Carson Valley 12 month Real Estate Update

An update of the Carson Valley real estate market for the past 12 months shows the number of residential sales declined 6% from 2018 figures, down to 748 units. Median sales prices during the same time period increased 4.2%. However the Lake Tahoe area of Douglas County heated up in 2019 with a 25% increase in the number of residential homes sold. The increase in numbers from 106 to 133 units does not include 6 lakefront sales. The median sales price for the lake area also increased 13.9% to $900,000. I’m seeing an increase in the number of families wanting to leave California. Happy Holidays! Sign up below for my future blog post.

Fannie, Freddie New Mortgage Application Form

freddie mac logo

Fannie Mae and Freddie Mac released a redesigned mortgage application form in October. The Uniform Residential Loan Application is a standardized form used by borrowers when applying for a mortgage. This is the first time in 20 years there has been a change to the standard mortgage application form.

Presently, no specific date for the mandatory use of the new URLA has been set. But the GSEs will publish an interactive fillable PDF version of the new URLA in early 2020.
The new form explicitly references real estate sales contracts and requires the borrower to submit to the lender before closing any changes or new information including “providing any updated/supplemental real estate sales contract.” Additionally, the new form demands the borrower state that the terms and conditions of any real estate sales contract are true the best of their knowledge and that, “I have not entered into any other agreement, written or oral, in connection with this real estate transaction.” 

The new form also requires a more explicit statement as to the borrower’s intended occupancy. For single family property the borrower will indicate whether their intended occupancy is “Investment, Primary Residence, Second Home” or “Other.” 

Carson Valley Community and Senior Center

Douglas County Community Center

One of our largest local attractions is the Douglas County Community and Senior Center. It opened December 6, 2014, and is at the heart of Gardnerville, NV. With offerings for seniors, adults and youth all are welcomed and can find an activity to enjoy. Come for their contact classes, sports programs, fitness center, arcade, room rentals or senior services and find more than you came for! Learn more by visiting their website today.

Terrazza at Genoa Lakes

Terrazza at Genoa Lakes

Phase 1 at Terrazza is now open for sales. Lot prices are currently set between $295,000 and $310,000. You will have five years to begin construction. HOA dues are currently $224 monthly and include club house access at Genoa Lakes. There are currently four floor plans with three elevations available for each plan; Mountain Modern, High Desert and Modern Farmhouse. These beautiful homes will start at 2950 square feet (SF), 3300 SF, 3600 SF and 3800 SF. We are excited to offer a $5000 credit towards buyer closing costs of our custom homesites or developer homes if purchased before December 31, 2019. To learn more about this new project visit the Terrazza website here. If you decide to contact Mike Dunn or Sonja Leonard please mention my name – Robert Stiles, REALTOR® at Chase International. I’d also be happy to meet you at the property if you’re new to the area. Call me at 775-309-8454. Thank you.

Latest Real Estate Report

NAR

Here come the holidays. It’s the time of year for good cheer. It’s also the time of year when many sellers take their homes off the market, or wait until January to list them. But the smart money says they’re wrong to do so. For one thing, there’s usually less competition to attract would-be buyers during the holiday season. Busy with holiday parties, buying gifts and perhaps taking a family vacation, sellers don’t have the time to make their homes ready for sale, so they don’t even bother. But if they wait, other folks in the same boat will also be listing their houses. And before long, all of you could be vying for the same buyer. For another thing, people out looking at houses during the holiday season are not tire-kickers. They’re serious. They are just as busy as you are, but they’ve made buying a priority. Some need to find a place right away — maybe they’ve been transferred into the area, for example. And since they won’t have much inventory to choose from, you might be able to sell quicker — and at a higher price. Inside, your holiday decorations will make the house festive and welcoming. Yes, you’ll have to keep the place tidy. But nothing is as inviting as holiday decor. “Decorated homes engage the emotions,” says Debbie Reynolds of Platinum Properties in Clarksville, Tennessee. “Remember: Emotions buy.” Source: Lew Sichelman, The Housing Scene

A new survey by the National Association of Realtors found that 63% of those polled in Q3 2019 say they believe now is a good time to buy. Of those respondents, 34% said they “strongly” believe now is a good time to buy. “Interest rates are at historically low levels, so I see no sign of the optimism about home buying fading,” said NAR’s Chief Economist Lawrence Yun. The survey reported that of those who believe now is a good time to buy, the silent generation (born between 1925 and 1945) were most likely to believe now is a good time to buy, with 75% expressing that belief. Older baby boomers (those born between 1946 and 1954) followed as 72% believe now is a good time to buy a home. According to the NAR, 54% of respondents who have an income of under $54,000 said now is a good time to buy a home. The amount of people who believe now is a good time to buy increased as incomes went up, rising to 64% for those earning between $50,000 and $100,000. Seventy-two percent of those who make more than $100,000 say now is a good time to buy. “Not surprisingly, as incomes increase, the process of buying a home is less of a strain,” Yun said, “This has always been the case, but in this third quarter survey, we see it to an even greater extent – high earners are more open to buying a home.” Source: DS News

