Northern Nevada & Information on Housing Market
The Reno housing market reflects the fast growth in the state of Northern Nevada , since there is high demand for quality homes and the housing offered cannot keep up with such demand rates. As it seems, there are a lot of jobs offered in the area and this phenomenon makes Nevada a far more appealing option for those who wish to relocate and start over. So this is the best time for you to sell now and reap the benefits.
Reno Property: What to Look for
There are many opportunities for home sellers in the area right now. The truth is that the demand has exceeded even the most optimistic predictions. However, you should not rush into selling without having all the necessary information in place. You will need to make sure that you get at least the price your property is worth, so as to make the most of your sale.
For the optimal outcome, you should reach out to Marshall Realty , who has proven experience and deep knowledge of the real estate market in the area. With them on your side, you will be able to identify the best price that you can get for your home. After thorough research of the local market, you will be given the your options to look into.
Why Should You Turn to the Experts?
Northern Nevada is a place where growth has caused home prices to sky-rocket. At the same time, there is huge competition and not all sellers will be lucky enough to meet their financial requirements while selling. It makes sense that you should turn to the experts in this field, to get a great deal and benefit from the best advice about your property’s value .
Marshall Realty will guide you through the sale and allow you to maximize your profit, as well as facilitate the process. No matter if you are interested in selling later or if you are in a hurry to sell now, you will realize that the pros make everything run smoothly and as planned.
Take full advantage of the increased demand in the Northern Nevada housing market and act fast. Find the right people to work with in order to receive the offer that could bring you top dollar.
What to Expect After Listing Your Home in Reno?
Being one of the fastest growing housing markets, selling your home in Reno is different than what you might expect. The Reno housing market is booming, but it is not going to stay that way forever. It is recommended that you sell now, as more houses will be built in just the next few years all over Northern Nevada. So, what should you expect once you have listed your Nevada home?
1. Listing, Signs, and Lockbox
Most real estate agents will list your house in the Multiple Listing Services. The service informs all of the other agents about your house being for sale. You will also have a for sale sign placed in your yard. A lockbox will also be added to your front door, to allow real estate agents in to show your property when you are not home.
2. Open Houses
With the Reno housing market booming, your real estate agent will want to have open houses soon after you have listed your house. This is a great way to get potential buyers into your home.
Brokers’ open houses could take place during a work day. Brokers’ open houses allow agents and their clients to see your home. Public open houses are most times handled on Sunday and are open to anyone.
During an open house, it is best if you are not home. The reason is that buyers and agents want to have the freedom to look around and make comments and notes, without the fear that you will get upset or mad. If you are home when an agent or buyers come to view the house, you should try to step out to allow them to tour the house.
It is possible that your house will sell without an open house. However, open houses can be a great way to gain exposure.
3. Patterns of Traffic
Most homes will get the most amount of traffic during the first week to three weeks after the house is listed. Most homes in the U.S. will sell within 90 days. The time varies on a lot, but with the Reno housing market booming, most homes are selling in shorter time periods than the national average.
Since the Northern Nevada housing market is changing, you may want to sell now. However, you will need to put some work into your home to have it sell in a short time period. Your home needs to be ready to show before you list it, as agents are going to want to show the property soon after the listing. An experienced real estate agent can help you list and sell your home quickly.
Why Reno Housing Market Prices Are Going Up?
Since 2015, the prices of Reno property have seen a significant increase. While this could be good news for current homeowners, potential buyers may have to dive deeper into their pockets to be able to afford a home in the Reno Sparks area. Why is this so? Well, the last two years have seen median income in Reno decrease, according to a research done in the University of Nevada. What does this mean? Low-income families are unable to afford Reno property, meaning that renting is the only option left, and with renting also on the rise, the situation is only getting worse.
- High Growth Rate
According to the Economic Development Authority of Western Nevada and DETR, Nevada could be seeing a record high 40,000 job opportunities available annually, with North Nevada realizing about 10,000 each year. This means that, for the Reno housing market to keep up, about 5,000 new homes must be developed to accommodate such a high growth rate. This is similar to the 2005 growth rate experienced in the region, prior to the economic recession. This high growth rate means that Nevada is the second most preferred destination for people considering a move to the west.
- Low Housing Inventory
When demand increases faster than supply, it results into exaggerated prices for commodities, in this case, Reno property. The number of houses available in the Reno housing market has been significantly low, therefore, this created a situation of high demand and low supply, meaning the available homes are expensive and since Nevada is experiencing an influx of movers, the situation is only getting worse. Big companies, such as Tesla, are attributed with the sudden influx of movers, therefore residents are having to work overtime to be able to afford their homes. Builders prefer a more sustainable growth rate as compared to this high growth rate being experienced in Nevada, and therefore they are reluctant to invest in Reno, which ultimately leads to a low housing inventory.
- Low Wages
According to the Bureau for Labor Statistics, wages are increasing about 3 percent for low-income earners and 20 percent for high-income earners nationwide, as well as in Northern Nevada. What does this mean exactly? People earning less are unable to afford proper housing since majority of them are unable to balance paying rent and buying consumer products. This results into a low spend rate on houses, and when people are not buying houses, the growth rate in the economy is slowed down considerably.
The coming years are predicted to be even more difficult in the Reno housing market unless something is done to increase the housing inventory to support the high number of movers. The best way to prepare is to partner with a knowledgeable real estate professional to help navigate the ever changing housing market.
Northern Nevada Real Estate: Know the Trend before You Sell
Northern Nevada , Reno in particular, has been one of the hottest real estate markets. There’s been a peak in interest by many in Northern Nevada, largely due to what the area offers. With everything from education to entertainment & anything in between, Northern Nevada has much to offer. With the increase in demand, many homeowners are wondering if they should sell now. Before you decide, let’s get you familiar with the current market trends. By being informed, you will be able to make the most out of your investment and earn from the sale.
