Reno-Sparks Real Estate | David Morris Group

The Benefits of Homebuyers Putting 20% Down

February 17, 2022/in Reno-Sparks Real Estate /by Shauna Morris

If 2022 is the year to buy a home, congratulations on starting the homebuying journey! Part of the journey, and a large part of it, is assessing finances. One financial aspect homeowners go back and forth between is how much to pay in the down payment. Here are four reasons why homebuyers benefit when they put down 20% for their new home:

Benefit #1: Lower Interest Rate

When you put down a higher down payment, you’re proving to your mortgage lender that you are financially stable and are not a risk. Plus, when you combine a large down payment with a good credit score, the piece that proves you can handle debt, the more confident your lender will be in your ability to pay back the loan. When your lender feels secure in your financial abilities to pay off the loan, they’re more likely to give you a better interest rate.

Benefit #2: Pay Less Money

The more you put down means a smaller loan amount, which also means a cheaper monthly mortgage payment. When you put down 20% of the cost of the new home, you’re only responsible for the remaining 80%. If you put down less than 20%, such as 3-5%, as most homeowners do, the remaining percentage is added to your loan and will gain interest over time. Plus, most lenders require private mortgage insurance when a homebuyer doesn’t put down 20%. This is a fee to protect the lender, not you. This will cost you more money over the lifetime of your home loan.

Benefit #3: You Stand Out Against Competition

In a fast-moving real estate market like ours with limited homes on the market, it’s causing buyers to compete against each other. A way to stand out against the competition is a 20% down payment. As we mentioned earlier with the lender, this shows the seller that you are financially stable, which means they’ll have more confidence in you. You are seen as a stronger buyer as your financing is more likely to be approved. And approved financing means closing will happen quicker and easier.

Benefit #4: Not Paying PMI

Remember that private mortgage insurance (PMI) we mentioned earlier? It’s so important it gets its own bullet point! Private mortgage insurance is tacked onto a monthly mortgage payment by lenders when homebuyers put down less than 20%. This fee protects the lender if you cannot pay for your mortgage. A homeowner will pay this fee until they reach 20% equity of their home, then PMI can be canceled. But with PMI and a high-interest rate, it could be a while until 20% equity is reached, so you pay more money over time.

If you need help creating a financial plan to buy a home this year with a 20% down payment (or not, we can help with that too!), contact the David Morris Group. We’re happy to be your helpful guide. Give us a call at (775) 828-3292.

Gen Z Drawn to Reno

January 3, 2022/in Lifestyle, Reno-Sparks Real Estate /by Shauna Morris

In a recent Gen Z City Index, Reno ranked 6th for the best places for Generation Z or “zoomers” to live. Gen Z covers individuals born between 1997 and 2012. The post-millennial generation is getting ready to head out into the world to make big life decisions. As they enter into adulthood, Reno is becoming a place where the zoomers are setting their sights to carve out their own path.

Gen Z City Index ranked several cities on various factors, including the availability of employment, the median home price, affordability of the area, gender pay gap, diversity, resident resources, and more. The list includes 30 cities, and six California cities cracked the top 10. Reno was able to snag the sixth spot in part due to its perfect score in equality. The study looked at the 2020 Human Rights Campaign’s Municipal Equality Index to weigh how cities handle nondiscrimination laws and advocate for the LGBTQ+ community.

Reno also scored well in gender pay equity. The U.S. Census Bureau found that Reno has a wage gap of 6.88% between men and women, with only three other cities having a smaller pay gap. Reno saw the fifth-highest number of job opportunities, solidifying the city’s ranking as a great place for zoomers to live.

The 2020s will be a time for zoomers to age into adulthood and make their own way. As a college town that scored well in a variety of categories that are increasingly important to Gen Zers as they get older, Reno is likely going to continue to draw in the young adult demographics. With expanding technology and manufacturing job opportunities in Northern Nevada, booming economic activity, and the high quality of life offered to Reno residents, a young, talented, and driven workforce is sure to follow.

We’re excited to see what Generation Z will contribute to the evolving Reno area and how the University of Nevada, Reno will grow to fit the needs of the incoming students. Reno has always been accepting of new generations, new people, and new ideas, so we’re happy to see that Gen Z is so accepting of Reno.

