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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Reno/Sparks Real Estate Stats For September 2014

Standard ReportThanks to the Reno/Sparks Association of Realtors for the updated stats.

You can view the whole report through this link… Full September Report

A summary of the main points is below.

  • The median sales price dropped 4.4% to $239,000. This is something that we have expected and were waiting to happen. Without an influx of distressed properties the median price will continue to flutter up and down.
  • Sold properties were down 13.6% to 496. Pretty normal when you have a lot of overpriced homes that are starting to reduce price.
  • The average days on market jumped to 15.4% to 97 days. Regular sales are taking around 81 days.  Just like above this is due to overpricing listings and needing price reductions and extended time on market to sell.
  • New listings were down 6% from last year at 562. 86% of those were regular sales and only 26 were bank owned/REO.
  • The month’s supply of inventory rose a little to 4.2 months. This means if we didn’t get any more listings it would take 4.2 months to completely run out of properties. This is still a seller’s market and has been since the summer of 2012.

Overall, no major changes. We’ll see what happens as we move into winter.

 
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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Reno/Sparks Real Estate Stats For August 2014 (Video)

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

The full stats can be viewed here…  RSAR Market Report  with a summary of the main points below.

  • The median sales price stayed at $250,000 for the third straight month. Comparable to August of 2008. We’ve been expecting this after the crazy wave of price increases in the previous year.
  • Average price per sqft. is $143. A slight drop from the previous month.
  • Number of homes sold went up to 565. The highest mark since in a year. Typical of this time of year.
  • Average days on market for sold properties was 83 days. That’s a little over a month of marketing time before an accepted offer.
  • New listings dropped to 650. 89% of them were regular sales. The days of short sale and foreclosure mania is over.
  • The months supply of inventory dropped down to 3.8 months. Don’t let that stat fool you. With the average sold price to list price ratio of 98% many sellers are having to reduce their prices in order to get an offer.

If you have questions about buying or selling contact me at (775) 393-9601 or Ricky@RickyBeach.com.

For more information on the affordability index in Reno and Sparks watch the video below.

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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