COVID-19 and reno real estate market

The Reality of Real Estate: Decoding the True State of a Home While Conducting a Virtual House Hunt?

May 26, 2020/in Reality of Real Estate /by Shauna Morris

With spring and summer being some of the busiest homebuying periods of the year, now may be the time that you begin looking at homes on the market, weighing the pros and cons of neighborhoods, and meeting with lenders. In the current market, you’ll likely be doing a lot of the Reno home searching online but when you’re not able to visit the house in person, it’s important to know how to uncover the true condition. Check out the things we’ve learned about conducting a virtual house hunt.

Decode the Online Listings

Some real estate agents will be using words and photos to hide the true state of the home. You’ll want to look for things that could prove to be misleading, like:

Are there only photos of the interior or the exterior? This could show that maybe the inside or the outside of the home needs work.
Do the photos look stretched in any way? Some agents or sellers may be trying to make the spaces look larger than they are by stretching the photos of certain rooms in the home.
Does the listing include references to a spacious backyard, extra bedrooms/bathrooms, or a dedicated home office that isn’t pictured? If not pictured, they may not be in great condition or could be small and show that the layout of the home isn’t functional.
What kind of adjectives are used to describe the home/do they match the photos? For example, the term “cozy” could be used to mean small, or it could just mean that the space is a great family gathering area of the home.

Reach Out to Your REALTOR® About Virtual Tours

Many listings will include property videos or a virtual tour of some kind, but in order to make them useful, ask your REALTOR® if they can find you more footage of the home or walk you through the home via a video call. This way you can look at any blind spots that may not show up in the original video as well as see the little details that may be overlooked in a hype video but will matter when you’re living in the home.

Get a Better Picture of the Home

If the home has piqued your interest by the photos, description, and virtual tour, reach out about the seller’s disclosure. It gives a great outline of any problems the home may have, any improvements the home has had, and when the improvements/features were made. This can be a great way to help you decide to take the next step and make an offer on the home or rule it out.

Having a team on your side to show you the ins and outs of virtual househunting, especially as a first-time homebuyer, is crucial in these uncertain times. We’re more than happy to help, so give the David Morris Group a call at 775-828-3292.

The Reality of Real Estate: Most Agents Won’t Say This, But Home Buying Can Wait. Here’s How You Can Prepare During COVID-19 Restrictions.

May 15, 2020/in Reality of Real Estate /by Shauna Morris

Being a first-time homebuyer can be a daunting journey during normal times, but faced with new challenges and changes amidst a pandemic may have you deciding to wait until some of the restrictions are lifted. As experienced agents, we know that buying and selling a home has to be done in line with you or your family’s needs. If you decide buying a home can wait, there are still steps you can take to be prepared for when the time comes.

Narrow down the neighborhoods or the areas that you would like to live in.

There are many great neighborhoods to choose from, especially in Reno and Sparks. Begin narrowing down the neighborhoods or the mile radius of the area you’d like to look in. Here are some questions to ask and answer when narrowing down where you’d like to live:

How far are you willing to travel for work? Will you need to travel often for your job/is being close to the airport important?
Which schools/districts would you like your kids to be a part of? Look at programs, graduation rates, and afterschool activities offered. What about higher education?
Are community amenities like pools, picnic tables, and basketball courts important to you?
Do you need to be near parks, trails, grocery stores, restaurants, stores, entertainment options, etc.?
Are there community groups/publications that will help you and your family acquaint yourself with the new neighborhood should you move there?

Once you’ve come up with neighborhoods or areas you like, you’ll want to confer with your REALTOR® and ask a few questions, like:

How have property values changed in the neighborhoods over the years?
Are there projected developments coming to the area? Is land in the area zoned for residential or commercial projects?
Is there an HOA or community association, and if so, are there stipulations on what you can and can’t do with your home/property?

Save, save, save.

Currently, lenders are tightening their restrictions on who they offer funding to. To make yourself look like a smart investment for lenders, you’ll want to have enough money saved to cover the downpayment, closing costs, and several months of mortgage payments in the scenario that you are laid off.

Create a list of needs and wants you’re looking for in a home.

Most first-time homebuyers aren’t really sure what kind of home they’re looking for or aren’t thinking about the future and how their needs will change. You want a home that fits your current lifestyle but will continue to grow with you. You may have to compromise on a few items on your wishlist, but you should have a general idea of the kind of home you’re looking for. You may have to have tough conversations like:

How many children do you want to have?
Will you or your partner’s parents live with you in the future?
Do you plan to work from home/homeschool your children?

