Short sales still are a major factor in the Reno-Sparks market. As of today there are 817 active shorts sales and 1261 pending short sales (Area 100/All residential types). The active short sales only account for 37.2% of the active listings but 62.2% of the pending sales. In May there were 177 short sales closed which accounted for 28.4% of the closed sales. If you look at the first quarter of 2010 there were 433 short sales closed. This year in the first quarter we closed 486 short sales, roughly a 10% increase. The average time it took to close those short sales is relatively unchanged from 2010 when the average was 205 days to an average of 203 days in 2011.
Many of the banks have continued to work on their short sale process and make improvements to speed the process. Many are also starting to roll out new programs where sellers can get “pre-approved” short sales prior to listing the property so that once the property is listed the timeline is significantly reduced which greatly benefits the buyers. (These are programs in additon to the Government HAFA program.)
We still see obstacles when there are multiple liens, mortgage insurance and bond program loans. It is important to know what type of loan you have and if your lender took out mortgage insurance on your loan. Homeowners also need to know that banks are still looking for you to be in default or in danger of default in the immediate future. There has to be a hardship or reason that you can no longer afford your payments.
There appears to be a trend toward more deficiency waivers from servicers, but in some cases it doesn’t come without a cash contribution or promissory note on the part of the homeowner. Many servicers are looking at the seller’s overall financial picture – credit score, other debts, monthly income, other assets etc. to determine if the seller might be required to contribute.
The key is still to seek the assistance of an experienced short sale listing agent as early in the process as possible. It’s best not to wait until a Notice of Default is filed to consider short sale as an option.
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From May 2010 to may 2011, Average Days on Market and Median Sold Price statistics.
Days on Market Report
Median Sold Price Report
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In the recent texting challenge between the Wolf Pack and Boston College fans, Kraft has just announced that the Wolf Pack Fans have successfully sent more texts than Boston College resulting in a 20,000-meal donation from Kraft to the Food Bank of Northern Nevada. The Wolf Pack will also receive an additional meal for each text sent. Wolf Pack fans came out in support of this challenge with so much excitement and commitment for which the Food Bank is so grateful for the participation.
Kraft created the text challenge for fans of each team to help make a difference with hunger issues in their region. Wolf Pack fans texted the word Nevada followed by a space and then their zip code to 71717 to show their support. Boston College fans are encouraged to text a similar message.
The Kraft Fight Hunger Bowl is the only bowl game raising money and awareness regarding the hunger problem in the United States. The bowl will celebrate the culmination of Kraft Foods’ HUDDLE TO FIGHT HUNGER program, which is the food company’s largest-ever branded initiative to fight hunger in America. The goal of the program is to donate as many as 20 million meals or more to Feeding America – the nation’s leading hunger relief organization – to help people in need.
The Food Bank of Northern Nevada is a regional food distribution and support system serving over 100 partner agencies in Northern Nevada and the Eastern Sierra. The Food Bank of Northern Nevada provides and supports programs including food pantries, soup kitchens, emergency shelters, after-school programs and Kids Cafe (dinner program), Kids Cafe Summer Meals program, Food Stamp Outreach and much more. The Food Bank of Northern Nevada is a member of Feeding America ~ The Nation’s Food Bank Network (formerly America’s Second Harvest).
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Solds for Reno/Sparks in September: 534. See comparison chart for August and July.
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The Tahoe Cooking Queens, Mary Jurkonis and Cindy McClelland are back in the kitchen with their new class “Side by Side”. Fall is the best time for cooking up great sides and desserts with the season’s bountiful produce. This class with give you recipes and tips for making scrumptious side dishes for family meals and holiday entertaining, that are so yummy they can substitute as the main course. We promise you won’t even miss the meat! Recipes featured include potato gratin, Moroccan couscous, apple spice cake and more. October 27, 2010 at the DW Reynolds Building, Incline Village, 6-8 pm. $40 per person. All proceeds benefit Project Mana and Los Médicos Voladores (the flying doctors):. Visit http://lmvtruckee.org/ and reserve your place now or call Project Mana at 775-298-0008. Visit us on Facebook!
