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!

Sept. 15, 2018

Rents Are On The Rise

Rents Are on The Rise: Don’t Get Caught in The Rental Trap!

There are many benefits to home ownership, but one of the top benefits is protecting yourself from rising rents by locking in your housing cost for the life of your mortgage.

Don’t Become Trapped 

A recent article by Apartment List addressed rising rents by stating:

Our national rent index is up 0.1 percent month-over-month, marking the sixth straight month of increasing rents. Year-over-year growth now stands at 1.2 percent.”

The article continues, explaining that:

Rents increased month-over-month in 62 of the nation’s 100 largest cities, down significantly from the 85 cities that saw rents rise last month. That said,rents are still up year-over-year in most of the nation’s largest markets — 77 of the 100 largest cities have seen rents increase over the past twelve months.”

Additionally, Urban Land Magazine explained that,

Currently, nearly half (47 percent) of renter households are cost burdened(i.e., paying more than 30 percent of income for housing), while 25 percent (totaling 11 million households) are severely cost burdened, paying over 50 percent of their total household income for rent.”

These households struggle to save for a rainy day and pay other bills, including groceries and healthcare.

It’s Cheaper to Buy Than Rent

As we have previously mentioned, the results of the latest Rent vs. Buy Report from Trulia show that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States.

The updated numbers show that the range is an average of 2% less expensive in Honolulu (HI), all the way up to 48.9% less expensive in Detroit (MI), and 26.3% nationwide!

Know Your Options

Perhaps you have already saved enough to buy your first home. A nationwide survey of about 1,166 renters found that 34% said they rent because they cannot afford to buy, 29% said they cannot afford to buy where they live, and nearly a quarter (24%) were saving to buy.

Many first-time home buyers who believe that they need a large down payment may be holding themselves back from their dream homes. As we have reported before, in many areas of the country, a first-time home buyer can save for a 3% down payment in less than two years. You may have already saved enough!

Bottom Line

Don’t get caught in the trap that so many renters are currently in. If you are ready and willing to buy a home, find out if you are able. Let’s get together to determine if you can qualify for a mortgage today!

 

Posted in Buying a Home
Sept. 1, 2018

Reno A Place For Bikes

Reno's bike scene has been growing and now with even more trails and lots of things to do in Reno

you just might want to come check it out.

 

Reno was known for gambling and now today it is a whole lot more. The downtown area has seen new life with more and more tech companies relocating to the area, there are plenty of jobs and new home construction is on the rise.

Posted in Homes For Sale
Aug. 24, 2018

New Homes In Sparks

With many floor plans to choose from  

 

 

 

 

 

 

come see all the new homes in Sparks

Posted in Homes For Sale
Aug. 18, 2018

Saving Money When Buying A Home

When making a major purchase, like buying a home, you have plenty of options to consider. Like location, how many bedrooms and bathrooms, quality of the home, maybe yard size. But one of the first things to consider is price and what type of mortgage will be right for your budget.

Did you know that mortgage rates are not the same with all lenders? And you can save a lot of money when you shop around and compare rates, and the fees that each lender charges you, which can vary and affect your monthly payment by several hundred dollars.

In our constantly evolving real estate market it is wise to educate your self and find a lender you can trust that will be there to answer all your questions and provide valuable information on exactly what all the costs are involved in buying your new home. 

Posted in Buying a Home
July 3, 2018

Six Reasons To Own Your Home

Posted in Buying a Home
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