Blog | David Morris Group

The Reality of Real Estate: Understanding the Home Appraisal Process and Why It’s an Important Step in Purchasing Your First Home

Buying a home is a lengthy process with several steps to complete before being handed the keys to your new adventure. One of the key components of the transaction is the home appraisal. Let’s take a leap towards understanding the home appraisal process and why it’s an important step in purchasing your first home.

What is a home appraisal?

An appraisal is a professional and unbiased assessment of what your home is worth. As a buyer, you want the appraiser to find that the contract price you and the seller have agreed upon is appropriate. The lender wants to know if you’re asking to borrow more money than what the home is worth.

What is factored into the appraisal value?

The appraiser will look into several factors to determine the value of the home. Some of the factors include:

Recent sales of similar properties
Current market trends
Amenities of the home
Number of bedrooms and bathrooms
Functionality of floor plan
Square footage

The appraiser will also have to fill out a report that includes things like:

A street map with the appraised value and the other home sales data used
Sketch/photos of the home’s exterior
Square footage calculation and explanation
Photos of the front of homes used to compare sales price data

Who orders and pays for the appraisal?

Because the appraisal is meant to protect the lender in the case that the borrower cannot pay back the loan and the home would be sold to get the lender their money back, the lender usually initiates ordering the appraisal. The appraisal cost can vary but is usually a couple of hundred dollars and is a fee that the buyer must bear.

Where does the home appraisal fall in the home buying process?

The home appraisal is usually one of the first steps in the closing process and is done when you’ve entered the under contract stage of the home buying process. If the appraisal comes in at or below the agreed-upon contract price, you can move on to the next step in the process, but if the appraisal is below the price you agreed upon, there may be further steps you need to take.

The appraisal process is an important step, and it can even be a great negotiation tool if the appraiser values the home at a lower price than the agreed-upon contract price, but it can also be a factor that makes a deal fall through. Be prepared for what the appraisal will find, and let your REALTOR® help guide you through the process. If you have questions about what else you should expect when purchasing your first home, contact the David Morris Group at 775-828-3292. We’re happy to share our knowledge and skills to help you become a homeowner.

21 Things To Do In 2021

January 22, 2021/in Lifestyle /by Shauna Morris

With the first month of the year almost over, we’re still thinking about all of the possibilities 2021 holds. It’s not easy to predict what the year has in store, but it shouldn’t keep you from making a list of things to do before the year is up. Check out some ideas on things to do in 2021.

Cook a cuisine from a different country once a month.
Make an art piece that can hang on your walls.
Create your own signature cocktail or mocktail.
Rearrange the furniture in your home.
Give one room in your home a complete makeover.
Clean up your computer and phone. Make sure everything you want to save is backed up and get rid of anything that’s just taking up space.
Do a social media cleanse and stay off of all platforms for one week.
Follow through with a recommendation a friend gives you – If someone recommends a book, TV show, movie, or podcast, try it out!
Try to learn a new language. There are even free apps out there to help you learn!
Do something kind for a stranger.
Start your day off with some gratitude by listing out the things you’re most grateful for each morning.
Try a local business you’ve never visited before.
Plan a mini road trip.
Put together a playlist every month of music that matched your mood or mindset during that time, then at the end of the year, put it into your very own 2021 playlist.
Go geocaching.
Pretend to be a tourist in Reno and visit the places, restaurants, and bars that are recommended.
Learn about local nonprofits and see how you can help at least one of them this year.
Take a personal day when you’re feeling overwhelmed and drained. It can be the refresh you need.
Try something you’ve pinned on Pinterest or seen on social media that you thought was cool.
Start a side hustle that you can earn a few extra dollars with.
Join a club or start one that allows you to connect with people who are interested in the same things as you.

These 21 things to do in 2021 are just a jumping-off point for all of the things you can do in a year. The possibilities are endless, and if you have buying or selling a home to your list of things to do in 2021, contact the David Morris Group at (775) 828-3292. We’d be honored to help!

Could You Be the Next Copper Knolls Resident?

