Reno-Sparks Real Estate - David Morris Group

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

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!

The Benefits of Selling Your Home in the Winter

The spring and summer have been referred to as a hot buying season, which means that many people will wait until March to begin the process of selling their home. If you’re considering selling your home, and you think now isn’t the right time, we can assure you that there are great benefits to selling your home in the winter compared to the other seasons.

Less Inventory

With fewer homes on the market, there’s less competition for you and more competition for buyers. The buyer competition can lead to some great things for you, like quick closings, offers above asking price, and all-cash offers!

Motivated Buyers

The buyers that are actively searching for homes in the winter months are serious buyers and more likely to go through with the transaction, lowering your risk of having people back out of the deal at the last minute.

Improved Curb Appeal

The winter months call for holiday decorations, festive lights, and even a light dusting of snow. Getting to see the home and the neighborhood decked out for the holidays puts buyers in a better mindset and allows them to visualize themselves spending the holidays in the home and the area with their loved ones.

Relocators are Moving

As the end of the year nears, many people take it as a time to begin making changes and a fresh start. People may be looking to start the new year in a new location and in a new job. With a lower cost of living, tax breaks, and a higher quality of life, Reno is where many people from neighboring large cities are setting their sights, especially in the work-from-home era we’re experiencing.

Home Improvement Season is Slow

Winter is generally the slow season for contractors and inspectors, making it the perfect time to begin tackling home improvement projects you’d like to do before selling or your buyers would like to do before they move in.

Don’t overlook the winter real estate market. If you have any questions about selling your home or about the current market, contact the David Morris Group. Give us a call at (775) 828-3292.

The Reality of Real Estate: Question Everything – Important Questions to Ask Throughout the Homebuying Process

November 25, 2020/in Reality of Real Estate, Reno-Sparks Real Estate /by Shauna Morris

If there’s one piece of advice we could give everyone, it’s to be inquisitive and question everything. That advice is especially important in the real estate world. As a home buyer, you’re making one of the most important and biggest financial decisions of your life, and you don’t want to go through the process confused or unaware of what you’re getting yourself into. Below are some important questions to ask throughout the homebuying process.

Questions to Ask Your REALTOR® About the Community:

How good is the school district? How do the schools in this neighborhood stack up against other schools in the area?
How close are the nearest hospitals, grocery stores, businesses, etc.?
Is there anything that would be considered a nuisance going on regularly in the area — construction, trains, planes flying overhead, etc.?
Is there an HOA, and if so, what are there regulations, dues, etc.?
How does the resale value of homes in the area do year over year?

Questions to Ask the Home Inspector:

Is there insulation in the walls and ceiling, and is it sufficient for the home?
Are there any foundation or structural issues?
Is there anything in your report that you think I should have an expert inspect or repair?
Was everything you saw normal wear and tear, or are there problems with the home?
If you were in my shoes, would you feel like you were making a good investment in buying this home, or are there areas for concern?

Questions to Ask Your Lender:

Do you know of any mortgage programs that I qualify for and could lower my costs?
Will a higher down payment improve the interest rate you can offer?
What do my projected monthly mortgage, property taxes, and homeowners insurance costs look like?
How much should I expect closing costs to be?

There are no dumb questions, and it’s important to have everything laid out on the table when you’re buying a home. These are some important questions to ask throughout the homebuying process, but if you have more questions about buying or selling your home, contact the David Morris Group at 775-828-3292!

The Reality of Real Estate: Nevada First-Time Homebuyer Loan Programs – What Do They Offer and Can They Help Cover Upfront Costs?

November 13, 2020/in Reality of Real Estate, Reno-Sparks Real Estate /by Shauna Morris

As a leading real estate broker in Northern Nevada, we’ve worked with buyers and sellers with a variety of needs, wants, and tools at their disposal. While we are not mortgage brokers and can’t give you loan information that is specific to your circumstances, we have come to learn that there are some great first-time homebuyer programs available to help you cover the costs and secure financing for your dream home.

National Programs

FHA Loans – Popular amongst buyers with low credit scores and those that can only afford a small down payment. The Federal Housing Administration allows down payments of 3.5% for those with credit scores of 580 or higher. The FHA will insure loans for borrowers with scores as low as 500. Mortgage insurance is also required for an FHA loan.
VA Loans – Military members, veterans, and surviving spouses can qualify for loans with no minimum credit score and no down payment or mortgage insurance, but be prepared to pay a VA funding fee.
USDA Loans – Eligible rural and suburban homebuyers can receive a zero-down-payment mortgage through the USDA Rural Development Guaranteed Housing Loan Program. There are very specific limitations and guidelines you’ll have to meet to qualify.

