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The History of Father's Day-David Morris Group-Reno Real Estate-Reno Homes-Sparks Real Estate-Sparks Homes

History of Father’s Day

The History of Father's Day-David Morris Group-Reno Real Estate-Sparks Real Estate-Homes in Reno-Homes in Sparks

Father’s Day is this weekend.  It’s the official day to honor wonderful dads and father figures and celebrate the men who put in the work to make us feel protected and safe.  Have you ever been curious about the origins of this holiday?  Or do you need some new trivia to ‘wow’ your dad when you see him?  Here are a few fun facts about the history of Father’s Day.

First Recognition

The first event to celebrate fathers was on July 5, 1908, in Fairmont, West Virginia. A year before this celebration, a horrifying mining explosion occurred in a nearby town, known as the Monongah Mining Disaster.  It killed 362 miners, 250 of which were fathers.  A woman by the name of Grace Clayton encouraged her pastor to hold a service to honor the children who lost their fathers.  She chose that specific date because her father had passed away years prior, and July 5th was close to his birthday.  

While this was technically the first recognition of the paternal bond of fatherhood, it didn’t directly encourage the creation of Father’s Day. The town only promoted the memorial service in Fairmont, WV, which was overshadowed by July 4th celebrations.

Official Celebration

The idea of having a day to celebrate fathers was picked up again two years later by a woman from Spokane, Washington named Sonora Dodd.  Sonora and her five brothers and sisters were raised by their father after their mother passed away, and she felt that fathers deserved equal recognition as mothers.  She worked with her local church and YMCA to plan a day specifically to celebrate the men of the house.  As a result, an official “Father’s Day” was held at the Spokane YMCA on June 19, 1910.  Soon after, several cities and towns across the country followed suit. 

Presidential Recognition

In 1966 President Lyndon Johnson issued a presidential proclamation that fathers would be honored each year on the third Sunday in June.  President Richard Nixon signed the proclamation into law six years later and Father’s Day became recognized as a national holiday.

Commercialization

Today, as with Mother’s Day, Valentine’s Day, Siblings Day, Yoga Day, and any other celebratory reason you can think of, retailers begin their promotions for profit months in advance.  The greeting card companies are pretty fond of the holiday as well.  

Global Celebrations

Great Britain was the first area abroad to begin the annual celebration of Dad.  It’s thought that they adopted the tradition right after WWII in 1945.

 

France was next to join in the celebration of le pére in 1949.  However, the idea of profit from the holiday spurred Father’s Day more so than the idea of celebrating dear old Dad.  As a matter of fact, a lighter manufacturer called Flaminaire brought the tradition to France with the slogan: “Nos papas nous l’ont dit, pour la fête des pères, ils désirent tous un Flaminaire” translated to say “Our fathers told us, for father’s day, they all want a Flaminaire.”  It wasn’t adopted as an official decree across the country until three years after the Flaminaire promotion.

 

Other countries recognizing Father’s Day on the third Sunday in June include Mexico, Ireland, France, Greece, China, and Japan.

 

Father’s Day is called Vatertag in Germany, or Männertag, which means “men’s day.” The German celebration of der Vater falls on the Thursday 40 days after Easter. It is traditional for groups of men to go into the woods with a wagon of booze and meats in certain regions.  Which is quite a bit different than spending the day being gifted with silly ties and handmade crafts, but to each his own!

 

No matter when it’s celebrated, what the traditions are, or what it’s called, the father figures in our lives deserve recognition for the role they embrace.  We wish all of the Pops out there a very Happy Father’s Day, and we hope you are appreciated for all that you do!


If you have questions about the Reno real estate market, we are happy to help!  Contact the David Morris Group, or call us at (775) 828-3292.

 

 

Industry Partner Spotlight-David Morris Group-Reno Real Estate-Sparks Real Estate

Industry Partner Spotlight

Industry Partner Spotlight-David Morris Group-Reno Real Estate-Sparks Real Estate

Several players are involved in buying or selling a home.  As your REALTOR®, we will guide you through every step of the process, but we rely on our industry partners to help us get the job done. We’d like to recognize Mortgage Lenders in our Industry Partner Spotlight.