January 18, 2021/in Reno Neighborhoods, Reno-Sparks Real Estate /by Shauna Morris

Located in the Somersett area lies the picturesque neighborhood of Copper Knolls. With beautiful mountains surrounding the community, each home has a dazzling view to offer residents. The gorgeous scenery is but one of the things to love about the charming community of Copper Knolls.

Homes

Single-family homes in the Copper Knolls area average about 2,156 to 2,899 square feet and feature two to four bedrooms. As a community that was built in the early 2000s, it’s a newer development in the Reno area. Homes are located between the Somersett West Park and the Somersett East Park on lots that range from 0.19 to 0.37 acres.

Amenities

Just minutes from the Copper Knolls neighborhood lies the Somersett Golf and Country Club, where residents can enjoy many amenities and a panoramic view. The nearby parks also offer the neighborhood a ton of green space to explore as well as basketball courts, a playground, and picnic areas.

For anyone looking to explore the boutiques, coffee shops, restaurants, and nightlife of Downtown Reno, Copper Knolls is just under 10 miles away. That also means that anyone commuting to Downtown Reno for work only has a 15-minute drive.

Schools

Schools serving the students in Copper Knolls include George Westergard Elementary School, B.D. Billinghurst Middle School, and Robert McQueen High School — all a part of the Washoe County School District. The public charter school, Coral Academy of Science, offers an alternative to the Washoe County School District.

Copper Knolls is a tight-knit community that Reno residents love to call home. If you have any questions about what we love about the community or which homes in the neighborhood are currently on the market, contact the David Morris Group. We’re happy to help you begin your home search. Give us a call at (775) 828-3292.

The Reality of Real Estate: Common Home Repairs Homeowners Face and the Essential Tools to Have on Hand

January 12, 2021/in Reality of Real Estate /by Shauna Morris

One of the biggest differences between being a homeowner and being a renter is that homeowners are responsible for taking care of any maintenance issues that may come up themselves. As a first-time homebuyer, it’s important to know the common home repairs homeowners face and the essential tools to have on hand to fix them.

Common Home Repairs

In your time as a homeowner, it’s likely that you’ll deal with:

Leaky faucets – Leaky faucets are very common, yet usually an easy fix. If leaky faucets are left, they can have some big impacts on your water bill.
Window and door drafts – Every other season, you’ll want to locate any drafts and properly seal them. Taking care of drafts will keep utility bills low.
Loose screws – Doorknobs and furniture get a lot of use, allowing screws to loosen.
Squeaky doors – As moisture and debris add wear and tear to door hinges, you may notice some squeaking. A lubricant spray can keep those hinges quiet.
Indoor air filter changes – Air filters typically last about three months before they need to be changed. Changing the air filter regularly keeps the air in your home rid of dust, dander, and odor.
Leaky pipes – If you think you may have a leak in a pipe, run a test. You may find that it’s in an area you can access easily and a simple fix, but treat it quickly, because it can cause bigger problems and repairs in your home.
Garbage disposal trouble – Know what you should and should not throw down the garbage disposal to increase the life expectancy of the disposal in your home. If you do run into trouble, it’s relatively easy to replace your garbage disposal.
Running toilet – Toilet repairs are often thought to be complicated, but they are usually pretty easy to fix.
Nail pops – As your home shifts, the drywall nails may start to protrude, causing the paint to “pop” out or bubble slightly.
Cracking caulk or grout – Multiple uses in the bathroom and kitchen can cause caulking and tile grout to fade and crack. Adding new caulk and grout is an easy fix.

Many of these home repairs can be fixed without calling a professional, but you need to make sure your toolkit is stocked with what you’ll need should a repair spring up.

Essential Tools to Have On Hand

Tape measure
Plunger
Hammer
Level
Pliers
Wrenches and hex keys
Multi-bit screwdriver
Nails
Screws
Caulking gun and caulk
Electrical tape, duct tape, and painter’s tape
Lubricant spray

If you’re equipped with a great toolbox and have access to how-to videos, home repairs can be a cinch to take care of. Now that you know the common home repairs homeowners face and the essential tools to have on hand, you’re more prepared to be a homeowner. If you’re interested in the tools we have in our toolbelt to help first-time homebuyers purchase the right home, contact the David Morris Group at 775-828-3292. We’re happy to share our knowledge and skills to help you become a homeowner.

