Reno/Sparks Real Estate Stats for November 2014

reno sparks real estate market reportThanks to the Reno/Sparks Association of Realtors for the updated stats.

You can view the whole report here.

Below is an overview of the main points with commentary.

  • The median sales price held at $260,000. Still up 15.6% from November 2013. Hopefully, this is a sign that the market is straightening out.
  • Number of units sold dropped to 464 from 489 in October. Typical of this time of year.
  • Average days on market for sold properties was 97. Short sales took an average of 286 days while regular sales took 83 days. It seems short sales are getting longer and regular sales are still a little overpriced as they’re taking 50 or so days to get an accepted offer.
  • There were 378 new listings which is a major drop from the 483 in November of 2013. Much of this can be attributed to sellers worried about finding a home once they sell.
  • Month’s supply of inventory dove to 3.8 months. A strong seller’s market tough buyers aren’t biting as much on initial list prices.

For more information on homes for sale and what your home is worth visit the websites below or give me a call at (775) 393-9601.

To search for homes visit RickyBeach.com

To get your home’s value visit HomeValuesOfReno.com

To stay up to date on your neighborhood visit RenoSnapShot.com.

If you have any specific questions email me at Ricky@RickyBeach.com

Ricky Beach

Broker/Salesman


Keller Williams Group One Inc.

10539 Professional Circle., #100

Reno, NV 89521

Office: (775) 393-9601
Cell: (775) 750-1437
Email: Ricky@RickyBeach.com
Website:www.RickyBeach.com

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Question Of The Week: How Much Does Free Money Cost?

We’ve blogged about down payment programs before but I thought we’d get some more insight on the cost of getting free money, from an actual lender.

Rob Griffin, local lender at Eagle Home Mortgage, is experienced in these programs and took the time to break down the costs.

For “The Home Is Possible” program we’ll use a $200,000 purchase price with a 5% down conventional loan and a loan amount of $190,000. The grant gives you 4% of that loan amount, $7,600, to be used for a higher down payment or closing costs.  The 4% grant isn’t technically free money because there are additional closing costs associated with it that you wouldn’t have to pay if you didn’t get it.

  • Bond Application Fee: $225
  • Bond Funding Fee: $300
  • Bond Tax Service Fee: $85
  • Grant Origination: 1% of loan amount.

When you subtract those fees from your grant money ($7,600-$2,510) you get a net grant of $5,090.

 

 For more information on these loan programs contact Rob at (775) 336-3257 or RobGriffin@EagleHM.com

 


 To search for homes visit RickyBeach.com

To get your home’s value visit HomeValuesOfReno.com

To stay up to date on your neighborhood visit RenoSnapShot.com.

If you have any specific questions email me at Ricky@RickyBeach.com

Ricky Beach

Broker/Salesman


Keller Williams Group One Inc.

10539 Professional Circle., #100

Reno, NV 89521

Office: (775) 393-9601
Cell: (775) 750-1437
Email: Ricky@RickyBeach.com
Website:www.RickyBeach.com

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October 2014 Reno/Sparks Real Estate Stats With Video

Thanks to the Reno/Sparks Association of Realtors for the updated market statistics.

reno real estate statsYou can view the whole report here…. October 2014 Stats

Below is the summary of the main points and a video going into more detail.

  • The median sales price jumped to $260,000 after falling to $239,000 in September. Much of this can be attributed to buyers aggressively trying to close before the holidays.
  • The sold price per square foot hit $145. It’s been a steady climb since late 2011.
  • Units sold were down to 477. The lack of listings is still effecting our sold numbers.
  • Days on market for regular sales was 83, REOs (bank owned) were 101 days, and short sales staying true to form with 278 days. Subtract about 30-40 days of closing from these numbers and get the real marketing time.
  • October brought 517 new listings. Down from 642 in October 2014. A lack of new listings will continue to up the median sales price.
  • 31 of these new listings were short sales and 22 were REOs. This is the furthest we’ve been from a distressed market since it collapsed.
  • Month’s supply of inventory dropped again to 4.1 months. Meaning, if no new houses come on the market we would run out of inventory in 4.1 months. This number can be misleading because it includes pending properties. If you take those out we would run out of houses in 2.25 months.