Key Figures You Have Now
Currently, the median home value in Reno is at $300,500. This is reflective of a 14% increase in the value of real estate property in the previous year. With this astounding figure, it is easy to be convinced to sell your property today. In the upcoming years, it is anticipated that the average price will increase by 5.5%, which is another good reason to consider selling. From these values, it is pretty obvious that it is an exciting time for real estate, especially for sellers.
The health of the Reno housing market has been given an impressive rating of 9.8/10. That’s almost a perfect score! What are its implications? This could mean that the market is not only filled with sellers, but also with interested buyers. In spite of the increase in median home values, many home buyers continue to express their interests in Northern Nevada . This is good news for sellers as this could increase confidence in putting up their real estate on the market.
In September, 620 houses have been sold in Reno alone. This is higher than the 590 homes that have were sold in the previous month. These numbers can be encouraging, They could also be indicative of the continuous growth in sales. This increases the likelihood of selling quickly! You just have to approach it in the right way, by hiring the right real estate agent, who will help you find the right buyer.
Selling your RenoHome
If you are considering selling your property, do not make things hard on yourself. Marshall Realty will take the hassle out of listing, making for a smooth process. The company is equipped with a knowledgeable and experienced team who are there to maximize your property’s exposure to potential buyers. From tried and true, to the latest marketing techniques, they utilize every venue to sell your home in Northern Nevada .
Title: Winter is Coming
Distressed property sales accounted for 4% of sales in September. This is down from 7% in 2015, and is the lowest figure since NAR began tracking distressed sales in October 2008 which is a great sign for Reno real estate!
Mortgage interest rates remained well below 4% in September at 3.46%. This prompts existing home sales to stay at a healthy annual pace of 5.47 million. Month-over-month sales were up 3.2%.
Inventory of homes for sale remains below the 6-month supply that is necessary for a normal market, as it fell 2.2% to a 4.5-month supply. The shortage in inventory has contributed to the median home price rising an additional 5.6% to $234,200.
NAR’s Chief Economist, Lawrence Yun had this to say about the lack of inventory:
“Inventory has been extremely tight all year and is unlikely to improve now that the seasonal decline in listings is about to kick in.”
There is good news though, as Yun went on to say: “There’s hope the leap in sales to first-time buyers can stick through the rest of the year and into next spring. The market fundamentals — primarily consistent job gains and affordable mortgage rates — are there for the steady rise in first-timers needed to finally reverse the decline in the homeownership rate.”
Even though Winter is coming, now may be the time to list your home. Buyers are still out there looking for their dream home. Reno real estate is changing all of the time. Marshall Realty’s team of expert real estate agents can help you no matter which season it is. If you are interested in buying a home or selling your house, contact Marshall Realty today at (775) 787-7400. We will look over current market conditions to see if this is the right time for you to make a move!
Title: The Great News About Rising Prices
Some people have talked about Reno home prices and if local real estate values are accelerating too quickly. We have seen some areas of Reno, Sparks, Fernley, and Carson City homes for sale cannot keep up with the number of buyers out looking for a home, which has caused prices to rise.
According to CoreLogic’s latest US Economic Outlook, this rise in real estate prices is a great thing! The average American household gained over $11,000 in equity over the course of the last year, largely due to home value increases.
For those that are worried that we are doomed to repeat 2006 all over again, it is important to note that homeowners are investing their new found equity in their homes and themselves, not in depreciating assets.
The added equity is helping families put their children through college, and even invest in starting small businesses, allowing them to pay off their mortgage sooner or move up to the home that will better suit their needs now.
CoreLogic predicts that home prices will appreciate by another 5% by this time next year. If you are a homeowner and want to know how much equity your home has Marshall Realty’s team of expert real estate agents can help.
If you are interested in buying a home or selling your house, contact Marshall Realty today at (775) 787-7400. We will look over current market conditions to see if this is the right time for you to make a move!
The Role Access Plays in Getting Your House SOLD!
There are four elements to a quality listing. At the top of the list is Access, followed by Condition, Financing, and Price. There are many levels of access that you could provide to your agent to be able to show your home.
Here are five levels of access that you could give a buyer with a brief description:
- Lockbox On the Door – this allows buyers the ability to see the home as soon as they are aware of the listing, or at their convenience.
- Providing a Key to the Home – although the buyer’s agent may need to stop by an office to pick up the key, there is little delay in being able to show the home.
- Open Access with a Phone Call – the seller allows showing with just a phone call’s notice.
- By Appointment Only (example: 48 Hour Notice) – Many out-of-town/state buyers and relocation buyers visit an area they would like to move to and only have the weekend to view homes. They may not be able to plan that far in advance, or may be unable to wait the 48 hours to be shown the house.
- Limited Access (example: the home is only available on Mondays or Tuesdays at 2pm or for only a couple of hours a day) – This is the most difficult way to be able to show your house to potential buyers.
If you own a home in Reno or any of the surrounding areas and have questions about access to your home, call Marshall Realty’s local real estate experts today at (775) 787-7400! We can help if you are interested in buying a Reno home or selling your house. Reno real estate can be tricky. Our team of local experts will help you sell your home for the best price possible.
Why We Need More Newly Constructed Homes
The number of new home sales is far off historic norms. The National Association of Realtors (NAR) just reported that the percentage of all house sales that were newly constructed homes has fallen to the lowest numbers in forty years. This should come as no surprise as the number of new housing starts has fallen dramatically over the last several years.