Nevada Programs

Home Is Possible (HIP) – First-time and repeat homebuyers can receive up to 5% of the loan amount to pay the down payment, closing costs, or a combination of both. The money doesn’t have to be repaid if you keep the home as your primary residence. There are a variety of limitations that must be met, and you will need to complete a homebuyer education course.
Home Is Possible for First-Time Homebuyers – Down payment and closing cost assistance up to 4% of the loan amount that is strictly for first-time home buyers. There are limitations you will need to meet, but the money doesn’t have to be repaid if you stay in your home for 15 years.
Home Is Possible for Heroes – Active-duty military, honorably discharged veterans, members of the National Guard, and surviving spouses are eligible for below-market interest rates with a one-time fee of $755. Again, there are specific limitations you’ll need to meet, and an education course is required.

There are great programs at your fingertips to help you with the purchase of your first home. If you’re worried you can’t qualify for a great loan or won’t be able to secure financing, meet with an established mortgage lender to talk through your options. They have the tools and resources to find you the best program and can educate you on how to become a homeowner.

If you’d like some recommendations on great lenders in the area to contact for more information or you’re simply curious about the tools, resources, and knowledge we have for first-time homebuyers, contact the David Morris Group at 775-828-3292!

5 Reasons to Call Reno Home

November 6, 2020/in Reno-Sparks Real Estate /by Shauna Morris

Reno continues to be a popular destination for people looking to buy a home. As a vibrant city with unlimited opportunities and potential, the area continues to see growth while keeping the charm that it’s known for. Check out some of the reasons to call Reno home.

1. A Great Location

Location is crucial in real estate, and being located in an area that is near so many cities makes Reno perfect for those that like to be close to the action. In fact, from Reno, it’s roughly a

45-minute drive to Lake Tahoe.
1-hour flight to Las Vegas.
2-hour drive to Sacramento.
3.5-hour drive to San Francisco.

2. Affordable + Tax Benefits

Buying a home in Reno is more affordable than in many large cities, especially when compared to the California market. As a bonus, Nevada is one of the most tax-friendly states in the U.S. There is no state income tax, low property taxes, and no inheritance tax.

3. Outdoor Activities

With proximity to one of the most beautiful lakes, Reno residents can enjoy beach days and a variety of water activities. There are also great places to hike, bike, run, and climb. The highest concentration of world-class ski resorts in the country are located in the Reno area, so come the winter months, you have a variety of places to go to hit the slopes. Be a thrill-seeker and go camping, snowboarding, paddle boarding, boating, golfing, climbing, horseback riding, and more.

4. Beautiful Seasons

Reno residents get to experience what a true spring, summer, fall, and winter are like. You’ll have spring showers, hot days, leaves that change colors, and the occasional snow day.

5. Amazing Food, Entertainment, and Events

If you consider yourself a foodie, you’ll love Reno. There are all kinds of eateries, bars, breweries, food trucks, cafes, and more serving up a variety of cuisine and drinks. As a 24-hour city, there’s always something to do. Catch a game, watch a show, head to a concert, or visit the casinos. When it comes to events, Reno is home to Artown, Hot August Nights, the Reno River Festival, the Best in the West Nugget Rib Cook-Off, the Great Balloon Race, the Reno Rodeo, Burning Man, the Barracuda Championship, the Lake Tahoe Shakespeare Festival, and plenty more.

Living in Reno comes with benefits that are waiting for you to take advantage of them. The atmosphere, amenities, and affordability are just a few of the reasons to call Reno home. If you have any questions about what we love about the community or which homes 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: Buying a Home Can Take Weeks or Months, So Be Prepared for a Lengthy Process

October 28, 2020/in Reality of Real Estate, Reno-Sparks Real Estate /by Shauna Morris

Many first time homebuyers fall for the illusion that buying a home will be as simple as picking out a dream home, signing on the dotted line, and then being handed the keys. Unfortunately, that’s not how it works. It can take anywhere from 30-60 days just to close on a home in a normal market, so let’s break down the home buying process with a realistic timeline of when you can expect to move into a new home.

Getting Pre-Approved for a Mortgage – 1-2 Weeks

After researching lenders and deciding on the best type of mortgage for you, it usually only takes about five business days to get mortgage pre-approval. Make sure to do your due diligence and shop around for the best deal and the best lender.

