Real Estate Blog - February, 2020

Days on Market & Median Price Report – Reno/Sparks -February 2020

Let’s take a look at the 6 month trends for Median Price and Days on Market trends in the greater Reno-Sparks area for single family home sales.

“Median” means “in the middle”, so half of homes sold for more and half sold for less. According to the Reno-Sparks Association of REALTORS, the regional median price was nearly unchanged, going from $394,000 in December to $404,972 in January. The median price has been relatively unchanged since the middle of last year with some months up slightly and some months down slightly. The regional low supply and strong demand for housing are expected to keep the annualized median price on the rise in the long term.

The Average Days on Market went up from 103 days in December to 115 days in January.…

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Active vs. Sold Report – Reno/Sparks – February 2020

Here’s what you need to know about the Reno/Sparks real estate market, from the experts at Dickson Realty.

Active v Sold Report - February 2020 from Dickson Realty on Vimeo.

 There were 632 homes active on the market and available for purchase at the end of January, which was a 23% decrease from December and a staggering 36% decrease from January 2019. Although it is not uncommon to see a lower number of homes for sale this time of year, we have not had inventory this low since December 2017.

Reno/Sparks area REALTORS sold 384 single family homes in January, which was an 26% decrease from December 2019 and a 18% increase from January of 2019. Demand for homes is expected to remain strong, even with the lower inventory.

The median…

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Tax Deductions for Homeowners

There are plenty of benefits of owning your own home. You don't have to deal with difficult landlords. You're not paying someone else's mortgage and building your own equity. You can remodel and decorate to suit your lifestyle.

But owning a home can also be beneficial at tax time. Here are some of the bigger deductions homeowners can take: 

Mortgage Interest- If you own a home and your mortgage is less than $750,000 (or $375,000 if married and filing separately), you can deduct the interest you pay on the loan. If you purchased your home before December 31, 2017, you can deduct the interest on the first $1,000,000 of your mortgage ($500,000 if married and filing separately). This is one of the largest and most commonly known tax deduction for…

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Questions to Ask Before Refinancing Your Mortgage

Mortgage rates have been at record lows for quite a while and if you own your home, you might have thought about refinancing. Refinance loan volume jumped to the highest level since 2013 earlier this month. The current rate for a 30-year mortgage is 3.69%. So if your mortgage interest rate is higher than that, you could be paying too much. But, before you refinance your mortgage, here are some things to consider. 

How Are Your Finances? About 25% of mortgages are denied, most often for poor credit and too high debt-to-credit ratio. Before you consider refinancing, make sure that your credit score is solid, there aren't any errors on your credit report, and you have paid down or paid off debts to decrease your debt-to-credit ratio. 

How Long…

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March Things To Do In Reno And Sparks That Might Bring You Luck

If you’re looking for March things to do in Reno and Sparks, then you’ve found the right post! No matter if you want to race against a leprechaun, plan the perfect wedding, or support a nonprofit, you can do it all at one of the many March events in Reno/Sparks. For our top picks, keep reading!

March things to do in Reno/Sparks

Free Wedding Faire

• When: Sunday, March 1, 2020
• Where: My Wedding Library, 13945 S Virginia St, Ste 618, Reno
• More Information

Join Reno/Tahoe area event professionals for this free wedding fair, presented by My Wedding Library. My Wedding Library connects engaged couples with local Reno/Lake Tahoe wedding vendors, and helps couples to compare local vendors, read other brides’ reviews and communicate…

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How to Create a Small, Functional Bedroom

Many homeowners want a luxurious, spacious bedroom. But if one, or all, of your bedrooms is smaller than you would like, you'll have to get creative. We've created a list of the best ideas for utilizing the space in your cramped bedroom to create a functional space. 

1. Built-Ins. Floor to ceiling built ins can help make the best use of your wall space. Whether you're storing books or shoes, built-ins can be your friend in tiny bedrooms. 

2. Daybed. For a children's or a guest bedroom, a daybed can be the perfect space saver. With either another twin sized bed or storage underneath the bed, you'll be utilizing some much needed space. 

3. Wardrobes. If you're bedroom doesn't have much, or any, closet space, a floor-to-ceiling wardrobe with a slim…

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How To Create an Awesome Game Room

Do you have a room in your home that's not getting much use? Maybe it's a guest bedroom that rarely sees guests or a home office that's become more of a storage room? If you're a gamer, pool shark, or board game aficionado, we've come up with some easy ideas to make your game room the best on the block. 

Keep it Comfortable- Whether you're planning to host your friends or want a space for some me-time, make sure you have comfortable seating and practical tables. Puzzles might be best enjoyed on a bar height table with matching chairs and gamers might appreciate a coffee or side table to hold their drinks. 

Create a Versatile Space- Have a small guitar collection? Love board games from your childhood? Combine both passions with well organized space…

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Inventory & Percent of Sales Report – February 2020

As of January 31st, there were 632 single family homes available for purchase, a whopping 23% decrease from the prior month and 36% decrease from this time last year. About 60% of the available homes are priced under $600,000.

For homes priced under $300,000, we have just 12 days of inventory, and for homes in the range of $300,000 to $600,000, inventory is 29 days. The extremely low inventory is a challenge for buyers, but with little competition in the market, it’s a very good time to sell a home in these price ranges.

Inventory of homes priced from $600,000 to $900,000 is 2.5 months, and the $900,000 to $1,500,000 price range is about 4 months. All of these price ranges are firmly in a Seller’s Market. For homes priced over $1,500,000, we…

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First-Time Home Buyer Tips For Buying A Home In Reno Or Sparks

If you resolved to buy a home this year, then knowing some first-time home buyer tips is essential to reaching your goal. To put together a list of helpful first-time home buyer tips, I reached out to two of Dickson Realty’s trusted partners: Dereck Bowlen, the Branch Manager for Synergy Home Mortgage in Caughlin Ranch and Dwight Pace, the Homebuyer Programs Supervisor for the Nevada Housing Division. They recommended these seven first-time home buyer tips to anyone who wants to buy a new home this year.

Follow These 7 First-Time Home Buyer Tips

1. Assess your financial inventory

The first step to buying a home is getting a clear picture of your finances, Bowlen says. He recommended that first-time home buyers take an inventory of their income,…

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