What Does a Mortgage Lender Do?

Lenders assist buyers with the application procedures to qualify for a home loan. The lender will pre-qualify the buyer for the money they are financially qualified to borrow. In today’s market, buyers need to be prepared to show their pre-qualification letter when they make an offer to purchase.

How Do I Find a Mortgage Lender?

There are several ways to find a mortgage lender, but finding the right one matters most.  Buyers can go online, go through a mortgage broker, or ask their local bank or credit union for a home loan.  Most REALTORS® work with preferred lenders and can provide a list for you.

Is a Mortgage Lender a Bank?

It can be a bank, but it doesn’t have to be. Credit unions, non-bank lenders, and online companies have the ability to offer mortgage loans. There are many options to compare and consider.  Finding the best option that fits your financial needs is the goal.

How Many Lenders Should I Contact?

A good rule of thumb is to apply with at least three.  The rule of three allows you to get a solid idea of the bigger picture and find the best option for your financial situation.

What Questions Should I Ask?

  • What type of loan do you qualify for?  There are several types of loans.  The loan you are eligible for will determine your down payment, the loan terms, financial qualifications, and more. 
  • What is the APR?  
  • Will rate locks be available? If so, what are the fees?  
  • Ask about mortgage insurance.  
  • Ask for a detailed estimate of your total expenses and additional fees over the life of the loan.

Is it Better to Go Through a Broker?

A Broker is not a lender.  They collect your financial information, then shop and compare lenders on your behalf.  Brokers make the selection process easier and smoother for homebuyers.  They typically have a higher chance of finding the best options since they are familiar with the industry.  


We’d like to recognize and thank the professionals that we work with:


If you have questions about the Reno-Sparks real estate market, financing, buying, or listing a home, contact the David Morris Group. We’re happy to be your guide. Give us a call at (775) 828-3292.

 

 

Most Unexpected Housing Costs

Most Unexpected Housing Costs-Homeowner Expenses-David Morris Group-Reno-Sparks Real Estate

It is no secret that the current market is a Seller’s Market. Bidding wars have become the norm, and homebuyers have stretched their budgets to the limit. In a recent survey conducted by Consumer Affairs, homebuyers reported spending an average of $10,334 over what they initially budgeted. Going over budget has left new homeowners unprepared for the most unexpected housing costs.  

Property Taxes

This year, property taxes were the most unexpected housing costs for new home buyers. The spike in housing prices has increased property value, which has caused an increase in property taxes. 

Utilities

With 26% of those surveyed saying they hadn’t budgeted enough for their utilities, this bill came second as the most unexpected housing cost for new homeowners.

Maintenance & Repairs

The recent market has not been favorable of contingencies in offers to purchase, allowing sellers to decline repair requests.  New buyers have been left to fend for themselves to repair items that due diligence would have handled in a less competitive market. 

HOA Fees

While HOA fees were an expense on the survey, they weren’t necessarily unexpected.  Still, 7% of homeowners surveyed said they are among the most expensive costs of owning a home.

Landscaping

First-time home-buyers who have rented since leaving their childhood homes were reported to be caught off guard by the expense of landscaping and yard maintenance.

 

While costs are rising for homeownership, Americans still want to buy.  Those surveyed said that owning a home made them feel proud, independent, and satisfied despite the financial strain.

 

If you need help creating a financial plan to buy a home this year, we are happy to help!  Contact the David Morris Group.  Or give us a call at (775) 828-3292. 

 

 

Best Restaurants in Reno-David Morris Group-Real Estate-reno homes-sparks homes

Best Restaurants in Reno

Best Restaurants in Reno-David Morris Group-Real Estate-reno homes-sparks homes

From perfect steaks to fresh seafood to gourmet soups, Reno has a delicious dining scene.  With Mother’s Day on the horizon, here are a few of the best restaurants in Reno so you can treat the Family CEO to a lovely brunch or dinner!  

Atlantis Steakhouse

Experience the attention to detail and art of unsurpassed service at this award-winning fine dining steakhouse.  Set in a glitzy, casino-based setting, Atlantis Steakhouse is considered one of the best dinner spots in Reno.

