Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

May 19, 2018

Ready For Your First Home?

Posted in Buying a Home
May 12, 2018

May Is The Best Month To Sell Your Home

According to a newly released study by ATTOM Data Solutions, selling your home in the month of May will net you an average of 5.9% above estimated market value for your home.

For the study, ATTOM performed an “analysis of 14.7 million home sales from 2011 to 2017” and found the average seller premium achieved for each month of the year. Below is a breakdown by month:

 

ATTOM even went a step further and broke their results down by day.

Top 5 Days to Sell:

  • June 28th – 9.1% above market

  • February 15th – 9.0% above market

  • May 31st – 8.3% above market

  • May 29th – 8.2% above market

  • June 21st – 8.1% above market

It should come as no surprise that May and June dominate as the top months to sell and that 4 of the top 5 days to sell fall in those two months. The second quarter of the year (April, May, June) is referred to as the Spring Buyers Season, when competition is fierce to find a dream home, which often leads to bidding wars.

One caveat to mention though, is that when broken down by metro, ATTOM noticed that while warmer climates share in the overall trend, it turns out that they have different top months for sales. The best month to get the highest price in Miami, FL, for instance, was January, and Phoenix, AZ came in with November leading the charge.

If you’re thinking of selling your home this year, the time to list is NOW! According to the National Association of Realtors, homes sold in an average of just 30 days last month! If you list now, you’ll have a really good chance to sell in May or June, setting yourself up for getting the best price!

Bottom Line

Contact us at 775-857-7519 so we can show you the market conditions in your area and get the most exposure to the buyers who are ready and willing to buy!

Posted in Market Updates
May 3, 2018

Reno Sparks Market Report March 2018

March median home prices are up 2% from February and up 18% from a year ago.

March unit sales at 528 are up 19% from February and down 6% compared to March 2017.

New Listings are down 3% and down 20% from one year ago.

 

The Reno market is a sellers market. If you, or anyone you know is considering selling, feel free to call or text us for a full market report in your area   7775-857-7519

Posted in Market Updates
April 19, 2018

How Much Income Do I Need

How much income do I need to buy a house in Reno?

 how much income do I need to buy a home in Reno

Before you buy a home, it's important to determine what your monthly mortgage payment will be, and make sure it's an amount you can live with, no pun intended.

 

According to a study by Bank Rates, in order to buy a median-priced home in Reno you would need an income around $56,000. Most people spend 21% -30% of their income to own a home. And most lenders limit your debt to income ratio between 36% - 45%

which includes your mortgage payment plus any other bills you have, other than house hold bills.

 

Another determining factor is down payment.

 

Did you know most people put down less than 5% when purchasing a home.

In fact there are loans available with 3.5% down payment, and even some with 0 down payment. Of course there is mortgage insurance when putting less of a down payment.

 

These are all the factors involved when determining how much house you can afford.

 

If you are considering buying a home, whether it's your first time, or not, we are here to help you evaluate the market and help you along the path of buying a home.

 

Feel free to call or text Becky @ 775-857-7519

Posted in Buying a Home
March 24, 2018

Home Buying Process

Whether you're a first-time buyer or an experienced homeowner, buying a new home can be an exciting-but sometimes overwhelming-process

Here is a quick video to show you how the home buying process works.

 

 

 Let us help you on your path to home ownership

 Call or Text Becky at 775-857-7519

Posted in Buying a Home
March 10, 2018

Home Prices In Reno

The Real Reason Reno Home Prices Are Increasing

 

 

There are many unsubstantiated theories as to why home values are continuing to increase. From those who are worried that lending standards are again becoming too lenient (data shows this is untrue), to those who are concerned that prices are again approaching boom peaks because of “irrational exuberance” (this is also untrue as prices are not at peak levels when they are adjusted for inflation), there seems to be no shortage of opinion.

However, the increase in prices is easily explained by the theory of supply & demand. Whenever there is a limited supply of an item that is in high demand, prices increase.

 

It is that simple. In real estate, it takes a six-month supply of existing salable inventory to maintain pricing stability. In most housing markets, anything less than six months will cause home values to appreciate and anything more than seven months will cause prices to depreciate (see chart 1).

 

 

 

According to the Existing Home Sales Report from the National Association of Realtors (NAR), the monthly inventory of homes has been below six months for the last four years (see chart 2).

