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August 2015

Found 13 blog entries for August 2015.

The average days on market for July 2015 was 79 days, which is a record low spanning all the way back to July 2007.  The average for days on market has been decreasing since January 2015, where it peaked at 126 days. This clearly indicates excellent conditions for a continued seller’s market.

What does this information mean to you? Well, our local market has remained consistently in a seller’s market for more than two years. Interest rates are expected to remain at historical lows for another few months, and are predicted to climb to approximately 5% by year end. For those sellers who have equity as a result of the increase in property values, the time may be right for us to talk about your options. Give us a call at 775-453-0209.

DOM August 2015

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In July, the median price for the Reno-Sparks region was $291,990. This amounts to a 4.7 percent increase from last month, which marked a median sales price of $279,000 for June. Perhaps most impressive is the astonishing increase of 16.8 percent from July 2014 to July 2015. According to statistics by the Reno-Sparks Association of REALTORS, the median price has steadily recovered since the market bottomed out around January 2012, but it still has a way to go to reach back to the market levels at the peak.

Median Price August 2015

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The median sales price for single-family homes sold in July experienced a 3.8% increase, to $290,735, from June 2015. The median sales price for condos in July was $155,050, which is an increase of 15.7% from June.

This increase is particularly noticeable by looking at the range of sales for home over the month.  The highest-priced home to sell in July sold for over $3 million dollars, well above the single-largest home sale in June.  The lowest priced home to sell in July was even significantly higher than the same comparison for June.

The average days on market for homes decreased from 92 to 79 between June and July, but the average days on market for condos increased slightly from 72 to 84 over the same time span.

There was a slight decrease

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The Reno metro area recently made a national top 10 jobs list. We ranked ninth in mid-size, urban areas for manufacturing and employment growth. Mid-size areas have a non-farm employment base between 150,000 and 450,000 jobs. Reno places 52nd in the country when small and large cities are included as well. These jobs do not include jobs at Tesla’s gigafactory. Read more about Reno’s job growth in the Reno Gazette-Journal. 

As more jobs are created in the area, the need for housing increases. That’s excellent news for homeowners as home values will likely increase. If you are interested in selling your home,  now is a great time to prepare. Give us a call at 775-453-0209 for information about home values in your neighborhood.

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We’ve had very low mortgage rates for most of the last 7 years. This has been great for home buyers and home sellers alike as buyers are more eager to purchase homes and are getting better rates. But since January 2015, interest rates have crept up from 3.7% to 4.2%. While that isn’t a historic leap, it may signal that the time of historically low interest rates is coming to an end.

According to Jonathon Smoke, Chief Economist for Realtor.com, “normal” rates is at about 6%. Smoke doesn’t see us hitting normal rates for another couple years, though. The good news about rising interest rates is that lenders will likely ease some of the current lending restrictions, making getting a mortgage a little easier for most people.

For more information about

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If you’re interested in purchasing an investment property, you’re likely going to be looking for a home that meets different needs than your own home. We’ve compiled a list of the top amenities renters are looking for so you can get more interested potential renters for your rental home.

1. Location. Renters are more likely to compromise on other amenities they might want if the location is desirable enough to them.

2. Parking. Street parking is fine, but a garage is even better. Consider if your rental demographic will have one vehicle or is more likely to be a 2 (or more) car family. Someone living in a 1 room condo will probably have different parking needs than the family looking to rent a 4 bedroom home.

3. Dishwasher. No one likes to do the

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Reno-Sparks Real Estate Market Report– August 15, 2015

AUGUST 15, 2015 BY JSALLAN

Active-vs-Sold-Reno_August 15 2015In July, the total number of single-family home sales in the greater Reno-Sparks area was down 8.9 percent from the month of June, but up 11.9 percent from a year ago.

The median sales price of $291,990 in July marked a 4.7 percent increase from June and an impressive 16.8 percent increase since July 2014.

There was an increase in the number of homes available for purchase in July, totaling 1,094 for the month compared to 911 for June.

The number of available listings for July highlights a growing trend of available properties dating back to March 2015. Also, the outlook for more new home construction is positive as demand continues to outpace the supply of

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Yes, it’s a seller’s market in Reno. Yes, home values have increased substantially, even over just last year. Yes, now is a great time to sell your home. But are you ready to put your house on the market? There are a few things that need to be taken care of before your Realtor schedules the photographer and you order the moving truck.

1. Clean and Organize. Seriously clean. Get rid of clutter. Remove any pet odors. Organize closets and the kitchen pantry. If crammed closets are an issue, rent a storage space for the next month or two and store off-season items there. A bursting closet will look smaller than it really is. Use this as an opportunity to get rid of anything you don’t need and deep clean the grout lines in the kitchen that have been

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Yes, it’s a seller’s market in Reno. Yes, home values have increased substantially, even over just last year. Yes, now is a great time to sell your home. But are you ready to put your house on the market? There are a few things that need to be taken care of before your Realtor schedules the photographer and you order the moving truck.

1. Clean and Organize. Seriously clean. Get rid of clutter. Remove any pet odors. Organize closets and the kitchen pantry. If crammed closets are an issue, rent a storage space for the next month or two and store off-season items there. A bursting closet will look smaller than it really is. Use this as an opportunity to get rid of anything you don’t need and deep clean the grout lines in the kitchen that have been

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Let’s look at sales through July 31st. There were fewer home sales in the $10,000-$300,000 price range, indicating an increase in the percent of sales for more highly priced homes. The percent of sales for $300,001-$600,000 increased by 17% since the end of June, indicating growth in that price range.  This makes sense as prices continue to rise in our region. Overall, there was an18% increase for sales priced above $600,000 from the end of June, which is a great sign for mid and higher-end home owners in the Reno/Sparks area.

What are the reasons for our continued inventory shortage, especially in the lower price ranges? There are many first time homebuyers. Competing in the first time buyer price ranges are investors, who are using their capital

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