NevadaNeighbors.com

Market Statistics for May 2010

Kirk Bailey — Thu, 08 Jul 2010 05:37:35 +0000

Click on the link below for Reno/Sparks Market Statistics by area:

Market Stats May 10

Market Statistics for April 2010

Kirk Bailey — Thu, 08 Jul 2010 05:30:23 +0000

CLICK ON THE LINK BELOW FOR MARKET STATISTICS FOR RENO/SPARKS BY AREA:

Market Stats Apr 10

What is HAFA?

Kirk Bailey — Fri, 21 May 2010 19:22:08 +0000

Great video summary of what a HAFA Short Sales is. Kirk Bailey has earned the designation “Short Sales & Foreclosure Resource” by the National Association of REALTORS. Contact him with questions regarding Short Sales, Foreclosures and Loan Modifications. 775-762-1165 kirk@nevadaneighbors.com Related posts:Kirk Bailey Earns Coveted “NAR Short Sale & Foreclosure Resource” Certification Related posts:

Kirk Bailey Earns Coveted “NAR Short Sale & Foreclosure Resource” Certification

Reno/Sparks Market Update for March 2010

Kirk Bailey — Tue, 04 May 2010 16:28:58 +0000

March offered a “bounce back” to 24 new home sales in Washoe County, versus six in February, although 24 is still low compared to the monthly numbers in 2009 that averaged 42 per month.

Prices of new homes are 28% off compared to March 2009 (Washoe County), and 21% off compared to the 1st quarter of 2009.

The bright spot in the new home market are condo sales prices. The median price of new condos in Washoe County jumped 55% March over March, and 56% quarter over quarter. The first reaction the such large price increases is the “lake effect”, but no new condo sales were recorded in Incline Village/Crystal Bay in the 1st quarter.

It’s NOT “Reno 911″, It’s “Tahoe East”

Kirk Bailey — Tue, 27 Apr 2010 17:40:23 +0000

Welcome to our beautiful playground, the Reno-Tahoe area, where real estate is affordable again and we’re blessed with a great community of people and surrounded by the natural beauty of the sierra. Reno’s close proximity to majestic Lake Tahoe, about which Mark Twain once said, “…it must surely be the fairest picture the whole world affords,” paints a dramatically different picture than the one often portrayed on the TV show, “Reno 911.”

There aren’t many places in the world where you can hit some of the 18 finest ski resorts in North America in less than 30 minutes, such as Mt. Rose and Squaw Valley. They are literally in your back yard! Let’s not forget the other recreational activities, which include fine dining, unique shopping, kayaking, river rafting, boating, fly fishing, hiking, and mountain biking. The list goes on and on.

Wanna get away? Well, no problem. The Reno area is a prime geographic location for quick getaways. TheReno/Tahoe International Airport provides easy access to Las Vegas, L.A., San Francisco as well as many other destinations. The airport is a great hub for continental flights and vacation destinations. Opt for driving instead? Grab some snacks, pack the kids and load the car for a 2 ½ hr drive to Sacramento, or 3 hours to San Francisco and the wine country. Why not hit Auburn, Roseville, Nevada City or Truckee on the way back for some great shopping and a bite!

The Reno/Tahoe area is fortunate to enjoy all four seasons. Winter for snow sport lovers, summers for boatingand water sport enthusiasts, Spring and Fall for the perfect temperatures and gorgeous scenery. Reno/Tahoe also has an average of 300 days of sunshine with an average high of 91° during the summer. The summer season often lasts all the way into mid September. One of the things that people should know when considering moving to the Reno/Tahoe area is that the sky, for the most part, is really blue unlike the smog-filled skies of large metro areas. Getting around is easy. You can count on 20-30 minutes at the most, in heavy traffic, from one end of town to the other.

Our blue skies are not the only reason people love Northern Nevada… we have a favorable business climate too! No personal state income tax, no corporate income tax, no state capital gains tax, no state estate tax and plenty of available commercial space for businesses that want to make Northern Nevada their home. According to the 2009 State Business Tax Climate, Nevada is at number three in the nation when it comes to business-friendly tax systems. *Ref: Reno-Sparks Chamber.

