CoreLogic released their Home Price Index report for November, showing that home prices fell by 0.2% from October but they were 8.6% higher when compared to November of last year. This annual reading declined from 10.1% in October but is still solid. More importantly, CoreLogic forecasts that home prices will drop 0.1% in December but rise 2.8% in the year going forward.    What’s the bottom line? While CoreLogic has reported slightly negative readings month to month, they still forecast nearly 3% appreciation nationwide over the next year, which can be meaningful for wealth creation. For example, if someone bought a $400,000 home and put 10% down, they would gain $12,000 in appreciation over the next year and earn a 30% return on their investment…

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This gorgeous 5,419 sq. ft. Somersett home is located directly on the golf course in a private, quiet cul-de-sac. The recently remodeled kitchen is stunning, with a farmhouse sink in the enormous island as well as a very spacious butler's pantry with an additional sink and dishwasher, refrigerator space, and an abundance of storage. The several living areas include a spacious living room, den and a ground-level bonus room with a wet bar, bathroom, and direct patio access.

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Median home sale prices have risen on a year-over-year basis for 52 consecutive months. In June, they reached yet another all-time high. Sure, from a macro view, we all understand that it’s a matter of supply and demand — not enough homes for sale in the major employment centers.

But what about your house, or the house that you want, in the city where you live? What drives the price of a specific home in a specific place?

The three factors that matter most

Rick Singh, the elected property appraiser for Orange County, Florida, says the price of a home hinges on three factors: location, product and timing.

Product and location are intertwined, meaning “the right home in the right neighborhood,” Singh says. Timing, though, can be tricky,…

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by The Cushing Team of Guild Mortgage Company | 6990 S. McCarran Blvd, Suite 200, Reno, NV 89509

New Home Sales, which measure signed contracts on new homes, rose 7.5% in October to a 632,000-unit annualized pace, coming in much better than the 5.5% decline that was expected. There was a negative revision to September’s sales that made October’s gain appear a bit bigger, but even when factoring this in sales were up 5.5%. The median home price for new homes was $493,000, which was an increase from September, but remember this is not the same as appreciation. It simply means half the homes sold were above that price and half were below it, and this figure can be skewed by the mix of sales. Last month, there was a big uptick in sales of homes in…

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Help Sierra Nevada Properties keep the kids of Libby Booth Elementary School warm this winter! Donate new or clean and gently used warm clothes (including warm pajamas, pants, sweaters, hoodies, gloves, hats, socks, etc), shoes, coats, and more for children aged 5-12 years old⁠. Donations can be dropped off at the Reno Sierra Nevada Properties office at 6990 S, McCarran Blvd, suite 300 by December 7th. Please call 775.689.8228 for more information. May be an image of text that says 'SIERRA Cares SierraNEVADA NEVADA PROPERTIES 1979 DONATE NOW! SNP Annual Warm Clothes Drive for Libby Booth! New, clean/gently gently used hoodies, sweatshirts, coats, hats, mittens/ gloves, socks & winter shoes Children ages 5 years to 12 years old Sierra Nevada Properties Reno Office 6990 McCarran Blvd Ste 300, Reno'

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First Thing’s First

When potential buyers arrive at your home, the first thing they’ll see is your front yard and the exterior of your home. Don’t overthink it, just go stand on the curb and fix the things that look a bit off to you. If your budget permits, have some landscaping done. A little bit of improvement will really go a long way.

Refresh Your Kitchen

It’s no surprise that the kitchen is a huge component of the home, so if you’re thinking about selling, it may be time to do some touch-ups. Replacing dated appliances with stainless steel versions would be extremely expensive, but replacing just one with a steel counterpart actually improves the feel of the whole kitchen. If you see some chipping or scratches on the cabinetry, consider…

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By The Cushing Team of Guild Mortgage Company | 6990 S. McCarran Blvd, Suite 200, Reno.

As expected the Federal Reserve has hiked the "Fed funds rate" by 75bps to a target range of 3.75% to 4.00%, which is the highest rate since 2008. The new Fed statement hinted at a change of policy by taking the lag of tightening's impact on economic activity and inflation into account.

This could indicate a pivot in the near future. Home sales continued to cool in September while consumer inflation needs to cool further. Find out more about these stories, along with the latest news on home price appreciation, GDP and Jobless Claims.

The Fed’s favorite measure of inflation, Personal Consumption Expenditures (PCE), showed that headline inflation rose 0.3% in…

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This stunning home is ideally located on the 9th hole of Lakeridge Golf course. In addition to being fully renovated, the modern floor to ceiling windows highlight the exceptional views and expansive patio. Entertainers will love the many areas that are perfect for socializing. The kitchen has been completely updated with sleek new cabinetry, and gorgeous countertops, including an enormous island, new fixtures, and a classic subway-tiled wall. There is a wood-burning fireplace in the great room!

5050 Rio Pinar Drive, Reno 89509

$1,300,000




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If you are planning to purchase a home or land, or are planning to sell your property, please reach out. We are happy to answer any questions you may have about the local real estate market, buying, or selling. 

 

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These stats reflect what has happened in the market up until the end of the previous month (August 2022).  Market stats for September will be available in the middle of October.

If you'd like an even more local report on real estate in your neighborhood, please reach out to me via social media, text, email, or phone, and let me know you'd like a Homebeat. I'll send you monthly updates on what is happening right in your neighborhood.

Please note that the arrows represent an up-or-down in the values, not whether it is 'good' or 'bad.' For example, days on contract may show a red arrow, but properties are selling faster than they were the month before.

Months Supply of Inventory (also known as absorption rate) is the amount of time it would take to sell all…

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