Posts tagged ‘Monthly Existing Home Sales’

Why’s it’s still a great time to buy real estate.

27 July, 2010 | Shauna Morris | No Comment

Courtesy of Today’s Real Estate Advisor, Margaret Kelly:

Here are three great reasons why it’s still a great time to buy real estate and make smart investments in a down market.

Low Home Prices
Although there is widespread agreement in the industry that the housing market has reached the bottom, home prices aren’t expected to spike upward. Instead, they’re likely to skip along the bottom into 2011. They will continue to decline in some markets and creep up in others. As long as buyers remain diligent in the home search over the coming months, possible pricing fluctuations won’t have a dramatic effect on their property options.

Low Interest Rates
Interest rates on 30-year, fixed-rate mortgages hit a five-month low of 4.93% in May, and as of early June the rates were holding steady below 5%. Financial concerns over the growing debt crisis in Europe have stemmed discussions in the U.S. of raising rates. The historically low rates will save home buyers thousands and thousands of dollars over the life of a loan, which arguably is reason enough to enter the market.

Other Tax Benefits
The U.S. Home Buyer Tax Credit was temporary, but there are other tax benefits that buyers can continue to count on for the foreseeable future. Property taxes, mortgage interest payments and mortgage insurance premiums are qualified deductions that can help reduce many homeowners’ tax liability. For eco-conscious homeowners, purchasing energy-efficient appliances and making other green upgrades can mean a tax credit up to $1,500. For more information, be sure to visit www.irs.gov or consult a tax professional.

Don’t miss your opportunity to take advantage of the best buying conditions the market has seen in decades. There are plenty of deals to be had in our local Reno/Sparks market. We are the experts that can help you find the right deal for you!

-DMG

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Posted in Government Information, Housing Market News 2010, Interest Rates, Market Statistics, Monthly Existing Home Sales, Northern Nevada | No Comments »

Fannie Mae announces changes to the ARM policy

4 May, 2010 | Shauna Morris | No Comment

Courtesy of Perry Faigin, Mutual of Omaha Bank:

MortgageOrb.com, Sunday 02 May 2010 – 22:00:02

Fannie Maehas announced new standards for the purchase and securitization of adjustable-rate mortgage (ARM) products. The company says it is changing its eligibility criteria to protect consumers from potentially dramatic payment increases and to help ensure that borrowers who hold these types of mortgages can sustain them beyond the initial interest-rate period.

“Our goal is to make sure consumers can sustain their mortgages and remain in their homes over the long term, while helping our lender partners offer a range of mortgage products for qualified borrowers,”says Marianne Sullivan, senior vice president of single-family credit policy and risk management at Fannie Mae. “These policy changes reflect our intention to continue providing liquidity to different market segments by ensuring that support for ARM products remains in appropriate circumstances.”

For ARMs with initial periods of five years or less, Fannie Mae will require that borrowers be qualified at the greater of the note rate plus 2% or the fully indexed rate (i.e., index plus margin).

Fannie Mae will continue to make available an interest-only loan product, but will change its qualification criteria. The maximum loan-to-value ratio cannot exceed 70%, the borrower’s credit score must be 720 or higher and the borrower must have a minimum of 24 months of liquid asset reserves remaining after loan closing.

Balloon mortgages, which typically offer lower initial interest rates but leave a significant balance due at maturity, will no longer be eligible, except with special approval from Fannie Mae.

All loans not meeting the new guidelines must be purchased as whole loans on or before Aug. 31, or delivered into mortgage-backed security pools with issue dates on or before Aug. 1, the agency says.

SOURCE: Fannie Mae

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Posted in Financial/banking information, Government Information, Housing Market News 2010, Northern Nevada | No Comments »

Good news!

28 April, 2010 | Shauna Morris | No Comment

The Reno/Sparks Association of Realtors came out with some good news about our market Tuesday morning. They analyzed median home price, number of units sold, percentage of original price received at sale among other key statistics from our area that help gauge the health of our market.

Click here for the Reno March 2010 Monthly Market Report

In short, things are looking up! The median home price is $175,500, which is an increase over both January and February of this year. The number of homes sold also had a big spike in March of this year which is a great indicator to help determine the absorption rate of properties and if the available inventory is headed back to a healthy level, which it is.

