I hesitated in writing this post because I'm quoted in the RGJ article (read through links below) and didn't want to toot my own horn. I though better of it because this is the heart of what's happening in the Reno/Sparks Real Estate market. Simple Math: A + B = C Reno/Sparks Home Prices Rise 20% + Low Appraisals Stall Purchases = C(ash) Rising home prices hit with low appraisals creates a cash market. Either the whole purchase is cash or the buyer may have to pony up cash for the difference between the appraisal and contract value. Sellers know it's happening and buyers need to be prepared. If the buyer can't cover the difference, in cash, then the seller may put it back on the market to find someone who can. If you're looking to cash in on a good seller's market or are a buyer needing... 06/05/2013

  To Buy or Sell a Home In Reno/Sparks Nevada Call Sandra Today (775) 287-8222 Summary Properties less than $250,000 are the most desirable and continue to be scarce in our region, therefore we are seeing an increase in median sales prices. Although 55 percent of new listings in April were less than the $250,000 there is an inventory shortage in this category creating a high demand that the supply cannot accommodate. It is not unusual for homes in this price range to receive more than 10 offers that exceed the asking price. Reno/Sparks Homes Median Sales Price April 2013 median home price was up 6.5% to $207,750 compared to $195,000 in March 2013 and up 37.5% compared to $151,000 in April 2012. Median price is defined as the mid-point, where, for the time period identified, the price fo... 06/05/2013

You've decided to purchase a Reno home.  That's a smart move.  Home prices have begun to creep upward and real estate experts are predicting that they will continue to increase throughout 2013 due to an increase in demand.  The interest rate you pay will be a major factor in determining what your monthly mortgage payment will be.  Let me give you a quick Reno rate update so you know what you can expect. According to Bankrate.com, as of May 22, 2013, the average 30 year fixed rate mortgage (FRM) can be purchased at 3.7%.  That makes the third week in a row that the average interest rate has increased (it started off at 5.2% at the beginning of May).  The 15 year FRM averages 2.97%, also the third week in a row that this has increased.  The 5/1 adjustable rate mortgage (ARM) is averaging ... 05/28/2013

DSNews.com came out with a story yesterday about the top CBSAs. The article can be viewed here. The article stats that the typical sale to list price ratio is between 92%-98%. The top markets are now seeing homes selling above that threshold and even above list. Reno came in at #4 in the country for markets with high sale to list price ratios. So how high is the ratio? We'll use our more recent full months of stats, April 2013. Homes under $500,000 sold for 99.83% of the list price. Homes under $250,000 sold for 100.59% of the list price. Homes under $150,000 sold for 101.09% of the list price. Homes under $100,000 sold for 102.08% of the list price. What this data means is buyers need to have their game faces on when putting in an offer while sellers can expect multiple offers if their... 05/23/2013

The Reno/Sparks Association of Realtors® came out with the April 2013 market statistics. The full real estate statistics for Reno/Sparks can be viewed by clicking the picture to the right. Below is a brief summary of the big points. Median sales price was $207,750. Up from $195,000 in March 2013 and up 37.5% from April 2012. Units sold hit 470 which was a dip from the 487 in March but can be expected due to lack of inventory. 655 new listings this month which will hopefully increase next month's sales. 71% of those new listing were regular sales while only 26% were distressed (REO/short sale). More and more homeowners are realizing they can sell without doing a short sale. Month's supply of inventory rose a little to 3.7 months. If you take out the pending properties there is around 1 m... 05/21/2013

We're quickly coming into wildfire season here in Reno.  The hotter weather is drying out brush.  An errant toss of a cigarette butt, a campfire that gets out of hand or the hot sun beating down on an abandoned glass bottle can sometimes be all it takes to turn hundreds of acres of land into a blazing inferno.  The Reno Fire Department wants residents to know that there are evasive actions you can take right now that will drastically reduce the chances of a wildfire knocking on your door.  You've heard of "the three 'R's'" in school, right?  Now it's time to learn about the three 'R's' of Reno home fire protection: Removal, Reduction and Replacement. Removal - Get rid of any dead or dried-out vegetation on your Reno property no matter what size or where your lot happens to be. Reduction... 05/20/2013

