Reno/Sparks Market Report

sold and pending homes in reno sparks

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
existing supply.

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.

 

Reno_and_Sparks Market Report

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I would like to present to you all… My 2 Newest Listings in Sparks.

9635 Cordoba Blvd

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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.
 
 

 

 

2880 Halo Drive

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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.
 
 

 

How do I know if my Realtor is the right one for me?

In some ways, the buyer-real estate agent relationship is similar to a romantic one. In either situation, the relationship’s success or failure depends a lot on picking the “right” partner from the beginning. Chemistry and communications also play an important role. Here’s how you can find the best real estate agent “match” and nurture that relationship to achieve your goal: buying your dream home.

Do your homework

Today, buyers start researching properties online well before they contact an agent. This early research period should also be the time to have your feelers out for a good agent. In fact, the best time to connect with an agent is when you’ve got some knowledge of your local market but need more input, a second opinion and a professional’s guidance. Asking friends, family and coworkers for referrals can be helpful for finding an agent. Posting what you’re looking for in an agent on social media might also help lead you to the best real estate “mate.”

Take it slowly

Would you introduce to your parents someone you’ve only had one or two dates with? Probably not. Before getting serious with a potential mate, you’d get to know them, learn about their history and understand your compatibility. It’s not too different in the real estate agent-buyer relationship. Buying a home is an extremely emotional time. Your real estate agent will be front and center with you through ups, downs and trying times. Through the buying process, your agent might learn a lot about your personal life as well as your finances. For these reasons, take the time to ensure you have the best person by your side. If you rush into a relationship with the wrong agent, you’ll regret it later.

Pay attention to chemistry

An agent could come highly recommended and be thoroughly experienced. But with any relationship, chemistry (or lack of it) comes into play. When you first talk to an agent, ask yourself: Is this someone you’d want to spend time with? Does the agent “get” you? Will you feel comfortable sharing your financial and other personal information with him? If you answer “no,” keep looking for someone you click with.

Avoid the blame game

In today’s often-competitive real estate markets, it’s extremely unlikely you’ll get the first or even the third home you try to buy. This may cause buyers to get stressed out or upset after losing in a bidding situation or when faced with a seller who’s just “not that into you.” Unfortunately, buyers sometimes take out their anger and frustration with the market on their real estate agent. But don’t assume that the fact your bid wasn’t accepted is your agent’s fault. The agent can’t control the seller or the seller’s agent any more than you can. Pick the best agent for your needs; trust your agent to do the job; treat the agent as you’d want to be treated; and chalk up a losing bid to experience.

Practice patience

As with romantic relationships, there may be times when your agent tries your patience. Maybe you’ve been looking for a month now and still haven’t found your dream place. Whatever the situation, keep in mind that buying the right home shouldn’t be rushed. Give the process, and your agent, time. On the other hand, if your agent seems to be neglecting you, speak up.

Communicate clearly

This is probably the most important step to any successful relationship: maintaining open, honest communications. With your real estate agent, be upfront from the start about how you like to work and what you might expect from them. Express concerns you have along the way. Above all, give the agent constructive feedback that will help him succeed. In most cases, you’ll be spending a lot of time with your agent during the home buying process. So choose wisely. Picking the wrong agent can add to the stress, frustration and uncertainty of buying a home. On the other hand, choosing the right agent can make the process significantly easier and more successful.

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

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

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

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.