Questions like this help you decide the number of bedrooms and bathrooms you’ll need, if a second master suite is necessary, and if you should seek out homes with a dedicated home office.

If you are looking for a dedicated team that can help you begin the process of searching for your future home, give the David Morris Group a call at 775-828-3292. We’re more than happy to help you from start to finish!

The Reality of Real Estate: Reno’s Current Real Estate Market – The Answers You’ve Been Looking For

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

Questions are looming in everyone’s minds, and conversations continue to focus on how the economy will bounce back, how to keep families safe and healthy, and if it’s ok to buy or sell a home in the current market. We’re here to give you the answers you’ve been looking for.

Can You Sell Your Home Today? YES!

COVID-19 has changed our lives in more ways than we even know today, and now, new questions are cropping up like: has it changed your home’s value? Are there buyers interested in your home? Can you even sell your home today? The answer is, yes!

Did you know that inventory is expected to significantly increase by mid-June? Right now, the market is starved for good homes to buy, and prices are holding very well.

Since you have been living in your home under a stay-at-home order, is this where you want to live when the next one is announced? If not, what are you looking for in your next home? We never thought the question of, “would you want to be quarantined here,” would ever be a consideration, but now it’s a necessity — how times have changed.

What is inventory like? LOW!

We are currently flooded with motivated buyers looking for their next home. The rates are outstanding, buyers are focused, and these buyers want to be settled into their homes as soon as possible. Inventory is very, very low, so buyers are hungry for new homes to be listed.

What is the market like for homes valued under $600,000? HOT!

As of this week for homes under $600,000 — 141 homes are pending sale out of 179 that are available in all of Reno/Sparks*. Close to 80% of homes are selling in less than 30 days!

We’re experts at understanding the Reno real estate market and how it changes, and we’re here to help our community in these uncertain times. It’s more important than ever to work with a team that can predict changes, give you honest answers, and navigate the market for buyers and sellers. If you have any questions, please don’t hesitate to give the David Morris Group a call at 775-828-3292. We’re wishing you all good health.

*Data provided is for homes listed since March 15th, 2020, the start of the stay-at-home order. Inventory changes daily as well as values, interest rates, and absorption rates.*

The Reality of Real Estate: Buying a Home In an Uncertain Market – The TRUTH from Experienced Agents

April 16, 2020/in Reality of Real Estate /by Shauna Morris

First-time homebuyers often have many steps to take before owning a home. You’ll have conversations with family and friends who have been through the Reno real estate process and meet with Reno lenders and real estate agents that will help you find and pay for your home. If that wasn’t enough to have on your plate, experiencing a pandemic can add extra stress, but rest assured that your dream of owning your own home can still happen, but you may have to be flexible about how things work. Here are things that we’ve learned about buying in the current climate.

The market will rebound but it’s ultimately your situation that matters most.

The Reno market is strong and will always bounce back but ultimately, it’s your situation that matters the most when deciding to buy or sell. If you’re hesitant to jump into the market, we can assure you that real estate will always be essential. If this is a convenient time for you to buy a home, you’ve found some homes that you really like, you have job stability, and you can get financing at low rates, take advantage of this time and find your right home!

You may need more documentation for your lender.

There’s a lot of uncertainty about how the current times will affect the economy and the day-to-day lives of many people. Lenders may require more documents like verification from your employer that your job will be safe for the next year or proof that you have 12 months of mortgage payments in savings.

Everything is going virtual and being done over video.

Technology has evolved, and industries are evolving as well. Appraisals, document signings, and lawyer consultations are all being done virtually. Real estate professionals are also doing virtual walkthroughs of homes and video conferencing to talk about the buying process.

Schedule EVERYTHING far in advance.

If you were planning on donating your old couch to invest in a new sectional, you might have trouble finding places that will pick up your donations or even allow you to drop them off right now. Start planning for that now and try scheduling for drop off or pick up further in advance than you normally would.

Many service providers are very backed up, so you may experience lags in response times from painters, cleaners, and any other services you need to move into your new home and out of your old place. You’ll have to be flexible and communicate with many service providers about scheduling a date for them to work on your home. Fair warning: it may change, and it may be a later date than what you originally budgeted for.

Now, more than ever before, it’s important to have a trusted REALTOR® on your side to help you navigate the changing market, help you find trusted professionals to work with, and ensure that 2020 is your year to become a homeowner. Contact the David Morris Group at (775) 828-3292 to work with a team that knows the ins and outs of the Reno real estate market and has a trusted network of professionals to guide you through every step of the process.

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