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Want to know what’s happening in the Sparks-Spanish Springs real estate market. Here is a recap of what sold in February 2010. (Stick built homes in Sparks-Spanish Springs from MLS data)
There were 45 short sales closed in February with a median list price of $159,900 and median sold price of $156,000. The average days on market for these closed sales was 190 days. Short sales accounted for 40.2% of the total sales in February.
There were 41 REO/foreclosure properties sold in Februrary with a median list price of $150,000 and median sold price of $143,000. The average days on market for these closed sales was 86 days. The REO/foreclosure properties accounted for 36.6% of the total sales in February.
There were 26 homes sold that were not distressed sales in February with a median list price of $179,950 and a median sold price of $178,200. The average days on the market for these closed sales was 106 days. These sales account for 23.2% of the total sales in February.
Looking forward here is a recap of the Active and Pending Sales in the Sparks-Spanish Springs area.
There are 584 short sales currently on the market. 203 of those are active and 381 are pending short sale approval. The median price for active/pending short sale listings is $168,250 and the average days on market is 145 days. Short sale listings account for 62.3% of the active or active pending inventory.
There are 133 REO/foreclosure properties currently on the market. 45 of those are active and 88 are pending sale. The median price for active/pending REO/foreclosure properties is $145,000 and the average days on the market is 71. REO/foreclosure listings account for only 14.2% of the active/pending inventory.
There are 220 non-distressed propertys listed. 137 are active and 83 are pending. The median price for non-distressed listings is $249,999 with an average of 122 days on the market. Non-distressed properties account for 23.5% of the active/pending inventory.
So, what does this mean for home buyers and sellers? Short sales are a large part of the market. Whether you are buying or selling a home in the Sparks-Spanish Springs area be sure to enlist an “EXPERIENCED” short sale agent to assist you. These are complicated transactions that require a REALTOR with not only certifications but actual closing experience.
REO/foreclosure sales are becoming more scarce has banks begin to see the value of short sales and slowly release their foreclosed inventory. These properties require immediate action from buyers as they will typcially go into contract quickly and often with multiple offers.
Non-distressed properties are in demand by buyers, but many sellers continue to over price these properties. Some buyers are willing to pay for the convience, but not many will over pay just for the convenience. Sellers for you that means sharpening your price and being realistic about current market conditions.
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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.
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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.
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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
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I have been reading a lot of the research about the effects of multi tasking… texting while in meetings, texting while talking on the phone, etc. None of the research is too promising but I found a great way to multi task today.
I went to the new Fast Smog at the corner of MaeAnne and McCarran, directly behind Big O Tires. It took me less than 30 minutes to get my smog test done, get my car registered and donate to my favorite school. That 30 minutes also included travel time from Caughlin Ranch. Jeff Sallan, owner of the new Fast Smog donates part of his proceeds to the school of your choice. Mamie Towles has been our Dickson Realty Caughlin Ranch Adopted School for many years so that part was easy. I love doing business with good community neighbors. So if need to have your car registered and smogged, go visit Jeff at Fast Smog.
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Kane Schaller, broker and co-owner of Dickson Realty Truckee, was named the 2009 Realtor of the Year by the Tahoe Sierra Board of Realtors. The selection is based on Schaller’s outstanding business achievements, his ability to provide trusted leadership by promoting professionalism and ethics and his local involvement designed to ensure a vibrant community.
“Receiving this award is truly an honor and having my mother, who was the 2008 Realtor of the Year recipient, present this recognition makes it even more special,” Schaller said. “This award also reflects on the entire Dickson Realty Truckee office and what we’ve accomplished this year in working with our clients and providing a competitive edge for buyers and sellers allowing all of us to excel in today’s market economy.”
