Reno-Sparks Real Estate | David Morris Group

Selling a Home in a Seller’s Market

July 6, 2021/in Reno-Sparks Real Estate /by Shauna Morris

In a seller’s market, there are more buyers shopping for homes than homes for sale. This generally means that sellers have more negotiating power and can receive the best offer possible. As you might have guessed, it’s best to sell your home when inventory is low and eager buyers are driving prices up, but there are also some things you’ll want to prepare for.

Selling Your Home Quickly

In a seller’s market, the home selling process can move extremely quickly, especially if your home is well-priced. Because of the increased competition, buyers want to move quickly to put in an offer on the homes they like. Waiting to put in an offer could mean that the home they love is snatched up by another buyer, so they make decisions about homes quickly.

Multiple Offers are Possible

The strong competition amongst home buyers means that if multiple buyers are looking at homes in your area, you may receive multiple offers. Multiple offers can drive up the sale price of your home as well as concessions from the buyer that meet your needs and goals, like an extended move-out period.

Issues with Appraisals

In a hot seller’s market, appraisers may not be able to complete an appraisal that properly represents what your home is worth in the current market. Appraisers might be comparing your property to properties sold a year ago or more — sales which will likely be for a lot less than your current offer. If a property doesn’t appraise for the offer price, the buyer will have a lot of difficulty getting a loan for the current offer price. You might be forced to lower your sales price or seek out buyers who are paying cash and do not need the approval of an appraiser to complete the deal.

Closing Delays

Often in a strong market, a buyer may try to expedite the loan process. Promising things the lender cannot deliver due to other factors such as appraisal delays, three-day TRID rule, survey delays, and delays getting title work back. Be patient and understand the buyer wants to close on your house as quickly as possible but is usually at the mercy of the loan and title company.

If you have questions about buying or selling a home or you simply need help understanding the current real estate market, contact the David Morris Group. We’re happy to be your guide. Give us a call at (775) 828-3292.

Important Terms to Know When Selling a Home

Real estate agents often have their own language. Learn the important terms to know when selling a home and having discussions with agents, brokerages, and lenders.

Affidavit – A statement a buyer or a seller signs to state that certain information is accurate.
Appreciation – An increase in a property’s value.
Asking Price – The seller’s value and pricing of the property.
Assessed Value – The value of the property that is decided by an assessor.
Capital Expenditure – An improvement to a property that has a lifespan and can increase the property’s value.
Closing Costs – The costs, including title insurance, legal fees, and survey, to finish transferring a property’s ownership.
Commission – The money that is given to a real estate agent for his or her association with selling the property.
Comparative Market Analysis – A method to evaluate a property by comparing it to similar homes in the area that were recently sold or have recently entered the market.
Counter Offer – A new offer that is a response to an offer that was not accepted.
Curb Appeal – The attractiveness of a property and its surroundings when viewed from the street. Landscaping, the front entrance, and the condition of the paint or siding are the biggest factors in curb appeal.
Days on Market – The total number of days a property has been available for sale.
Depreciation – A decrease in a property’s value.
Escrow – A process in which a third party takes care of funds and documents for a buyer and/or seller.
Home Inspection – An inspection of the property to check for factors like the quality and safety of the property.
Lien – A legal claim of ownership on a home’s title and security for money owed.
Market Value – An amount that a buyer would be willing to pay for the property and an estimated price based on the real estate market.
Mitigation – Alterations and improvements to a property.
Offer – A proposal to buy a property with a certain price and on certain terms.
Open House – The time in which a property is available for interested buyers to view.
Property Survey – A survey to understand a property’s boundaries.
Sales Contract – A contract between the buyer and seller of a property that provides details such as what a purchase consists of and the closing costs for the property.
Staging – Placing furniture and accessories within a house to prepare it for a sale.
Title – The evidence that shows the legal right of a person to own a property.
Under Contract – A real estate property that currently has been accepted in a contract by a seller and a buyer.
Walk-through – The last property inspection to make sure items in a purchase agreement, like repairs and property electrical systems, are working properly.
Zoning Laws – The local laws that regulate how a land is used in certain zones with factors that include the size of a lot and the way a building is used.

There are a variety of terms that you’re likely to hear as you begin the home selling process. If you have questions about buying or selling a home or you simply need a real estate translator, contact the David Morris Group. We’re happy to be your guide. Give us a call at (775) 828-3292.