A strong economy, coupled with low interest rates, has jacked up the demand and the prices for vacation homes, according to data from the National Association of Realtors (NAR). The data focused on 206 counties, or 6.6 percent of the total housing market, identified by the U.S. Census Bureau as vacation home counties. The median sale prices within vacation home counties increased by 36 percent between 2013 and 2018, compared to the 31 percent increase during the same period on all existing and new home sales. “Some people may visualize the common popular vacation destinations in the U.S. when considering a vacation home, such as counties in Florida or California,” said NAR Chief Economist Lawrence Yun. “And although those locations have their share of vacation properties, we see that some homeowners prefer some of the other counties, including those in Massachusetts and New Jersey. These areas are often known for harsh weather conditions, but are popular nonetheless.” Source: NAR 

3 People You Need on Your Home Buying Team

DOWN PAYMENT MONEY

When it comes to home buying, you don’t have to go it alone. You need a team to succeed. Here are three key people you want on your side.

Homeownership advisor

A nonprofit homeownership advisor can serve as a home buying coach, helping you understand the best plan for your individual situation. They can guide you on homeownership process, how to work on credit issues, understand different loan terms and find homeownership education courses.

Find HUD approved housing counseling agencies or search across Framework’s network of homeownership advisors.

Homeownership education is often required for down payment assistance programs and helps set you up for success. The type of course may vary from program-to-program. Get a jump start by checking out online courses.

Lender

Your lender can offer a range of mortgage loans that may also include down payment and closing cost help. Ask your lender what down payment assistance programs they offer. Discuss your eligibility for programs and compare programs with first mortgage options.

Your lender can also help you navigate the down payment program application process while you are getting qualified for a home loan.

Real estate agent

When you use a down payment assistance program, both you and the home must qualify. That’s why it’s really important for your real estate agent to know what home financing solutions you are considering.

Your agent can help you find homes that are eligible for down payment help and also present the best offer to a seller.

When interviewing agents, ask how often they work with first-time homebuyers, their process for educating new buyers and their knowledge of down payment assistance programs.

Team work in real life

ABC News 7 On Your Side Consumer Expert, Michael Finney highlights just how a home buying team works in a recent story.

Ivan is a 24-year-old new homebuyer who used his team to buy a home in a very competitive, high-cost market. He used a down payment assistance program for the $8,000 down he needed on the $410,000 home.

Watch how they all helped Ivan reach his goal.

Ready to find out what programs are available in your market? Use our program search tool. On each program, you can discover “participating lenders” who are approved to work with the program.

DOWN PAYMENT RESOURCE®

Carson Valley Real Estate Update for October 2019

Carson Valley Update

Days on market in October increased in both the 89410 zip code and the rest of the Carson Valley areas. However the total number of sales in the Carson Valley declined by 11% while the 89410 zip code remained the same as at this time last year. The median price in the 89410 zip increased by 2.7% over last year though while the entire Carson Valley declined by 6.3%. This last bit of information really only says that those with lower priced homes decided to sell outside the 89410 zip while those within the downtown, Ruhenstroth and Pinenut areas had sales from higher priced listings. The important figures to note here are the increase in the days on market and the decline in the total number of sales. This typically means a slowdown in the market place however we’ll watch to see what occurs over the next few months to see. Please call if I can help you with any real estate related questions or concerns. Robert Stiles, REALTOR® CHASE INTERNATIONAL NV BS.1001136

3810 Slate Ct – For Sale

3810 Slate Ct

This manufactured home which was converted to Real Property was just placed on the market at Topaz Ranch Estates. The property is in move-in condition and includes some furnishings, including a washer/dryer, gun safe and refrigerator. The home has 3 bedrooms, 2 baths and is approximately 1296 square feet per the assessor. It is located on 1.84 acres at the end of a culdesac street and has fabulous views of the valley below as well as the local mountain range. Asking $219,900 call the listing agent, Robert Stiles at 775-309-8454 for more information. CHASE INTERNATIONAL BS.1001136 NV

Kitchen – 3810 Slate Ct Wellington, NV
Dining Area – 3810 Slate Ct Wellington, NV
Living Room – 3810 Slate Ct Wellington, NV
View – 3810 Slate Ct Wellington, NV

NEW Listing at Topaz Ranch Estates

3810 Slate Ct

Clean manufactured home located in Topaz Ranch Estates. Coming soon. Priced at $219,000. A 3 BR / 2 BA at 1296 square feet. Located on Slate Ct this property has some of the best views in the area. Call Robert Stiles, REALTOR® with Chase International. 775-309-8454 NV BS.1001136

3810 Slate Ln
Rear View
Kitchen
Living Room

Home At Last™ Mortgage Credit Certificate

Home at Last™

As part of the Home At Last™ programs, the Nevada Rural Housing Authority’s Mortgage Credit Certificate (MCC) program now ensures homeownership remains affordable. Qualified first-time buyers and veterans will now be provided with an annual federal income tax credit equal to 20% of the mortgage interest paid every year for the life of their loan. Don’t miss out because this amazing program is only available at time of home purchase! Visit here to learn more!