We need more new construction for two reasons:
- In Reno real estate we have seen a lot of pent-up buying demand causing price appreciation to continue. This can help alleviate that back to historic norms.
- It will give better opportunities to many people who own a home in Reno who want to sell but can’t find an adequate home to move in to.
There are many reasons you may want to buy a Reno home or sell your house. If your housing needs have changed, or are about to change, contact Marshall Realty today at (775) 787-7400. Reno real estate is changing all of the time. We will help guide you through the process.
76% Of US Homeowners Now Have at Least 20% Equity in Their Homes!
CoreLogic’s latest Equity Report revealed that 91.1% of all mortgaged properties are now in a positive equity situation, while 75.9% now have significant equity at more than 20%! The report also revealed that 548,000 households regained equity in the second quarter of 2016 and are no longer under water.
Price Appreciation is Great News for Homeowners
Frank Nothaft, CoreLogic’s Chief Economist, explains:
“Home-value gains have played a large part in restoring home equity. The CoreLogic Home Price Index (HPI) for the U.S. recorded 5.2 percent growth in the year through June, an important reason that the number of owners with negative equity fell by 850,000 in the second quarter from a year earlier.”
Anand Nallathambi, President & CEO of CoreLogic, believes this is a great sign for the market in the coming year as well, as he had this to say:
“We see home prices rising another 5 percent in the coming year based on the latest projected national CoreLogic Home Price Index. Assuming this growth is uniform across the U.S., that should release an additional 700,000 homeowners from the scourge of negative equity.”
This is great news for Reno real estate as homeowners with more than 20% equity in their home would be able to use that equity as a down payment on either a larger home, or even a retirement home.
If you own a home in Reno or any of the surrounding areas and are unsure of how much equity you have in your home, call Marshall Realty’s local real estate experts today at (775) 787-7400! We can help if you are interested in buying a Reno home or selling your house. Reno real estate can be tricky. Our team of local experts will help you sell your home for the best price possible.
Don’t Underestimate the Importance of Using an Agent When Selling Your Home
When you decide ‘I want to sell my house’, you obviously want the best possible price with the least amount of hassles. More importantly, you may just want to get the home sold.
In order to accomplish all three goals, you should realize the importance of using a local real estate expert. We realize that technology has changed the purchaser’s behavior during the home buying process. For the past three years, 92% of all buyers have used the internet in their home search according to the National Association of Realtors’ most recent Profile of Home Buyers & Sellers.
However, the report also revealed that 95% percent of buyers that used the internet when searching for a home purchased their home through either a real estate agent broker or from a builder or builder’s agent. Only 2% purchased their home directly from a seller whom the buyer didn’t know.
Buyers search for a home online, but then depend on an agent to find the actual home they will buy, to negotiate the terms of the sale & price, or to help understand the process.
The plethora of information now available has resulted in an increase in the percentage of buyers that reach out to real estate professionals to “connect the dots.” This is obvious, as the percentage of overall buyers who used an agent to buy their home has steadily increased from 69% in 2001.
If you are interested in buying a reno home or selling your house, contact Marshall Realty today at (775) 787-7400. Reno real estate can be tricky. Our team of local experts will help you sell your home for the best price possible.
Title: Is the Current Pace of Home Sales Sustainable?
There are some real estate experts questioning whether the current pace of homes for sale is sustainable. Are too many people buying homes like in 2004-2006? Are we headed for another housing crisis? Actually, if we look closely at the numbers, we can see that we are looking at a very healthy real estate market.
Some are concerned because if you look at the last three years of home sales and compare them to the three years just prior to the housing bubble they appear similar. But if we go further back in history, we can see the real picture. After taking out the “boom & bust” years, the pace of sales is growing at a quite natural pace.
And new home sales are way below historic numbers. Trulia’s Chief Economist Ralph McLaughlin explains:
“Adjusted for population, [new home sales] are at about 63% of their fifty-year average level—way better than 2011, but nowhere near heated.”
The Bottom Line:
The current pace of residential home sales definitely seems sustainable.
If you are interested in buying a reno home or selling your house, contact Marshall Realty today at (775) 787-7400. Reno real estate is changing all of the time. We will help guide you through the process.
Title: The Housing Market is Doing Just Fine!
There are some that think that housing affordability is a challenge and others that think home prices are approaching bubble values. When we look at the facts both appear to be untrue. As a matter of fact, the numbers show that the U.S. residential real estate market is doing just fine.
Here are two articles and excerpts that make this point:
The Housing Market Is Finally Starting to Look Healthy – The NY Times
“It has been an excruciatingly long time coming, but the housing sector in the United States is finally getting healthy. Thank millennials and thank homebuilders who are starting to produce more of the starter houses young people demand.”
“Interest rates are so low now that a family can buy the median-priced U.S. home on income of less than $45,000 a year — about $11,000 less than the median household income. And half of America’s houses are cheaper than that.”
There are those worried that all this positive talk resembles what was being said in 2004 and 2005. Jonathan Smoke, Real Estate Expert and Chief Economist at realtor.com, explains the difference very simply but effectively:
“The havoc during the last cycle was the result of building too many homes and of speculation fueled by loose credit. That’s the exact opposite of what we have today.”
Both of these articles are about the national housing market. If you would like to know more about Reno real estate and how these national trends affect your home then let’s get together to discuss your neighborhood. If you are interested in buying a home or selling your house, contact Marshall Realty today at (775) 787-7400. Reno real estate is changing all of the time. We will help guide you through the process.
Housing Market Slowing Down? Don’t Tell Builders!
Many real estate experts have been calling upon home builders to ramp up construction to help with the lack of existing homes for sale. For the past two months, new home sales have surged, with July’s total coming in at the highest since October 2007.
