Archive | Sparks
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.
Popularity: 1% [?]
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% [?]
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
Popularity: 1% [?]
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.
Popularity: 1% [?]
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!
Popularity: 1% [?]
Yes, we are seeing multiple offers in the Reno-Sparks market again. Not a day goes by where I don’t talk to agents who are in bidding wars for properties for their buyers.
Those of you considering buying a home in a competitive market know or may have heard how frustrating the process can be. In certain markets, a buyer can find himself competing against 3-18 other offers for almost any listing that he writes on with many of the offers being similar in terms of price. However there are steps you can take to position yourself well to win a bidding war. And the discipline and thoroughness to do so is well worth the effort given the weeks and months of extra labor involved for you and your buyer’s agent that would come if you just wrote standard offers on listings you found appealing and continually got beat out for the homes you like.
If you’re wondering how you can make your offer shine above all the rest and be the winning offer, here are a few tips to help you select the right price and terms. Price is probably the biggest factor in trying to compete with a multiple offer situation. But if there are many offers within the same range, there are definitely things you can do to make your overall offer the best in the mind of the seller.
Price is Most Important – Remember, your offer price is a NET price, which means your offer price less any credits. So many times buyers don’t understand that. As an example, if you offer $350,000 with $10,000 credit towards closing costs, your are offering $340,000 for the property, NOT $350,000.
A Complete Package- MAKE YOUR OFFER A COMPLETE PACKAGE – include your Purchase Agreement, and addendums that apply . Also include your Loan Pre-Approval, Proof of Funds for the down payment, a copy of the deposit check, SRPD Waiver and any other documents specifically requested by the seller/listing agent.
Get the Property History – Ask your buyer’s agent to find out the bank’s purchase price on the Trustee’s Deed or Sheriff’s Deed. Generally, it is noted on the document itself, which you can get from the tax rolls or a title company. Compare that price to the price the bank is asking. Look at the amount of loans that were once secured to the property. Somewhere between the original mortgage balance(s) and the foreclosure sale price is the amount the bank will accept, if the home is under-priced.
Determine Comparable Sales – In many cases, the list price has little bearing on the value of the home. The market value carries the most weight. If you are up against competing offers, other buyers will offer more than list price.
- Look at the last three months of comparable sales, a mini CMA, for that neighborhood to determine how much this REO is worth. Try to use only those homes that most closely match the REO regarding square footage, number of bedrooms, baths, amenities and condition.
- Look at the pending sales. Ask your agent to call the listing agents of those pending sales to try to find out the accepted offer price. Some will share that information and some will not.
- Look at the active listings. Those are most likely the listings other buyers will use to formulate a price because they are the only homes those buyers actually tour.
Analyze Listing Agent’s REO Solds- Most REO agents work for one or two banks. Some listing agents are exclusive listing agents for REOs, and they do not list any other type of property. Since REO agents deal in volume, they typically apply the same pricing principles to all their REO listings.
- Ask your buyer’s agent to look up the listing agent in MLS.
- Run a search using that listing agent’s name to find the last three to six months of that agent’s listings.
- Pull the history of those listings to determine the list-price to sales-price ratio. If most of those listings are selling for, say, 5% over list price, then you may need to offer 6% over list price, and vice versa.
Ask About Number of Offers – If there are no offers on the REO home, you can probably offer less than list price and get your offer accepted. However, if there are more than two offers, you will most likely need to offer above the asking price. If there are 20 offers, bear in mind that some of those offers might be all cash. Banks like all cash offers. If you are obtaining financing, then you may need to increase the price on your offer to be considered.
Submit Preapproval Letter- It goes without saying that you do not want a prequalification letter. You want a preapproval letter. Get preapproved from your choice of lender in advance. Moreover, get preapproved by the lender who owns the property. Do not expect to use this lender for your loan, but submit the preapproval letter from this lender, along with the letter from your own lender. Banks don’t trust other lender preapprovals but trust their own departments.
Don’t Ask for Repairs / Inspections – Sometimes banks will pay for repairs, but typically will not agree to do so at the offer stage. If there are problems found during a home inspection, renegotiate after your offer has been accepted. Shorten your inspection period to (10) days or less – really, it only takes a few days to book an inspection, and even then maybe a few days after that to assess the situation with the property. The seller, especially if it is bank-owned, will really like a quick inspection period. Plan on paying for all of your own inspections.
Offer to Split Fees – Some banks will not pay transfer fees, for example. If the buyer offers to split those fees, the bank will feel more amenable to accepting the offer. Same thing for escrow fees. Many banks negotiate discount fees for title insurance. If the bank will pay for the owner’s policy, the ALTA policy might cost a bit more. But it’s still a good idea to let the bank choose title if you want your offer accepted.
