This is from an email from my friend BJ Perez of Monarch Mortgage:ok, you know its getting slow when the DirtyBird & Guapo are in the clients chairs pretending to be clients, and keep me company so I dont go nuts!   thought you'd get a kick out of this.  Dirtyman says he's fully trained now and can do loans... he's even going to contact Wells Fargo for his FHA approval :) 10/03/2007

I am constantly asked by clients when I feel the Reno housing market will hit bottom.  This is not an easy question to answer with any degree of certainty.  Thankfully CNNMoney.com has made things much easier for me.  According to CNNMoney.com the Reno-Sparks market is forecasted to hit bottom in the first quarter of 2009.  Furthermore, the CNNMoney.com report indicates our market is projected to witness a decline in the median existing single-family house price 22.4% from the peak median home price to the bottom.  Those of you who have been following my monthly medians table know that Reno’s median home sale prices peaked in July 2005 at $345,000.  Lopping off 22.4% yields a projected median home sale price of $267,720.  If CNNMoney.com’s projections are correct then we’ve got a ways t... 09/29/2007

Reno-Spark's residential listings dropped from 1,214 in August to 683 in September, representing a 44% decrease.  This dramatic drop in listings can not be explained by seasonality alone.  Are Sellers throwing in the towel?  Not really.  See the numbers and the impact of the Northern Nevada Regional MLS's listing policy change here. 09/28/2007

Greetings -  I am making a first post here as an introduction to ActiveRain.  Each month, I will provide an update to this blog with fresh market data for all of the major communities in the Reno Nevada area.  The cities will include: Reno, Sparks, Minden, Gardnerville, Carson City, Lake Tahoe, Dayton, and Fernley.  Stay posted as the information and the format is valuable if you need to get a handle on these markets.  In the meantime, send me a note or call if I can be of help with Reno Nevada Real Estate or Carson City Homes for Sale. See you next time - Mitch 09/22/2007

According to Sperling's BestPlaces Reno ranks as one of The Ten Best Places to Live in the U.S.  I'm not sure if the list was in any particular order, but if so, Reno ranked 9th on Sperling's top-ten list.  According to Sperling's...Reno's Good"Reno boasts ample options for outdoor recreation, including skiing the Sierra Nevada's and exploring Lake Tahoe and its surrounding national forest.""Reno area is affordable (median home price $292,300), which makes it a smart choice for young people looking to move into a California-like climate on a budget."Reno's Not so Good"The crime rate is a bit higher than the national average..."Regardless of whether you agree or disagree with the ranking, the exposure for Reno is great.  This story is currently the lead story in Yahoo!® Real Estate's Nei... 09/11/2007

  What was the Reno-Sparks market Doing in 2002? How much were houses then?How many homes were selling? Notes: Data includes all single family stick built homes,condos,and manufactured home sales in the MLS database.  It does not include sales made " By owner" or most new home sales,which do not participate in the MLS system.Raw data Provided by: Nevada Small Business Development Center,University of Nevada, Reno 09/11/2007

  What was the Reno-Sparks market Doing in 2003? How much were houses then?How many homes were selling?     Notes: Data includes all single family stick built homes,condos,and manufactured home sales in the MLS database.  It does not include sales made " By owner" or most new home sales,which do not participate in the MLS system.Raw data Provided by: Nevada Small Business Development Center,University of Nevada, Reno 09/11/2007

What was the Reno-Sparks market Doing in 2004? How much were houses then?How many homes were selling? Notes: Data includes all single family stick built homes,condos,and manufactured home sales in the MLS database.  It does not include sales made " By owner" or most new home sales,which do not participate in the MLS system.Raw data Provided by: Nevada Small Business Development Center,University of Nevada, Reno 09/11/2007

  What was the Reno-Sparks market Doing in 2005? How much were houses then?How many homes were selling? Notes: Data includes all single family stick built homes,condos,and manufactured home sales in the MLS database.  It does not include sales made " By owner" or most new home sales,which do not participate in the MLS system.Raw data Provided by: Nevada Small Business Development Center,University of Nevada, Reno 09/11/2007

Wedesday.  Aug 29,2007 A friend of mine called me and told me that a local band was playing in the Annual Labor Day Weekend Reno Rib Cook Off. It was being held in front of the John Ascuaga's Nugget. A few minutes away from Downtown Reno.  I phoned my folks to get ready and make sure to 'prepare' hungry. This year twenty-four barbecue teams from all over the country,and hundreds of thousands of visitors visit Sparks and John Ascuaga's Nugget for the six-day event that is widely considered the biggest, most prestigious rib-cooking event in the United States.  I have never seen this much people in Sparks! It is estimated that 100,000 tons of ribs were served to an estimated 500,000 people.  If you are not a fan of BBQ ribs. Don't fret, there is free live music. Tonight Sol jibe was playin... 09/09/2007