Possibly one of the most interesting statistics is the Sold-to-Asking Price-Ratio. This ratio shows how much of the original list price was achieved in the final sale. Even as far back as March of 2009, this ratio has not been lower than 96%. As of March 2010 this ratio jumped up to 97.9%, meaning sellers are getting near, at or over their asking price at closing.

This is critical for buyers to understand that the days of “wiggle room” are over. It’s time for buyers to write serious offers and be prepared to pay asking price for a home they really love. From my perspective, this can be attributed to the large number of short sales being purchased. Short sale banks are not accepting low offers and more often than not are countering at a higher price based on the value they receive through an appraisal.

I am an optimist. If these numbers continue on this path, we could see some great progress this year in our local market place. We still have a ways to go before we are really out of the woods, but the light at the end of the will get brighter every month.

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Posted in Housing Market News 2010, Market Statistics, Monthly Existing Home Sales, Northern Nevada | No Comments »

RSAR Releases 2009’s Year-End, Fourth Quarter and December Existing Home Sales Reports

3 February, 2010 | David Morris Group | No Comment

The Reno/Sparks Association of REALTORS® (RSAR) released its 2009 year-end, fourth quarter and December report for existing home sales in Washoe County, including median sales price and number of home sales in the region. RSAR obtains its information from the Northern Nevada Regional Multiple Listing Service (www.nnrmls.com) and includes sales of bank-owned (foreclosure) properties.

In 2009, Washoe County had 5,231 sales of existing single family homes; an increase of 45 percent from 2008. The median sales price for existing single family homes in Washoe County in 2009 was $185,000; a decrease of 26 percent from the previous year. All sales numbers are for existing “stick built single family dwellings” only and do not include condominium, townhome, manufactured, modular or new home sales. The median sales price of existing condominium/townhomes in Washoe County in 2009 was $78,950; down 47 percent from 2008.

During the fourth quarter of 2009, Washoe County experienced 1,436 sales of existing single family homes; an increase of 57 percent from the fourth quarter of 2008 and a 5 percent decrease from the third quarter of 2009. The median sales price of existing single family homes in Washoe County in the fourth quarter of 2009 was $180,000; a decrease of 19 percent from the fourth quarter of the previous year and a slight 2 percent decrease from the third quarter of 2009. All sales numbers are for existing “stick built single family dwellings” only and do not include condominium, townhome, manufactured, modular or new home sales. The median sales price of existing condominium/townhomes in Washoe County during the fourth quarter of 2009 was $65,000; down 38 percent from the previous year.

During December 2009, the report showed Washoe County had 416 sales of existing single-family homes; an increase of 41 percent from December 2008 and an 8 percent decrease from November 2009. The report listed the median sales price for an existing single family residence in Washoe County in December 2009 at $179,500; an 18 percent decrease from last year and a 3 percent increase from the previous month. All sales numbers are for existing “stick built single family dwellings” only and do not include condominium, townhome, manufactured, modular or new home sales. The median sales price of existing condominium/townhomes in Washoe County in December 2009 was $50,950; down 50 percent from December 2008.

The report showed Reno (including North Valleys) had 3,515 sales of existing single family homes in 2009; an increase of 42 percent from the previous year. The median sales price for existing single family homes in Reno during 2009 was 189,900; a decrease of 27 percent from 2008. All sales numbers are for existing “stick built single family dwellings” only and do not include condominium, townhome, manufactured, modular or new home sales. The median sales price of existing condominium/townhomes in Reno in 2009 was $72,250; down 51 percent from the previous year.

In Reno (including North Valleys), there were 979 sales of existing single family homes during the fourth quarter of 2009; an increase of 61 percent from the fourth quarter of 2008 and a 6 percent decrease from the previous quarter. The median sales price of existing single family homes in Reno during the fourth quarter of 2009 was 185,000; a decrease of 21 percent from the fourth quarter of 2008 and a slight 3 percent decrease from the third quarter of 2009. All sales numbers are for existing “stick built single family dwellings” only and do not include condominium, townhome, manufactured, modular or new home sales. The median sales price of existing condominium/townhomes in Reno during the fourth quarter of 2009 was $61,000; down 37 percent from the fourth quarter of 2008.