If you’d like to stay up to date on what’s happening around Reno, follow our blog, and if you have questions about the Reno real estate market, contact the David Morris Group. We’re happy to be your helpful guide. Give us a call at (775) 828-3292.

Relocation Guide: Reno Revitalization and How Business is Booming

December 30, 2021/in Reno Relocation Information, Reno-Sparks Businesses, Reno-Sparks Real Estate /by Shauna Morris

Across Northern Nevada, there has been a rebound and a rebirth. Retailers are coming back, and the City of Reno is focusing on new economic developments that move away from the gaming industry, which has been rooted in the city’s history for decades. Let’s take a look at the Reno revitalization and how business is booming across the area.

Retailers are Bouncing Back

The pandemic caused a lot of restrictions and strains on businesses across the world, and Reno was no different, but in the third quarter of 2021, we’ve seen some massive improvements to how the city and its residents are adjusting. According to Nevada’s Department of Taxation, Washoe County’s taxable sales for July totaled more than $1 billion, a 23% increase from July 2020. Taxable sales for June also showed a 30% increase year-over-year at $1.16 billion.

With the influx of relocators from California, bringing their existing businesses or creating a franchise location, business is expanding, and retailers are seeing amazing sales volumes. In fact, commercial vacancies are below the already low values seen before the pandemic hit.

Good News for Retail Centers

The Reno and Sparks area has been undergoing a lot of revitalization and change over the last few years. The pandemic had put a pause on some of the construction projects as many weren’t sure how Reno would bounce back, but with the increase in retail sales and vacancies, there’s a renewed vigor for projects like The Oddie District in Sparks, as well as the Reno Public Market and the retail component of the Reno Experience District.

Reno Continues to Revitalize the City

The wave of retailer growth isn’t the only change you can expect from the City of Reno. The recent closure of Harrah’s after over 80 years in Reno was a big push for the city to broaden its economy and move away from the gaming industry. The hotel-casino is being converted into the Reno City Center, a mixed-use development with one and two-bedroom residential units, commercial office space, restaurants, and retail space.

City leaders are hoping to use the excitement for the city center to push more developments that would transform the gaming destination downtown Reno is into a place full of affordable living spaces, vibrant restaurants, stylish hotel rooms, and exciting entertainment options.

Partnered with EDAWN’s efforts on bringing technology companies, manufacturing businesses, and non-gaming industries into the region, the city is making marked improvements to reduce its reliance on casinos and the gaming industry as a whole.

Every year Reno evolves and finds new opportunities to promote growth and change. Reno’s ability to bounce back and accept innovation makes us excited to see what 2022 has in store. If you have questions about moving or what it’s like relocating to the Reno-Sparks community, contact the David Morris Group. We’re always happy to share our knowledge of the area and the real estate market!

Winter Tree Care Tips

December 17, 2021/in Lifestyle, Reno-Sparks Businesses, Reno-Sparks Real Estate /by Shauna Morris

Winter is often a season that has everyone neglecting their yards and their trees, but there are actually some things you should be doing to keep the outside landscaping looking beautiful and get ready for a stunning spring. Check out the winter tree care tips we’ve learned from our friends at Noah’s Park Tree Care!

The Benefits of Winter

Winter is actually a great time to spend some time taking care of your trees as it brings advantages like increased structural visibility, decreased stresses, decreased chances for pest infestation, and increased fruit production. With the shedding of a tree’s leaves, it’s much easier to look at the structure of the tree and gives you some insight into the health and the needs of the tree. Pruning is also much easier to take care of in the winter as trees are dormant and less likely to take on any stresses from the foliage loss.

Identifying a Dead Tree vs. a Dormant Tree

Are you wondering if you have a dead tree or a dormant tree on your hands? There are some things you can do to check!

Do you see any signs of budding? – A dormant tree will still have signs of small leaf buds in the dead of winter. They’re just waiting for spring to bloom. You’ll want to check each branch as branches with no buds or buds that are dry and shriveled could be signs of a dead branch and a tree in trouble.
Is your tree shedding its old bark and getting a new skin? – Just as leaves fall off and will grow back, tree bark does the same thing. Dormant trees will show signs of new bark, while a tree that is in trouble will show signs of shedding a layer but not replacing it. Be sure to also check for cracks in the trunk.
What’s under your tree’s twigs? – Grab a knife and scratch off a spot on a twig on your tree. In a dormant tree, the twig should be moist and bright green, while a tree in trouble will show a brittle, brown layer. Try this on a few twigs around the tree to get a complete view of your tree’s overall health. Another test you can perform is to bend a few twigs. If they break and are crunchy, they’re dead branches.