Large Earnest Money Deposit - Put as much of your down payment down into your earnest money deposit when you write the offer—very aggressive but it makes a REAL good impression. The earnest money is part of your down payment anyway so there is not much difference in putting it down a month early. The seller knows you’re for real and have money based on your earnest money deposit more than your stated down payment on the contract. If you break the contract you lose your earnest money deposit so a huge earnest money deposit says to the seller you’re for real and there’s no way you are going to lose your earnest money deposit by breaking the contract.
Short Escrow Period - Write as short an escrow period as possible, with respect to the amount your lender will need to close the loan. Consult with your lender on the type of loan you are using and get their input as to how many days he/she feels they can comfortably close the loan.
Consider the Appraisal Consequences – If you offer over list price, bear in mind that the appraisal will need to substantiate that price. If you find yourself dealing with a low appraisal, you have options, so don’t despair. Remember, the bank will most likely run into this problem with the next buyer who obtains financing.
Escalation Clauses – Working with your buyer’s agent you can add a clause to your contract which says you are willing to pay an amount in excess of the other bidder’s highest offer. Make a statement with your over bid increment. Your bid increment should be in relationship to the sales price. When you escalate DO NOT JUST STOP AT EVEN CUT-OFF MARKS LIKE MOST AGENTS DO. Always escalate $1700-2700 above where you think the cut-off mark is going to be. You want to predict where your enemy is going to finish and position yourself ahead of them.
Agent relationships – Believe it or not it comes down to this in many instances of where things are so equal that your buyer agent’s previous experience with the listing agent comes into play.
Write your offer to win.
Popularity: 1% [?]
Tammy Olivas of Dickson Realty’s Sparks office has earned both the ePro Certified® designation and the Seniors Real Estate Specialist (SRES®) designation, the company announced today. Ms. Olivas successfully completed a comprehensive training program specifically designed to provide real estate professionals with the technology tools needed to assist consumers in the purchase or sale of a home. With more than 70% of consumers beginning their real estate research on the Internet, e-PRO certified agents have the experience and expertise to meet the demands of today’s buyer and seller.
“The real estate industry has undergone a fundamental change over the past several years,” said Olivas. “A majority of consumers are taking the time to conduct their own research prior to contacting an agent. In turn, real estate professionals must be knowledgeable of how technology can assist them in serving the needs of the buying and selling public.”
Ms. Olivas also joins more than 16,000 real estate professionals in North America who have earned the SRES® designation. She successfully completed a comprehensive course in understanding the needs, considerations, and goals of real estate buyers and sellers aged 55 and older. The SRES Council, founded in 2007, is the world’s largest association of real estate professionals focusing specifically on representing senior clients in real estate transactions. There are more than 16,000 active members of the organization world-wide. The NATIONAL ASSOCIATION OF REALTORS®, “The Voice for Real Estate,” is America’s largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
“By becoming an ePro agent, I can stay at the leading edge of technology and identify, evaluate and implement new Internet business models. I’m always looking for the best ways to offer my clients the best value and service. My ePro and SRES training helps me ensure customer satisfaction — my number one priority,” Olivas explains.
To contact Tammy Olivas for more information about the ePro and SRES designations, please call Tammy at 775. 846.3489 (cell), or e-mail Tammy at Tammy@TammyOlivas.com. To learn more about ePro, visit www.epronar.com. To learn more about the SRES Council, visit www.sres.org.
Popularity: 23% [?]
The good news first. Sales of single family residences in the Sparks-Spanish Springs area were up 22% this May over May 2008. This shows that the buyers are out there and making purchases.
Now the not so good news. The median sold price for May 2009 was $166,500. This is down significantly from May 2008 when the median sold price was $245,000. As we often hear, “real estate is regional” and the Sparks-Spanish Springs area is no exception. So here is the figures by area.
Sparks (MLS Area 180) – Median sales price $108,000 with an average days on market of 121 days. 61.11% were bank owned, 27.77% were traditional sellers, and 11.11% were short sales. 66.66% of buyers purchased using FHA financing, 16.66% used conventional financing and 16.66% used cash.
East Sparks (MLS Area 181) – Median sales price $154,000 with an average days on market of 119 days. 69.56% were bank owned, 21.73% were traditional sellers, and 8.69% were short sales. 34.78% of buyers purchased using FHA financing, 16.66% used conventional financing,34.78% used cash and 13.04% used VA financing.