Atlantis Sky Terrace Sushi & Oyster Bar

This sushi bar offers a selection of over 50 types of nigiri and maki sushi. The scenic Sky Terrace offers a unique dining experience under the sea! 

Bimini Steakhouse

This tropical-inspired steakhouse is located in the Peppermill resort and has quite the dining room!  With savory, wood-grilled meats, fresh, delicate fish, enticing small plates, and magnificent desserts to choose from, Bimini Steakhouse will not disappoint!  

Beaujolais Bistro

This charming French cafe celebrates authentic French cuisine and French-style cocktails and is one of the most popular restaurants in the Arts District of downtown Reno.

Fourk Kitchen

Experience the best lunch in Reno at Fourk Kitchen.  This formal four-course dining experience with a casual vibe serves a “prix-fixe” menu that changes with the seasons.

Great Full Gardens Cafe and Eatery

The Great Full Gardens Cafe & Eatery in MidTown Reno is a casual restaurant that serves items from local farms and its own greenhouse.  While their menu caters to vegan, gluten-free, and Paleo diets, there are plenty of delicious options for the whole family!  

The Grill At Quail Corners

The Grill at Quail Corners offers an upscale-casual vibe with a stunning view. This restaurant offers a bright atmosphere and courtyard seating to enjoy the surrounding landscape and mountains.

La Strada

Located at the Eldorado Resort Casino, La Strada was voted one of America’s top ten Italian restaurants.  

Laughing Planet Cafe

Laughing Planet Cafe brings healthful, organic, and sustainable food to the Midtown Reno area.  With a philosophy that one doesn’t have to sacrifice taste to eat healthily, this charming cafe is one of the coolest local restaurants.

Peg’s Glorified Ham n Eggs

This family-owned and operated diner serves up comforting American breakfast and lunch.  The charming restaurant offers some of the best egg dishes and sandwiches in Reno.

Squeeze In

The fun and eclectic vibe at Squeeze In is matched by its extensive menu and giant omelets prepared in various ways.  They specialize in breakfast and lunch and offer the best bloody marys and mimosas!

Toucan Charlie’s Buffet & Grille

Toucan Charlie’s Buffet offers a champagne brunch and a buffet like no other!  With eight live-action stations, including Sauté & Grille, Charcuterie, Far East fare, Pho, Seafood, Southwest, Specialty Salads, and Carving stations, you’d better bring your appetite!

Von Bismarck

With two patios and an outside grill, this modern family-style restaurant takes authenticity and tradition seriously with its German and Eastern European cuisine.


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.

 

 

David Morris Group Blog-Reno Real Estate-Sparks Real Estate-buying a home-selling a home-real estate market-real estate professional

Fixed-Rate or Adjustable-Rate Mortgage

Fixed-Rate or Adjustable-Rate Mortgage-David Morris Group-Reno-Sparks Real Estate-Home Buyer Tips

When shopping for a home loan, the first step is determining which loan type best suits your needs: a fixed-rate or adjustable-rate mortgage.

Fixed-Rate Mortgage

A fixed-rate mortgage remains unchanged throughout the life of the loan by charging a set interest rate. The payments will be the same each month which makes budgeting easier.  A buyer can choose either a 15-year term or a 30-year term.  The term is the time it will take to pay off the loan.  A shorter-term mortgage will have a lower interest rate at a higher monthly payment.  The payment is higher because the borrower must repay the principal amount of the loan in less time. The main advantage of a fixed-rate loan is that the borrower is protected if interest rates rise over the life of the loan.  The downside is that when interest rates are high, the payments are less affordable, making it more challenging to qualify for a loan.  Another downside is that borrowers are locked into their interest rate if interest rates drop.  The homeowner will have to refinance their existing loan to take advantage of lower interest rates, which can be a cumbersome process.

Adjustable-Rate Mortgage (ARM)

An adjustable-rate mortgage will change over the life of the loan based on market interest rates.  Initial interest on an adjustable-rate mortgage (ARM) is set below the market rate for a fixed time.   The fixed period could be anywhere from one month to seven years.  Once the fixed period ends, the loan will reset to a new interest rate based on current market rates.  When the loan resets, the homeowner’s monthly payments could increase or decrease, and they will be locked in until the next reset.  

