November 2007

There are 9 blog entries for November 2007.

R&K Homes has a featured new home in the Autumn Winds subdivision that has a price reduction from $331,264 to $299,900 - over $30,000!

This Fernley new home features:

  • 2657 square feet,
  • 4 Bedrooms,
  • Oversized Lot,  
  • 2 stories with Master Suite downstairs

 This home is on lot #132.  If you would like O48 Realty to represent you as a buyer, we will move you from any city in the continental US to this home upon close of escrow!

Visit our Fernley NV New Homes Directory and look for Autumn Winds for more information on the community or more information on the FREE MOVE Program.

Visit this blog category often for similar announcements on new home incentives throughout Greater Reno-Tahoe.

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What Happened to the Buyer's Market?

OK.  Everyone who follows real estate knows that we are currently in a Buyer's market (which is defined by slow moving inventory, great negotiating leverage for home buyers, and stagnant to falling prices).

I'm here to tell you that there is currently a Seller's market (yes - you read that right) that exists right inside the Buyer's market we hear and read about.

In the last three weeks, I have had three different buyers get "beat out" by other buyers on homes - you may find this surprising (but it is true!):

Gardnerville Home For Sale

First off - I represented the Buyer on this... This home was a bank owned property (Countrywide, in fact), in a nice area of homes priced in the $350K - $450K range, and had

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Minden Gardnerville NV Homes on Market - Summary

This post is designed to show a Minden home buyer or seller how the different market segments within the Minden Gardnerville area break down.  I like to use a metric called "Months of Inventory" as opposed to "days on market" because of one simple reason - it is more accurate and more informative.

Why not Days On Market? 

Well let's suppose a Gardnerville home is on the market for 12 months with Gardnerville Realtor "A".  It is not uncommon for a home seller to switch agents at the expiration of a listing term (I could write more on this topic - but that is the subject of a future post).  Now this same Gardnerville home is for sale with a new Realtor and sells in 60 days.  Well, is the "days on

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Reno, NV Housing and Real Estate Market Trends - November, 2007

The information in this blog post will give you a feel for the current Reno NV real estate market trends.

Reno Median Home Price

The Reno median home price for October, 2007 was $302,750.  This number is down 7% from October of 2006 and represents a median price level not seen since late in 2004 - closely mirroring the Sparks housing market.


Reno Homes For Sale

There are approximately 2,598 homes for sale in Reno.  Last November, 2,704 homes were listed - representing a 4% decline.  The rapid decrease in homes for sale at this time of year is seasonal and will increase again in the spring of 2008.


Reno Homes Sold

There were 162 Reno homes sold in October, 2007.  This is down

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Sparks, NV Housing and Real Estate Market Trends - November, 2007

The information in this blog post will give you a feel for the current Sparks NV real estate market trends.

Sparks Median Home Price

The Sparks median home price for October, 2007 was $274,450.  This number is down 7% from October of 2006 and represents a median price level not seen since late in 2004. The Sparks median home price is also down close to 19% from two years ago in October.

Sparks Homes For Sale

There are approximately 905 homes for sale in Sparks.  Last November, 1,021 homes were listed - representing an 11% decline.  Compared to all local markets, Sparks is experiencing a more rapid decline in homes for sale - which is good if you are looking to sell.

Sparks Homes
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Minden Gardnerville, NV Housing and Real Estate Market Trends - November, 2007

Following the Minden and Gardnerville housing market?  The snapshot below should bring you curent. This blog post covers Minden, Gardnerville, Genoa, and the Topaz Lake areas.

Minden and Gardnerville Median Home Price

The Minden and Gardnerville median home price for October, 2007 was $369,550.  This number is up from the last two months (which spiked up to $425,000) and surprisingly represents a 2% increase from October of 2006. This area has seen the least downward pressure on pricing since 2005 high water mark in median price.

Minden and Gardnerville Homes For Sale

This month, there are approximately 646 homes for sale in The Carson Valley.  Last November, 698

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Carson City, NV Housing and Real Estate Market Trends - November, 2007

Following the Carson City housing market?  The snapshot below should bring you current.

Carson City Median Home Price

The Carson City median home price for October, 2007 was $279,500.  This number is up from the last three months but still represents a decline of 7% from October of 2006.

Carson City Homes For Sale

This month, there are approximately 435 homes for sale in Carson City.  Last November, 433 homes were listed - essentially no change.  Inventory levels have begun the seasonal decline (due to holiday inconveniences and cooler temperatures) from the peak in September of 504 homes on the market.

Carson City Homes Sold

There were 24 Carson City homes sold in

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Pre-Foreclosure Property List - Douglas County, NV - 10/06

 Are you looking for foreclosure properties in Minden, Gardnerville, Genoa, Wellington, or Lake Tahoe? These are the cities that make up Douglas County, NV.

The list below represents all of the homes that are in a "Pre-Foreclosure" state. Technically, each of the properties below has had a Notice of Default (NOD) served by the lender to the property owner.

If you are new to searching foreclosure properties, you may want to get a quick lesson on the terms and processes at Bigger Pockets - Real Estate Investing.

Keep in mind, the properties below may not enter foreclosure if the property owners are able to cure the default within 35 days of the Notice of Default. Also, it is common for

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Foreclosures - True Savings?

At this time, there is no informed person who would dispute that we are NOT in a Buyer's market  when it comes to real estate in the greater Reno area.  At the same time, there is a lot of national media coverage on bank foreclosures as a result of the large numbers of home mortgages on variable interest rates that are adjusting upward.
As a result, most people shopping for a new home believe that the best bargains will be - you guessed it - bank owned properties or foreclosure homes.
I did a bit of research to distill this perception right down to the numerical facts for the Reno and Sparks real estate markets.

A few definitions:

Reduction % = The amount, as a percentage, that the price was reduced from the original

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