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May 2017

Found 13 blog entries for May 2017.

Written by Nancy Fennell, Dickson Realty President

I would like to talk about property taxes. First, let's agree that no one wants to pay more taxes, but taxes should be fairly distributed. Next, we believe cities, counties and states should offer certain services including fire, police and education in order to remain healthy and vibrant communities.

Property taxes in Nevada are determined by a complicated formula. The property tax valuation for the land is fair market value. The improvement (house) tax valuation is determined by replacement cost less depreciation at 1.5 percent per year for up to 50 years. The assessment rate is 35 percent of taxable value.

The State of Nevada Constitution, Article 10 section 2, limits the property tax rate to

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Let’s take a look at Median Price and Days on Market trends over the past 6 months for single family homes in the greater Reno-Sparks area.

According to the Reno-Sparks Association of REALTORS, the Reno-Sparks area experienced a small increase of 1.5% in median price from $319,000 in March to 323,695 in April. This price was 9.7% higher than April of last year, and 19% higher than April, 2015. These year over year increases emphasize the strong demand for housing being driven by low mortgage rates and healthy economic growth in the region. We anticipate the median price will continue to increase over the long term, especially in the most affordable price ranges.

The Average Days on Market remained unchanged from March to April at 99 days. Homes

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A recent interview by KNPR with Mike Kazmierski, Economic Development Authority of Western Nevada; State Senator Patricia Farley, I-Las Vegas; Brian Bonnenfant, Center for Regional Studies at UNR and Nancy Fennell, Dickson Realty covered the many triumphs and trials of Nevada housing, including rising home values, rental prices and regional economic improvements. 

Listen to the interview: Home Prices Through The Roof Again--Time To Worry?

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Memorial Day 2017 is on Monday, May 29. Not only is this the federal holiday to remember the men and women who died while serving in the United States armed forces, but it's also the unofficial start of summer. Whether you prefer a parade to a car show, there are plenty of things to do over the holiday weekend. 

Celebration of Heroes Parade- Saturday, May 27 from noon till 1:00 in Virginia City. 

Guided Walking Tour- Saturday, May 27 from 10 till noon, check out the historic Upper Ralston area of Reno. 

Idlewild Park- Check out the train ($2 per person) and the rose garden. 

Made in Tahoe Festival- Saturday, May 27-Sunday, May 28 from 11:00 a.m.-7:00 p.m. Celebrate all things local including food, music and artisan goods. 

Memorial Day

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An interesting post by Realtor.com suggested that Baby Boomers are making it more difficult for Millennials to purchase homes. If you're in the market for a home, you know that inventory is tight in Reno, Nevada, regardless of your generation. There are 18% fewer new listings and 7.4% fewer total listings this month than there were one year ago. 

Nationwide, in an analysis conducted by Zillow, there are 3% fewer homes on the market today than one year ago. So while Reno's tightening market is a little more intense, buyers are feeling the pinch across the country. 

Many Millennials are entering the market for the first time. These buyers are now between ages 18 and 34 and make up over half of America's first time home buyers and 42% of all buyers.

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HERE’S THE LATEST NEWS ABOUT THE RENO/SPARKS REAL ESTATE MARKET FROM THE EXPERTS AT DICKSON REALTY.

Market activity in the Reno/Sparks area for Single Family homes in April has shown that it is heating up a little, following the normal trend for springtime. Let’s take a look at the details.

There were 1,937 available homes at the end of April. This is a 7.2% increase in available inventory of homes when compared to March. Although this increase is heading in the right direction, our inventory is down by 9.2% compared to this time last year. It is important to note that these statistics include homes that are active and available for purchase, as well as homes that are in contract but not yet closed. Next, we will look at the number of units

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The kitchen is the heart of your home and likely where you spend a lot of time. If you're planning to sell your home, you may be considering a kitchen remodel to increase your home value. Home Advisor reports that the average American kitchen remodel costs $21,679.  Before you spend a lot of money updating your kitchen, consider these budget friendly ways to save. 

  • Do a Partial Remodel- Instead of buying new cabinets, counters and appliances, splurge on counters and appliances, but update the cabinets with a fresh coat of paint and new hardware. 
  • Pick Budget-Friendly Materials- Even granite can run $60-$100 per square foot, so purchasing a less expensive material like solid surface counters that run $20-$30 can be a massive savings. 
  • Do it
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Homeowners often spend so much time and money updating the front yard and interior of their homes before they list, they forget about the back yard. Many buyers see the back yard as their personal retreat so you want it to look its best. Before you schedule the photographer (or your Realtor) to take your listing pictures, make sure your back yard doesn't have these things. 

1. Poorly Constructed Fire Pit. If your fire pit leans, is falling apart or is surrounded by sun damaged camp chairs, you may want to re-work that project. Clean up the area, remove debris or piles of ash and add in fresh firewood. Remove old, broken chairs and clean up the immediate area around the fire pit. 

2. Boring Landscape. Backyards with a single, lonely tree in a sea of

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A recent article in the Wall Street Journal discussed the concerning issue housing supply in Northern Nevada. In it, the article highlights a project of 691 homes on the Rancharrah that is tied up in permitting. Meanwhile, housing demand in Reno is still steadily increasing. Many officials believe Reno is facing a looming housing crisis, as more companies are moving to the area bringing jobs and relocating employees from other states. 

In addition to Tesla, Ebay, Zulilly and other big names that call The Tahoe Reno Industrial Center home, Google announced the purchase of over 1,200 acres in TRIC with plans to build a data center, bringing still more jobs to the area. Reno is branding itself as a tech hub and as a less-expensive option to Silicon

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