Ticor Title sent out the updated historical foreclosure stats up to April 2013. You can view the graph by clicking the picture to the right. Below is an overview: NODs (Notice of Default) inched up to 287 NOSs (Notices of Sale) were down a bit but still higher than the past 9 months TDs (Trustee's Deeds) stayed about average for the past few months. New REO listings went up a few Overall, pretty expected numbers. The NODs continue to stay in the 200's so the banks are going ahead and beginning foreclosure before AB300 passes. Hopefully, this adds some inventory in 12-14 months. For more information on buying or selling in Reno and Sparks contact Broker Ricky Beach at (775) 750-1437 or Ricky@Resnv.com    05/16/2013

Everyone knows about Hot August Nights in Reno.  But why wait until August?  See some "hot" cars now at Hot August Nights Reno - Spring Fever edition.  May 31st and June 1st, the Hot August Nights Spring Fever Revival Classic Car Show comes to the Silver Legacy Resort Casino in Reno.  You can enter your 1972 or older car or pickup by calling (775) 356-1956.  But, if you don't happen to own a classic, you can still enjoy these beauties up close and personal.  Listen to the 60's and 70's hits while checking out classic rides of the same time period.  Of course there will be food, beverages and plenty of vendors to choose from.  Live entertainment will keep the crowds on their toes throughout the day as well. Enjoy the hot cars without the hot temperatures at Hot August Nights Reno - Sprin... 05/13/2013

After watching our home prices drop for years, we are seeing a HUGE jump back up in prices and buyer activity. Here are the facts. In April 2012 our median sales price for single family residences was $151,200. The median sales price for April 2013 was $208,000. We are seeing multiple bids on most new listings and the new home builders are starting to break new ground. This is exciting news, can't wait to see what the remainder of 2013 will bring !!  05/08/2013

The people who live here in the Reno-Tahoe area understand the beauty and joys of nature.  It's easy to keep this in the forefront of our minds when you have the gorgeous Sierra Nevadas standing tall above you.  The Reno River Festival 2013 is one way to celebrate the joys of nature and usher in the Spring/Summer season. Now in its 10th year, the Reno River Festival is a top draw for pro water sports athletes from around the world.  This weekend, May 11th and 12th, they will be competing in freestyle, stand-up paddleboard, boatercross and slalom.  Feel free to cheer them on.  But it's not all about the athletes.  In addition to the races, both days will be filled with such fun activities as Yoga in the Park (9am to 10am), a fly-fishing clinic (9am) and an Outdoor Expo (9am to 6pm on Sat... 05/06/2013

A short sale, with a first mortgage, IRS lien, two private second and third mortgages, plus HOA and sewer liens. The Buyer's Represented by Sandra Mathewson, stayed in the transaction for 8 months.  It closed for $275,000 This incredibly beautiful home is off of Mayberry Drive and River Run. Four bedrooms, three full baths, 3 car garage and 2619 square feet. As you step inside the private entry you walk into the formal living room and formal dining room. Behind that there is an expansive kitchen with an island, eat-in nook, double ovens, microwave, refrigerator and plenty of cabinets. A large window brings in the sunlight with views of the mature trees in the backyard. A step-down to the family room has a gas fireplace and leads to the fourth bedroom, full bath, laundry room and a door... 05/03/2013

Get ready for the single largest party to honor the Latino heritage in Northern Nevada.  The Reno Cinco de Mayo Festival 2013 takes place this weekend.  If one day of celebration is good, two must be twice as nice...right?  That's why Reno's Cinco de Mayo Festival will go on all weekend long (May 4th and 5th). The northwest parking lot of the Grand Sierra Resort in Reno will filled with festival fun from 11am to 5pm both Saturday and Sunday.  Attendees will be treated to live music from various local Latin bands, with grand finale performances from Los Dareyes de la Sierra (Saturday) and El Flaco Elizalde y Su Banda (Sunday).  Carnival rides will be set up from 3:30pm to 5pm.  ARCE Amateur Boxing competitions take place from 11am to 10pm.  Watch the Mexican Dancing Horses in action with... 04/29/2013

By now, we all understand the role recycling plays in reducing the waste in our landfills.  Reno has had a recycling program in effect for several years now to help make this process easier for its citizens.  However, later this year, Reno will be offering a single-stream recycling program. No longer will you have to fight to keep items in your separated yellow and green crates from flying out.  Lidded containers will take their place.  Even though the program won't be fully in place throughout Reno until November 7, 2013, the City is asking residents to take a look at the program to choose the size of their container based on their household usage.  There are four different sizes to choose from that range from the 35-gallon trash/64-gallon lidded recycle container at $13.85/month on up... 04/22/2013