The latest estimates from the US Census Bureau and Department of Housing and Urban Development show that home sales in July were 31.3% higher than this time last year, and 12.4% higher than last month, at a seasonally adjusted annual rate of 654,000.
Zillow’s Chief Economist, Svenja Gudell, echoed the reaction of some as she commented:
“July(‘s) new home sales data was a surprise, but a welcome one. For years, the market has been practically begging builders to both ramp up their efforts overall and to put more focus on serving the less expensive end of the market. Today’s data confirms both are happening in earnest.”
The National Association of Home Builder’s (NAHB) Chairman, Ed Brady, didn’t seem as surprised:
“This rise in new home sales is consistent with our builders’ reports that market conditions have been improving. As existing home inventory remains flat, we should see more consumers turning to new construction.”
NAHB’s Chief Economist, Robert Dietz, believes this is just the start for new home sales if market conditions continue:
“July’s positive report shows there is a need for new single-family homes, buoyed by increased household formation, job gains and attractive mortgage rates. This uptick in demand should translate into increased housing production throughout 2016 and into next year.”
The existing home sales numbers for July will shed more light on the overall health of the housing market.
The Bottom Line:
New home sales hit their highest mark in over 9 years. Buyers are out in force to find a home that fits their needs. Many are turning to new construction, as the inventory of existing homes has not been able to keep up with demand.
If you are interested in buying a reno home or selling your house, contact Marshall Realty today at (775) 787-7400. Reno real estate is changing all of the time. We will help guide you through the process.
Title: Thinking of Selling Your House? Pick the Right Agent!
Today, more and more sellers are stepping back, taking a look at the advice real estate professionals give them, and asking themselves whether they can trust that advice. This is exactly what they should do.
The most important question you can ask when you are choosing a Reno real estate agent is whether you feel you can trust them. You must know that they’re giving you great advice, and that they’re going to be able to help you accomplish your family’s goals. You must trust your listing agent enough to allow them to:
- Handle the liquidation of possibly the largest asset your family has
- Help set the market value of that asset (get the price right)
- Set the timetable for the liquidation of that asset
- Set a fair fee for the services required to liquidate that asset
All four of these require a tremendous amount of trust. They’re going to sell your prized possession, set its value, set a time schedule as to when your family will be able to move, and determine the fee that you’re going to pay to get those three things accomplished.
You have to trust your agent enough to allow them to help you and your family reach your dreams.
If you are interested in buying a home or selling your house, contact Marshall Realty today at (775) 787-7400. Reno real estate is changing all of the time. We will help guide you through the process.
Title: Brexit 1 Month Later: The Impact on Mortgage Rates
Just over a month ago, the United Kingdom decided to withdraw from the European Union in a decision commonly known as Brexit. Even though the UK is pretty far from Reno homes, there was a lot of speculation on how that decision would impact Reno real estate along with the U.S. residential mortgage market. Today, we want to look at the impact of the first 30 days.
Most believed that the Brexit decision would drive mortgage rates down and keep them down for some time. As CoreLogic reported:
“First-time buyers can count on continued low mortgage rates to help with affordability issues. Similarly, re-setting adjustable rate loans will have less of a rate shock, and in some cases may even go down.”
What has actually happened?
Initially, rates did fall. However, Freddie Mac has reported that rates have stabilized and have actually increased marginally each of the last two weeks. This prompted Freddie Mac Chief Economist Sean Beckett to say:
“Post-Brexit volatility tapered off over the last two weeks, allowing interest rates to bounce back a bit from their near-record 30-year mortgage rate lows.”
And, Capital Economics Property Economist Matthew Pointon believes rates will continue to increase:
“Given we expect Brexit will have a minimal impact on the U.S. economy, we see no reason to change our forecast for mortgage rates to reach 3.85% by the end of this year, and 5.0% by the middle of 2018.”
For now, it appears that the impact of Brexit on Reno real estate was not as dramatic as some thought it could be.
If you are interested in buying a home or selling your house, contact Marshall Realty today at (775) 787-7400. Reno real estate is changing all of the time. We will help guide you through the process.
Title: Baby Boomers are on the Move
According to a Merrill Lynch study, “an estimated 4.2 million retirees moved into a new home last year alone.” Two-thirds of retirees say that they are likely to move at least once during retirement.
As one participant in the study stated:
“In retirement, you have the chance to live anywhere you want. Or you can just stay where you are. There hasn’t been another time in life when we’ve had that kind of freedom.”
The top reason to relocate cited was “wanting to be closer to family” at 29%, a close second was “wanting to reduce home expenses” at 26%.
A recent Freddie Mac study found similar results, as “nearly 20 percent of Boomers said they would move closer to their grandchildren/children compared to 13 percent who said they would move to a warmer climate.”
Not Every Baby Boomer Downsizes
There is a common misconception that as retirees find themselves with fewer children at home, they will instantly desire a smaller home to maintain. While that may be the case for half of those surveyed, the study found that three in ten decide to actually upsize to a larger home. Some choose to buy a home in desirable destinations like real estate in Lake Tahoe with extra space for large family vacations, reunions, extended visits, or to allow other family members to move in with them. According to Merrill Lynch:
“Retirees often find their homes become places for family to come together and reconnect, particularly during holidays or summer vacations.”
The Bottom Line
There are many reasons you may want to buy a Reno home or sell your house. If your housing needs have changed, or are about to change, contactMarshall Realty today at (775) 787-7400. Reno real estate is changing all of the time. We will help guide you through the process.
Title: Home Sales Index – Bad News or Good News?
Two weeks ago, the National Association of Realtors (NAR) released their Pending Home Sales Index, a forward-looking indicator of home sales based on contract signings. The report revealed that May 2016 numbers weren’t quite as good as the year before: “With last month’s decline, the index reading is still the third highest in the past year, but declined year-over-year for the first time since August 2014.”