Questions to Ask Before Downsizing

May 25, 2021/in Reno-Sparks Real Estate /by Shauna Morris

Downsizing to a smaller home can be a great solution for many, but it can also cause problems if you don’t have the right expectations and game plan. Whether you’re hoping to downsize to build a nest egg or you believe you don’t need the space now that your kids have left home, it’s important to think through every scenario and make an informed decision. Be sure to ask yourself these questions before downsizing!

Is there a financial benefit to downsizing?

A smaller home doesn’t always mean more money in your wallet. The costs of things like a new mortgage, property taxes, insurance, repairs, HOA fees, and upgrades of the new home, can make it more costly to downsize. Take a deep look at your finances and compare what the upfront costs will be as well as the long-term costs to see if there’s a financial benefit to downsizing.

Are you excited about having less space or does it make you nervous?

The benefits of a smaller home usually come with less maintenance and cleaning. If you’re excited about having less home to take care of and not worried about having enough space for guests or parties, you’re likely ready to downsize.

What are you going to do with your stuff?

A larger home needs more furniture and even larger furniture to take up space. There’s also room to keep and collect more than you need. Think about what you need to keep rather than what you can get rid of. It’ll help you determine if downsizing is feasible for you.

Can you look past square footage and focus on floorplans?

A smaller home may mean less square footage, but it doesn’t have to mean less space. The right floorplan that maximizes the space well can feel larger than your current home. Don’t ignore a home based on square footage alone. Think about how you could place furniture, where you could add more space to make it comfortable for you and your needs.

Can you see yourself in a smaller home?

This is a question that will likely only be answered when you start to tour homes. When you see what smaller homes offer, you’ll be able to compare what you have currently with what’s on the market and see if you can make the sacrifices that you’ll need to make to move into a smaller home.

If you have questions about downsizing your home or about the current Reno real estate market, contact the David Morris Group. We’re happy to be your real estate resource!

Navigating the Hot Reno Market

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

The real estate market continues to change, but the last year has brought unforeseen highs and lows to the Reno market. The current seller’s market may add new challenges and obstacles for buyers and new opportunities for sellers. Let’s take a look at the current market and how to navigate it.

Record Low Supply

Inventory levels normally hover at a couple of months, but these days, inventory levels are hovering at a few weeks. Fewer homes are on the market has highlighted the shortage of homes in Northern Nevada and the nation. The recession brought the home building industry close to a stand-still, limiting the houses on the market.

High Demand

That low supply level is being matched by a high demand. With more people working from home, the pandemic highlighting new wants and needs in a home, and low interest rates, more buyers are searching for homes. We’re seeing more people looking to relocate to Nevada to take advantage of the tax benefits, beautiful weather, great employment opportunities, and variety of amenities that Reno has to offer.

More Refinancing

Record low interest rates have incentivized potential sellers to stay in their current homes and refinance their mortgages to capitalize on those low interest rates.

Navigating the Market

The hot market means that it’s more important for buyers to be prepared. Buyers should:

Get prequalified. You need to know how much house you can afford to buy before you start looking.
Make a strong offer. If you come in with an offer below asking price, it’s likely you’ll be outbid, and your offer won’t be considered.
Have extra cash ready. Homes are going above asking price and above appraisal values. Having the money to cover the difference is imperative to getting to the closing.
Hire a real estate professional who has the necessary experience and negotiation skills to advocate on your behalf in a challenging market. You must have someone who knows this market and knows how to structure an attractive offer that has the best chance of being accepted by a seller in a multiple offer situation.

The hot market also means that it’s a great time for sellers to capitalize on the market. Sellers should:

Be prepared for multiple offers. It’s likely that your home will create a bidding war amongst buyers.
Review each bid with your agent to determine which one is the best fit.
Move quickly. Some buyers prefer a quick closing, so be prepared for things to move quickly after accepting an offer and closing on a home.

The seller’s market is moving quickly, and if you need help navigating the hot Reno market, contact the David Morris Group. We’re here to offer our expertise, and we’ll be by your side every step of the way–give us a call at 775.828.3292.

Spring Landscaping – What Grows Well in the Reno Area

April 2, 2021/in Lifestyle, Reno-Sparks Real Estate /by Shauna Morris

If you’re hoping to add some color or personality to your landscaping, choose plants that grow well in the Reno area. The climate, soil, and water can pose problems for plant life in the area, with temperature extremes, low humidity, clay-heavy soils, and lots of wind inhibiting plant growth. Your spring landscaping can include the trees, shrubs, perennials, and vines from the list below that have proven to grow well in Nevada.