If you’re looking for a knowledgeable and great team to care for your trees, contact Noah’s Park Tree Care at (775) 376-0917. They offer winter inspections to help you identify if your trees are healthy and how to ensure they grow strong come the spring!

If you’d like to stay up to date on what’s happening around Reno, follow our blog, and if you have questions about the Reno real estate market, contact the David Morris Group. We’re happy to be your helpful guide. Give us a call at (775) 828-3292.

New Home Builds – Increased Costs and Longer Timelines

November 23, 2021/in Reno-Sparks Real Estate /by Shauna Morris

Across the nation, home building projects are increasing, and permits are being put in to expand communities. The same is happening in Northern Nevada, but the COVID-19 pandemic has put a strain on the supply chain, pushed back deadlines, increased costs, and made new home builds a lengthier and costlier process.

Reno home builders have received various letters alerting them to price increases on the materials they need to complete a project, price increases on labor and truck rental fees, and extended timelines to receive materials.

The pandemic accelerated the housing demand in Reno. In part due to Reno’s growing economy and ability to bounce back during hard times, the increase in millennials starting families and joining the home search, and the rise of remote working positions allowing people to live in cheaper cities while working for companies with headquarters in more costly states.

The need for new homes is only increasing, and the supply of homes on the market is at a standstill. Freddie Mac released an estimate at the end of 2020 that said the U.S. housing market was short 3.8 million single-family homes, roughly 50 years behind in supply levels needed to meet the long-term demand.

Unfortunately, builders are facing hardships to not only obtain the supplies they need but to find the workers they need to complete their jobs. Construction costs have increased roughly 20% to 25% in the last year and a half, and it’s not just lumber that builders are having a hard time getting their hands on. It’s vinyl, garage doors, concrete, appliances, and more.

While it is a challenging time for home builders, new developments are still in the works to meet the estimated population increase of 100,000 residents coming to the Reno-Sparks area in the next decade. This projection comes from the Northern Nevada Economic Planning Indicators Committee. There’s still a big push for new homes in the Reno area, and the Reno real estate market is expected to remain strong for the foreseeable future.

If you need more information on what this means for the Reno real estate market, or if you need to buy or sell a home in the current market, contact the David Morris Group. We’re happy to be your helpful guide. Give us a call at (775) 828-3292.

Fall Home Maintenance Tasks

October 19, 2021/in Lifestyle, Reno-Sparks Real Estate /by Shauna Morris

Prepping your home to withstand the winter weather is a crucial part of fall. Taking some time to prep now can save you from having issues later on. Before the season ends, check off each of the items on this list of fall home maintenance tasks.

Clean your gutters – The gutters help divert thousands of gallons of water from your house’s exterior and foundation walls, so be sure to keep them clear of leaves and debris.
Seal windows and doors – Gaps or cracks around windows and doors can let in cold air and cost you 20% more on your heating bill. Before the cold weather sets in, check the caulk and weatherstripping and repair and replace any of the areas where you can feel air coming in or escaping.
Inspect your roof – A leaky roof can be hard to fix and costly to do so. Before the winter ice and snow set in, inspect your roof from top to bottom. Check for missing, curled, or cracked shingles and look for damage to metal flashing in valleys and around vents and chimneys.
Protect pipes – Pipes and faucets can freeze and burst in the winter if you don’t take the necessary precautions. Before temperatures drop below freezing, close any shut-off valves serving outside faucets, then open the outside faucet to drain the line. If you don’t have shut-off valves and your faucets are not “freeze-proof,” consider buying faucet covers and make sure outdoor pipes are covered for protection.
Change your furnace filter and get it inspected – Furnace filters trap in dust, and when the filters get clogged, it makes it hard to heat the home. Clean the filters or replace the filters once a month to keep them free of debris and your home at a comfortable temperature. Before the heating season begins, it’s also a good idea to have your furnace checked by a professional. If you notice things like noisy belts, poor performance, and erratic behavior, put getting your furnace inspected high on your to-do list this fall.
Prep your fireplace – Check your fireplace annually for anything that needs to be repaired or anything that could be a safety hazard. Have your chimney inspected for creosote buildup, damages, or flue blockages.
Ready your lawn for winter – Hoping to keep your lawn looking healthy come the springtime? There are some maintenance tasks you’ll need to take care of now to make that happen! Rake the leaves, aerate the lawn, and fertilize the grass, trees, and shrubs to ensure your lawn and garden beds don’t suffocate.
Repair walkways – Walkways, drives, and steps can turn dangerous when they’re icy, especially if they’re damaged. Check for cracks more than 1/8-inch wide, uneven sections, and loose railings on steps and take care of the repairs before the temperatures drop and cause problems to become big headaches.