Some mainstream media ran headlines highlighting that the index had dropped for the first time in two years. Many read this as an indication that the housing market must be slowing down. If you own a Reno home and were thinking about selling, these reports may have caused you some concern. We want to alleviate that concern today.
Though it is true that the index dropped in last month’s report, let’s take a closer look at the numbers. The index has increased every month over the last eighteen months, leading up to this past May. Lawrence Yun, Chief Economist at NAR, explained that it wasn’t a slowing of the market that caused the index to slip, but instead a lack of housing inventory: “Total housing inventory at the end of each month has remarkably decreased year-over-year now for an entire year. There are simply not enough homes coming onto the market to catch up with demand.”
The Bottom Line:
If anything, this report shows that it may be the perfect time to sell your home! If you have been thinking ‘I should sell my Reno home’ give Marshall Realty a call today at (775) 787-7400. We will evaluate your situation with you and see if it’s the right time for you to take advantage of this hot housing market!
Title: Hurry Up and List Your House TODAY!
Okay, that headline might be a little aggressive. However, as the data on the 2016 housing market rolls in, we can definitely say one thing: If you are thinking ‘I might want to sell my house’, IT IS TIME TO LIST YOUR HOUSE!
The May numbers are not in yet, but the April numbers were sensational. Jonathon Smoke, Chief Economist at realtor.com, explained:
“We had a triple crown of April home sales reports, so 2016 is in the pole position to earn best year of home sales in a decade.”
And Freddie Mac also expressed a tremendous optimism regarding home sales for the rest of the summer:
“Home sales typically rise in the spring and summer months, and we anticipate acceleration in home sales that will surpass 2007’s pace by late summer.”
The only challenge to the market is a severe lack of inventory. A balanced market would have a full six-month supply of homes for sale. Currently, there is less than a five-month supply of inventory. This represents a decrease in supply of 3.6% from the same time last year.
The Bottom Line
With demand in the Reno real estate market increasing and supply of Reno homes for sale dropping, this may be the perfect time to get the best price for your home. If you are considering selling your Reno home, contact Marshall Realty today (775) 787-7400. We will tell you how much your home is worth to see if this is the right time for you!
The Reno real estate market has been on fire recently but even with national and local real estate growth looking great, there have been rumors of a decline. The good news is these rumors of a ‘new market meltdown’ are not based on any reputable data. Last week we highlighted what the Wall Street Journal had to say. Here are some comments from Real Estate experts who also think the current housing market is looking great.
“In spite of deficient supply levels, stock market volatility and the paltry economic growth seen so far this year, the housing market did show resilience and had its best first quarter of existing-sales since 2007.”
“We had a triple crown of April home sales reports, so 2016 is in the pole position to earn best year of home sales in a decade.”
“I’m calling the end of the housing “recovery.” On to ‘expansion.’”
“Despite the disappointing economic reports, we still forecast housing to maintain its momentum in 2016.”
“A recent gauge of home builder sentiment held firmly in positive territory, according to the National Association of Home Builders. Perhaps more important, expectations for sales in the next six months jumped to the highest level of the year.”
“Our latest housing tracker shows that the first quarter of 2016 was the second fastest first quarter pace of home sales in the past decade… Home sales typically rise in the spring and summer months, and we anticipate an acceleration in home sales that will surpass 2007’s pace by late summer.”
As you can see, experts are optimistic about our current conditions. If you have questions about the Reno housing market or would like to know what your home is worth call Marshall Realty at (775) 787-7400 today!
The Real Estate Market is Gaining Strength
Last week, the Wall Street Journal ran a front page story titled, “Housing Recovery Picks Up Steam”. The first paragraph said it best:
Home prices are back to near-record highs across the U.S. amid rising demand and supply constraints, a sign that the lopsided housing-market recovery of the past five years is gaining some strength.”
What about the struggles in the economy?
Some openly question how the real estate market can be gaining ground if the overall economy is still struggling. We will talk about this more next week by highlighting how some real estate experts feel but this is what the Wall Street Journal had to say:
“Despite the unbalanced recovery, Federal Reserve officials have seen housing as a bright spot for the U.S. economy in recent years. Residential construction has contributed to overall economic output for eight straight quarters, expanding at a 17% annual rate in a first quarter marked by slow growth in other sectors.”
The bottom line, Reno real estate is gaining strength and all indicators point to an even stronger real estate market moving forward. If you have been thinking ‘I may want to sell my home or ‘is now a good time to buy a house in Reno’ contact Marshall Realty at (775) 787-7400. We will go over current market conditions to see if this is a good time for you to make a move in the Carson, Reno, Fernley, or Sparks real estate market.
Blog Update 6.1.16
In a survey released two weeks ago by Pulsenomics, real estate experts overwhelmingly said that low inventory is driving the growth in home prices . Other drivers were low mortgage rates and job growth. These factors have made the Reno real estate market a great time to sell your Reno home .
However, things could change soon..
The fortuitous situation sellers see themselves in may soon change for three reasons:
- As more homeowners realize their equity situation has dramatically improved over the last four years, they will be more likely to put their homes on the market.
- With the residential real estate sector outperforming a sluggish economy, more home builders will be looking to add new construction inventory to a depleted supply of housing stock.
- Many banks are just now foreclosing on loans that have been delinquent since the housing bust. These houses will also be coming to market.
The bottom line is..
In the Fernley, Sparks, Reno and Carson City Real Estate markets don’t wait for this additional competition to come in. If you have been thinking ‘I may want to sell my home ’ contact Marshall Realty today at (775) 787-7400 to see if now is the right time for you!