Trees:

Apple
Apricot
Arizona Cypress
Ash
Asian pear
Atlas Cedar
Austrian Pine
Bosnian Pine
Bristlecone Pine
Crabapple Blue
Cherries
Gingko
Golden Rain
Hawthorne
Honeylocust
Incense Cedar
Jeffrey Pine
Limber Pine
Maple
Nectarine
Oak
Peach
Pear
Persian Ironwood
Plum
Ponderosa Pine
Redbud
Serviceberry
Scotch Pine
Swiss Stone Pine
Wichita Blue Juniper
White Fir
Zelkova

Shrubs:

Amur Maple
Barberry
Buffaloberry
Butterfly Bush
Caryopteris
Chokeberry
Cistena Plum
Cotoneaster
Diervilla
Juniper
Kinnikinnick
Lilac
Mock Orange
Mugo Pine
Ninebark
Potentilla
Quince
Rose of Sharon
Rose
Serviceberry
Siberian Peashrub
Smokebush
Snowberry
Spiraea
Sumac
Yucca

Perennials:

Agastache
Baptisia
Bee Balm
Blanket Flower
California Fuchsia
Catmint
Centranthus
Coneflower
Coreopsis
Daylily
Dianthus
Fern Bush
Flax
Ice Plant
Iris
Lavender
Lupine
Mexican Primrose
Penstemon
Peony
Red Hot Poker
Red Valerian
Red Yucca
Russian Sage
Salvia
Sedum
Sneezeweed
Snow in Summer
Spirea
Thyme
Veronica
Yarrow

Vines:

Honeysuckle
Silver Lace
Trumpet Vine
Wisteria

Be sure to research the best times to plant, where your plants will thrive in your yard, and what type of soil you have. You can always talk to the local experts at the Moana Nursery for advice on the plants that will work best in your yard.

Plants have the added benefit of adding extra curb appeal to your home. If you’re curious about Reno landscaping, how to improve your home, or the Northern Nevada real estate market, contact the David Morris Group. Give us a call at (775) 828-3292.

Are You Ready to Saddle Up and Call Saddlehorn Home?

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

Luxury living is what the Saddlehorn community is known for. Homes are nestled amongst the gorgeous landscape and offer a serene and peaceful atmosphere close to the city. Are you ready to saddle up and call Saddlehorn home? Let’s pony up and see what the community has to offer!

Homes

This Southwest Reno community first began developing in the 1980s, but the community has grown over the years to include over 420 home sites. The hundreds of custom-built luxury homes come in various styles and offer differing architectural amenities and features. Homes are situated on half-acre or one-acre lots, giving homeowners plenty of space and views of the city or the mountains.

Amenities

With a 13-acre community park featuring playgrounds, sports fields, sports courts, paved jogging trails, horseshoe pits, pavilions, and BBQ pits, there’s so much to do within the neighborhood. The trail system also has direct access to the Thomas Creek Trail, taking you into the Mt. Rose Wilderness.

If that’s not enough outdoor recreation options for you, Mt. Rose Ski Tahoe is only 20 minutes from Saddlehorn. This community is also close to the great golf courses at Club at Arrowcreek and Wolf Run Golf Club.

For all of your shopping needs, check out the Galena Junction Shopping Center and the 60+ retailers at the Summit Reno — both are minutes away from Saddlehorn. Each of these shopping centers offers great dining options and entertainment.

Schools

Schools serving the students in Saddlehorn include Hunsberger Elementary School, Herz Middle School, and Galena High School — all a part of the Washoe County School District. For private school options, Sage Ridge School and Bishop Manogue Catholic High School are nearby.

Saddlehorn continues to be the pinnacle for luxury living in Reno. If you’re curious about the community and looking for more information on Saddlehorn, contact the David Morris Group. We’re happy to help you begin your home search. Give us a call at (775) 828-3292.

Settle Down in Somersett

February 22, 2021/in Reno Neighborhoods, Reno-Sparks Real Estate /by Shauna Morris

One of the most well-known neighborhoods in Northwest Reno is the master-planned golf community of Somersett. With the gorgeous views of the Sierra Nevada foothills outside your door and minutes from the state line, there are a variety of reasons to settle down in Somersett.

