Dickson Realty’s Caughlin Ranch, Damonte Ranch and Sparks offices have an Eagle Home Mortgage loan officer on-hand to help you.

If you have more questions, please call or write me an email!

Esther Ramage - Dickson Realty

Paying attention to curb appeal is first and foremost. It is the first impression a buyer has as they pull up to your home. Make sure leaves are raked and shrubs and bushes are pruned. Plant some cold weather loving flowers such as mums or pansies to add color to a fading flower bed. Add some fall decorating with a pumpkin or two and a wreath. Too much decorating detracts from the house so keep it modest and simple. Just a touch goes a long way and helps a buyer envision themselves living there instead of focusing on your decorations.

Lighting is also very important with shorter daylight hours. Open the blinds during the day to bring in as much light as possible. Make sure exterior and interior lights are on for later in the day showings. Set the thermostat at a comfortable temperature. Buyers won’t linger for very long if they are freezing to death and the house is dark. If there is a fireplace make it a focal point in the room. Light some scented candles. All of these things will make your home feel very welcoming and homey.

Another essential tip is to update your listing photos. Most of the time the buyer’s first impression of your home is online through photos. If your home has been listed for a while and the pictures were taken in the summer or winter your listing looks old and outdated. There is no better way to bring the life back to your listing and make it look new and exciting again. If you are just now considering selling take advantage of these tips and make the most of the season changing to make your house look its best.

Call or email me today for some additional tips and advice or to discuss your selling options. 775.303.7871 or dboscarello@dicksonrealty.com

There is another key requirement to qualify for HARP.  According to Mahesh Swaminathan, senior mortgage strategist at Credit Suisse, “You must have made the last six mortgage payments, and have missed no more than one payment in the last year.  You also must have a job or another source of regular income”.

With the interest rates being in the low 4%, and even in the mid 3% for Adjusted Rate Mortgages, it might be a great time to call your lender and ask if this is the right time to lower your mortgage payment.

If you would like to know if your current mortgage is owned by Fannie Mae or Freddie Mac, plcase visit the following websites:

Fannie Mae

Freddie Mac

According to Joni Rose, Mortgage Consultant with a 32 year track record with Wells Fargo, there are many great programs available. “Now is the time to get off the fence!  Record low interest rates and the lowest sales prices in years!” Mrs. Rose said.  “Buyers purchasing an owner occupied home can use a HomePath loan with 3% down without mortgage insurance. Or you may qualify for an FHA loan with 3.5% down, OR 100% financing for our VETERANS!  On both programs the down payment can be gifted. Sellers may also contribute to cover some of your closing costs!  Additional programs can be added to go hand-in-hand with FHA that will grant 3% of the sales price as down payment assistance, if purchasing in Sparks and outlying areas.  This additional assistance may be NON-REPAYABLE! So, now is the time to take the leap!”

People hear about how difficult it is to get a loan, but a big part of that is clients now have to provide detailed information during the pre-approval process, as opposed to during the escrow.  With so many options at your fingertips, it is always best to consult with a professional mortgage consultant. Please contact me if you would like to find out how I can help you achieve your dream home.

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.

Days on Market Report

Median Sold Price Report

Short sales accounted for 39% of November sales.  The median sales price for short sales was $159,900 and the average days on market was 180. 

Bank owned proeprties accounted for 35.1% of November sales.  The median sales price for bank owned sales was $128,000 and they averaged 95 days on market. 

Traditional (equity position) sales accounted for 25.7% of November sales.  The median for these sales was $192,000 and they averaged 82 days on the market. 

Buyers used FHA financing for 42.9% of these purchases.  Conventional financing accounted for 28.9%, 19.5% were purchased with cash and 7.8% using VA financing.

The total number of sales for the Sparks area  (MLS area 108) dropped slightly from 2009 to 2010, down about 6.1%.  In addition, the median price also fell from $170,000 in 3rd Q 2009 to $160,700 in 3rd Q 2010, a drop of 5.5%. 

There are currently (as of 10-22-2010) 568 active listings available to buyers in the Sparks area market.  Of these 48.6% are short sales, 34.4% are traditional sales and 16.9% are bank owned.  Key here for buyers is to make sure you have a buyer’s agent working for you that knows the ins and outs of short sales – doing your homework before making an offer on a short sale is key.

Bank owned properties continued to earn the highest list to sale price ratio.  In 3rd Q 2010 bank owned lisitngs got an average of 99.6% of the asking price, short sales 98.9% and traditional sales 97.4%.  Fewer foreclosed properties at low prices, continued mis-understanding of short sales and over-priced traditional listings drive these numbers.

As expected short sales have the highest average number of days on market.  For 3rd Q 2010 short sales averaged 184 days on market, bank owned 79 and traditional sales 77.   As a note the average number of days to close a short sale is relatively the same between 2009 and 2010.  We keep being told by the banks that they are improving their processes.  Hopefully this will reflect soon in our average days to close a short sale.

According to a Yahoo.com report on 10-20-2010 more than 55% of the active mortgages in the Reno-Sparks area are upside down.  I think we will continue to see more and more short sales as homeowners become more educated about short sales as an option to foreclosure.  The key is making sure that you select an agent that is highly skilled in the short sale areana and get legal and tax advice as well.