Creating a Wants and Needs List and Browse Listings – 5 Days

Your first list of things you need and want in a home may take you only an hour to create, but once you begin looking at the current listings, you may think of things you need, like specific neighborhoods to be in, school districts you like, and style of homes you’re drawn to.

View Houses – 1 Week-5 Months

Depending on the list of wants and needs you have for your home and the current market, you could find your perfect home quickly, or it could be a couple of months of searching. It’s not uncommon to spend 4-5 months searching before your offer is accepted on a home that meets your needs and some of your wants,

Make an Offer and Negotiate – 1-5 Days

Depending on the seller and how speedy they are to respond to your offer, this may be a quick period in the timeline or take a few days. If they reject your offer or make a counteroffer, this can also draw out the process.

Get Loan Approval – 1-2 Months

If you’ve been pre-approved for your mortgage, your real estate agent will gather the paperwork needed for your lender to approve your loan. On average, this takes about 45 days to come through, but it could be faster or slower, depending on the market.

Have Your Home Appraised – 1-2 Weeks

Your lender will hire an appraiser to evaluate the true value of your home. Once the appraiser comes out, it usually takes about three days to get the report back.

Get a Home Inspection – 1-3 Weeks

The home inspector will determine if there are any unexpected surprises and things of note that may need to be addressed before buying the home. You usually have about a 10-day period to conduct an inspection, and you’ll have the report back within 24 hours. It could take a few weeks to renegotiate the contract if any unexpected problems arise from the inspection report.

Closing – 1 Day

After all of those steps have been completed and you’re ready to close, you’ll have one long appointment to hand over your down payment and closing costs and sign a ton of paperwork. Seriously, you may leave with a hand cramp after all the signing, but you’ll officially be a homeowner!

Now, this is just a general timeline of how long it takes to buy a home, but it can certainly be sped up or more drawn out depending on what you’re looking for and what the current market has to offer. If you’re curious about what the Reno real estate market looks like currently and how we can help you buy your dream home, contact the David Morris Group at 775-828-3292!

The Reality of Real Estate: Winning Your Dream Home in a Multiple Offer Situation

October 9, 2020/in Reality of Real Estate, Reno-Sparks Real Estate /by Shauna Morris

In a real estate market with more buyers than sellers, buyers can often be more competitive and put sellers in a position to receive multiple offers. How can you make your offer stand out and help you win your dream home in a multiple offer situation? If you play your cards right, it may not come with a higher price tag either!

1. Appeal to the owner’s reasons for selling.

Something as simple as understanding why the seller has put the home on the market, can help you appeal to the problems they may be facing. Taking the initiative to understand the seller’s point of view and being empathetic to their situation will often win you points and gain you a good first impression from the seller.

2. When it comes to closing, don’t dilly dally.

A quick closing is appealing to many sellers. It’s why many will be enticed by a cash buyer or anyone that is working with a lender that can fast-track the financing. Offering little to no waiting period for closing can make any offer standout.

3. Personalize the offer.

Sellers can drown in a sea of paperwork, especially in a multiple offer situation. Add a personalized note to the seller that pulls at their heartstrings and highlights what you find so special about their home. Many homeowners are sentimental about their house and would like to sell to someone that sees its worth just as much as they do.

4. Be flexible and easy to work with.

In a high-stress situation, the seller is looking for someone that is a breath of fresh air. Be willing to work with the seller and make compromises and concessions. Don’t negotiate over superficial repairs and only sweat the big stuff.

5. More earnest money can sweeten your offer.

Showing serious interest and commitment to buying the home can come in the form of offering more earnest money. You will immediately differentiate yourself from other offers.

Think outside the box and having creative solutions at your fingertips can help you win in a multiple-offer environment. Have questions about how we can help you win your dream home in a multiple offer situation without paying the highest price? Contact the David Morris Group at 775-828-3292.

Have You Met the Lakeridge Community?

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

Southwest Reno is one of the most desired neighborhoods, full of beautiful homes, close-knit communities, and outstanding local amenities. Located within Southwest Reno, you’ll find the well-known Lakeridge and Lakeridge Shores communities, offering a blissful marriage of old and new homes nestled amongst lush greenery. Let us introduce you to Lakeridge — we think you might be great friends!

Homes

Most of the homes you’ll find within the Lakeridge community are custom, single-family homes. Being an older community in Reno, you’ll find some homes with a classic feel, while others have been recently renovated, and others are brand-new. Many homes are situated on larger lots, and if you’re looking for a waterfront property, you’ll be happy to find there are waterfront luxury homes on Lake Stanley.