Homes

The single-family homes in Somersett range in style, size, and cost. You can find cozy homes in small neighborhood clusters, sprawling gated homes, and custom builds. If you’ve been considering building your own dream home with designs, features, and layouts that work for you, there are still lots available in the Somersett community.

Amenities

For all of your shopping, dining, and entertainment needs, Somersett is a 15-minute drive to Downtown and Midtown Reno. If you’re looking for options closer to home, the Somersett’s Town Square Center and Somersett Country Club have everything you need!

Somersett residents are also close to the Canyon Nine Golf Course, Club at Somersett recreation center, Somersett Golf Country Club, and nearly 30 miles of paved and natural recreation trails. Whether you enjoy golfing, hiking, or biking, Somersett offers everything you need to get you outside and soaking up the fresh Sierra Nevada air. Within a 45-minute drive of Somersett, you’ll have your choice of ski resorts and recreational activities that are common in Tahoe.

Schools

Schools serving the students in Somersett include George Westergard Elementary School, B.D. Billinghurst Middle School, and Robert McQueen High School — all a part of the Washoe County School District.

When it comes to close-knit communities, Somersett is the place to be. They pride themselves on creating strong bonds with neighbors and even have an active Facebook page to keep residents up to date on the latest news, events, and opportunities in the community.

If you’re looking for more information on what it’s like to settle down in Somersett, contact the David Morris Group. We’re happy to help you begin your home search. Give us a call at (775) 828-3292.

Relocation Guide: How Does Reno Stack Up Against San Francisco?

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

The Bay area draws in creatives, tech geniuses, and entrepreneurs of all kinds. San Francisco continues to be a beacon for those working in various fields, but with large spikes in industries working remotely, it has caused many to look to other cities that may be cheaper and offer a variety of amenities that aren’t offered in San Francisco. So, how does Reno stack up against San Francisco?

Cost Comparison:

The median price of homes sold in January of 2021 was $446,702 in Reno, while the median price of homes sold was $1,745,000 in San Francisco. The median price in Reno is 75% less than that of San Francisco.
It costs 61% less to rent in Reno than in San Francisco.
Costs to register your vehicle are 53% cheaper in Reno.
Transportation costs are 43% more in San Francisco.
Child care costs nearly 20% more in San Francisco.
Auto insurance is 15% cheaper in Reno.
Sales tax is roughly 3% less in Reno than in San Francisco.
Utilities cost 2% more in San Francisco.
Reno has no state income tax.

Commutes:

Commute times for Reno residents averages 20 minutes.
Commute times for San Francisco residents averages 45 minutes.
Average gas price for Reno is $2.77 and $3.23 for San Francisco, making commutes cheaper and faster in Reno.

Reno’s National Rankings in 2020:

#1 Best Small Cities of 2020 – BestCities.org
#4 Best-Performing Cities of 2020 – Milken Institute
#11 Best Places For Business And Careers – Forbes
#17 Best Cities for Outdoor Activities in America – Niche
#38 Best Places to Live – U.S. News and World Report
Top 100 Best Places to Live – Livability

Reno and San Francisco share a lot in common when it comes to climate. With nearly identical sunny days, Reno only differs from San Francisco in snowfall and colder winter temperatures. On average, Reno has a lower cost of living, shorter commute times, and continuously ranks well in national reports.

The Biggest Little City in the World is expanding and becoming a beacon for city dwellers that don’t want to give up outdoor amenities and close-knit communities for events, attractions, and businesses — Reno has it all in spades!

If you or someone you know is considering relocating to Reno, contact the David Morris Group. We’re happy to share our insights on the city and make it a smooth transition from visitor to resident!

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

January 27, 2021/in Reality of Real Estate, Reno-Sparks Real Estate /by Shauna Morris

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.

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.

Selling Your Home Quickly

Multiple Offers are Possible

Issues with Appraisals

Closing Delays

Is there a financial benefit to downsizing?

Are you excited about having less space or does it make you nervous?

What are you going to do with your stuff?

Can you look past square footage and focus on floorplans?

Can you see yourself in a smaller home?

Record Low Supply

High Demand

More Refinancing

Navigating the Market

Trees:

Shrubs:

Perennials:

Vines:

Homes

Amenities

Schools

Homes

Amenities

Schools

Cost Comparison:

Commutes:

Reno’s National Rankings in 2020:

What is a home appraisal?

What is factored into the appraisal value?

Who orders and pays for the appraisal?

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

Homes

Amenities

Schools

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