You are sitting in front of a listing wondering what the price is, how big it is etc. The flyer box is empty and you can’t reach the agent on the phone. You’re frustrated. Nof if you’re sitting in front of a listing that offers information via Text Messaging. Text messaging is exploding throughout America. As a buyer you demand the information on the property to educate yourself prior to interacting with the seller. I am using Goomzee, a technology that allows me to deliver information directly to the buyer while they are sitting in front of my listing. A simple sign rider directs the buyer where to text. Instantly the buyer receives the most important details along with pictures of the property. The buyer is also given my contact information to schedule a showing if they want to see more. Buyers love it, sellers love it and agents love it. The information is shared quickly. Not to mention it’s GREEN. No paper flyers. A definite win-win.
Popularity: 1% [?]
One year ago, the interest rate on a 30-year fixed conforming and FHA loan was 4.875%, an incredibly low rate. However, the rate for those same loans today stands at only 5.125%, a mere ¼ point increase. With the 7.5% decrease in median home value in Truckee for homes in the conforming price range in the past year, Buyers are still ahead if they purchase today.
Jumbo loans are a different story. One year ago, a 30-year fixed jumbo was 7.875%. Today, it’s 5.75%, a 2.125 point drop. The median price of homes in the jumbo arena dropped over 6%, so with both interest rates and value of those homes down, Buyers can buy much more than they could have a year ago. So those who decided to “wait and see” made a good decision.
HOWEVER, neither the interest rates nor the home prices will stay this low. We certainly hope that Buyers trying to outsmart the market won’t be left out in the cold. Literally.
Popularity: 1% [?]
With a new decade just begun, it’s interesting to look back at where we’ve been these past 10 years. In 2002, there were 1023 single family homes sold in the Truckee/Lake Tahoe area, with a median price of $397,500. By 2006, we reached the peak of market value, at a median price of $680,000. Now, at the end of 2009, we’re down to a median price of $512,000, a total decrease of 25% in median value from the high in 2006, yet a 29% increase since 2002. However, this year has also seen an increase in number of homes sold (787), up 20% from the low in 2008 of 655.
In looking at the Tahoe Donner subdivision in Truckee, which comprises the largest percentage of the sales in the overall area, the statistics are similar. In 2002, there were 302 single family homes sold, with a median price of $495,000. The highest median market value was reached in 2005, at $765,000. At the end of 2009, the median price is at $568,500, again, a 25% drop since the high in 2005, yet still a 29% increase from where we were in 2002. And similar to the picture for the entire area, the number of homes sold in 2009 in Tahoe Donner (225) was up 16.5% from 2008.
During the past year, we’ve seen our share of distressed properties come on the market, although not near as many as many areas of our state and country. Of the 787 single family homes that sold in 2009, 127 (16%) were foreclosures and 85 (11%) were “short sales”. We currently have only 23 foreclosure properties active on the market (3% of the total inventory available), and 102 “short sales”, comprising 14%.
As we look towards this new decade, we’re excited about the opportunities in our industry that will hopefully allow many more buyers to realize their dreams of home ownership, be it here in our mountain paradise, or wherever their dreams may take them.
Popularity: 2% [?]
The Nevada Humane Society is in desperate need of clean blankets (no stuffing), towels and sheets for the kennels. Some of the dogs are sleeping on pieces of plastic. If you have items to donate, please drop off at the following Dickson Realty locations from 9:00-5:00 Monday-Sunday through January 31, 2010. For more information on other items needed, please visit http://www.nevadahumanesociety.org/involved.htm
Thank you, the members of our wonderful community, for your support and concern for the animals we all love.
1030 Caughlin Crossing
Reno, NV 89519
(775) 746-7000
500 Damonte Ranch Parkway Ste. 625
Reno, NV 89521
(775) 850-7000
4870 Vista Blvd.
Sparks, NV 89436
(775) 685-8800
Popularity: 1% [?]
Wednesday, January 20, 2010 By: Amy Shocket
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