Blog Update 5.25.16
Some people listing their homes for sale in Reno may want to downsize. In fact, a study by Edelman Berland revealed that 33% of homeowners who are contemplating selling their house in the near future are planning to scale down. Let’s look at a few reasons why this might make sense for many homeowners, as the Reno Real Estate market is hot!
Realtor.com addressed downsizing in a recent article recent article. They suggest if you’re thinking ‘I should sell my home’ that you ask yourself some questions before deciding if downsizing is right for you and your family. Here are two of their questions followed by their answers and some additional information that could help.
Q: What kind of lifestyle do I want after I downsize?
A: “For some folks, it’s a matter of living a simpler life focused on family. Some might want to cross off travel destinations on their bucket lists. Some might want a low-maintenance community with high-end upgrades and social events. Decide what you want to achieve from your move first, and you’ll be able to better narrow down your housing options.”
Comments: Some homeowners are taking the profit from the sale of their current home and splitting it in order to put down payments on a smaller home in their current location, as well as a vacation/retirement home where they plan to live when they retire. This allows them to lock in the home price and mortgage interest rate at today’s values. This makes sense financially as both home prices and interest rates are projected to rise.
Q: Have I built up enough equity in my current home to make a profit?
A: “For most homeowners, the answer is yes. This is if they’ve held on to their properties long enough to have positive equity that will be sizable enough to put a large down payment on their next home.”
Comments: A study by Fannie Mae revealed that only 37% of Americans believe that they have greater than 20% equity in their current home. In actuality, CoreLogic’s latest Equity Report revealed that 72.6% have greater than 20% equity. That equity could enable you to build the life you’ve always dreamt about. If you’re curious what your home is worth contact Marshall Realty for a custom free home valuation.
If you are debating downsizing your home and want to evaluate the options you currently have, call Marshall Realty at (775) 787-7400 so we can help guide you through the process of getting your home for sale .
Blog update 5.18.16
Right now the Reno real estate market is highly competitive. There are more buyers than there are homes for sale which can put the ball in the seller’s court for a lot of the process . Most of the time, this leaves the person putting their home for sale in charge when it comes to choosing which offer to accept, the closing date, and which improvements to make to the home. But one thing to remember is that there is always a line that shouldn’t be crossed.
Interest rates could change, financing might not go through, the appraisal might not come back at the price that you have agreed to. These are all opportunities to work with your buyer to make sure that the sale still happens.
You may think that because real estate in Reno is hot right now, you can make your buyer jump through hoops. What happens if they reach their limit and need to walk away? You’re starting over… weeks, maybe months later… and other buyers may wonder what’s wrong with the house that the deal fell through.
We were all taught from a young age to “treat others as you would like to be treated”. This shouldn’t change once you have a buyer who seems as though they would do anything to buy your home. If you are interested in getting your home sold contact Marshall Realty today!
Blog update 5.12.16
The National Association of Realtors (NAR) recently released their latest Existing Home Sales Report which gives insight into today’s market conditions.
Consumer confidence is at the highest level in over a decade. Pair that with interest rates still below 4% and you have an attractive market for buyers.
Homes sold in March were on the market for an average of 47 days and 42% of properties sold in less than a month.
If you’ve been asking ‘What is my home worth?‘ things are looking good! The report also showed that March marked the 49th consecutive month of year-over-year price gains as the median price of existing homes sold rose to $210,700 (up 5.7% from 2015).
So What Does This Mean?
NAR’s Chief Economist, Lawrence Yun gave some insight into the correlation:
“Buyer demand remains sturdy in most areas this spring and the mid-priced market is doing quite well. However, sales are softer both at the very low and very high ends of the market because of supply limitations and affordability pressures.”
If you are thinking of selling your home this year, now may be the time. The number of buyers ready and willing to make a purchase is at the highest level in years. Contact Marshall Realty today so we can get the process started!
Content Courtesy: Keeping Current Matters and Marshall Realty
Blog update 5.4.16
Homes continue to sell quickly across the nation and Reno real estate is on fire too. The National Association of Realtors (NAR) recently released their latest Existing Home Sales Report, which revealed that homes were on the market for an average of 47 days in March. This is a decrease from the 59 days reported in February, as well as the 52 days reported back in March 2015.
42% of homes across the country were on the market for less than a month, which is the highest it’s been since July 2015! Some of the fastest selling states are Washington, Oregon, and Minnesota but make no mistake, houses in Sparks , Reno, Fernley, and Carson City are selling quick too!
Buyer demand is increasing as the inventory of homes for sale in Reno remains low. If you are thinking about listing your home for sale this year, contact Marshall Realty. They can help you take advantage of current market conditions!
Blog Update 4.25.16
In Reno Real Estate, homes are selling quickly and prices are rising. This has made a lot of people think ‘I should sell my home’. If you are interested in selling your home you may have considered a For Sale by Owner. Here are some things to consider before selling your home without an agent.
Be prepared to negotiate.. a lot.
Agents, attorneys, inspectors, buyers, appraisers – negotiations happen all the time.
Homes need to have exposure.
FSBOing has become more and more difficult.
The paperwork involved in selling and buying a home has increased dramatically as industry disclosures and regulations have become mandatory. This is one of the reasons that the percentage of people FSBOing has dropped significantly in the last twenty years.
Sellers often net more money when using a Reno real estate agent.
Studies have shown that the typical house sold by the homeowner sells for $210,000 while the typical house sold by an agent sells for $249,000. This doesn’t mean that an agent can get $39,000 more for your home. Studies have shown that people are more likely to FSBO in markets with lower price points. However, it does show that selling on your own might not make sense.
