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Reno Real Estate Blog

The tax credit that was scheduled to end at the end of November has been extended until June 30, 2010. You must have a signed purchase contract in place by April 30, 2010. It is for first time home buyers, meaning you have not owned a home in the last 3 years and it is up to a maximum of $8000.

They have also made it to include existing homeowners who have owned a home for the last 5 consecutive out of the last 8 years and it is to a maximum of $6500.

If you are a fist time home buyer and do not take advantage of this you are throwing away valuable dollars that can be used against your tax liability.

 For more information go to Federal housing tax credit to answer all of your questions.

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April 4 single game tickets went on sale and they sold out the first game in 30 minutes. There are still some great half and full season packages available. The Reno Aces who is the farm team for the Arizona Diamond backs will open their season on April 17 against the "Salt Lake City Bees". Our Aces are in the Pacific Coast Triple A baseball league and will be facing other opponents such as the Albuquerque Isotopes and the Sacramento River Cats.

I don't know if a lot of people know we have had baseball here since back in the the late 1940's. Link Piazzo, founder of the Sportsmen Sporting good store, did the broadcasting for the " Reno Silver Sox". Back then they played in Moana Stadium which was built in 1946 by Lou Berrum on the old rodeo grounds at

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The following article was written by Stephanie Hanna, Platinum 1st Mortgage 

It doesn’t really matter what side of the political fence you sit on, there’s no denying that the new stimulus bill offers good news for potential home buyers.  The way I see it, there are two specific portions of this bill that impact buyers most directly:

-  Increased tax credit benefit for first-time homebuyers.  Let me first define a first-time homebuyer because the government’s definition is probably different than what you’re thinking.  If you have not owned a principal residence in the past three years, you are considered a first-time homebuyer. 

If you fit that bill and you purchase a home between January 1, 2009 (yes, it is retroactive) and December 31, 2009,

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Go to a UNR game

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The University of Nevada-Reno has a lot going on for all of us to enjoy.


Mens Basketball games are very entertaining from the second you step into Lawlor Events Center.  The crowd will already be loud and cheering, awaiting the arrival of the Wolf Pack to step onto the court.  The team is fairly young, but the games have been really good and most have been nail biters up to the end of the game.  The average home game attendance is approx. 7059 screaming fans.  The next home game is will be Friday, February 20 at 6:00 pm, against Virginia Commonwealth for the ESPNU Bracket Buster tournament.  For a list of the full schedule of games click here. 


Women’s Basketball games are in full swing as well.  Their overall record is 13-9 and

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Let’s go skiing

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Reno is a great area for skiers.  There are 18 ski areas that are reachable within an hours drive of Reno.  That’s right, 18 ski resorts that offer great skiing, snowboarding and cross country skiing.  With the high elevations in Tahoe and the Donner Summit areas we get up to about 20 foot snow packs which means you can sometimes ski from November to the beginning on July.  Everyone loves the spring ski season.  You can go ski in the morning then golf or bike ride in the afternoon.  It’s a great time for all outdoor enthusiasts to enjoy it all.

 

If skiing doesn’t interest you then you can also go to the other snow parks in the area that offer snowmobiles, sledding, ice skating, snowshoeing, dog sledding and more. 

 

There is no

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The Washoe County Assessor is coming out with a report saying values of raw land are down from 30-40% since the height of the market. The shocking fact is that most homeowners will be hit with a 3-5% tax increase this year because of a report that came out stating the replacement values of actual homes and buildings are up. Nevada  property tax caps were put in place in 2004 which states that excess property values were not taxed in prior years and can be pulled from abatement to increase taxes by the full 3% to be able to help schools and local governments. Land values in Northwest Reno, Stead, Spanish Springs and other communities north of the river are down by 30%. Large custom homes in the SW Suburban neighborhood are up by the full measure the county

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The treasury department has presented a plan to loan banks money at 3% so they could in turn loan it to new home buyers at 4.5% and actually make a 1.5% profit. It is currently in the developmental stage and may not take effect until Obama is in office. "This will definitely stimulate sales and get buyers who are on the fence to make a move". What it does not do is address the foreclosure issue, well I guess in a way it does. In this current market, most of the foreclosures in the Reno Real estate market are in the lower price ranges so it would start to chip away at the vast inventory of homes on the market. Right now we have a 13 month inventory of homes on the market, meaning at the current pace it would take that long to sell all the homes on the…
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(This is the 1st in a series of blogs about the many fun things to do in Reno and the surrounding areas)

 

Virginia City Nevada 

Take a drive to Virginia City (about 23 miles outside Reno) and plan to stay for a few hours.  It’s about a 30 – 45 minute drive up a curvy road and well worth it.  Park your car and walk up the old wooden walkways to all the stores, saloons, museums and more.  Take a train ride through the historic mining areas, it takes about 35 minutes.  Take the kids through the fudge factory and watch them make all sorts of sweets and of course taste them all.  You can even take a tour of an old mine.  One of the many historic buildings include Pipers Opera House.  Built in 1885 and still being used.  Mark Twain, Buffalo Bill and President Grant were among

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It does not come without some resistance.  It is focused on loans either owned or guaranteed by Fannie Mae and Freddie Mac. It is for homeowners who are at least 3 months behind on their mortgage and owe 90% or more than the house is worth. They will either reduce total housing expense to 38% of your gross income or extend your mortgage from 30 to 40 years or defer some of the principal and make it interest only so distressed home owners can stay in their homes.

There are a lot of homeowners out there who are making their payments that are saying, "This is not fair". Consider this, real estate values are going down faster now than in the 1930’s and if these troubled homeowners do not get help they will lose their homes and now you face another

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Despite the bad economy there are about six construction sites still plugging along in downtown Reno. Baseball is the driving force with the Triple A Reno Aces set to open their season next April in their new downtown stadium expected to bring approximately 5,000 people to the area. There will also be an entertainment district including shops and restaurants.  There will also be a renovation of the historic Freight house that will be converted to a restaurant. The Hyatt hotel chain will be opening a 6 story hotel just one block from the river.

The West Street market is set to open on December 6 and will include 17 shops and restaurants in another historic district of brick buildings on the river. I recently hosted the Dickson Realty Real Estate today

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