Happy 150th Birthday Nevada!

Happy 150th Birthday Nevada-2Today marks the 150th anniversary of Nevada becoming a state. Yes, on October 31, 1864 the U.S. Congress admitted Nevada as the 36th state in the Union.

To commemorate this historic event the Nevada State Legislature put into place “Nevada Day” as a state holiday to take place each year on the last Friday in October.

Although many state and county offices are closed today, I’m working. If you (or someone you know) could use my assistance with a real estate need, give me a call (775-722-4011). I’m your Guy!

Read about the history of Nevada and Nevada Day at these links:
https://www.nevada150.org
http://www.nevadaday.com/pdf/history.pdf
http://www.nevadaday.com/pages/history.php

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This week’s real estate headlines

national real estate headlines - 2014Here are a few national real estate-related stories that came across my screen this week…

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Northern Nevada population boom forecasted

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Washoe County foreclosure-related recordings – September 2014

Below please find Washoe County, Nevada Notices of Default (NODs), Notices of Sale (NOSs), Trustees Deed Filings (TDs) and New SFR REO Listings statistics for September 2014 provided to us by our friends at Ticor Title of Nevada, Inc.

[Click on the chart below to enlarge.]

Ticor SEPTEMBER 2014 Foreclosure Related Statistics

Ticor Title’s commentary accompanying these foreclosure statistics…

Notices of Defaults (NODs) increased from 121 in August to 132 in September. Notices of Sale (NOSs) decreased from 98 to 79 in September. Trustees Deeds (TDs) increased slightly. As mentioned in recent months’ reports, there will be unpredictable foreclosure recordings due to SB321 (Homeowners Bill of Rights) and AB300.

related post: Washoe County foreclosure-related recordings – August 2014

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Washoe County insured recordings statistics – September 2014

Below please find Washoe County, Nevada resale, new home sale, and refinance insured recordings statistics for September 2014 provided by our friends at Ticor Title of Nevada, Inc.

[Click on the chart below to enlarge.]

Ticor SEPTEMBER 2014 Insured Recordings Statistics

Ticor Title’s commentary accompanying the statistics…

For September 2014, total new MLS listings decreased another 15%. Non Conditioned Sales & Listings decreased. Short Sale Listings increased slightly but short sale (sold) transactions decreased. REO sales and listings increased a little.

Median Sales Price decreased from $250,000 to $239,000. In Ticor’s chart attached, overall real estate transactions decreased from 788 transactions to 727 in September. New Homes had a slight uptick and Refinance transactions rose considerably.

There are some unique and beautiful developments coming onto the market. Unfortunately there isn’t a huge selection in the First Time Homebuyer price point, so first time homebuyers are looking to the resale market. The only issue is that we have no inventory in their price range.
Commercial real estate is healthy and is contributing to the real estate market recovery. Tesla is big news for residential and commercial agents. They are gearing up and preparing for the next 4 years. The commercial agents are very busy with businesses and investors coming into the market after the Tesla announcement and are looking for land to build on.
Out of 727 resale transactions in September, 31% were cash transactions.

related post: Washoe County insured recordings statistics – August 2014

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This week’s real estate headlines

national real estate headlines - 2014Here are a few national real estate-related stories that came across my screen this week…

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Welcome Cenntro Motors Corporation

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RSAR Monthly Market Report – September 2014

The Reno/Sparks Association of REALTORS® has released its real estate market report for September 2014. The report can be accessed by clicking on the chart below.

housing afordability index
September’s market report debuts two new charts on housing affordability (see Charts 27 and 28).

The Housing Affordability Index shown in these new charts is derived by examining many metrics, including:

  • median home sales price
  • Washoe County median income
  • a 5% down payment
  • the applicable interest rate for a 30 year fixed mortgage
  • and a debt to income ratio of 28%

A value of 100 on the index means that a buyer with the Washoe County median income has adequate income to qualify for a mortgage on a median priced home. From the Housing Affordability Index chart (Chart 27) we can see that in January 2012 the market was at its most affordable; coinciding when the median home price hit a low. With the recent increases in median price and interest rates, the median priced home is less affordable for the Washoe County median income earner.

The 13-month detail chart (Chart 28) applies the same factors identified above to the past thirteen months. An area with a factor of over 100 would be considered most affordable to the median income earner.

As can be seen in Chart 28 the Housing Affordability Index shows at today’s median price the most affordable areas are North Valleys, Old Southeast and Sparks.

Summary from the September report…

  • Sales are down for the month. It’s not unusual to see a drop in sales in the Fall and Winter months.
  • It appears the market is following the seasonal trends that were typical before the real estate boom and bust.
  • The sales to listing price ratio is down to 98.4% compared to September 2013 when it was at 99.4%. This is an indication that even though it’s a seller market, sellers are accepting less than listing price.
  • Available inventory is up 4.2%, but there is no real improvement in the “affordable range.” There is less than 3 Month’s Supply of Inventory in the $150,000 to $250,000 price ranges.
  • September pending sales are level with August at 395. Pending sales are a leading indicator of future closed transactions.
  • Interest rates are predicted to increase in 2015 which will reduce purchasing power. Buyers who are sitting on the fence should look at their options while interest rates remain at historic lows and down payment assistance programs are available.

related post: RSAR Monthly Market Report – August 2014

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