However, FSBO may make sense in certain situations. Before you decide to take on the challenges of selling your house on your own, contact Marshall Realty to go over the pros and cons of a FSBO.
Blog Update 4.22.16
A few weeks ago, Jonathan Smoke, the Chief Economist at realtor.com, exclaimed: “All indicators point to this spring being the busiest since 2006.” When you look at interest rates, the labor market, and projected new homes there is a positive outlook for Sparks, Carson, Reno and Fernley homes. These key indicators show that the Reno Real Estate market is poised to have it’s best year in a decade.
Freddie Mac has doubled down on that claim and is saying in their March Housing Outlook Report Freddie Mac:
“Despite the challenges facing the housing market, we expect this to be the best year for housing in a decade. Home sales, housing starts, and house prices will reach their highest level since 2006 according to our latest forecast…Challenges remain, with low housing supply and declining affordability being a key concern in many markets, but on balance, the housing markets in the U.S. are poised for the best year since 2006.”
2016 looks to be shaping up as a great year for residential Reno real estate. Whether you are thinking of buying a home or you want guaranteed results selling your home , now may be the time to sit down with a Reno real estate professional to discuss the new opportunities that are arising.
Blog Update 4.20.16
91% of all mortgaged properties are now in a positive equity position according to CoreLogic. Anand Nallathambi, president and CEO of CoreLogic, reported:
“For much of the country, the negative equity epidemic is lifting. The biggest reason for this improvement has been the relentless rise in home prices over the past three years which reflects increasing money flows into housing and a lack of housing stock in many markets.”
A recent study by Fannie Mae suggests that many homeowners are unaware that their equity position has changed. For example, their study showed that 23% of Americans still believe their home is in a negative equity position when, in actuality, only 9% of homes are in that position.
Every homeowner should be aware of the true equity in their house and also realize the opportunities that go along with it. If you are unsure of the savings you currently have built up in your home, contact a Reno real estate professional to help ascertain that number. You may be surprised.
Blog Update 4.18.16
Northern Nevada Real Estate is hot. Home sales have bounced back solidly and are, nationally, at their second highest pace since February 2007. Demand continues to grow. Many Reno real estate professionals have seen multiple offers and homes selling above listing price. What about your house?
If your house hasn’t sold, it is probably the price. If your Sparks, Carson, Fernely, or Reno home is on the market and you are not receiving any offers, look at your price. Pricing your home just 10% above market value dramatically cuts the number of prospective buyers that will even see your house. Marketing your home correctly will also increase your homes visibility.
Homes in Reno are hot. If you are not getting the results you want, sit down with your agent and revisit the pricing conversation.
Sell Your Piece Of Reno Nevada Real Estate Today
Do you own a Reno, Sparks, Carson, or Fernley home and have been thinking about selling? Whether you’re looking for a bigger home, a new neighborhood or are relocating due to work, many Reno real estate agents will tell you that now is a great time to sell for a number of different reasons. A few years ago this wasn’t the case but the Sparks, Carson, Fernley and Reno real estate markets are recovering and turning into a seller’s market meaning you could sell your home quickly for top dollar.
There are many potential buyers entering the Reno Nevada real estate market right now trying to find the right home before mortgage rates increase. This, along with a low inventory of homes throughout the area means that when a buyer finds the right home, they’re snatching it up simply because there aren’t many options available to them. In some cases, Reno Nevada real estate agents say they’ve had multiple offers on the same home.
Property values are also the highest they’ve been in years; some homeowners think they should wait longer and see if their property value continues to increase however this isn’t the best idea according to many realtors in the area. While the Reno Nevada real estate market is expected to continually improve, there really isn’t any certainty in this. Even if prices do continue to increase, inventory and mortgage rates could increase as well, meaning there’s more competition to sell your home and fewer buyers in the market.
No matter what your reason for selling is, now truly is a great time to do so simply because two of the most important market conditions are leaning in favor of sellers. Low inventory and increasing property values in the Reno Nevada real estate market mean that selling your home shouldn’t be any problem at all.
How Much Of A Down Payment Do You Need To Purchase From The Sparks Nevada Real Estate Market?
If you’re a first time homebuyer about to enter the Sparks real estate market you may have received information from friends and family that isn’t accurate. In fact, there are many common misconceptions that buyers have when purchasing their first home and one of those has to do with mortgages.
Recent studies show that almost half of all Americans are under the assumption that you need at least a 15% down payment in order to purchase a home, but Sparks Nevada real estate agents want you to know that this simply isn’t true. First, the amount of down payment that is required of you depends on the type of home loan you get. If you qualify for a VA loan, there is no down payment and an FHA loan only requires 3.5% down. If you get a conventional loan it is possible to qualify for a mortgage with only 5% down. It all depends on your credit history and score as well as the investor on your loan. Sparks Nevada real estate agents say that it is possible for down payments to get lowered to as little as 3% in the near future.
If you were concerned about saving up enough money for a down payment to purchase a home from the Sparks Nevada real estate market, there’s some relief in the fact that you don’t need as much as you may have originally thought. By working with an experienced Sparks Nevada real estate agent you can determine what type of loan you qualify for, how much of a loan you qualify for as well as what that investor’s down payment guidelines are. This can give you a ballpark estimate of how much money you may need to save to purchase your first home from the Sparks Nevada real estate market
PURCHASING SPARKS, FERNLEY, CARSON OR RENO REAL ESTATE IS CHEAPER THAN RENTING
It’s a common misconception, not only in the Sparks, Fernley, Carson and Reno real estate markets but throughout the country, that rent costs less than owning a home. Yes, there are certain expenses that go along with owning such as property taxes, homeowners insurance as well as upkeep and repairs, but when one looks at the bigger picture, over time it actually costs less to own a home instead of renting.
