Latest Real Estate Market News

The Reno-Sparks real estate market has experienced notable dynamics, reflecting broader regional and national trends. For this month's Reno-Sparks Market Update, Elena Boland from Wholesale Mortgage joined me to help break down the details of these real estate trends. We discuss the steady median home prices at $610,000, a 6% year-over-year increase, and mortgage rates in the low sixes for conventional loans. Learn about the shift in closed sales, seasonal inventory changes, and the key differences between conventional and government-backed mortgage rates as we look back at August's real estate market details for Reno-Sparks.  

Our September 2024 Reno-Sparks Market Update podcast includes highlights on: 

The recent settlement involving the National Association of Realtors (NAR) has sent ripples through the real estate industry, signaling significant changes for both home buyers and sellers. Starting on  August 17th, buyers will need to sign agreements with their agents before viewing homes, both in-person and virtually. Additionally, sellers are no longer required to pay buyer's agent commissions, shifting the negotiation dynamics in the housing market. For anyone navigating the housing market, understanding the implications of this settlement is crucial, as it could affect everything from the price you pay for a home to the services you receive from your real estate agent. In this blog, I will highlight what the NAR Settlement means to homebuyers and sellers.

If you are looking to buy or sell in the current Reno-Saprks real estate market it's important to stay up-to-date on the current and often changing market conditions. In my latest podcast, I am joined by Elena Boland from Wholesale Mortgage to discuss the essential real estate trends from May 2024 and what that means going forward.  We cover key topics such as median home prices, current mortgage rates, and effective selling strategies.

If you are looking for a picturesque suburban subdivision in South Reno, then Curti Ranch might be the perfect fit. This South Meadows community offers a prime location with easy access to urban conveniences while retaining a serene ambiance, Curti Ranch offers a harmonious blend of nature and modern living. In this blog, I will highlight some of the wonderful amenities that this area has to offer

Looking for a new place to call home can often feel overwhelming. The decision-making process can be filled with uncertainties and questions, with one of the biggest being, "Is it time to transition from renting to owning a home?"

Buying a house sight unseen can be a daunting task, but with careful planning and consideration, it can also be a successful endeavor. In this blog post, I highlight some tips for navigating the process. And check out my podcast episode, where I teamed up with Elena from Wholesale Mortgage to discuss buying houses in beautiful Northern Nevada, even when you can't physically be there to see them! If you're planning a move to Northern Nevada or considering buying a house sight unseen, this episode is a must-see. 

Whether you're a first-time homebuyer or seasoned in the real estate game, navigating the terrain of home loans involves grasping various elements—from prevailing interest rates and contractual specifics to the array of loan options tailored to your needs. In this blog post, we've compiled a vital glossary of loan and lending terms to equip you with foundational knowledge for a smoother journey through the process of purchasing a new home.

Important Home Loan & 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 we get ready to welcome the month of April, lets take a look back at the Reno-Sparks real estate market in March 2024. I recently sat down with Brian Cushing from American Financial Network to provide a comprehensive overview of the March 2024 real estate market in the Reno-Sparks area on my podcast.

As we welcome the month of March, let's take a look back at the housing market in the Reno-Sparks region last month. In my latest podcast, my co-host Brian Cushing and I delve into the intricacies of the Reno/Sparks housing market as of February 2024. As someone deeply immersed in real estate, I understand the hurdles buyers face in such a competitive environment. Thus, I'm thrilled to share valuable insights and tips to help you navigate this tight market effectively. In the podcast, as we dissect key statistics, including median home prices, closed sales, price per square foot, new listings, and inventory levels. Staying informed about these metrics is crucial for making well-informed decisions in today's dynamic market. I have included the link to watch the podcast below in this blog post.