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. These statistics exclude Condo sales and focus only on single family home sales activity in the region.

According to the Reno-Sparks Association of REALTORS, the Reno-Sparks area experienced a 2.8% increase in median price from $360,000 in January to $370,000 in February. This price was 15.8% higher than February of last year, and 28%, or $80,000 higher than February 2016. These year over year increases highlight the strong demand for housing being driven by low housing inventory, low mortgage rates and continued economic growth. We anticipate the median price will continue to increase in the long term, especially…

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The real estate market in Reno-Sparks isn't slowing down. In fact, with the Spring and Summer buying seasons just around the corner, there will likely be more homes on the market as well as more buyers looking for new homes. Homes in the lower price points are getting offers very quickly, frustrating buyers in that market. With all the competition for homes in Northern Nevada, as a buyer, you need to make sure that you are as competitive as possible. Follow these tips to make the most competitive offer possible.

1. Get Pre-Approved. Work with your lender to see the amount you qualify for, then go through the approval process. Pre-approval is different than pre-qualification, and requires some paperwork and a credit check. But, because you've already…

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Let's review the Reno-Sparks real estate market, comparing month over month activity from January to February 2018, and comparing year-over-year to February 2017.

According to the Reno Sparks Association of Realtors, the Median Sold Price for single family homes and condos in the Reno/Sparks area increased by 1.6% to $350,000 through February. There was also a 17.5% increase when we compare this price to a year ago. This year-over-year change is a better indicator of how the market is performing. One of the largest reasons for the double-digit year over year increase in value is due to the continued low inventory levels and sustained demand from home buyers. We expect that prices will continue to rise until more homes are available in the market.

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The new tax guidelines don't kick in till next year, so take advantage of the current deductions while you still can. We've compiled a list of the more common tax deductions homeowners can take to decrease their tax bill. 

  • Mortgage Interest. You can deduct from up to $1 Million in mortgage debt for joint filers and $500,000 for single filers. This does require that you itemize your deductions for for new homeowners, it's worth it since you pay so much in interest in the early years of a mortgage. 
  • Property Taxes. Your property taxes are fully tax-deductible. This changes next year when there will be a $10,000 cap on property, sales, and local income taxes. 
  • Energy Efficient Upgrades. If you added solar panels last year, you may be able to…

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Continued strong demand and low inventory of affordable homes is creating a challenging market in many price ranges and neighborhoods. However, if you’re thinking about moving up to a higher price range, or across town to a new neighborhood, it may be one of the best opportunities to buy or sell a single-family home in Reno and Sparks. Let’s take a look at the details.

There were 538 homes available for purchase at the end of February. This a decrease of 9% when compared to January, and down a staggering 48% when compared to this time last year when there were 1,038 homes available. Next, we will look at the number of units sold.

Reno/Sparks area Realtors sold 420 single family homes in February, which was an increase of 3.7% compared to January,…

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Moving can be stressful. You pack everything you own into a moving truck, or hire a company to do it for you, then drive across town, or across country, to unpack into a new home. Add setting up utilities, cleaning, and remembering where you put the "important" box you were supposed to unpack first and it can be chaotic. If you're preparing for a move, this list of things NOT to do may be helpful. 

1. Procrastinating. No one likes to pack. But it's a necessary evil, so the sooner you get started, the better. Remember to buy extra packing tape so you don't run out mid-kitchen and have to drive back to the hardware store. 

2. Disorganized Packing. It helps to go from room to room packing like items together so when you unpack, you're not trying to…

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Demand for affordable housing in Reno-Sparks is high, and supply is low. While this creates a challenging environment for some home buyers and sellers alike, it is also one of the best move up markets in recent history. Let’s take a look at what’s happening.

As of February 27th, there were 607 homes on the market that were Active and Available for purchase. That is a 5% increase from the 578 available homes on the market at the end of January, but a staggering 37.6% decrease from the 972 homes on the market in February 2017. 66% of available homes have asking prices below $600,000, which is down from 71.7% in February 2017. Only 117 of the homes on the market today have asking prices under $300,000. By comparison, 273 of available listings were under…

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Written by Nancy Fennell, President of Dickson Realty.

It did not feel like it was a better fourth quarter for housing sales in Northern Nevada, but it actually was. This year, according to the fourth quarter report from the University of Nevada, Reno, Center for Regional Studies Housing Report, we sold 412 new homes versus 363 last year and 1,608 existing homes versus 1,569 last year.

Fourth quarter condo sales were also up: 26 new condos versus 9 last year, and 328 existing condos sold versus 238 sold in 2016. Because of our continuing growth and our lack of inventory, prices continued to rise. With the rising cost of materials and shortage of labor, it is surprising that the median price of new homes only increased from $405,000 to $408,000.

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The bathroom is often the last room to be updated. It's worked just fine for you for years, but you're thinking about selling your home and you know updates need to be made. Before you start tearing out walls, consider these basic updates that can save you money in the long run while increasing the value of your home. 

1. Lighting. Dated light fixtures with poor lighting can make a bathroom seem small and dingy. For under $100, you can purchase a new fixture. 

2. Fixtures. If you have dated of grungy fixtures, the fix is easy. Choose new drawer pulls, door handles and towel rack. 

3. Double Vanity. Some home buyers won't even consider a home with a master bath with only one sink. If you have the space, adding another sink can be a substantial…

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