Many people that are hesitant to purchase a home from the Reno real estate market wonder how this can be but Reno real estate agents explain that it’s quite simple. If a potential buyer can obtain a traditional 30-year mortgage with a low rate, their savings can be anywhere from 5% to 63% when compared to renting. This is because with a locked in mortgage rate for the next 30 years, a homeowner can guarantee that their mortgage payment won’t change whereas with renting, this isn’t the case; in fact, rental costs typically increase at a more dramatic rate than mortgage rates. According to one report, mortgage rates would have to be above 10% in order for renting to be more affordable than purchasing a home from the Reno real estate market.
Not only in Sparks, Fernley, Carson, and Reno Nevada real estate, but throughout the nation, rental rates are increasing despite the fact that the increase in home prices has slowed down some. If you continue to rent, there’s no telling how much your rental payment could increase throughout the years. To buying a home in Reno Nevada is a smart decision when it comes to your future and your finances. If you really want to make a sound financial decision the best thing to do is buy now while mortgage rates are low and increasing property values have slowed down some.
FOR SALE BY OWNER? THINK AGAIN – HIRE AN EXPERT – A RENO REAL ESTATE AGENT
Many homeowners like the thought of not paying Reno real estate commissions; they want to try and sell their home on their own. The reality of the situation, however, is that completing a For Sale By Owner (FSBO) typically ends up costing a homeowner more than if they were to hire a Reno real estate agent to help them sell their home. Many people wonder why this is and we’re here to tell you why.
One of the main reasons that completing a FSBO can cost more in the long run is because, in most cases, your Carson, Fernley, Sparks or Reno home will usually sits on the market much longer. Homeowners that try to sell on their own don’t have access to the same marketing avenues that Reno real estate agents do. Realtors have access to the MLS, which is where many buyers look, as well as a network of other agents to help them get a home sold fast; homeowners really only have newspapers, websites such as Zillow.com and yard signs to advertise their home for sale and most of the time it just isn’t enough to get the word out.
Working with a Reno real estate agent will also save you money because they’ll be able to compare your home to others currently on the market and accurately price it. A vast majority of the time when a homeowner tries to sell on their own they overprice their home for several different reasons. Generally they’re either too emotionally invested in the property are only willing to sell for a certain price or they’re unaware of current market conditions and don’t know what they’re home is truly worth. Many potential buyers won’t even consider looking at a home if it’s overpriced and the homeowner will be forced to continually lower the price to hopefully drum up some interest; if the home does sell it is usually for less than what a Reno Nevada real estate agent would have been able to sell it for.
Before you decide to complete a FSBO on your home simply to save yourself money, be sure you do the research to know what you’re getting yourself into. The chances of you actually saving money are slim to none because in the end you’ll more than likely have to hire a Reno Nevada real estate agent to help you sell your home
Finding a Great Reno Nevada Real Estate Agent Is Key
Working with a Reno Nevada real estate agent is different than it used to be; in the past, you would rely on a trusted real estate agent for all the information you needed, including homes for sale and home prices in Reno. While this information is now readily available online, it doesn’t mean that a trusted real estate agent isn’t critical to a successful Reno real estate transaction. What it does mean, however, is that whether you’re buying or selling, you need a Reno Nevada real estate agent that is top-of-the-line.
If you’re buying real estate in northern Nevada, you’ll want a Reno Nevada real estate agent that can help you determine what your options are when it comes to financing your home, how much home you can afford as well as finding homes in Reno that suit your wants and needs. Although you can find homes online that may fit your wish list, having a Reno Nevada real estate agent make that home yours and negotiating successfully on your behalf is imperative. Also, if you’re not in a rush to buy and the market conditions aren’t that great, you may appreciate a realtor that will let you know to hold out for a bit longer before you begin your search.
On the other hand, if you’re saying ‘I need to sell my home fast‘ it’s critical that you work with a Reno Nevada real estate agent that will be honest and let you know if now when is the right time to sell. If so, they need to be upfront by letting you know how much you can expect to get from the sale of your home and how they’ll market your home.
Regardless of which side of the transaction you’ll be on, working with a real estate agent in Reno that understands the local market is crucial to a successful transaction. When looking for a realtor be sure they meet all of your needs and can provide you with all of the information you need to be an educated buyer or seller.
Reasons To Purchase Reno Nevada Real Estate
There are many reasons why a potential buyer chooses to purchase a home from the Sparks, Carson, Fernley or Reno Nevada real estate market, but what about those that choose not to? Are they making the best decision for their future? Sure, owning a piece of Northern Nevada real estate may not be for everyone, but here are a few things to consider before completely ruling out being a homeowner.
Perhaps the biggest reason many people choose to purchase a home from the Sparks, Carson, Fernley or Reno real estate market is because it is a great long term investment. Some people that aren’t familiar with buying a home and may only view homeownership as a money pit but this isn’t the case. Buying a Reno home provides you the opportunity to build equity in your home; you can take advantage of this later on in life. With renting, you are helping to building your landlord’s equity, why not take care of your financial future instead of theirs?
Another financial reason to own a Reno, Carson, Fernley or Sparks home is because it will more than likely save you money in the long run. If you can lock in a low interest rate on a 30 year mortgage, your monthly payments won’t change all that much throughout the years. This isn’t true when you rent; rental rates increasing significantly more than mortgage rates do and many renter often experience an increase in their payment on a yearly basis.
Reno real estate agents state that there are several other reasons why people choose to buy instead of rent. These reasons include wanting more space and wanting a place to call their own. When it comes to buying from the Reno Nevada real estate market, only the potential buyer can determine if owning is right for them however taking all things into consideration is the best idea when making the decision.