If you are thinking about selling your home or need to sell your home but have been putting it off, then continue reading for a few good reasons to list your home now rather than waiting for spring:

  1. Congress has extended the Mortgage Debt Relief Act through 2013. This may allow you to have the difference between what you owe and what you can sell your home for, be an income tax free event. (This is commonly referred to as Short Selling). Always check with your financial and/or tax professionals for advice on what’s best for your situation.
  2. Nevada’s AB 284, which has dramatically slowed the number of foreclosures, may or may not continue in its current form. Lawmakers (being pressed by lenders) may make changes to the legislation this year. This…

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The Greater Reno/Sparks Market Report for October 2012 has been released by the Reno/Sparks Association of REALTORS. This month’s report data shows that local sales remain strong despite lower inventory levels. Total 2012 year to date sales regionally are ahead of 2011 by 161 sales. If this trend continues through year’s end, the market will outpace the performance back to 2005. The sales statistics in MLS Area 122, which includes all of Somersett, are also on track to outperform last year with 186 homes sold YTD through Nov 20th, compared with 187 homes sold in all of 2011 (source: Northern Nevada Multiple Listing Service – NNRMLS).

Current residential inventory (not including Pending or Active/Pending) in the Somersett area sits at just 33 available…

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Source: CORELOGIC

According to the latest from CoreLogic, Nevada ranked third in the nation for single family home price appreciation during the month of September. Including distressed sales, prices were up 11 percent from a year earlier. Excluding distressed sales, prices were up 9.5 percent.

Home prices nationwide, including distressed sales, increased on a year-over-year basis by 5 percent in September 2012 compared to September 2011. This change represents the biggest increase since July 2006 and the seventh consecutive increase in home prices nationally on a year-over-year basis. On a month-over-month basis, including distressed sales, home prices decreased by 0.3 percent in September 2012 compared to August 2012*. The HPI analysis from…

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According to the recently published Market Report by the Reno Sparks Association of REALTORS, the median sales price for single family homes in the Reno/Sparks area  in September 2012 was up 1.7% to $178,000 compared to $175,000 in August, 2012. Comparing September 2012 to the same period in 2011, the median sales price is up 19.5%. The median price is defined as the mid-point, where, for the time period identified, the price for one-half of the sales are higher and one-half are lower.

The report also indicated that the volume of sales is down, and this is true. The number of housing units sold in September was 463, down 12.5% from August 2012, and down 19.5% from September 2011. However, the reduced volume of sales is more related to the lack of…

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