Sparks Suburban (MLS Area 182) – Median sales price $209,000 with an average days on market of 129 days. 48% were bank owned, 40% were traditional sellers, and 12% were short sales. 32% of buyers purchased using FHA financing, 56% used conventional financing, 8% used cash and 4% used VA financing.
South Spanish Springs/Wingfield(MLS Area 183) – Median sales price $210,500 with an average days on market of 158 days. 53.33% were bank owned, 20% were traditional sellers, and 23.33% were short sales. 43.33% of buyers purchased using FHA financing, 33.33% used conventional financing, 20% used cash and 3.33% used VA financing.
West Spanish Springs (MLS Area 184) – Median sales price $165,7500 with an average days on market of 97 days. 57.14% were bank owned, 28.57% were traditional sellers, and 14.28% were short sales. 71.42% of buyers purchased using FHA financing, 21.42% used conventional financing, and 7.14% used cash.
East Spanish Springs (MLS Area 185) – Median sales price $307,500 with an average days on market of 108 days. 80% were bank owned and 20% were short sales. 20% of buyers purchased using FHA financing, 20% used conventional financing, and 60% used cash.
Sparks Foothills (MLS Area 188) – Median sales price $215,000 with an average days on market of 130 days. 50% were bank owned, 33.33% were traditional sellers, and 16.66% were short sales. 33.33% of buyers purchased using FHA financing, 16.66% used conventional financing, and 50% used cash.
If you would like specific valuation for your home, please contact me.
Popularity: 69% [?]
Most golfers slice their full shots most of the time. The best antidote to slicing is to learn a set-up and swing that stops you from cutting across the ball from out to in with the clubface open. However, if that’s too tough of a goal, you might at least reduce the banana pattern of your shots by experimenting with grip thickness.
Unless you have unusually large hands, a thicker grip is not necessary. The thicker the grip on a golf club, the more you must hold it with the palm rather than your fingers. With a grip moved more into your palms when you hold the club, this cuts down on the activity of your wrists during the swing. With less wrist action in your swing, you have a greater chance of overusing your shoulders to throw the clubhead outside of the proper path on the downswing. This also leads to under using your hands to square the clubface at impact.
Thus by increasing wrist action as a result of placing the club more in your fingers, thinner grips might help reduce your slice. But to cure it totally, I’m afraid; you will also need to work a lot harder on your set-up and swing.
If you still have trouble with your slice give the staff at The Resort at Redhawk a call a set up a lesson.
Popularity: 100% [?]
A great golf venue in the Sparks area, The Resort at Red Hawk offers many incredible amenities including two championship golf courses, the Robert Trent Jones designed public Lakes course, and the Hale Irwin designed Hills Private Course. Not many venues with 36 holes have such distinct courses to play. The Lakes course meanders through the wetlands or Wingfield Springs and very much a true Robert Trent Jones designed golf course with large bunkers framing you tee shots as well as your approaches. The Hills course on the other hand features a 600+ yard downhill par 5 that is a true 3 shotter. I would describe this a true “risk reward” course with a driveable par 4 and approach shots that you’ll want to be on the correct side of the hole.
Red Hawk Features:
– Voted “Best Public Golf Course” 8 times by Nevada Magazine
– Voted “Best Golf Course” 7 times by Reno Gazette-Journal
– Award winning Private Golf Course
– Two-Tiered Grass Driving Range
– No cart fees
– 9,000 sq. ft. chipping area
– PGA Instructional Staff
I have always enjoyed my meals at David’s Grill, which is open to the public, offering breakfast, lunch and dinner, and in the summer, enjoy our outside patio dining. David’s offers a diverse menu, including healthy salads and sandwiches, along with specialty entrees. They also have a good wine list, offer a number of beers on tap and have a full bar. The Events Center accommodates groups of up to 300; there are also smaller venues, to host a business meeting or an anniversary party. Red Hawk offers off site full-service catering.
The Swim and Fitness Center at Red Hawk has memberships available, offering a full-sized pool and over 60 classes, including Pilates, Yoga and Spinning. The Private Club boasts an incredible Clubhouse, with steam and saunas as well as a private dining room and meeting room; Private Club memberships are currently available. In addition, The Resort offers great Stay and Play, Romantic Escape and Honeymoon packages where you can stay in luxurious golf villas.
The Wingfield Springs neighborhood has recently added a grocery store and other shopping nearly completing the neighborhood. Homes in the neighborhood range from in size from 1000+ sq. ft. Townhomes to 5000 + sq. ft. custom built homes with golf course views. Prices for resale homes range from the mid $100’s to $1.1 mil. The neighborhood that has it All!
Popularity: 81% [?]
Tuesday, March 2, 2010 By: Amy Shocket
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