Schaller is a graduate of University of California, Los Angeles where he earned a bachelor’s degree in economics. Returning to his hometown of Truckee, Calif., after graduating, he joined Schaller Family Real Estate after obtaining his agents license in 2001. Schaller received his broker’s license in 2004. As an active community member, Schaller serves as the community service chair for Truckee Noon Rotary, the program chair and president-elect for the Lake Tahoe Music Festival and is involved with the Tahoe Forest Hospital Leadership Council and Truckee Unified School District Advisory Council.
For more information on Dickson Realty Truckee, visit online or call 530-587-7444.
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While the real estate market continues to struggle, one local realtor managed to shine in 2009. Amy Shocket, REALTOR® with Dickson Realty, was recognized by both the Reno Sparks Association of REALTORS® and the Northern Nevada Women’s Council of REALTORS® this year.
The Reno Sparks Association of Realtors (RSAR) presented Shocket with the Matt Gibbons Memorial Award at their annual dinner this past November. The award was in recognition of her service to RSAR, her high ethical standards, professional accomplishments and volunteer service to the community.
Shocket was also honored by the Northern Nevada Chapter of Women’s Council of REALTORS® last month. During the group’s annual installation of new officers, Shocket was named the 2009 Member of the Year. The award recognizes an outstanding member who has exhibited dedication and service to the chapter.
A truly committed professional, Shocket has earned numerous professional designations during her career including Accredited Buyer Representative, NAR’s Green, and Certified Residential Specialist. She is a Graduate of the REALTOR® Institute, Performance Management Network, and Nevada Association of REALTORS® Leadership Academy. To better serve her customers during these challenging times, Shocket earned the Certified Distressed Property Expert designation and became a member of the Nevada Association of REALTORS® Foreclosure Prevention Taskforce.
Originally from Southern California, Amy Shocket has been a Sparks resident since 1995. She is very active in the local real estate community, currently serving on the RSAR Board of Directors, as chair of the RSAR Education Committee and is a former president of the Northern Nevada Chapter of Women’s Council of Realtors. Shocket is also a member of the National Association of REALTORS®.
You may contact Amy Shocket by phone, (775) 815-7627, by e-mail, amyshocket@sbcglobal.net, or by visiting her web site Reno-SparksRealEstate.com
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The Washoe County Senior Services Senior Law Project is holding free foreclosure workshops this month for people who need help in keeping their homes. These workshops are open to the public.
The workshops are being held at Reno Center at 1155 E. Ninth Street in Reno.
Saturday, December 5th from 9am to Noon Saturday and Wednesday December 16th from 4pm to 6:30pm.
The goal of the events is to educate and empower people about what steps to take when attempting to modify their mortgage, the time frame of the foreclsure process, discussing common options that are available from your mortgage company and other options that may be available to you so you can retain your home.
For more information, email the Senior Law Project at slawproj@washoecounty.us. Space is limited to please RSVP at 775.328.2592.
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Let the giving begin! Bring some cheer to the children and seniors. The weekend after Thanksgiving RTC will have a festively decorated bus waiting in the Meadowood Mall to pick up donated (new, unwrapped) toys for children and gift cards for the less fortunate seniors in our community.
The RTC Toyland Express will be ready to load up starting at noon on the 27th of November and and will continue, non stop until 5 pm on the 29th.
Look for the bus in the parking lot between the men’s Macy’s and Bully’s. It’s a good feeling to know you can send a little comfort and joy in these difficult times.
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Our county can conserve more energy. Let’s pledge and win the $5,000.
As of 11/3, Washoe County is only a couple hundred pledges behind Volusia County, Florida in a national competition to conserve energy. Please help us win the competition by signing the pledge and getting your friends and neighbors to sign up by November 30th. Our goal is to capture the $5,000 first place prize to make energy conservation improvements.
We have less than thirty days to go and only 350 more pledges to win! If you haven’t taken the conservation pledge please visit www.greencounties.org/changetheworld.
Also, send this message to your friends, special interest groups, and families. Other than the prize of $5,000, we will receive national recognition and the satisfaction of beating Florida!
Thank you all for your support!
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Tuesday, March 2, 2010 By: Amy Shocket
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