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: 

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.

Living in Northern Nevada offers a plethora of natural wonders, from the majestic Sierra Nevada Mountains to the expansive Great Basin. However, with this beauty comes the potential for seismic activity, making earthquake preparedness and insurance crucial aspects of living in this region. In this blog post, we'll explore the importance of earthquake preparedness and the role of earthquake insurance in safeguarding your home and family in Northern Nevada.

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:

If you are a homeowner in Washoe County, you recently should have received a notice in the mail from the Washoe County Assessor’s Office for your 2024-2025 Property Assessment Notice. This is an important document that can easily get lost in the hustle of the holidays, especially with all of the holiday cards and packages. In this blog, I will highlight the basics of what a Property Assessment Notice is and where you can find out more information on this topic. I recently interviewed Chris Sarman, Washoe County Assessor, for his expert insights and have the link to our podcast listed below.

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!

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.

Selling a home is a significant milestone in many people's lives. It often involves substantial financial investments and emotional attachment. Naturally, homeowners want to ensure that the selling process goes smoothly, with minimal surprises and setbacks. One way to achieve this is by getting a pre-inspection before listing your home. In this blog, we'll delve into the reasons why a pre-inspection is a crucial step in preparing your home for sale.

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. 👇

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.