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Introducing Dickson’s Fresh Start – a program to help restore your financial stability and buying power.
We understand the devastating effect that being forced to leave a home has on families in our community, both financially and emotionally. If you’ve lost your home through a short sale or foreclosure, or have recently gone through bankruptcy, we can help.
Dickson Realty has partnered with The Grupe Company as the exclusive provider of Fresh Start in the area.
- Rent-to-own program designed to help families get back on the home ownership track
- Lease for up to 5 years in the neighborhood you want to live
- Re-establish credit and financial stability
- Buy in 3 to 5 years at pre-set pricing
Contact Dickson Realty today and speak with one of our Fresh Start specialists to find out how we can help you with your Fresh Start.
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Nevada has been making the headlines lately if you are reading the statistics on employment, housing market and general gloom about the poor economy in the state. Local state election races are pointing fingers on either side of the political spectrum to identify who’s responsible for the current state dilemma.
Enter Reno and Northern Nevada where some positive headlines are coming to light. Enter a new focus on outdoor recreation.
In the last eight months, two national magazines have labeled Reno in their “Best Towns” features.
In the April edition of Men’s Health in an article titled “Ski and Climb Without the Crowds”, the Reno image of downtown casinos and their accompanying all-night buffets are debunked, giving way to a more “hipper” way of life. Men’s Health talks to Reno’s proximity to Lake Tahoe and the four season recreational opportunities available. It also tells about Reno’s new attractions: The Truckee River, coffeehouses, artists’ galleries and a younger-targeted night-life scene. (to read the article, go to: http://bit.ly/9lGiLb )
In a recent edition of Outdoor, the magazine labeled the down town rafting and kayaking park, the new Aces ball park, a rejuvenation of the downtown area and affordable housing prices as a reason to put Reno on your relocation list if you are an outdoor enthusiast. (to read article, go to: http://bit.ly/aIb2mh).
If outdoor recreation is your passion and a second home in an area that offers great amenities to pursue your interests is your goal, why not consider Reno? It’s really a no brainer. Currently, there are sellers motivated to sell, interest rates are low and loans are available to qualified buyers. Prices in our market are very affordable making Reno a great place to invest in a second home.
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Currently 95 homes on the market – Active and Pending
Of the homes currently on the market, there are 47 not located in Del Webb, The Vue and The Village.
Of the 47 homes, only 30 are available without an offer.
- 5 between $200k and $300k
- 10 between $300k and $400k
- 5 between $400k and $500k
- 6 between $500k and $600k
- 3 between $600k and $700k
- 0 between $700k and $800k
- 0 between $900k and $1million
- 1 over $1million
Of the 17 homes in escrow, 15 are subject to a short sale or bank owned and 2 are regular sales.
85 homes have closed in Somersett since January 1, 2010. 17 were bank owned, 27 were short sales and 41 were regular sales.
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As the market improves, Dickson Realty, Northern Nevada’s premier real estate company, will extend their range of services to the master-planned community of Somersett beginning Sept. 1, 2010.
“This is a remarkably positive sign for our community that new home development is occurring in northern Nevada,” said Nancy Fennell, CEO of Dickson Realty. “There are very few real estate firms that are expanding in these times anywhere in the nation, and it’s a testament to our relationships and experience in the market that we are able to make that happen in Reno, and specifically, in Somersett.”
In addition to providing on-site sales support for homebuyers, Dickson at Somersett will also offer services to those searching for commercial and rental properties, something that has not previously been offered by the company. Real estate specialist Debbie Bennington is the lead sales person for the project.
Dickson will be working in conjunction with New Britton Land, a land development firm, and HomeCrafters, a custom homebuilder out of Reno, to produce three home floor plans.
The new Dickson Somersett office will be located at 7650 Town Square Way in the Somersett Welcome Center and will be open from 10am to 5pm, 7 days a week. For more information on Dickson Realty, and the Somersett office, please call (775) 746-7222.
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Thursday, June 9, 2011 By: Amy Shocket
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