The report indicated that Reno (including North Valleys) had 265 sales of existing single family homes during December 2009; an increase of 43 percent from last year and a 12 percent decrease from November 2009. The median sales price in Reno for an existing single family residence in December 2009 was $180,000; a decrease of 22 percent from December 2008 and a slight 2 percent decrease from the previous month. All sales numbers are for existing “stick built single family dwellings” only and do not include condominium, townhome, manufactured, modular or new home sales. The existing condominium/townhome median sales price for December 2009 in Reno was $43,400; down 51 percent from last year.

Sparks (including Spanish Springs) experienced 1,638 sales of existing single family homes in 2009; an increase of 53 percent from 2008. The median sales price for existing single family homes in Sparks during 2009 was 175,000; a decrease of 26 percent from 2008. All sales numbers are for existing “stick built single family dwellings” only and do not include condominium, townhome, manufactured, modular or new home sales. The median sales price of existing condominium/townhomes in Sparks in 2009 was $75,000; down 45 percent from 2008.

During the fourth quarter of 2009, Sparks (including Spanish Springs) experienced 441 sales of existing single family homes; an increase of 48 percent from the fourth quarter of 2008 and a slight 2 percent decrease from the third quarter of 2009. The median sales price of existing single family homes in Sparks in the fourth quarter of 2009 was 170,000; a decrease of 21 percent from the fourth quarter of the previous year and no change from the third quarter of 2009. All sales numbers are for existing “stick built single family dwellings” only and do not include condominium, townhome, manufactured, modular or new home sales. The median sales price of existing condominium/townhomes in Sparks during the fourth quarter of 2009 was $70,000; down 33 percent from the previous year.

Sparks (including Spanish Springs) experienced 144 sales of existing single family homes in December 2009; an increase of 41 percent from December 2008 and less than a 1 percent decrease from the previous month. The Sparks’ median sales price for an existing single family residence in December 2009 was $175,000; a 17 percent drop from last year and an increase of 3 percent from November 2009. All sales numbers are for existing “stick built single family dwellings” only and do not include condominium, townhome, manufactured, modular or new home sales. The existing condominium/townhome median sales price for December 2009 in Sparks was $65,000; down 45 percent from last year.

In Fernley, there was 579 sales of existing single family homes in 2009; an increase of 69 percent from the previous year. The median sales price for existing single family homes in Fernley during 2009 was 109,900; a decrease of 34 percent from 2008. All sales numbers are for existing “stick built single family dwellings” only and do not include condominium, townhome, manufactured, modular or new home sales.

Fernley experienced 167 sales of existing single family homes during the fourth quarter of 2009; an increase of 78 percent from the fourth quarter of 2008 and a 10 percent increase from the previous quarter. The median sales price of existing single family homes in Fernley during the fourth quarter of 2009 was 104,000; a decrease of 29 percent from the fourth quarter of 2008 and less than a 1 percent decrease from the third quarter of 2009. All sales numbers are for existing “stick built single family dwellings” only and do not include condominium, townhome, manufactured, modular or new home sales.

The December 2009 report showed Fernley had 54 sales of existing single family homes; an increase of 69 percent from last year and a 10 percent increase from November 2009. The median sales price in Fernley for an existing single family residence in December 2009 was $100,500; a decrease of 28 percent from December 2008 and a 12 percent increase from last month. All sales numbers are for existing “stick built single family dwellings” only and do not include condominium, townhome, manufactured, modular or new home sales.

“Turning the corner on the new year calls for a cautious celebration,” said Ken Amundson, 2010 president of Reno/Sparks Association of REALTORS and managing broker of Coldwell Banker Select Real Estate’s Sparks office. “There were many positive signs that we can point to including the fact that more people purchased homes in 2009 in every quarter than the previous year and median home prices have remained stable for the past seven months. As we move into 2010, we can optimistically look at the fact that the supply of homes is at a five year low, government incentives for first time buyers and move up buyers are available through April, and low interest rates remain in effect.”

The Reno/Sparks Association of REALTORS® is an organization providing services to its members to ensure their success as real estate professionals, as well as protecting and promoting the consumer’s dream of homeownership. For more information visit www.rsar.net.

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Posted in Monthly Existing Home Sales | No Comments »