Latest Real Estate Market News

My wife and I recently attended a beautiful wedding that reminded me about how exciting it is when newlyweds embark on sharing their lives together. It can also be complicated and sometimes stressful when the happy couple brings with them real estate assets, or when the couple decides to buy a home together. I have found, from both personal experience and through the experiences of our clients, that many struggle with how to best combine and protect their assets. If you are recently married, or soon to be married, and want to avoid the “Just Married Angst,” please take the time to read through this blog which highlights real estate-related tips for newlywed couples.  

Life is unpredictable, and unexpected events can wreak havoc on our homes and lives. Whether it's a natural disaster, a fire, theft, or other unforeseen circumstances, having the right home insurance coverage and a solid emergency preparedness plan can make all the difference. In this blog, we'll give some essential tips for prepping your home and family for emergencies.

As the leaves change color and the air grows crisper, it's a clear sign that winter is approaching. Preparing your home for the colder months ahead is not only essential for your comfort but also for the longevity and efficiency of your property. Winterizing your home can help you save on energy bills, prevent costly repairs, and ensure a warm and cozy environment for you and your family. In this comprehensive guide, we'll walk you through the steps to prepare your home for winter.

As the summer heat gives way to the cool breeze of early fall, Reno and Lake Tahoe come alive with a vibrant array of events and activities. September is right around the corner and is a fantastic month to explore the natural beauty, cultural diversity, and thrilling events that this region has to offer. Here's a curated list of our must-attend events happening in September.

Homeownership is a cherished goal for many individuals and families, providing stability, security, and a sense of belonging. However, unforeseen circumstances such as financial difficulties or legal issues can sometimes threaten this stability. Fortunately, states like Nevada offer a legal tool known as the Declaration of Homestead to help homeowners protect their primary residence from certain creditors and legal claims. In this blog post, we'll delve into the concept of the Declaration of Homestead in Nevada, exploring its benefits, requirements, and limitations.

Moving can be a daunting task, but with proper preparation and organization, you can make the transition smooth and stress-free. As you embark on a new chapter in your life, it's time to plan a seamless move to your new abode. In this blog post, we'll share valuable tips to help you navigate the post-selling phase and ensure a hassle-free move.

Whether you are purchasing your first home or you have purchased a home in the past, there are many things to know about securing a home loan—from the current rates to the terms and conditions and the types of available loans for your situation. We have put together a list of important loan and lending terms in this blog post to help you get a head start on understanding the different aspects of this crucial piece of the home-buying process. 

Important Loans & Lending Terms

Term.  Mortgages are generally available at 15-year, 20-year, or 30-year terms. In general, the longer the term, the lower the monthly payment. However, shorter terms mean you pay less interest over the life of the loan.

Fixed vs. adjustable interest rates.  A fixed rate allows you to lock in a low-interest rate as long as you hold the mortgage and, in general, is a good choice if interest rates are low. An adjustable-rate mortgage (ARM) usually offers a lower rate that will rise as market rates increase. ARMs usually have a limit as to how much and how frequently the interest rate can be increased. These types of mortgages are a good choice when fixed interest rates are high or if you expect your income to grow significantly in the coming years.

Non-traditional mortgages.  Also sometimes called “exotic,” these mortgage types were common in the run-up to the housing crisis, and often featured loans with low initial payments that increase over time.

Balloon mortgage.  This is a form of non-traditional financing where your interest rate will be very low for a short period of time—often three to seven years. Payments usually only cover interest so the principal owed is not reduced. This type of loan may be a good choice if you think you will sell your home at a large profit in a few years. 

Government-backed loans. These loans are sponsored by agencies such as the Federal Housing Administration or the Department of Veterans Affairs. They offer special terms, including reduced interest rates to qualified buyers. VA Loans are open to veterans, reservists, active-duty personnel, and surviving spouses and are one of the only options available for zero down payment loans. FHA loans are open to anyone, and while they do require a down payment, they can be as low as 3.5 percent. Drawbacks include a slower loan process and—for FHA loans—the need to pay mortgage insurance.

Be Sure to Do Your Homework

As the housing market shifts, so do lending practices. A mortgage broker—an independent professional who acts as an intermediary between you and lending institutions—may be able to help you find a better rate than you can on your own. Also, be sure to shop around; slight variations in interest rates, loan amounts, and terms can significantly affect your monthly payment.

It is important to do your research and understand what options are available for you. Many home buyers do not take the time to get prequalified for a new home loan. They also often do not take the time to shop around to find the best mortgage for their particular situation. It’s important to ask plenty of questions and make sure you understand the home loan process completely. You can learn even more about the process pre-approval process and what to expect here.

More Helpful Resources

If you would like to learn even more about lending and home loans, our local market, and the entire real estate process, we have many videos with local experts available. Just visit our YouTube Channel and be sure to subscribe to our channel for the latest real estate videos. 

As summer heats up, many fun-filled events can be found going on in the Reno-Sparks-Lake Tahoe region. From thrilling outdoor adventures to cultural festivals, there's something for everyone in this beautiful region. We've compiled a list of the must-attend events, so you don't miss out on the fun. Let's dive into some of our favorites!

Hot August Nights (July 29 - August 7, 2023): Classic car enthusiasts, this one's for you! Hot August Nights is a renowned annual event where vintage cars line the streets of Reno and Sparks. Enjoy live music, food vendors, and a friendly atmosphere that celebrates all things retro.

Classical Tahoe (July 9 - August 17): Enjoy orchestra, jazz, chamber music, and family concerts set in an intimate outdoor pavilion on Lake Tahoe’s North Shore. Musicians include some of the very best from the top orchestras in the country such as the MET Opera Orchestra, LA Phil, NY Philharmonic, Philadelphia Orchestra, Cleveland Orchestra, San Francisco Symphony, Dallas Symphony, Toronto Symphony, and more.

It’s time for a real estate market update for Reno-Sparks! In this blog post, we will delve into the latest trends, statistics, and developments in the housing market to give you a comprehensive overview of what's happening in the area. As of July 2023, Reno-Sparks continues to be a dynamic and competitive market. 

Your home is more than just four walls; it's a sanctuary that holds your cherished memories and personal belongings and provides a sense of security for you and your loved ones. However, unforeseen events like natural disasters, theft, or accidents can threaten your home and its contents. This is where homeowners insurance comes into play. In this blog post, we will explore the importance of homeowners insurance and why it is essential for every homeowner to have adequate coverage.