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Reno Real Estate Blog

These terms are often used interchangeably when talking about a person's eligibility for obtaining a home loan. They are very different and carry different weight when you are writing an offer on a home. Here's why:

A pre-qualification ("pre-qual" is how you will commonly hear it) letter is simply based on the buyer verbally telling the lender their income and assets. A pre-approval letter is when the buyer/borrower's documentation is received and reviewed to verify the data. At an office meeting I heard a great explanation of a pre-qualification letter; "it's not worth the paper it's printed on."

As a buyer, this is important to know because a pre-approval letter will give you a more accurate picture of what you can actually afford to buy a house

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     You’re probably thinking “ok, great year for real estate; but what’s next?”. It’s true. 2016 brought some stability to the Northern Nevada market, and it seems we can expect those trends to continue modestly into 2017, and really, until new homes are built.

     To get an idea of the complete picture, we’ve got to examine a few key facts. Of all homes sales in 2016, 55.3% were attributed to homes under $300,000 and 39% of homes that sold were priced from $300,000 to $600,000 for a grand total of 94.3%. That’s right…94.3% of homes sold in 2016 were priced under $600,000. This shows demand for homes priced under $600,000 is very high, while supply remains largely static, pushing prices up for homes in that range. We don’t expect a huge jump in

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You might have noticed from November through December, and ending around Christmas that mortgage rates increased at an incredibly fast pace. Perhaps the quickest in history. Things mellowed out a bit around Christmas, when most people were on vacation, and then ramped-up again at breakneck speeds through January. Rates seemed poised to jump out of a metric called the "consolidation pattern" leading into this week; that is until the Feds made a statement at the beginning of the week addressing all the small changes made to the policy statement...see the tight range in the chart below.

 Then we saw something remarkable happen; rates stayed in the 2.44% trading range, remaining largely inside the "consolidation pattern", and hitting the brakes on the

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The plans for a new development in Caughlin Ranch (Pine Bluff) are still in the planning stage but it looks as if the builders of Homecrafters are planning to develop and build new homes in the same development for which they started back in the mid 80's.  

Homecrafters have acquired a 26 acre parcel located between Seasons and east of Eagle's Nest. Originally they planned for 61 homesites but have since changed the plans to have 43 homesites which will make for better lots sizes for each home. Again, these plans are tentative and can change at any time.  

Here is what is planned so far:

  • This will be a non-gated community with 2 separate access points

  • 43 homesites on 1/3 acre lots

  • 2750-2800 sq. ft. single story 

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Voting day is near (November 8) and this is a very important question on the ballot.  Here are a few facts that you need to know:

_  6,200 new students are expected in Washoe County in the next 5 years. 

_  Approximately half of the schools currently exceed capacity. 

_  Washoe County schools currently use 229 portables.  (Portable classrooms detached from the school)

_  The district plans to build 15 new schools (9 Elementary, 3 Middle and 3 High Schools). 

_  During the recession, it was proven that the property tax funding method was inadequate.  This proposal (tax increase of .54%) is broad based and more resistant to economic uncertainty. 

_  Voting yes on WC-1 is more than building new schools & repairing existing ones, it's an

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Everywhere you look in Somersett there is building going on and it's a beautiful thing!

Toll Brothers is one of the many builders in Somersett, but one of the builders that continue to build throughout the community.  They have several developments within Somersett and have just recently started building in The Boulders.  These homes are gorgeous, luxury homes that sit on a hilltop that can be seen as you drive through Somersett.  The lots have amazing views of the Somersett valley, surrounding mountains and some have views of Somersett golf course. 

The homes range in size from 4500 sq. ft. to 6000 sq. ft. and are priced from $900,000 - $1,500,000.  Some have walk outs and large expansive decks to enjoy your views. 

   

There is currently

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There are so many great companies making a move to Reno, which is a  a fantastic boost to the Reno economy and great for Reno Real Estate as well.  Below is a list of just a few of the major companies coming:

Apple - They are building a Data Center East of Sparks at the Tahoe-Reno Industrial Park.  They will employ approximately 400. 

Ashima - A drone company coming from California and planning to build a manufacturing facility in Stead.  They will employ approximately 400.  

Cenntro  -  An electric vehicle company planning on building a manufacturing facility in Sparks and will employ approximately 300 employees. 

Switch  -  Just announce yesterday by Governor Sandavol - Switch is a data storing facility for such companies as Ebay, Xerox,

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The  Congressional Authority for loan limits established under the Economic Stimulus Act for 2008 will expire on January 1 and the loan limit for an FHA loan will go from $403,750.00 to $325,450.00. If you fall within these parameters you need to get your loan in place now before the limit drops. Remember you can still do a 5% down conventional loan.

I have some great lenders and now is a great time to buy, prices went up 25% this year and will go up again in 2014.

Happy Holidays.

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With the lack of inventory and huge demand Reno has become a hot bed of Real Estate activity. According to Realtor.com, properties are staying on the market about 36% less time than a year ago and values have gone up 26% in the last 12 months. Inventory has been reduced by a third.  I know the last year has been the busiest year I have had in 29 years of peddling homes here in the Reno area..

Last month 71% of our sales were equity sales as opposed to short sales.  That's great news for the Biggest Little City in The World. You can click here and see the article on CNBC's website

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The mortgage debt relief act of 2007 was slated to expire December 31, 2012, at the 11th hour congress extended it through 2013. That means countless homeowners doing short sales and loan modifications will not have to pay ten's of thousand in taxes on the amount of forgiven debt. This will give the our struggling economy a shot in the arm going forward in  2013. 

Back in November there were 41 State Attorney generals wrote letters urging the house and senate to extend the bill and as of today it will be extended, "Great News".

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