The Reno/Tahoe area also provides some of the best companies and organizations to work for such as Amazon.com, Barnes & Noble, University of Nevada Reno, Renown Medical Center, St.Mary’s Hospital, Microsoft, Intuit, Washoe County School District and much more. There are many small start-up companies that view Nevada as a welcoming place to do business. Northern Nevada isn’t just about gaming and tourism jobs anymore. Nevada is also home to more that 14,000 manufacturing jobs.

There are a plethora of year-round activities to participate in which include everything from family outings like the Reno Balloon Races, Reno Air Races, the Rib Cook- off, art & culture, ARTown during July, wine tastings, music concerts at the Grand Sierra Resort, the Reno Events Center and the new Knitting Factory Concert Venue, Broadway Shows at the Pioneer Theater, The Reno Philharmonic, sporting events such as the Reno Aces Baseball and the University of Nevada Reno Wolf Pack football and basketball teams, 50 of the best golf courses, historicVirginia City, and many more. The Reno/Tahoe area is also a great place to raise kids. Our neighborhoods have some of the best schools and parks as well!

The Reno/Tahoe area has many amenities of a big city but the advantages of a small town. It’s probable that when out and about you are likely to run into someone you know, and the people who live here are generally friendly. Loyalty is King when it comes to local businesses. It’s nice to be able to frequent local businesses and have the owners and employees actually remember your name.

It’s easy to understand why so many people make the Reno/Tahoe area their home. The median price of homes in the Reno area now start at $187k-$229k. That equates to a house payment that starts at $996 to $1220 a month which is cheaper than renting an apartment! There’s never been a better time to purchase a home with prices and interest rates at all time lows. It’s easy and affordable for the average family to become Nevada home owners.

So, we welcome you to NevadaNeighbors.com where we bring you the latest and most relevant real estate information on the Reno/Tahoe market as well as fascinating stories and interviews about the people that call this area their home. Keep coming back and the next neighbor we feature just may be you!

Truckee Meadows Water Authority Speaks to Rotary 4/26/10

Kirk Bailey — Tue, 27 Apr 2010 04:15:52 +0000

MONDAY, APRIL 26th LUNCH PROGRAM

Mark Foree

General Manager, Truckee Meadows Water Authority (TMWA)

Truckee Meadows Water Authority – Your Water System Today

Mr. Foree, a registered professional Civil Engineer in Nevada and California, has nearly 30 years of experience in planning, design, operation and maintenance of complex water treatment and distribution systems. He served at TMWA as Manager of Engineering prior to being promoted to Director of Operations in October, 2002.

As Director of Operations, Mr. Foree was responsible for overseeing all operations of the Water System, including policy and direction for the water business from the source to the customer as it relates to planning for existing and future customers; Truckee River operations; water treatment including operation and maintenance of treatment facilities; distribution system operation and maintenance of all supply, production, storage and distribution facilities; engineering and planning for new facilities and renewal and rehabilitation of existing facilities and the construction of those facilities; water quality (meeting drinking water standards) and hydroelectric operations. Mr. Foree was named Interim General Manager in August, 2008 and was named General Manager in May, 2009.

Mr. Foree holds the highest level of operator certifications for both water distribution and water treatment in the state of Nevada and is also a Nevada registered Water Rights Surveyor.

For more information of informative community programs presented each Monday at the Rotary Club of Reno and to explore community service opportunities through Rotary, visit the Rotary Club of Reno’s website or contact Kirk Bailey at kirk@nevadaneighbors.com.

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Reno/Sparks Market Update: February 2010

Kirk Bailey — Mon, 26 Apr 2010 17:44:12 +0000

The chart below shows Reno/Sparks real estate market data for February 2010. Click on the chart to enlarge.