People often talk about sunsets and sunrises. How it could just make you feel alive. Sunrise and sunsets have always been used as a backdrop for poetry,painting,arts. Those things that feed our souls. There is something about the sun that just makes me feel alive. Haven't you noticed why it seems that every time we lie down on the beach or stroll around the park in the noonday sun.- We just feel a lot better. Try it. When you feel exhausted or overwhelmed with the everyday happenings. Go outside. Be quiet. Lie down on the grass. See if it changes anything. I was in Northern California last week. Had so much fun. But after 3 days the Cloudy skies began to take its toll on me. Maybe I missed my Reno Sky. Reno averages 300 sunny days a year. But unlike Las Vegas, Reno's hot weather is much... 09/09/2007

When is a good time to buy a home in the Reno-Sparks area? is a question you might be asking yourself for quite a while now... I was having a conversation with a client of mine last Tuesday. He's been looking for a home in Reno for the the past 3 months. Joe and I have been showing him properties that have fitted with what he was looking for in a home. One of which is a brand new home in the up and coming neighborhood in Damonte Ranch. He really likes it and told me that it is the number one in his list. But he hasn't made an offer. Why? well, I have to tell you that this client is a very wise buyer. Even before we personally met he already asked me for some market graphs and statistics,asking questions like, " When did the market topped?" "Has the market bottomed yet? "What was the med... 09/09/2007

' Now may be the perfect time to buy a home in Reno-Sparks ' This was the main headline of a well respected  home magazine I was reading yesterday. Where are they coming from? is it really? Do I agreee with it?  Yes and No. Let's dig in deeper. Here are two reasons why most people think that now is a good time to buy: 1. Interest rates are still affordable. What I think: Comparing it to the past 2 years, it has indeed gone up a couple of points. But  history tells us that it is still historically low . I was talking to a friend of mine who had a 12% interest rate on his mortgage even after re-financed his home. 2. House prices are more affordable compared to the past years. What I think: This is a tricky question. Sure the prices of homes are significantly lower compared to 2004,2005,20... 09/09/2007

So here I am, working my first real week back from vacation. And for whatever reason, two potential sellers with homes in the $2 million plus range were anxious to meet. One had a beautiful custom home in Arrowcreek with a gorgeous view and tasteful personal touches, while the other was a very large spec home in Somersett with some beautiful attributes, and a few, um, issues. Seller number one has the best trimmed house I’ve ever seen in Arrowcreek, with superior golf and city views and a good floor plan, though too big for most buyers. Of course the owner is totally proud of this home as he built it himself for his family. It is lovely, and the craftsmanship top notch, but the stone balusters and light woods won't appeal to everybody. After the grand tour, we sit down on the back vera... 09/09/2007

My recent post "Bleeding in the Reno Sparks Home market" might cause me some enemies and people saying, "Your looking at the glass half empty!" I beg to differ. I see multiple opportunities on the buying side of the Market, allow me to explain.  If you are a buyer now (first time,repeat,investor) I don't think I need to tell you about all the inventory that is out there and the number of sellers that are ready and willing to negotiate {more so the builders, Who are now paying commission to Outside Agents (they never use to) and giving unbelievable incentives just to close the deal.}. Great Deals are out there to be made in this market. You just have to know what you are trying to accomplish and what is your top priority. You must negotiate.  Below is an article about this one specific n... 09/09/2007

The good news is that my dire prediction last month of only 150 Solds for August was way off.  In actuality, August Solds came in at 318.  The median "for sale" price continues to hold steady at $349,900; this same price goes all the way back to last October with nary a fluctuation.  Sellers continue to hold on to hope.  Meanwhile inventory continues to rise.  Solds continue to decline...as does the median Sold price.See the complete table with data back to January 2005 here.  09/06/2007

WELLS!had a well test done on a piece of vacant land last week that has no electricity to the property.  The well company asked me certain questions such as is there a pump and box.  Well, I knew the answers to his questions, and I even requested a piece of equipment to do the test.  Can you imagine if this was an agent that didn't know anything about wells?  The well company would have then had to made two trips and they bill at $110/hr including drive time.  Their office is 35 mins away so that would have cost an extra $110!   I This is Larry the Water Guy coming to let me know what is up with the well! Anyway, the well was really good, and Larry gave me all the details of the well, and being that I have knowledge of wells, I was able to explain it all to my customer!    Well, the wel... 09/06/2007

On June 1st Zack Mannheimer left his home in Brooklyn, New York to embark on a 10-week, cross-country road trip to visit smaller cities across Middle America in order to discover his new home.  One of his goals once he found his destination: "...to open a theatre and a restaurant that practices and executes a socialistic nature."But where to go?  In his quest for an answer, Mannheimer set off to visit more than two dozen cities across the country.  His criteria:*  Population of 100,000 - 350,000*  A population who leans more right than left*  A place where there is little to no major theatre or culinary scene*  Inexpensive real-estate And, yes, Reno was included in his search...  Read more. 08/26/2007

Looks like the Reno-Sparks market experienced a 0.5% dip in the median sold price for July vs. June. Has the upward trend we've observed since January stopped? Perhaps. Inventory continues to rise; as does the median "For Sale" price. July's number of units sold is the same as that for June.  But this will NOT be the case next month.  Check out the Under Contract July numbers here.  08/13/2007

Galena High-school has shown to be the School to contend with. Winning all major sports programs last year and being ranked in top this year, proves that home searchers looking for academics while getting the athletic edge should plan on limiting their search to locations zoned for Galena High. Become a Grizzly!    08/13/2007