Buyers did you know that about 50% of the homes on the market in , Nevada are either bank owned foreclosures (REOs) or short sales (pre-foreclosures)? Probably not, but as of today, September 26, 2008 here is what the landscape looks like for buyers in . Out of 728 stick built homes - 140 are bank owned, 7 are subject to court approval before purchase, 4 are relocation company properties,..(read more)
Many of you are hearing that mortgage giants Fannie Mae and Freddie Mac were taken over by the federal government over the weekend. It is still a little early to know what the full impact of this action will be.
Here is a very imformative article that will give you more information about this and what it might mean for the real estate industry.
www.dsnews.com/view_story.cfm(comment)
Sales of single family homes in the and Spanish Springs areas dropped 17.3% in August as compared to July this year. But when compared to August of 2007 the drop is only 6.5%. The median home price in and Spanish Springs for August 2008 was $227,650, which is down from $291,500 in 2007. The average number of days homes are on the market was 133 this year compared to 106 last year.
Let's..(read more)
Today the President signed into law HR 3221 otherwise known as "Housing and Economic Recovery Act of 2008". This legislation has gotten a lot of press coverage and interest. There are thousands of articles being written about it on the Internet. I have people asking me, "Is this going to help the real estate market?" My answer is it's a little..(read more)
Most buyers would not consider offering full price much less above full price given their perception of the current market conditions. But here are the facts In the /Spanish Springs area so far this month 35.4% of the homes sold for prices above asking price and another 25.8% of homes sold at asking price. That’s a total of 61.2% of the homes sold so far this month selling..(read more)
Many of you are hearing about short sales, but perhaps you are uncertain about what a short sale is. A short sale is when the seller of a home has an outstanding mortgage or mortgages that exceed the current market value of the property. Currently in , short sales represent about 25% of the active listings and 45% of the pending sales. They key is that since April 2008 they have..(read more)
I am happy to report that the and Spanish Springs markets took a step in the right direction for the month of April. The number of residential listings sold in the and Spanish Springs area rose 53% in April 2008 over March 2008 and was just slightly below April 2007 numbers according to data from the Northern Nevada Regional MLS. The average sales price was $278,595 for April 2008 which..(read more)
In 1908 the National Association of Real Estate Exchanges, today called the National Association of REALTORS, was established as the preeminent organization for the nation’s real estate professionals. 1908 was the height of Progressive Era marked by social changes focused on improving the quality of life for all Americans. Men wore bowler hats and women still dressed within the formality..(read more)
Have you watched the eveing news lately? Every channel has a report about the real estate market and the rising number of homeowners facing foreclosure. Doom and gloom. Due to the perfect storm - poor lending practices, declining markets and homeowners taking on more than they can handle - we find ourselves in the market we are in.
How can we make it better? The..(read more)
The Reno-Sparks market showed improvement for the second month in a row. Sales increased and the number of months of inventory on the market decreased. Although we typically see a surge in new listings at this time of year many would be sellers are recognizing that this is a "need to sell" market verses a "want to sell" market and holding off putting their homes on..(read more)