Overall, not much change except the surprising $11,000 jump in the median sales price. Expect a bump in sales during November and December as buyers and sellers try to close before Christmas and the New Year.

To search for homes visit RickyBeach.com

To get your home’s value visit HomeValuesOfReno.com

To stay up to date on your neighborhood visit RenoSnapShot.com.

If you have any specific questions email me at Ricky@RickyBeach.com

Ricky Beach

Broker/Salesman


Keller Williams Group One Inc.

10539 Professional Circle., #100

Reno, NV 89521

Office: (775) 393-9601
Cell: (775) 750-1437
Email: Ricky@RickyBeach.com
Website:www.RickyBeach.com

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Down Payment Assistance For Nevada Buyers

loanKind of old news now as many of my clients are using it but I thought I’d blog about a new form of down payment assistance for Reno home buyers.

Prior to this new program the only real down payment assistance was from Nevada Rural and only worked outside of highly populated areas like Reno and Vegas.

In order to help those within the highly populated areas the Nevada Housing Division has created the “Home Is Possible” program.

Here’s how it works:

The program will give the buyer up to 4% of the loan’s value for down payment or closing cost assistance. The keywords here are “loan’s value”.

If you’re buying a $200,000 house with an FHA loan you would need to put down 3.5%. The 3.5% is equal to $7,000 so your loan amount is $193,000 (leaving out upfront MI). The 4% would then be calculated off the loan amount of $193,000, or $7,720. In this scenario you would have enough program funds to pay for your down payment and put $72o towards your closing costs.

Program Requirements:

  • No first-time home buyer requirement like in Nevada Rural.
  • Grant is non-repayable.
  • No asset limits
  • Minimum credit score of 640 for government loans and 680 for conventional loans
  • Qualifying income must be below $95,500
  • Home price below $400,000
  • Buyers must attend a home buyer education course
  • Meet normal underwriting requirements of the underlying loan

 

For more information contact me at (775) 393-9601  or Ricky@RickyBeach.com
To search for homes visit RickyBeach.com

To get your home’s value visit HomeValuesOfReno.com

To stay up to date on your neighborhood visit RenoSnapShot.com.

If you have any specific questions email me at Ricky@RickyBeach.com

Ricky Beach

Broker/Salesman


Keller Williams Group One Inc.

10539 Professional Circle., #100

Reno, NV 89521

Office: (775) 393-9601
Cell: (775) 750-1437
Email: Ricky@RickyBeach.com
Website:www.RickyBeach.com

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September Foreclosure Stats For Reno/Sparks

ForeclosuresThanks to Erin Schiller and Ticor Title for the updated foreclosure statistics.

You can view the whole report through this link, September Foreclosure Stats, or by clicking on the picture.

Below are the main points…

  • Notice of Default (start of foreclosure) rose by 11 to 132. Nothing major.
  • Notice of Sale (telling the owner it’s about to be foreclosed on) dropped by 19 to 79. Nothing major.
  • Trustees deed (it was foreclosed on) went up by 7 to 48. Nothing major.
  • New REO properties went up by 1 to 27. We haven’t topped 50 new REO properties in a month since October 2012. For reference, there were 181 in September of 2011.

Overall, the distressed market won’t be coming back in the near future. Especially, since banks don’t like foreclosing during the holidays. Something about not wanting to be known as the guys who kicked a family out on Christmas Eve.

For more information use my sites below or contact me at (775) 393-9601 or Ricky@RickyBeach.com

 

 
To search for homes visit RickyBeach.com

To get your home’s value visit HomeValuesOfReno.com

To stay up to date on your neighborhood visit RenoSnapShot.com.

If you have any specific questions email me at Ricky@RickyBeach.com

Ricky Beach

Broker/Salesman


Keller Williams Group One Inc.

10539 Professional Circle., #100

Reno, NV 89521

Office: (775) 393-9601
Cell: (775) 750-1437
Email: Ricky@RickyBeach.com
Website:www.RickyBeach.com

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