

 Annualized Median Price by Area Group
– This chart shows the annualized median price by-area-group year over year. Each vertical bar represents the median for the prior 12 months of data.


Median Price by Special Conditions
– June, 2013 median price on properties with no special conditions was up 4.3% to $245,000 compared to $235,000 in May, 2013 and up 12.9% compared to $217000 in June, 2012.
– June, 2013 median price on REO (Bank Owned) properties was down -1.0% to $205,000 compared to $207,050 in May, 2013 and up 60.8% compared to $127,500 in June, 2012.
– June, 2013 median price on short sales properties was down -6.3% to $154,550 compared to $165,000 in May, 2013 and up 3.0% compared to $150,000 in June, 2012.


Number of Units Sold
– June, 2013 units sold was down -5.5% to 503 compared to 532 in May, 2013 and down -2.5% compared to 516 in June 2012.


Average Days on Market
– June, 2013 average days on market was down -13.0% to 94 compared to 108 in May, 2013 and down -33.9%
compared to 142 in June 2012.