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In a normal real estate cycle, home sales usually peak in the summer and begin to slow down once school resumes in the fall and the weather begins to cool...right? Winter after all, is a time to slow things down and celebrate the Holiday Season. Like most things in 2020 however, many so-called 'norms', including real estate sales, are proving otherwise and show no significant signs of slowing down as we enter the winter season.
Despite the onset of colder weather and the continued pandemic, the combination of a thin housing inventory and historically low interest rates have made for a hot real estate market both here in northern Nevada and across the nation. For example, there were only 277 active homes for sale in Washoe County in the month of…
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The Reno/Sparks home market is ridiculous, and everyone knows it. If you’re a seller, your house is sold over the weekend. If you’re a buyer, in some cases you have to endure your agents writing 20 or more offers before yours finally gets accepted.
Now we’re getting to a place where inventory has gotten so tight, would-be sellers who’d love to sell can’t because they don’t know where they’d move to. So what’s going on? Let’s look at the numbers:
- January Median at $360,000 is up 4% from December 2017, up 19% from a year ago
- January Unit sales at 400 are down 19% from December 2017, up 19% from a year ago
- January new listings up 51% at 470 compared to December, up 20% from one year ago
- The January median sales price at $360,000 started…
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…
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…
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…
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