News and information about the current Reno and Sparks Real Estate Market

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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Currently there are 2672 homes on the market in the greater Reno and Sparks area. Of that amount there are 1917 that are in escrow, (pending) making the actual amount of homes on the market that are not sold is 753. Economists judge the market by how many homes are being sold per month versus how many on the market, a balanced market is about 6 to 7 months. Meaning at the current rate we are selling homes, which is 500 per month we would sell all of the inventory in just over 5 months.

That means our area is currently in a Sellers market based on the current statistics. Keep in mind the new law that went into effect last October, AB 284 which is restricting the number of foreclosures on the market. It says banks cannot foreclosure on a seller unless…

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Well kind of, the economist's at the National Association of Realtors are reporting that existing home sales for 2011 were up by 1.7% and the inventory of existing homes on the market is the lowest since March of 2005. Consumers are gathering confidence from the low interest rates, great prices and job growth. Here in Nevada we have to keep this in perspective, we will always trail behind any sort of national statistics. But also thanks to the new law AB 284 that went into effect in Nevada on October first, the number of NOD'S, (notice of defaults) that were filed have been cut by about 95%.

The reason why is the law states that before a bank can foreclose on you, they must be able to prove that they have the right to foreclose on the property. They…

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We just listed 2490 Melody Lane for $319,000 and it overlooks the city and has a panoramic view of the valley. This home has a custom 5 car, heated garage for the car enthusiast in your family. There is almost 3200 square feet and lots of features you would find in a much more custom home including steam shower and upgraded plumbing fixtures.

The floorplan is very open for entertaining and takes full advantage of the spectacular views.  The home is very easy to show and the location is 10 minutes from anywhere. Be sure and take a look at the pictures and click here for the virtual tour.

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University of Nevada in Reno has been ranked 181 out of 1600 national colleges.

 U.S News and World report issued it annual "Best Colleges"Rankings today and UNR is again in the top tier of best national universities coming in at 181. The rankings now include a list of the top public schools and we came in at 100. Schools in this category offer a full range of undergraduate majors, masters and doctoral degrees. This years ranking at 181 is up from last year at 191.

Reno has an enrollment of more than 17,000 students and the University is home to the States medical school and one of the country's largest study abroad programs. Its campus size is 255 acres and utilizes a semester based academic calendar. It's in state tuiton is $4,481.00 and…

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The Somersett Town Square has been reduced from $3,650,000 to $2,400,000 and is "Bank Owned".

The main commercial area at Somersett ( the town square) has just been reduced. It is a bank owned property and consists of two buildings with a total of about 35,000 square feet. Each building is on its own parcel, one is 1.93 acres and the other is 2.06 acres.

 

7665 Somersett Parkway

This is a great opportunity for an investor looking for office/retail space.  These buildings are beautiful and located right in the heart of one of Reno's best neighborhoods. This the area that Somersett uses for its Summer farmers markets and the summer concert series that has featured the legendary "Jakes Garage Band".

The first floor…

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Over the last 45 days the real estate market has become eerily quiet, some of it has to do with kids going back to school and families getting the most out of their vacations. But make no mistake we have a lot of buyers that have been sidelined do the inability of congress to make decisions on the debt ceiling, unemployment over 9%, the falling stock market and Ben Bernanke's speech that failed to come up with a stimulus plan.

 Consumer confidence is at the lowest level since the financial crisis in November of 2008 and the 4th lowest level since they began this index in 1978, see the graph below from the University of Michigans Consumer Sentimnent index. There is currently no confidence in the econony, the leadership and especially the Real…

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We just listed 14905 Napoleon Ct. in Mt. Rose estates, almost 3000 square feet on one level. Property is 1.25 acres with fantastic views of Mt. Rose, you can actually look up and see if you want to go skiing today. kitchen  accoutrements include cherrywood cabinets, slab granite counters, GE Monogram and Profile stainless steel appliances plus there is a butlers pantry to the formal dining room. We listed it for $515,000 and everything is done, including brushed nickel fixtures, stone and wood floors and upgraded window treatments.

Outdoors there is an oversized paver patio with trellis, full vineyard to grow your own table grapes and lots of specimen trees for privacy. There is also an inground built in hot tub to enjoy the snow capped moonlit…

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I've just partnered up with 3 of Reno's top Real Estate Industy leaders to bring you an informative Real Estate blog. 

www.RenoRealEstateGurus.com
David Hughes - Reno Residential Guru  Reed Simmons - Reno Commercial Real Estate Guru Stephanie Hanna - Reno Mortgage Lender Guru Erin Schiller -  Reno Title and Escrow Guru We are excited to be bringing you all the news and updates from all aspects of the Real Estate Market.  We will also be adding other authors such as a home inspector, appraiser, water rights expert etc., this will become the resource in the Reno area for all of your Reno Real Estate questions. Reed Simmons with Grubb and Ellis in Reno has been in the real estate industry for 30 years and was once a partner at Dickson Realty.…

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We just listed 7245 Ishi Point in the Northwest suburban area. This is a one owner home and is not a short sale. It is on a quiet cul de sac and has lot's of upgrades including:  large RV area, lots of concrete work and built in shelves in garage.  This home is close to shopping and is in the McQueen school district.   $179,000

  • 1263 sq. ft.
  • 3 bedrooms
  • 2 bathrooms
  • 2 car garage
  • .15 acre cul de sac lot

 This is a must see if you are looking for a home in the Reno Northwest suburban neighborhood.

 

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For more information on this home and more pictures  -  CLICK HERE

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