Latest Real Estate Market News

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. 

Do you know what questions to ask when looking to hire a REALTOR®? We have talked about this topic before and feel that this topic is important for anyone who is considering buying or selling a home. 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 and you will want to be sure she or he is the right person. 

Join us for an in-depth exploration of the Northern Nevada real estate market in our latest podcast episode. I am thrilled to welcome back Brian Cushing, Sales Manager at American Financial Network, for a comprehensive discussion of the market dynamics shaping the Northern Nevada real estate landscape as of October 2023. In this insightful session, we unravel the impacts of geopolitical factors, interest rates, and local market conditions on the real estate scenario. Be sure to click the link to the podcast at the end of this blog post!

The real estate market is constantly evolving, and buying property in today's landscape presents unique challenges. There are many pieces to the puzzle that you need to take into consideration when searching for a new home. Prospective buyers need to be well-prepared and adaptable from bidding wars to limited inventory. In this blog, we'll explore the current challenges in the real estate market and offer practical tips for successfully navigating the process of buying real estate in these dynamic times.

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.  

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. 

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. 

House hunting can be an exciting yet daunting task. Whether you're a first-time homebuyer or looking to upgrade to a new place, it's important to be well-prepared to ensure a smooth and successful house hunting experience. In this blog post, we will provide you with a comprehensive guide on how to prepare for your house hunt, covering everything from setting your budget to conducting thorough research and making informed decisions.

 

Home loans are used to finance the purchase of a new or existing home. There are several different types of home loans available, each with its own unique set of features and benefits. In this blog post, we will discuss some of the most common types of home loans.