 

 

Bottom Line

If buyer demand outpaces the current supply of existing homes for sale, prices will continue to appreciate. Nothing nefarious is taking place. It is simply the theory of supply & demand working as it should.

 

           View Available Homes On The Market

 

Posted in Market Updates
March 2, 2018

The Mortgage Process

The Mortgage Process What You Need To Know

Feel Free to call or Text Becky at 775-857-7519 For help you in finding your new home, and how to get through the process of buying a home.

Posted in Buying a Home
Feb. 24, 2018

How Rising Home Prices In Reno Will Help You Build Family Wealth

 

Over the next five years, home prices are expected to appreciate on average by 3.35% per year and to grow by 24.34% cumulatively, according to Pulsenomics’ most recent Home Price Expectation Survey.

So, what does this mean for homeowners and their equity position?

As an example, let’s assume a young couple purchases and closes on a $250,000 home this month (January). If we only look at the projected increase in the price of that home, how much equity will they earn over the next 5 years?

Since the experts predict that home prices will increase by 4.2% in 2018, the young homeowners will have gained $10,500 in equity in just one year.

Over a five-year period, their equity will increase by nearly $45,000! This figure does not even take into account their monthly principal mortgage payments. In many cases, home equity is one of the largest portions of a family’s overall net worth.

Bottom Line

Not only is homeownership something to be proud of, but it also offers you and your family the ability to build equity you can borrow against in the future. If you are ready and willing to buy, find out if you are able to today!

                   View Homes For Sale In Reno

 

Posted in Market Updates
Feb. 20, 2018

Thinking Of Selling Your Reno Home?

 

Now is the Perfect Time

To Sell Your Home In Reno

 

 

It is common knowledge that a great number of homes sell during the spring-buying season. For that reason, many homeowners hold off on putting their homes on the market until then. The question is whether or not that will be a good strategy this year.

 

The other listings that do come out in the spring will represent increased competition to any seller. Do a greater number of homes actually come to the market in the spring as compared to the rest of the year? The National Association of Realtors (NAR) recently revealed the months in which most people listed their homes for sale in 2017. Here is a graphic showing the resulults:

 

 

 

The three months in the second quarter of the year (represented in red) are consistently the most popular months for sellers to list their homes on the market. Last year, the number of homes available for sale in January was 1,680,000.

That number spiked to 1,970,000 by May!

What does this mean to you?

With the national job situation improving, and mortgage interest rates projected to rise later in the year, buyers are not waiting until the spring; they are out looking for homes right now. If you are looking to sell this year, waiting until the spring to list your home means you will have the greatest competition amongst buyers.

Bottom Line

It may make sense to beat the rush of housing inventory that will enter the market in the spring and list your home today.

 

 Give us a call for a Free market valuation of your home 775-857-7519

Posted in Buying a Home
Feb. 19, 2018

Reno NV Where Are Mortgage Rates Headed in 2018?

 

 

When looking for homes in the Reno area use our site HomesforsaleRenoNV.com

to view the newest listings from the MLS. Our site is update instantly with all listing in the Reno area. 

We give you full access to the newest listings in Reno, Sparks, Carson City, Fernley and Dayton

When looking for your new home, or looking to sell your Reno home, we have all the sources to help you with all your real estate needs. Give us a call at 775-857-7519.

So where are interest rates headed in 2018?

The interest rate you pay on your home mortgage has a direct impact on your monthly payment. The higher the rate the greater the payment will be. That is why it is important to know where rates are headed when deciding to start your home search.

Below is a chart created using Freddie Mac’s U.S. Economic & Housing Marketing Outlook. As you can see, interest rates are projected to increase steadily over the course of the next 12 months.

Where Are Interest Rates Headed? | Keeping Current Matters

How Will This Impact Your Mortgage Payment?

Depending on the amount of the loan that you secure, a half of a percent (.5%) increase in interest rate can increase your monthly mortgage payment significantly.

According to CoreLogic’s latest Home Price Index, national home prices have appreciated 7.0% from this time last year and are predicted to be 4.2% higher next year.

If both the predictions of home price and interest rate increases become reality, families would wind up paying considerably more for their next home.Bottom Line

Even a small increase in interest rate can impact your family’s wealth. Meet with a local real estate professional to evaluate your ability to purchase your dream home.

 

Source...KCM  Becky Johnson Blog

 

For more information or assistance to help you find your home in the Reno and Sparks area please call or text us at 775-857-7519

Posted in Buying a Home