Reno-Sparks Real Estate Archives Page 3 of 6

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

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.

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

June 21, 2021/in Reality of Real Estate, Reno-Sparks Real Estate /by Shauna Morris

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.

What’s changed in the last ten years?

Why is the U.S. Census data important?

Real Estate Commission

Pre-Listing Home Inspection

Home Staging

Utilities

Mortgage Payoff

Closing Costs

HOA Fees

Liens Against the Property

Buying New is More Popular Than Ever

Prices Have Increased

Wellness is a Must-Have

Flex Those Spaces

Suburbs > City

Privacy Please

Amenities

Events

Schools

Elementary Schools Located in Sparks

Middle Schools Located in Sparks

High Schools Located in Sparks

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

Receive More Information

Certifications & Affiliations