Kirk Bailey Earns Coveted “NAR Short Sale & Foreclosure Resource” Certification

Kirk Bailey — Mon, 26 Apr 2010 04:48:15 +0000

Kirk Bailey Earns NAR Short Sales and Foreclosure Certification

Buyers and Sellers Benefit from REALTOR^® Expertise in Distressed Sales.

Kirk Bailey with Prudential Sierra Nevada Properties has earned the nationally recognized Short Sales and Foreclosure Resource certification. The National Association of REALTORS^® offers the SFR certification to REALTORS^® who want to help both buyers and sellers navigate these complicated transactions, as demand for professional expertise with distressed sales grows.

According to a recent NAR survey, nearly one-third of all existing homes sold recently were either short sales or foreclosures. For many real estate professionals, short sales and foreclosures are the new “traditional” transaction. REALTORS^® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities.

“As leading advocates for homeownership, REALTORS^® believe that any family that loses its home to foreclosure is one family too many, but unfortunately, there are situations in which people just cannot afford to keep their homes, and a foreclosure or a short sale results,” said 2009 NAR President Charles McMillan. “Foreclosures and short sales can offer opportunities for home buyers and benefit the larger community, as well, but it’s extremely important to have the help of a real estate professional like a REALTOR^® who has earned the SFR certification for these kinds of purchases.”

The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk, and provides resources to help REALTORS^® stay current on national and state-specific information as the market for these distressed properties evolves.

To learn more about how Kirk can help you with your Short Sale, Foreclosure & Loan Modification questions, call him at 775-762-1165.

Market Statistics for January 2010

Kirk Bailey — Sun, 25 Apr 2010 22:30:12 +0000

The following chart shows market statistics for Reno & Sparks for January 2010.

Is Now The Time to Buy?

Kirk Bailey — Sun, 25 Apr 2010 20:36:04 +0000

Is our real estate market at the “bottom”? Is now the time to buy? What does your “crystal ball” say?

It’s impossible to know exactly what the future holds for Reno/Sparks real estate values but, we can take account of current market conditions and compare those statistics to historical data and other factors that are likely to influence local home values.

I came across the following data from the Center for Regional Studies at UNR. It shows what the area’s home values would be if the housing bubble had never happened based on historical trends. This graph shows how quarterly home values in the Reno-Sparks area have performed relative to the “average” performance from 1990 to 2001 when homes appreciated 0.97% per quarter.

The graph below (click on image to enlarge) shows current and historical, including the housing bubble, home pricing for our market. It’s interesting to note the current home values vs. what they most likely would be if we had not experienced the housing bubble and had just progressed on the “normal” trend-line.

As you can see by the red line on the chart, home appreciation rates simply exploded in 2003 and grew unchecked for two solid years. The housing mania created a buying frenzy, with people jumping into mortgages that they otherwise wouldn’t have, except for the fact that everyone wanted a piece of this unprecedented appreciation. New home builders couldn’t build homes fast enough, with many resorting to a “lottery system” to allocate homes to potential buyers, and existing homes were selling so quickly that sellers could basically put any price on the house knowing that if they waited long enough, someone would pay full asking price for it. And most didn’t have to wait long. The average time on market for existing homes plummeted from the 90-100 day average to just 40-50 days…and many homes sold the same day they were listed. Then, the bubble burst…

The median sale price of existing single family homes in the Reno-Sparks market peaked at $350,000 in the third and fourth quarters of 2005, and it’s been a long, steep fall from there. Since then, the median sale price has dropped by 51% to just $171,900 and is still falling. At this rate, assuming that the market stabilized today and returned to a historical appreciation rate of 0.97% per quarter, it would take over 13 years for homeowners who bought at the peak of the market to recover their investment. And that’s really optimistic at this point. Is it any wonder that thousands of people are voluntarily walking away from these bad investments?

According to the chart, current housing values are WAY below “normal” market prices. Combine this statistic with the likelihood of increasing interest rates and it would indicated that NOW is the time to buy.

Please share your thoughts on this chart and our current market.

— Kirk Bailey