Real estate news from the past week...ish. Nevada Back To #1 For Foreclosures-RGJ.com#1 again!!! Lenders Allowing 5% and 10% Down-RGJ.comA way better deal than FHA's 3.5% People Still Want To Buy Houses-DSNews.comGallup Poll for what it's worth. Foreclosure Timelines Are Getting Longer-DSNews.comJust keep adding to the inventory.  For more information on buying or selling in Reno and Sparks contact Broker Ricky Beach at (775) 750-1437 or Ricky@Resnv.com.   04/19/2013

The Reno/Sparks Association of Realtors® released the March 2013 market stats today. The full report can be viewed by clicking the picture to the right. Below is a summary of the major points and some insight. Average days on market for short sales is 210 days. 7 months seems about right when you take into account that banks are slower to approve the sales and buyers may be backing out more often. There were 558 new listings which is up 17.5% compared to February but down from March 2012. Potentially, good news for buyers. Most of these are regular sales (see below). The median sales price rose again to $195,000. Up 2.6% from February and up 30.1% from March 2012. If you've been looking for houses lately you know this is caused by multiple offers that go for more than list price. Averag... 04/18/2013

To read the original summary and my thoughts on why this is a bad program go to: Bruce Breslow (State of Nevada) To Purchase Underwater Mortgages I must have missed this the first time I read through the articles. According to the Las Vegas Review journal, article here, $100 million of the funds used in the program will be from the treasury department. Breslow was quoted as saying this will have no cost to the state. While that is technically true it doesn't mean this won't have a cost to tax payers. The treasury doesn't exactly have a surplus of money to hand out for government programs. Our government doesn't make any money so they can only tax or print currency. The fiat currency used to pay for Nevada's Home Retention Program will be from freshly printed dollar bills (electronic tra... 04/18/2013

The Business Insider came out with their top 15 housing markets for the next five years. You can read the article here... The Best 15 Housing Markets For The Next Five Years Expected gains are to be 8.1% over those five years. I'm a little surprised Reno/Sparks was included. Not due to the market condition but because most of these reports are done in metros above 1 million in population. Do you think this is legit?     For more information about Reno and Sparks fill out the questionnaire below or contact Broker Beach at (775) 750-1437 or Ricky@Resnv.com               04/18/2013

Are you interested in changing careers?  Have you been looking for work but have been unable to find a job?  Women don't have to be stuck in a 9-5 desk job for the rest of their lives.  Nowadays, there are many more doors opening up in jobs traditionally held by men.  Come to the Reno Building Women Career Fair this Friday, April 19th to find out how you can get your foot in the door of a career in the construction industry. The Reno Building Women Career Fair will be held from 9am to 12pm at the IGT Applied Technology Center of the Truckee Meadows Community College.  This career fair is strictly for women.  Attendees will have the opportunity to learn more about welding, plumbing, plastering, painting and operating heavy equipment.  Take the hands-on approach to using a welder or plasm... 04/15/2013

Justin Jones, (D) D-9, is putting forth a home owner's bill of rights in the legislature.   The bill can be viewed here. You can track this and other bills (a certain number for free) by creating an account at the Personalized Legislative Tracking website.   Below is a quick overview of the major parts of the bill. Remember, I'm not an attorney and this is a quick skim of what the bill says. Readers are encourage to seek legal advice regarding foreclosures.   The servicer, mortgagee, or beneficiary shall send a notice to the (owner occupied) home owner at least 30 days after a default. The notice shall show the total amount to reinstate the mortgage or bring it into current status, amount of the principal balance, date of the last full payment, current interest rate, date of any future ... 04/15/2013

A new listing came out this evening. Heart of the Old Southwest for a cute little home around 1,300 sqft. No big deal until I looked at the price per sqft... $306.92 per sqft. There's only been 4 homes in the past 4 years to sell over $300 per sqft (current property is on the list of 5 to the right). You can view all the listings here. Click Here to View Listings What do you think? Is $300+ per sqft. worth it for a non-luxury home in the Old Southwest?       04/14/2013