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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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

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.

AB300 To The Rescue? We will see, it was just signed into law by Gov. Sandoval.

The legislature is over and they  finally tackled the AB284 language debacle.

For those of you that haven’t been following… AB284 made it tougher for a lien holder to foreclose due to the vague language of “personal knowledge” and other verbiage. Oh yeah… it’s also a felony if you mess it up.

As of today Gov. Sandoval signed the bill into law…  Now its just time before we see if it makes any impact on the rate that homes are foreclosed.

http://www.leg.state.nv.us/Session/77th2013/Bills/AB/AB300_EN.pdf