Reno Loves Local

January 8, 2021/in Lifestyle, Reno Events and Activities, Reno-Sparks Businesses /by Shauna Morris

Reno has always been a community that bands together in tough times and finds new ways to help one another. With that spirit in mind, several organizations and agencies around the area have come up with the “Reno Loves Local” movement.

The idea behind the movement is to encourage citizens to shop local and do what they can to support small businesses. There’s even a Reno Local Pledge that residents can take to “visit at least one Reno business each week,” as their budget allows. The hope is that everyone will think about local businesses and making buying decisions that support the local economy before thinking about big brand stores.

For those that are not financially able to make a purchase from local businesses, there are other ways to help! The Reno Loves Local Instagram page outlines other ways to help your favorite small businesses, including: writing a review on any of their platforms (Yelp, Facebook, Google My Business, TripAdvisor), signing up for their email newsletter, and following the businesses on social media and showing them a little love.

The list doesn’t stop there. Reno Loves Local is also asking community members to write a Reno love letter in order to help the businesses win life-changing prizes and giveaways. Two businesses with the most love letters written about them will win a business development package, and $1,000 in gift cards will be purchased from the business and donated to local heroes.

Some of the local businesses that have been featured include:

For more information on the Reno Loves Local movement, check out the news story they were featured in here, and follow their journey on Instagram. Take the pledge, do what you can to help your favorite local businesses, and discover new businesses.

Reno will always overcome trying times and find new ways to thrive — it’s what we love about calling the Biggest Little City home. If there’s anything we can do for you, or if you simply have questions about the Reno real estate market, contact the David Morris Group at (775) 828-3292.

Easy Upgrades To Get Your Home Ready To Sell

January 4, 2021/in Lifestyle, Reno-Sparks Real Estate /by Shauna Morris

If you’re thinking about selling your home, there’s never been a better time. With increased demand and low levels of inventory, buyers have never been more motivated to purchase a home. While it’s a great time to sell, it’s also the perfect time to make a few adjustments around the house in order to maximize the return on your investment. Check out the easy upgrades to get your home ready to sell.

Easy Upgrades Throughout the House

New hardware – Brass hinges, old doorknobs, outdated cabinet handles, etc,. can be eyesores that take away from your home. A few simple changes can elevate the design of items in your home and give them new life. Buyers will notice and comment on new hardware — trust us!
Deep clean the floors – Polish up the hardwood floors, steam clean carpets, and make sure the floors look ready for a new family. Dust bunnies, scratches, and stains will detract from the rest of your home.
Refresh the grout – Dirty or outdated grout in the kitchen and bathrooms can be a major turn-off for buyers. Give it a deep cleaning or put a new application of grout to make these areas of your home shine.
Lighting – Lighting is the key to a great showing. You not only want great natural light, but you want your light fixtures to brighten the home and be stylish. Lighting can often be overlooked by a seller, but it’s never overlooked by a buyer.

Easy Kitchen Upgrades

Add a tile backsplash – A simple tile backsplash doesn’t have to be expensive or even something you hire someone for. There are tons of options available to you, and it makes for a great weekend DIY project.
Paint the island – Painting cabinets can be very time consuming, so cut the time in half by focusing only on your kitchen island. It’s a very trendy fix, and it shows that you’ve put some TLC into your home.

Easy Bathroom Upgrades

Mirror, mirror, on the wall – If your mirror is showing signs of wear or is tragically outdated, change it out. Research some of the popular design trends and measure to see which ones will work in your space before purchasing the new mirror.
Bathroom fixtures – If the faucet and shower fixtures are looking a little old, simply switch them out for something newer.

Spending a little time and money preparing your home for the market can greatly impact the resale value and entice buyers. Start with these easy upgrades to get your home ready to sell, and if you have any questions about how the David Morris Group can help you find the right buyers to get your home sold quickly, contact us at (775) 828-3292.

