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Your home is likely to be your single largest asset, and deciding to buy is a big decision - perhaps the biggest financial one of your life. With our years of experience in the local Reno-Sparks Real Estate Market, we have many tips and insights to share with our clients. If you are getting ready to start house hunting for your next home, here are some tips that we have found to be beneficial for our buyers:
With mortgage rates doubling in the last 12 months, buyers are scrambling to find lower-rate options to buy a home. One option is an adjustable-rate mortgage, also known as ARMs. An adjustable-rate mortgage is a home loan with an interest rate that can fluctuate periodically based on the performance of a specific benchmark. ARMs generally have caps that limit how much the interest rate and/or payments can rise per year or over the lifetime of the loan.
The Santa Claus rally of 2022 failed to materialize in our real estate market in December 2022. Our local market faced several stiff headwinds in December including a doubling of the mortgage rates since December 2021, stronger-than-expected winter storms, and of course the holiday season. The month-over-month median home price dropped 5% to approximately $520,000. More importantly, it was the first time in several years that our market actually lost value year over year. THAT IS CORRECT, the median home price is down 4.7% over the last 12 months. Check out our full market podcast below for full details. 👇
When searching for your next home, there are many decisions to make. From location, size, and price to type of home. For many, a condominium or townhouse is a great fit. But did you know that a condo and townhouse are considered different home types? From the amenities and the structure to the way title companies view these two property types, there are some very distinct differences. In this blog we will look at the definitions of Condominium and Townhouse.
Your REALTOR® should be many things - helpful, knowledgeable, experienced, confident, and ready and willing to help guide you on your new-home-buying-journey. You and your REALTOR® will be spending a lot of time together searching for your dream home so you will want to be sure she or he is the right person. .
Even with the recent changes in the real estate market, there are many important and financially beneficial reasons to own your own home. Sometimes those reasons are unknown or often overlooked by potential buyers. In this blog I have put together a list of seven reasons to own your own home.
Living in the high desert makes us vulnerable to several types of flooding including 100-year and 500-year floods, flash flooding, and closed-basin flooding. Washoe County has several areas that are particularly susceptible to flooding including the floodway and floodplain of the Truckee River and its tributaries, including Steamboat Creek and Dry Creek in eastern Reno and southern Sparks.
Therefore, it is critical that you know where the flood zones are to protect your property and your family from these events. I have put together a short video to help walk you through the easy steps to check if a home you are interested in purchasing in Washoe County is in a Flood Zone.
Mortgage and recording fraud is on the rise. Mortgage and recording fraud happens when the title to real estate is illegally transferred and recorded without the knowledge or consent of the legal owner. As a homeowner, you need to protect yourself and your property from these detrimental fraud activities.
In our latest market update, Elena Boland, of Wholesale Mortgage stops by to discuss our market for August 2022. The real estate market in Northern Nevada has slowed over the last few months. The median home price is down to $574,510 for the month of July, which is now off $40,000 from the record median home price of $615,000 that we saw in May 2022. Another sign that the market is cooling is the median days to contract. It is up 300% from last August and is now at 25 days. The days of selling your house in a weekend are officially over. Finally, the monthly supply of inventory has increased sharply to 3.2 months. While we haven't entered into a balanced market, which is when the supply is between 4 to 6 months, we should be there next month.