Low initial payments could enable the borrower to qualify for a larger loan.  If market rates drop, the borrower will have lower monthly payments due to lower interest.  However, if market rates go up, so does the monthly payment.  An adjustable-rate mortgage may be a good choice if you know you’re going to move within a short period and won’t live in the home long enough for the term to change.

Adjustable-rate mortgages are not as straightforward as fixed-rate mortgages. Before jumping in, ask the following questions:

  • How soon will the payment change?
  • How frequently will the interest rate adjust?
  • Is there a cap on how high the interest rate could go?
  • Is there a limit on how low the interest rate could go?
  • What direction are interest rates heading today, and will that trend continue?

When choosing a mortgage, you need to consider the economic realities of an ever-changing market.  If interest rates are high and expected to fall, an adjustable mortgage will take advantage of the drop. However, if interest rates are low, run the numbers to determine the worst-case scenario.  If a predictable monthly payment is important to you, a fixed-rate mortgage may be the way to go.  If you are not sure which mortgage is right for you, your mortgage broker will be able to help.


If you would like some more information about buying a home, or if you’re looking for a great REALTOR® to show you around the Reno-Sparks area, contact the David Morris Group. We’re happy to be your helpful guide. Give us a call at (775) 828-3292. 

 

 

Why Does a Bunny Have Eggs-David Morris Group Re_MAX-Reno Sparks Real Estate

Why Does A Bunny Have Eggs?

Have you ever wondered how eggs became part of our Easter tradition?  Not only that but why the heck does a magic bunny hide those eggs??  What came first, the bunny or the egg?

Why Does a Bunny Have Eggs-David Morris Group Re_MAX-Reno Sparks Real Estate

The Bunny

The exact origins of the mythical hare are unclear. A straightforward explanation could be that rabbits, known to be prolific procreators, are an ancient symbol of fertility and new life.  New life is strongly associated with Christianity and Easter, as is new life associated with spring.  Therefore a bunny makes symbolic sense.  But when did the magic one hop into the picture?  And why does it hide eggs?

 

Some say the root of the egg-laying cottontail came from German origin and was introduced to American folklore by German settlers in the 1700s. The tale of an egg-laying rabbit called “Osterhase” (Ostern-Easter Hase-Hare).  German legend has it that an impoverished mother didn’t have the means to buy her children a hearty meal to mark the end of Lent.  Instead, she decorated eggs for her children on Easter morning and hid them in the garden for them to find. As the children collected the hidden eggs, they saw a giant rabbit hopping away. The children thought the hare had left the eggs. Hence, Osterhase!  As the legend became more well-known, German children began making nests for Osterhase.  They would put carrots in the nest in exchange for colorful eggs. The story and custom spread across the U.S. over time, and the nests eventually became decorated baskets.  Chocolates and gifts in baskets are American traditions that have turned Easter into the 3rd highest retail spending holiday behind Christmas and Mother’s Day. 

The Eggs

Eggs have long been associated with Easter as a symbol of fertility, new life, and rebirth, much like the rabbit.  One could see how Christianity would associate eggs with Easter, a holiday that celebrates the resurrection.  Ancient Greeks and Egyptians also connected eggs with fertility and power. Some early civilizations gifted eggs to the dead as a symbol of revitalization and protection from evil.  And some even say Easter eggs are linked to pagan traditions celebrating spring. 

 

Eggs were prohibited in medieval Catholicism during the religious Lenten fast, along with other foods.  So while no one could eat eggs during Lent, no one told the chickens, and they continued to lay them.  Folks would hard-boil their chicken eggs and store them to eat later.  Because Lent ends in the lead-up to Easter, folks would decorate and paint their hard-boiled eggs to mark the end of the period of penance and fasting.  This theory connects with the story of the mother in Germany, a predominantly Catholic country at the time, and it explains why she had beautiful eggs to hide in her garden!