The Reality of Real Estate: Predictions on Trends for Purchasing a Home in 2021

December 28, 2020/in Reality of Real Estate /by Shauna Morris

We can all admit that 2020 has been an unexpected year, and many are wondering what 2021 will hold. It’s been a question that many real estate professionals are fielding from their clients, and as your trusty real estate advisors, we’re here to offer some predictions on trends for purchasing a home in 2021.

Even Lower Mortgage Rates

2020 brought some of the lowest mortgage rates we’ve seen, but Fannie Mae, Freddie Mac, and the National Association of REALTORS® are all predicting that those rates will fall again or stay flat in 2021. If you thought you missed out on getting a great 30-year fixed mortgage rate, you may be wrong!

Prices of Homes Will Increase

This year has marked a remarkable increase in home prices, and we’re likely to see more of the same in 2021, but at a slightly lower rate than that of 2020. Freddie Mac and the National Association of REALTORS® showed that prices increased by 5.8% in 2020, and they are likely to rise by 2.7% in 2021.

Making Compromises Will Be Necessary

Because of the bidding wars that are happening, it’s likely that you will need to closely look at the loan you’re pre-approved for and look at homes below that budget to account for higher deposits, full-price offers, multiple offer situations, and those waiving appraisals and inspections altogether. Take a hard look at what you need and what you want, then crunch the numbers on the down payment, lender’s fees, and property taxes you will face for the homes that meet your budget and the items on your needs list.

Inventory Will Remain Low

Unless buyers leave the market or new construction home builds increase exponentially, we will continue to see low monthly inventory. This is what will contribute to the increase in home prices that we talked about earlier. Low mortgage rates are incentivizing many to purchase a home now, but there’s a supply shortage of homes for buyers entering the market.

If you’re interested in learning more about the predictions we have on trends for purchasing a home in 2021, contact the David Morris Group at 775-828-3292. Our years of experience have made us experts on the Reno-Sparks real estate market, and we’re always happy to share our insights with you.

New Year’s Resolutions to Make Your House a Better Home

December 22, 2020/in Lifestyle, Reno Neighborhoods, Reno-Sparks Real Estate /by Shauna Morris

2021 will be here in the blink of an eye, and while we can’t believe that 2020 has passed by already, it is once again time to make resolutions and goals for the new year. If your 2020 resolutions have more than a few things you couldn’t check off thanks to a global pandemic, make a few goals that you can achieve no matter what the year holds. Check out the New Year’s resolutions to make your house a better home.

Minimize energy use

With more time spent at home comes more energy used and higher utility bills. Take time to find ways you can cut costs. You can start by:

Unplugging appliances when they’re not in use.
Hang curtains to keep your home cooler in the summer.
Open blinds during the day to use natural light to brighten your home rather than light fixtures.
Add a timer to control how long your lights stay on.
Switch to energy-saving light bulbs.

Create a cleaning schedule and stick to it

Keeping a tidy home can be overwhelming, especially if you find that your weekends are consumed with deep cleaning. There may be some areas of your home that you’re overcleaning and some areas of your home that you’re neglecting. Create daily tasks that will help you maximize your time and keep your home tidy at all times.

Take on one DIY project a month

If you’re tired of the furniture in your home or you want to spruce up your space without breaking the bank, research a few DIY projects that you may want to try and put them into action. Trying something new and adding some sweat equity into your home can help you love your space.

Try seasonal trends

Home design is a lot like fashion — the trends change quickly and often seasonally. Research the latest home design trends and try them out in your home. It can be a simple change that you don’t spend a lot of time or money on, but it may open your eyes to new styles, colors, and themes that you like and may want to continue in your home.

Focus on your outside space

Your outdoor space is as much a part of making a house a home as the interior space is. Reno has beautiful seasons, and it’s important to have an outdoor area where you can spend time soaking up the sun, breathing in the fall air, and cuddling up by a fire pit in the brisk evenings. Think about investing in outdoor furniture, hammocks, a projector for outdoor movie nights, etc. Make it a fun and usable space.

If you’re in need of more New Year’s resolutions to make your house a home or you’re simply curious about the Reno-Sparks real estate market, contact the David Morris Group. Give us a call at (775) 828-3292.

