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…
Through our website you can simply type in your address and you can get an estimate of what your home is worth...yes, it's that easy.
Visit our website at RenoHomeValues.com to get your estimate. If you would like a more detailed price on your home call any of our agents within the Hughes Real Estate Group to make an appointment today.
Todays market is gaining speed...we are seeing multiple offers on our listings. Especially the luxury Reno real estate market. The market needs more listings so this would be the perfect time to list your home.
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…
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
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 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,…
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.