Written by Nancy Fennell, President of Dickson Realty. This article originally appeared in the Northern Nevada Business View on Tuesday, Jan. 22, 2019.
The year 2018 started out with rising home prices, which finally exceeded the high point of that period “just before the crash.” For most of the year, many took advantage of low mortgage rates. Buyers had to struggle with tight inventory, which favored sellers, driving prices up.
In that time period, when a reasonably priced home went on the market in just about any price range, there were multiple offers within hours.
The real estate market goes up but eventually comes down. We have been experiencing the long run of “up.” To understand what to expect in 2019, we need to look at past results.
Let’s take a look at Median Price and Days on Market trends over the past 6 months in the greater Reno-Sparks area for single family home sales.
“Median” means “in the middle”, with half of homes selling for more and half selling for less. According to the Reno-Sparks Association of Realtors, the median price decreased from $377,250 in November to $362,000 in December. A better indicator of market health however, is to look at the annual trend, which is up by almost 5% since December of last year. This year-over-year change highlights the continued supply and demand struggles for housing in the region.
The Average Days on Market increased in December to 94 days. A longer time on market is typical at this time of the year, and is welcomed especially
If you're planning to get a head start on your spring cleaning, you may be preparing now. The first step to a whole house spring cleaning is to de-clutter and remove the items that are just taking up space in your home. Many people give up on de-cluttering because they're so overwhelmed and the projects are never finished. To make sure your next de-cluttering project is a success, ignore these common misconceptions.
1. You Don't Need a Plan. While you might get a surge of energy and decide to organize the kitchen, that energy isn't going to last through the kids' rooms, the office, the garage and the living room. Make a list of which rooms, closets, etc. you want to de-clutter and create a schedule you know you can keep.
Take a look at this review the Reno-Sparks real estate market, comparing month over month activity from November to December 2018, and comparing year-over-year to December 2017. Please contact me if you have any questions or would like to discuss what is happening in our local real estate market.
Many people choose to downsize after they kids have moved out or after retirement. Often, the equity homeowners have in their home is substantial enough, they want to cash in and purchase a home that better aligns with their lifestyle. But packing a home that that has 20+ years of keepsakes can be overwhelming.
When going through a lifetime of memories before you sell a home, whether that's your own home or a parent's, you may struggle with what to keep and what to donate or throw out. Before you get lost in the boxes of photo albums, check out this list to help you organize.
1. Take Pictures of Keepsakes. Do you have albums filled with old concert tickets? Collections of coffee mugs? If your purpose in having these collections is for the
Buyers and sellers struggle to forecast the housing market to decide when the best time is to purchase or sell a property. The economy is doing well, unemployment is low, and home values are up, so you may be surprised to hear that mortgage rates dropped to a four-month low the first week of the new year to 4.51% for a 30-year, fixed rate loan. This was the fourth week in a row that mortgage rates have fallen.
For background, the average rate for a 30-year, fixed rate loan during 2018 was 4.55% and 3.99% in 2017.
The increase in home values is also slowing. Nationally, home values in November 2018 were up by 5.1% over November 2017 and up by 0.4 percent from the October 2018. Locally, the median home price decreased from $385,000 in October to
January Events in Reno/Sparks: Cabin Fever Winter Series
When: Monday, Jan. 7–Monday, Feb. 11, 2019
Where: Wilbur D. May Museum, 1595 N. Sierra St., Reno
Every Monday from Jan. 7 through Feb. 11, the Wilbur D. May Center at Rancho San Rafael Regional Park will host an education session to teach 4-6-year-olds about nature in the winter. Each session will feature a short lesson, a story, an indoor activity, and a guided outdoor exploration. Each session runs from 10–11 a.m. and will meet in the Ranch House. Cost is $5 donation per session, or $30 for the full series, cash or checks only. Parent attendance is required.
January Events in Reno/Sparks: Steep Canyon Rangers