If you need more homeownership tips or fall home maintenance tasks, contact the David Morris Group. We’re happy to be your Reno resource, and if you’re hoping to buy or sell a home in the coming months, we’d be honored to help. Give us a call at (775) 828-3292.

A Closer Look at Reno and Nevada’s Growth

October 7, 2021/in Reno-Sparks Real Estate /by Shauna Morris

There’s no doubt that Reno and the rest of the state have grown in population and diversity. It’s a fact that has only been highlighted more since the pandemic, where housing shortages were constantly covering the headlines. The U.S. Census Bureau has released information regarding how our population has changed in the last decade, and we’re here to help you take a look at Reno and Nevada’s growth.

What’s changed in the last ten years?

Nevada has become more populous, with an added 404,000 residents.
Nevada’s population grew to 3.1 million.
The majority-minority state ranked as the United States’ third most ethnically diverse.
The state’s 18 and older population grew by more than 18%.
The state’s 18 and under population grew by 4%.
Nevada’s urban counties grew more significantly than its rural counties.
More than 95% of the population growth in Nevada occurred in Clark and Washoe counties.
The Reno metro area grew 15.3%.
Even with the slowed population growth experienced in the last decade, Nevada was still among one of the fastest-growing states.

Why is the U.S. Census data important?

Data received from the U.S. Census will be used to allocate funding, decide where to build roads and how to respond to natural disasters, and help reapportion and redraw legislative and congressional districts. These decisions have drastic effects on cities and states and will lead the decisions that are made for the benefit of residents for the next ten years.

If you’re curious about how Nevada’s population growth has changed over the last decade and the insights we’ve gathered from monitoring the market over the years, contact the David Morris Group. We’re happy to be your Reno resource, and if you’re hoping to buy or sell a home in the coming months, we’d be honored to help. Give us a call at (775) 828-3292.

Home Selling Costs to Prepare For

September 23, 2021/in Reality of Real Estate, Reno-Sparks Real Estate /by Shauna Morris

Selling a home often adds dollars to your pocket, but selling a home also costs money. Some of the expenses are negotiable, but sellers should be prepared to foot the bill for the home selling costs on this list.

Real Estate Commission

Typically, real estate commission is 5%–6% of the home’s sale price, and it’s split between the buyer’s agent and the seller’s agent. In a majority of transactions, it’s a cost the seller bears.

Pre-Listing Home Inspection

The pre-listing home inspection is optional and costs between $300 and $500, but it can vary.

Home Staging

Home staging is also another optional cost. Home stagers work to enhance a home’s best features while minimizing its worst attributes. The cost of a professional stager varies according to the size of the home, the extent of the work, etc., but you can expect to spend several hundred dollars.

Utilities

If you’re moving out of the home before selling it, you’ll have to continue to cover the cost of the utilities at the home. A home without water, electricity, air conditioning, and heat can be very difficult to sell as potential buyers can’t test out these things for themselves, nor can an inspector complete the inspection.

Mortgage Payoff

The money you’ll make from the sale of your home will need to go towards paying off your mortgage. Your lender may also have a prepayment penalty or prorated interest added to your total balance, so be sure to speak to your lender about what you will need to pay back after selling your home.

Closing Costs

Many of the closing costs are negotiable, and it’s likely that the buyer will help pay for some of the costs associated with closing, but be safe and plan to meet these costs. Some of the closing costs may include attorney fees, transfer taxes, title insurance, escrow fee, brokerage fee, and a courier fee.

