January 2008

Thinking of buying a two story home?

Sounds innocent enough.  Your kids may be teenagers and you need the space (mine are teenagers now and I need the space and peace of mind at times..).  On a price per square foot basis, you will get  a lot more for your money too!

Reno-Tahoe Area Home Buyers - Beware

Here's what you really need to know before you buy a two story home in this area.

1. If and when you want to resell your home, you will eliminate over 80% of the potential buyers in this area.   Yes, 80%+.

Remember, prices in any free market are determined by supply and demand.  By eliminating a large chunk of potential buyers (demand), you will either need to lower your home price to sell it OR be at the mercy of a savvy buyer if we are in

Park Cattle Company and Proposed Douglas County Master Plan Amendment

I recently attended (Wed. 1/23/08) a "public forum meeting" by Park Cattle Company, a long time ranching family in the Carson Valley and Lake Tahoe (all Douglas County, NV) with land holdings in Carson Valley alone of at least 4,500 acres.  Like many of the ranches that have been passed along generations, these ranch owners (although due to its size is professionally managed) have reached a point where they want to seriously consider the best way to maximize their financial returns based on the value of the land versus the yield from cattle and alfalfa ranching.  This is not a new concept (we've all seen countless examples of this done well and not so well) and it is not a bad thing

ATTENTION -

As of April 15, 2009, the Northern Nevada Regional Multiple Listing Service (NNRMLS) has added fields that allow this site to offer foreclosure listings that are updated daily as well as the ability to search for (or exclude) foreclosure listings. This new (more relaxed capability) allows you to have a great deal more control over your home searching and browing experience.

You can now easily browse all Sparks Foreclosure Listings or Search for Sparks Homes in foreclosure from these links.

This information supersedes the January 2009 ban on posting foreclosure listings and respresents a victory for consumers!

If the Somersett community in Reno is of interest to you, you may want to check out this link to a weekend "below builder cost" sale between January 26-27, 2008.

The price reductions range from $50K to $150K.  You can check out more at Reno Somersett Deals.

The last Monterey Development Group home I helped someone purchase had a lot of issues that the builder needed to fix up (and they did) due to 'less than complete' finish work when the home was built.

If you have any questions about how to further negotiate and ensure a new home is properly inspected (this is IMPORTANT), drop me a line with the comment box below. 

From my experience, with most builders once they show the lower price, the "this weekend only" component really means "this price

ATTENTION -

As of April 15, 2009, the Northern Nevada Regional Multiple Listing Service (NNRMLS) has added fields that allow this site to offer foreclosure listings that are updated daily as well as the ability to search for (or exclude) foreclosure listings. This new (more relaxed capability) allows you to have a great deal more control over your home searching and browing experience.

You can now easily browse all Reno Foreclosure Listings or Search for Reno Homes in foreclosure from these links.

This information supersedes the January 2009 ban on posting foreclosure listings and respresents a victory for consumers!

ATTENTION -

As of April 15, 2009, the Northern Nevada Regional Multiple Listing Service (NNRMLS) has added fields that allow this site to offer foreclosure listings that are updated daily as well as the ability to search for (or exclude) foreclosure listings. This new (more relaxed capability) allows you to have a great deal more control over your home searching and browing experience.

You can now easily browse all Reno Foreclosure Listings or Search for Reno Homes in foreclosure from these links.

This information supersedes the January 2009 ban on posting foreclosure listings and respresents a victory for consumers!

ATTENTION

The contents of this blog post have been removed as required by NNRMLS.

Read more about the NNRMLS Foreclosure Listing Ban.

I am now only able to offer the Foreclosure Listing Email Alert service. Take a look - it's FREE.

My apologies for any inconveniences.

Mitch

Here are the latest numbers on Fernley real estate trends and how things have changed in the current Fernley housing market.

This information reflects the current housing cycle and encompasses dates from January, 2005 forward.  If you are interested in seeing the month to month trends and more, you should subscribe (it's free) to The Greater Reno-Tahoe Real Estate Report (see the link at the bottom of this post).

Fernley Median Home Price Trend

 The table below shows the most recent Fernley median price information as well as summary comparisons to "peak and trough" months within the current real estate cycle.  While the December number is slightly above the low point of 10-07, it probably still does not indicate we have reached a bottom of the

Here are the latest numbers on Reno real estate trends and how things have changed in the current Reno housing market.

This information reflects the current housing cycle and encompasses dates from January, 2005 forward.  If you are interested in seeing the month to month trends and more, you should subscribe (it's free) to The Greater Reno-Tahoe Real Estate Report (see the link at the bottom of this post).

Reno Median Home Price Trend

 The table below shows the most recent Reno median price information as well as summary comparisons to "peak and trough" months within the current real estate cycle. 

The Northern Nevada real estate market for 2007 was a great one for buyers and one that will want to be quickly forgotten by most sellers, real estate agents, lenders, and others who rely on a steady and predictable volume of real estate transactions.

Buyers were able to "have their way" in all local markets except Lake Tahoe which, surprisingly, shows an increase in median price (year over year) even though the "months of inventory" remains at the highest levels throughout the region.

Here's a summary of the year over year trends for all of 2007 compared to 2006.

Northern Nevada Homes Sold (Transaction Volume)