 


Whatever your traditions may be, and whichever theory hops out at you the most, we can all agree that Easter and spring are a time of renewal, new life, and rebirth.  We hope you have a wonderful Easter with family and friends!  If you have questions about the Reno real estate market, we are happy to help!  Contact the David Morris Group, or give us a call at (775) 828-3292.

 

 

Its Almost Time to List Your Home-David Morris Group-Reno-Sparks Real Estate

It’s Almost Time to List Your Home!

Its Almost Time to List Your Home-David Morris Group-Reno-Sparks Real Estate

The perfect moment to list is just a few weeks away!  If you’re thinking about putting your home on the market, there’s a special week quickly approaching that you won’t want to miss! How do we know when that is? Realtor.com® told us in their fourth annual Best Time to Sell Report. According to their data, the best week of 2022 to list your home is April 10-16. Sellers who list during this week will benefit from a Spring buying season trifecta of strong demand, high asking prices, and quick home sales

 

According to Realtor.com® Chief Economist Danielle Hale, “Homeowners who are thinking about selling this Spring still have time to get ready, with the majority of recently surveyed sellers indicating that listing preparations took 2-12 weeks.” However, now is the time to start checking your checklist and doing your to-dos!

 

How Good Is It?

Realtor.com® number crunchers predict, “Sellers who list from April 10-16 could secure asking prices that are 10.9% higher than at the start of the year and 1.4% above the average annual listing price, based on 2021 trends.” Realtor.com® also predicts that the low inventory and high demand for new homes could drive asking prices up more than 10% relative to initial asking prices in January of this year, that’s around $39,000 more!  

 

So far in 2022, we’ve seen a record-breaking January, followed by a crazy-fast February. Sellers who list their homes during “Listapalooza” can expect more offers and bidding wars, resulting in higher asking prices and a faster sale than if you list later this year.

 

How Do They Know?  

It’s in the numbers! In 2021, April 10-16 was a record week for an already hot market. On average, homes listed in this particular six-day period received 29% more views on Realtor.com® than the average week and sold six days faster than the average for the year. During this same week, homes sold 27 days faster last year than they did in 2019 BC (Before COVID).

 

Mortgage rates have been rising and will continue to do so. That adds fuel to the fire for buyers hoping to find the right home and lock relatively affordable mortgage payments before it’s too late.

 

New inventory is on the horizon. Builders have been accelerating production in an effort to progress against the supply gap. As the bottleneck of supplies begins to open and the price of materials begins to stabilize, new homes will add more inventory. More inventory will moderate the demand and bring listing prices down. 

 

Let the countdown begin!  If you’re ready to take advantage of “Listapalooza,” contact the David Morris Group | (775) 828-3292, and we’ll help you get ready for market! 

 

 

Tips for First-Time Home Buyers-David Morris Group-Real Estate-reno homes-sparks homes-incline village homes

Tips for First-Time Home Buyers

Tips for First-Time Home Buyers-David Morris Group-Real Estate-reno homes-sparks homes-incline village homes

According to the National Association of REALTORS®, first-time homebuyers made up 34% of all buyers in 2021, with an average age of 33 years old. This data shows that millennials are still the most prominent home buyer demographic, with 82% of younger millennials and 48% of older millennials being first-time buyers last year. If you’re a first-time homebuyer, here are some things you can do to make your dream of homeownership come true.

 

Pay Down Your Debt

Buying a house is the most expensive purchase you’ll make, so you need to be as debt-free as possible before considering a home loan. The three most significant types of debt most new home buyers have are student loans, car loans, and credit cards. Paying down debt can be done.  A good rule of thumb is to start paying off the smallest debts first. Student loans can be daunting, so start with what you can do.  Consolidate high-interest credit cards into one monthly payment with a lower interest rate – then cancel the cards!  Sell the car with a high payment for something with a lesser monthly burden. Getting out of debt isn’t easy, but you can do it!.  Just take one step at a time, and when one thing is paid, move on to the next.  Most importantly, don’t incur any new debts while paying down the existing ones.   

