Latest Real Estate Market News

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. 

It’s time for a recap of the Reno/Sparks Residential Housing Market for January 2024! In our latest podcast, we unravel the trends, surprises, and noteworthy developments that have shaped the real estate landscape in the vibrant Reno/Sparks area. Join us as we delve into the data and insights provided by industry expert Brian Cushing from American Financial Network, examining how the market has defied expectations and set the tone for a dynamic and compelling year ahead. From unexpected growth to the challenges faced by buyers, our recap will provide a comprehensive snapshot of the current state of the residential housing market in this bustling region. 

Despite predictions of a downturn in 2023, the market proved the skeptics wrong, showing an impressive nearly 10% increase. However, prospective buyers are navigating challenges like low inventory and elevated prices, requiring a well-thought-out strategy to secure their dream home in 2024.

In our podcast, we highlight the essential Top 5 Home Buying Tips for 2024:

Many individuals look for a community that suits their lifestyle as they approach their golden years. They want a community that offers a vibrant, enriching environment. The Reno-Sparks area has several 55+ communities that provide an ideal setting for active adults looking to enjoy retirement with a sense of community, leisure, and engagement. In this blog, I will highlight some of the enticing amenities of living in a 55+ community as well as feature some of the newer 55+ communities in our area that offer this active adult lifestyle.

ALTA statements, or American Land Title Association Statements, play a crucial role in real estate transactions. These statements are designed to provide transparency and clarity regarding the financial aspects of a real estate deal, ensuring that all parties involved have a comprehensive understanding of the property's financial history and the credits and debits in a real estate transaction. In this blog post, we will explore the significance of ALTA statements, their components, and why they are essential in real estate deals.

Seller concessions in a real estate transaction can be a strategic and mutually beneficial tool for both sellers and buyers. In this blog, I highlight some compelling reasons why both parties should consider incorporating seller concessions into their real estate negotiations. I also recently highlighted this topic on my podcast and recommend that you click the link in this blog to learn even more insights on this topic.

Last week I highlighted the unique features of selling a home during the winter months, and in this week’s blog, I highlight some helpful tips for home-buyers in the winter. As the temperatures drop, the days get shorter and snow blankets the ground, prospective homebuyers can encounter both challenges and opportunities. Purchasing a home during the winter season accentuates the need for careful planning, thorough inspections, and an understanding of seasonal factors. In this blog, I outline some tips to help you navigate purchasing a new home during the winter months.