Amenities

The established golf community is located near the Robert Trent Jones-designed Lakeridge Golf Course. If you’re in the Lakeridge Shores gated community, you’ll also have the breathtaking views of Lake Stanley, Reno, and the surrounding mountains.

If you and your family love being outdoors and exploring new places, you’ll never be bored in Lakeridge. There are a variety of parks to choose from, including Lakeridge Springs Association Park, Horsemans Park, Mary Gojack Park, or the Bartley Ranch Regional Park. There are also tennis courts, marinas, and walking and hiking paths at your disposal.

Besides being a golfer’s paradise, Lakeridge is also located close to downtown, the airport, and major shopping districts. You’re in close proximity to major roadways, like NV-659 and the I-580.

Schools

Students in the Lakeridge community are a part of the Washoe County School District and are zoned for Caughlin Ranch Elementary School, Swope Middle School, and Reno High School.

Lakeridge’s great location, impeccable views, and outdoor amenities have made them a wonderful community to live in. 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.

Property Spotlight: 4145 Lone Tree Lane

August 18, 2020/in Reno-Sparks Real Estate /by Shauna Morris

If you’re looking for your own private escape, you’ll be blown away by the comfort and style you’ll find at 4145 Lone Tree Lane. Located just minutes from the restaurants, retailers, and entertainment hot spots Reno is known for, you’re never far from everything you’ll need within the city.

The extended driveway pushes the three-bedroom, four-bathroom home from the street, giving more privacy to the property. The two-story home greets guests with a large pond outside the front door, immediately charming everyone that stops by. As you walk through the front doors, you’re met with a jaw-droppingly beautiful wall of windows and a wide-open floorplan that lets you see from the family room to the kitchen without your eyes straying from the gorgeous views the windows offer of your expansive backyard.

The natural light that floods this home highlights the beautiful wood accents and flooring throughout the home. The owner’s suite is located on the first floor and features an outdoor patio, a double-sided fireplace, and a spa-like bathroom that will have all your worries melting away at the end of the day.

Heading upstairs, you’ll find two more bedrooms and a large loft space that includes a fireplace and could be used for a multitude of purposes. This flex space allows the home to grow with you and change with your needs. With garage space that can fit up to six vehicles, you have the opportunity to convert some of that space into a workshop or gym for your personal hobbies.

Just steps from your door, you’ll find the Ballardini Ranch hiking trail, the perfect place to explore. This home also includes an adjacent lot, APN#04112011, for a total of 4.6 acres to call home.

This 3,885 square foot house is stunning and will be the perfect place to call home for years to come. For more information on this property, check out the slideshow and flyer here. If you’re curious about touring the property or learning more about the area, contact the David Morris Group. We’re happy to help you begin your home search. Give us a call at (775) 828-3292.

Why Reno is a Great City to Retire In

April 21, 2020/in Reno-Sparks Real Estate /by Shauna Morris

If the current circumstances caused by the pandemic have made you wonder if it’s the time to move and retire completely or take on part-time work, Reno may be the perfect city for you. Many retirees are looking to settle down in small-town communities, but still need the amenities that big cities can offer. Reno’s moniker of being “The Biggest Little City in the World” offers the best of both worlds.

Low Cost of Living

One reason many retirees look to settle in Reno is the low cost of living. Nevada has very few tax burdens as Nevada has no state income tax, no taxes on Social Security benefits, no taxes on withdrawals from retirement accounts, no sales taxes on food and drugs, and property taxes are well below the national average. Even if you’re working with a strict budget, with all of the free activities and events Reno, Sparks, and Tahoe has to offer, you’ll always be able to live happily and well within your means.

Community Services for Seniors

Between the great parks and trails for outdoor enthusiasts, the more than 50 golf courses within a two-hour distance of Reno, and more than a dozen ski resorts to keep people active, seniors are able to stay fit, healthy, and connected to the community. The City of Reno has great Senior Programs that include the Reno-Tahoe Senior Games. Check out some of the other senior programs offered in the area:

Great Art and Culture

Many retirees like to spend their extra time enjoying the arts and finding new sources of entertainment. There are amazing performances, exhibits, and events to enjoy and fill up everyone’s calendars. Check out some of the art and culture offered in the area:

If you have any questions about the Reno community and what it has to offer for retirees and seniors, don’t hesitate to contact the David Morris Group at (775) 828-3292. We know Reno and the real estate market like the back of our hands, and we’re happy to share what we know with you.