Weekly Reno/Sparks Market Update for 2/11/2011

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Welcome to our weekly market update for the Reno and Sparks, Nevada area.

Interest rates rose again to 5.05% on a 30 year fixed rate with .7 of a point according to Freddie Mac.  This is a dramatic jump from 4.81% last week and the highest interest rate since April 2010. A mortgage

Just Wait Fannie and Freddie

amount of $200,000 at last week’s rate would be around $1,050 per month. At this week’s rate it would be $1,079 per month. Now would be a good time to speak with a lender regarding locking in your rate or asking if they think the rates will drop within the coming weeks.

In the Reno/Sparks market there were 104 residential sales from 2/4-2/10. 36% of these were Bank Owned/Corporate Sales, 38% were short sales, 26% were normal owner resale, and 1 relocation. That’s pretty typical for our current market with distressed sales leading the way. The average sale price to list price ratio was 95% which continues the trend from 2010.

In national real estate news there are big happenings with your favorite GSE’s Fannie and Freddie… The Obama Administration is currently looking at options to phase out the two giants…  The three current options are largely private, hybrid with federal emergency role, and hybrid with full-time federal reinsurance role…..  While this is the best option in the long run there will be higher costs and fees to home buyers in the near future…. Regulators want to require 20% down while most banks push for 10% but wait… Wells Fargo wants 30% down for guaranteed loans.

While nothing is set in stone it looks like those of us who have adjusted to the new norm of real estate will have more to learn.

Weekly Reno/Sparks Real Estate Tour- 4667 Bradford Court

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From the Renown Real Estate Video Library, Ricky Beach presents his video tour of 4667 Bradford Court Reno, NV 89519. Our library contains our weekly video tours of homes for sale in Reno and Sparks, Nevada, informational videos about the Reno and Sparks real estate market, useful information for Reno and Sparks home buyers and sellers, home trends, mortgage financing, and the general happenings in our area. Feel free to check back weekly to stay up to date in Reno and Sparks. Click for more Reno Real Estate Videos.

What a great opportunity in the desirable community of Caughlin Ranch. This property boasts 3 bedrooms, 3.5 baths, a large walkout basement, wine cellar, and views of the Reno skyline. For more information… watch the video.

Weekly Reno/Sparks Real Estate Market Update-2/4/2011

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In mortgage news… Freddie Mac rates for the week ending on 2/3/2011 were at 4.81% for a 30 year loan with .8 reno mortgage ratesof point. This is a small increase from the previous week, which prevailed a 4.80% rate, but far above the previous four weeks which were between 4.71%-4.78%. Remember, the more rates continue to rise the less effect depreciation has on a potential home purchase.

For the Reno/Sparks market…  there were 89 sales between Friday the 31st and Friday the 4th of February 2011. 36% of these were REO/Bank Owned/Fannie Freddie type properties, 35% were short sale, 28% were fair market owner resale, and 1% was court approval. Pretty typical for our market so nothing out of the ordinary for this week. Of all these sales the sale price to list price ratio was 95% which is the same ratio we’ve been seeing since early 2010. Remember, sale to list price ratio isn’t the same as sale to market value ratio.

In national real estate news….  Inman News reported that it’s cheaper to buy in 72% of the countries biggest cities… Three Congressman are trying to abolish the ineffective, discouraging and government run HAMP program…. Half of families can afford to buy most of the homes in their local market…  Zillow and Yahoo Real Estate have come to terms on a partnership. Congratulations to Zillow and Yahoo Real Estate for creating easier access to out of date and incorrect information. In 2010, two of my clients asked me for information about properties they found on Zillow. One had been pending for three weeks but Zillow listed it as active and the other had been sold for three months but Zillow listed it as active. I understand the consumers want and need to see the market outside of craigslist and yard signs but don’t they want correct information. As a buyer or seller, if you want correct information for your local market ask a real estate agent to give you access to “listingbook” or clientconnect”. Both are parallel websites to local MLS databases and offer the most up to date information…. Finally, ending on a good note valuation company Clear Capital forsees a market upturn in 2011.

Ricky Beach
Managing Broker/Realtor
Renown Real Estate Services
(775) 750-1437
Ricky@Resnv.com
www.RenownHomes.com

Weekly Reno/Sparks Real Estate Tour- 308 College Court

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From the Renown Real Estate Video Library, Ricky Beach presents his video tour of 308 College Court. Our library contains our weekly video tours of homes for sale in Reno and Sparks, Nevada, informational videos about the Reno and Sparks real estate market, how to buy and sell a home, home trends, mortgage financing, and the general happenings in our area. Feel free to check back weekly to stay up to date in Reno and Sparks. Click for more Reno Real Estate Videos.

308 College Court is a wonderful opportunity for an investor or first time homebuyer. Located one block from the University of Nevada, Reno this property offers four bedrooms, updated interior, and plenty of parking.

Ricky Beach
Managing Broker/Realtor
Renown Real Estate Services
(775) 750-1437
Ricky@Resnv.com

www.RenownHomes.com

Weekly Reno/Sparks Real Estate Market Update-1/21/2011

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Welcome to the Renown Real Estate Video Library. Managing Broker and Realtor Ricky Beach presents this video of Reno and Sparks real estate market conditions, mortgage rates, local happenings, and general musings for the Reno and Sparks, NV area. Check back each week to see what’s new for home sales in Reno and Sparks, NV. Click for more Reno Real Estate Videos.

Sorry. No video again this week as we are working on the finer points of video blogging. I hope this beautiful picture from www.sxc.hu makes up for it.  Here is all the information in text format. house from www.sxc.hu

Interest rates rose a little bit according to Freddie Mac. The rate for a 30 year mortgage for the week of January 20th was 4.74% with .8 of a point. The rate is up from 4.71% from the week before.  If you’re in contract right now it might be a good idea to speak with your lender about locking your rate.

For the Reno/Sparks Real Estate Market there were 76 sales from the 14th to the 20th. 29% of these were bank owned/REOs, 27% were fair market owner resale, short sales were 43%, and court approvals were about 1%. The amount of distressed property sales is pretty typical for our market though the short sale numbers seemed to be up a little and the reo numbers down.

 A couple notes for real estate nationally…  FHA has suspended the anti-flipping rule for 2011. This should help both investors and first time home buyers to get some of the junk properties off the market and occupied.

The treasury has eased the HAFA guidelines in order to make up for the terrible start to the program in 2010. One of the big changes is no longer requiring at least 31% loan to income ratio though servicers may impose the ratio if they want.

Lastly, Bank of America is starting to get it. They’ve created a cooperative short sale program similar to HAFA but my guess is that it will work much better. The reason I think it will work better is because is BofA is imposing it on themselves not big brother forcing them to do it. I applaud BofA for seeing a need for change and doing something about.

If you haven’t any questions on the Bank of America short sale program please feel free to give me a call.

Ricky Beach
Managing Broker/Realtor
Renown Real Estate Services
(775) 750-1437
Ricky@Resnv.com
www.RenownHomes.com