Reno Tahoe Real Estate News

Is Tax Credit The Only Reason To Buy?

Amy Shocket — Tue, 16 Mar 2010 15:28:54 +0000

With the first time and move-up buyer tax credit deadline quickly approaching, I think it is important to ask yourself is that the only reason I am buying a home right now? Yes, who wouldn’t want to take advantage of this great $8000 or $6,5000 give-away from the government? I think there are some other really great reasons to buy right NOW.

Home prices are more affordable than ever. Interest rates are low. Homeownership give you a great sense of accomplishment. You become part of a community and neighborhood. You get to deduct the interest on your home loan on your taxes (my personal favorite). You can decorate and personalize the home to make it your own.

The tax credit requires buyers to be in contact for the purchase of home by April 30, 2010. That is about 45 days away. Then you have to close your transaction by June 30, 2010. That’s 60 days after the deadline. At this point it is less than 90 days total. Unfortunately if you are considering a short sale you may not make the closing deadline as many short sales can take 120 days or more. I say that if you find a home you love, make the offer. If you close in time for the tax credit – BONUS! Don’t make the mistake of rushing into a purchase just to get the tax credit and then realize you didn’t buy the home you really wanted.

A Look At The Sparks-Spanish Springs Real Estate Market

Amy Shocket — Tue, 02 Mar 2010 16:48:49 +0000

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.

Unemployment Statistics

Amy Thyr — Thu, 25 Feb 2010 23:21:29 +0000

Here are the most current statistics on unemployment in the state of Nevada and for Washoe County.

Get Home Information Via Text While Sitting In Front of the House

Amy Shocket — Wed, 20 Jan 2010 20:38:17 +0000

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.

WHAT’S HAPPENED TO INTEREST RATES?

Lil Schaller — Sat, 16 Jan 2010 23:26:18 +0000

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.

State of the Real Estate Market, Lake Tahoe/Truckee, California

Lil Schaller — Wed, 13 Jan 2010 23:48:31 +0000

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.

Humane Society Needs your Donations

Claudia Byrne — Thu, 07 Jan 2010 19:39:04 +0000

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

Effective Multi Tasking

Nancy Fennell — Tue, 29 Dec 2009 00:00:15 +0000

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.

2009 has been a year to remind us of the important things in life.

Amy Thyr — Tue, 22 Dec 2009 19:29:18 +0000

Over the holidays we hope you. . .

Mend a quarrel. Seek out a forgotten friend. Dismiss suspicion and replace it with trust. Write a love letter. Share some treasure. Give a soft answer. Encourage youth. Manifest your loyalty in word and deed. Keep a promise. Find the time. Forgo a grudge. Forgive an enemy. Listen. Apologize if you were wrong. Try to understand. Flout envy. Examine your demands on others. Think first of someone else. Appreciate. Be kind; be gentle. Laugh a little. Laugh a little more. Deserve confidence. Take up arms against malice. Decry complacency. Express your gratitude. Welcome a stranger. Gladden the heart of a child. Take pleasure in the beauty and wonder of the earth. Speak your love. Speak it again. Speak it still once again.

Best wishes to you and your family from all of us at Dickson Realty.

DICKSON REALTY BROKER KANE SCHALLER NAMED REALTOR OF THE YEAR

Amy Thyr — Tue, 22 Dec 2009 19:09:26 +0000

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.