 

Check Your Credit

Credit scores play a huge role in your ability to secure a mortgage loan. The minimum credit score most lenders have for a conventional loan is 620. It is possible to get a loan with a lower score, but the higher your score, the less interest you will pay. You can check your credit with your credit card company, online, or with a major credit bureau such as Equifax or Experian.  

 

Know What You Can Afford

You need to sit down and decide how much you can afford to spend on a down payment, monthly mortgage payments, and household expenses. Be careful not to spread yourself so thin that you are unable to put a little bit of money in savings each month.  

 

Get Pre-Approved

There is nothing worse than falling in love with a home only to realize you can’t afford it. Unless you plan to pay in cash, you need to get pre-approved for a loan. An initial consultation with a lender will help you determine your price range.  

 

Hire a REALTOR®

Having a local professional guide you through the home buying process is more important than ever in this market. If you are serious about buying, you need a professional to help you find the perfect home within your budget. A REALTOR® will walk you through the information, talk you through the details, and help you make the right decisions. REALTORS® have access to the Multiple Listing Service (MLS), the largest centralized database of residential real estate listings in your area. While the internet offers some options to search for a home, the MLS is the only instant exposure to the market and is only available to Realtors®. 

 

Once you have completed all of the prep steps, your REALTOR® will guide you through the rest of the process until you get to the closing table.

 

If you would like some more information about buying your first home, or if you’re looking for a great REALTOR® to show you around the Reno-Sparks area, contact the David Morris Group. We’re happy to be your helpful guide. Give us a call at (775) 828-3292.

 

 

The Benefits of Homebuyers Putting 20% Down - David Morris Group - RE_MAX

The Benefits of Homebuyers Putting 20% Down

The Benefits of Homebuyers Putting 20% Down - David Morris Group - RE_MAX

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. 

The Benefits of Homebuyers Putting 20% Down - David Morris Group - RE_MAX

David Morris Group - The Reality of Real Estate Predictions on Trends for Purchasing a Home in 2021 - Best Reno Real Estate Broker - Best Reno Realtors - Reno Homes - Reno Real Estate - Reno Homebuyers

The Reality of Real Estate: Predictions on Trends for Purchasing a Home in 2021

 

David Morris Group - The Reality of Real Estate Predictions on Trends for Purchasing a Home in 2021 - Best Reno Real Estate Broker - Best Reno Realtors - Reno Homes - Reno Real Estate - Reno Homebuyers

We can all admit that 2020 has been an unexpected year, and many are wondering what 2021 will hold. It’s been a question that many real estate professionals are fielding from their clients, and as your trusty real estate advisors, we’re here to offer some predictions on trends for purchasing a home in 2021.

Even Lower Mortgage Rates

2020 brought some of the lowest mortgage rates we’ve seen, but Fannie Mae, Freddie Mac, and the National Association of REALTORS® are all predicting that those rates will fall again or stay flat in 2021. If you thought you missed out on getting a great 30-year fixed mortgage rate, you may be wrong!

Prices of Homes Will Increase

This year has marked a remarkable increase in home prices, and we’re likely to see more of the same in 2021, but at a slightly lower rate than that of 2020. Freddie Mac and the National Association of REALTORS® showed that prices increased by 5.8% in 2020, and they are likely to rise by 2.7% in 2021.

Making Compromises Will Be Necessary

Because of the bidding wars that are happening, it’s likely that you will need to closely look at the loan you’re pre-approved for and look at homes below that budget to account for higher deposits, full-price offers, multiple offer situations, and those waiving appraisals and inspections altogether. Take a hard look at what you need and what you want, then crunch the numbers on the down payment, lender’s fees, and property taxes you will face for the homes that meet your budget and the items on your needs list.

Inventory Will Remain Low

Unless buyers leave the market or new construction home builds increase exponentially, we will continue to see low monthly inventory. This is what will contribute to the increase in home prices that we talked about earlier. Low mortgage rates are incentivizing many to purchase a home now, but there’s a supply shortage of homes for buyers entering the market.

 

If you’re interested in learning more about the predictions we have on trends for purchasing a home in 2021, contact the David Morris Group at 775-828-3292. Our years of experience have made us experts on the Reno-Sparks real estate market, and we’re always happy to share our insights with you.