HOA Fees

Depending on your particular HOA, you may have to pay out of pocket for a resale certificate before the property closes. This fee can be up to $600, and in some cases higher, due to the HOA. Other HOA fees such as transfer fees and other miscellaneous fees may apply. Those fees are usually paid at closing.

Liens Against the Property

It may be a good idea to have a title company open the title for your property before listing. That way, they can pull a title commitment to see if there are any liens against the property besides the typical first and/or second mortgage. Knowing what you owe and what your take-home will be may determine if moving forward to sell your house is a good plan.

If you’d like to talk through what to expect when selling your home or if you’d like to know what’s happening in the local real estate market, contact the David Morris Group. We’re happy to be your guide. Give us a call at (775) 828-3292.

2021 New Home Build Trends and Changes

August 24, 2021/in Reno-Sparks Real Estate /by Shauna Morris

2020 and 2021 brought changes that nobody was prepared for. As our homes became the epicenter of our lives 24-7, it highlighted areas of our homes that people wished to change. It even had some saving every penny to buy a new construction home, and that housing boom brought some challenges, changes, and new trends. Let’s take a look at how building a home has changed in 2021.

Buying New is More Popular Than Ever

Housing demand has increased far greater than the supply of homes on the market for the last year. The lack of options has made more buyers consider new-construction homes where they may have the opportunity to help decide fixtures, styles, and even amenities the home has to fit their lifestyle.

Prices Have Increased

Material shortages and shipping delays are still occurring, meaning that the cost to build a home is taking longer and comes with a higher price tag. The National Association of Home Builders reports that more than 90% of builders are reporting shortages of essential elements like appliances, framing lumber, and oriented strand board (OSB). They also report that the median sale price for a new home has risen 18% over the past year.

Wellness is a Must-Have

Homebuyers are looking for items in a home that will support their well-being. Everything from energy-efficient features to low-VOC paint is being considered.

Flex Those Spaces

This year has forced everyone to be more flexible, and it’s important to homebuyers that a home is flexible as well. Rooms that could be used as an office, home gym, media room, etc., are moving from a want to a need on home buyers’ shopping lists.

Suburbs > City

The idea of having more space to spread out and enjoy green areas is attractive. Many are looking to leave apartments, condos, and townhomes for a house with a little land. Outdoor spaces are another must-have for many current homebuyers, so new home builds are looking to meet that demand by creating outdoor living spaces or entertainment areas in the backyard.

Privacy Please

With everyone staying at home for longer periods of time, the need for privacy has skyrocketed, and homebuyers are moving away from the open floorplan layout for a more formal layout. The added walls help block out sound and add more privacy to the dedicated areas of your home.

New construction has run into some challenges in the last year, but there are still some beautiful new homes hitting the market. If you’re curious about the latest home trends, the changes to the real estate market, or what homes are 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.

Getting to Know the Sparks Community

August 18, 2021/in Reno Neighborhoods, Reno Relocation Information, Reno-Sparks Real Estate /by Shauna Morris

Sparks is a city of roughly 100,000 residents located just 10 minutes northeast of Reno. Covering 38 plus square miles, Sparks continues to experience tons of growth and offers a plethora of amenities. With a projected population of 133,600 residents by 2030, there’s a lot on the horizon for the area. Let’s get to know the Sparks community.

Less than an hour from Tahoe and 4,410 feet above sea level, Sparks is in a high desert climate that experiences all four seasons and offers 290 days of sunshine.

Amenities

The Sparks area is filled with entertainment and cultural sites. Some of the local attractions include:

Events

Much like Reno, there is always something to do in Sparks. Check out these annual events!

Arts in Bloom
Star Spangled Sparks
Hot August Nights
Rib Cook-Off
Oktoberfest
Turkey Trot
Victorian Square Farmers Market
The Big Easy

Schools

Elementary Schools Located in Sparks

Middle Schools Located in Sparks

High Schools Located in Sparks

Sparks is a beautiful place to live, and it offers a ton of great amenities, events, homes, and schools. For more information on the Sparks community and what homes are available in the current market, contact the David Morris Group. We’re happy to help you begin your home search. Give us a call at (775) 828-3292.