The Latest Construction Projects Around Reno and Sparks

December 17, 2020/in Reno-Sparks Businesses, Reno-Sparks Real Estate /by Shauna Morris

Just as many of us have been using the time at home to build new skills, take on new projects, and think outside the box, the city of Reno has been doing the same. The future of Reno looks bright, and it’s partly because of some exciting developments that are on the horizon. Check out the latest construction projects around Reno and Sparks.

Reno City Center

The former Harrah’s casino is a part of a new project to turn downtown Reno into a place where live, work, and play culminate perfectly. The west tower isn’t slated to wrap for another two years, but when finished, it will include apartments, retail space, and public green space.

Keystone Commons

With financing secured, Keystone Commons has begun rolling forward on construction for the parking garage, four-story apartment building, and retail space. Some of the brands that have leased space in the upcoming development include In-N-Out Burger and Starbucks.

The Oddie District

The former Lowe’s building in Sparks is currently the site for a $30 million work-live development. It will feature 40,000 square feet set aside for a maker space component and 60,000 square feet set aside for “flex-tech” spaces that can double as living quarters. The massive project has also set aside 9,000 square feet for small businesses, 10,000 square feet for restaurants, and 8,000 square feet for a brewery/distillery.

Swope Middle School

In an effort to help alleviate any overcrowding, Swope Middle School is undergoing some construction to add a new gym, new classrooms, and new HVAC systems throughout the school. Construction is expected to finish by 2022.

T3

There’s some new momentum to report for the T3 development. Permits for a five-story apartment complex and a five-story parking garage have been submitted. There are also plans for retail and green space, but progress hasn’t started on those projects yet. With a completion date in 2023, this development will be one to watch out for in the coming years.

If you’re curious about any of the latest construction projects around Reno and Sparks or you’re simply curious about the Reno-Sparks real estate market, contact the David Morris Group. Give us a call at (775) 828-3292.

The Reality of Real Estate: Resolutions That Will Help First-Time Homebuyers Purchase a Home in the New Year

December 11, 2020/in Reality of Real Estate, Reno-Sparks Real Estate /by Shauna Morris

With the new year almost here, now is the perfect time to start setting goals and creating plans for how to achieve those goals. 2021 could be your year to become a homeowner, and we have some resolutions that will help first-time homebuyers purchase a home in the new year.

Set a monthly savings goal and a down payment goal

Start off by looking at what you already have saved and how much money you would like to have that goes towards a down payment for your home. Then begin to look at your expenses each month, current wages, and calculate how much you can reasonably save each month to meet your goal. This can also help you see if you may need to find a side hustle or cut expenses to help you increase the savings you’re setting aside each month to meet your goal.

Avoid big purchases

Every penny you have should go towards paying for the things you need and saving for purchasing a home. Even if you’ve met your down payment goal, you’ll want to have money set aside to cover closing costs, home inspection fees, moving costs, home repair projects, HOA fees, home insurance costs, etc. The latest iPhone will still be there when you’re a homeowner. Sacrificing a big purchase now will pay off in the long run!

Begin reaching out and making connections with real estate professionals

You want to build relationships with people who can help you achieve your goal of purchasing a home. Create a list of potential real estate professionals you’d like to work with and interviewing them to see which one will be a good fit for you.

Begin meeting with lenders to talk about what kind of loan you qualify for

Meeting with lenders is a very important part of the homebuying process. You need to know how much house you can afford to buy as well as the interest rate to pay back the loan. If the interest rate is too high, it may have something to do with your debt-to-income ratio, and your lender may be able to give you advice on how to pay down your debt while saving for a home to score you a better deal on your mortgage!

Get your credit score checked and contest anything that’s wrong

Your credit score can also have an impact on the mortgage rates you’re offered, so be sure to get a detailed report and contest anything that is wrong or fraudulent to have it removed from your credit history.

2021 is your year to become a homeowner, but you’ll have to work hard to stick to your resolutions to make it happen. If you need more tips on how to become a homeowner in the new year, contact the David Morris Group at 775-828-3292!