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

Chichester Estates Area Update – 3rd Quarter

Chichester Estates Update

FHA Condo Buyers Get Relief Soon

HUD

In an effort to promote affordable and sustainable homeownership, especially among credit-worthy first-time buyers, the Federal Housing Administration (FHA) published a final rule which establishes a new condominium approval process. The polices become effective October 15, 2019. FHA’s new rule introduces a new single-unit approval process to make it easier for individual condominium units to be eligible for FHA-insured financing; extends the recertification requirement for approved condominium projects from two to three years; and allows more mixed-use projects to be eligible for FHA insurance. “Condominiums have increasingly become a source of affordable, sustainable homeownership for many families and it’s critical that FHA be there to help them,” said U.S. Housing and Urban Development Secretary Ben Carson. The vast majority (84 percent) of FHA-insured condo buyers have never owned a home before. While there are more than 150,000 condominium projects in the U.S., only 6.5 percent are approved to participate in FHA’s programs. As a result of FHA’s new policy, it is estimated that 20,000 to 60,000 condominium units could become eligible for FHA-insured financing annually. Source: Forbes

Saratoga Springs Estates Update

saratoga springs estates update

The community of Saratoga Springs Estates has been quite busy over the past year.  There have been 28 sales with a median sales price of $499,000.  Days on market has averaged 79.  There are currently 6 active listings as of September 29, 2019 with two more properties in escrow.  Saratoga Springs has a Homeowners Association which is currently managed by Incline Property Management.  Dues cover common area maintenance and are currently $240 annually.  For more information contact Robert Stiles, REALTOR® at 775-309-8454.

Downtown Minden/Gardnerville Update

Minden Gardnerville RE Update

There were 30 sales in Downtown Minden/Gardnerville over the last 30 days. The Labor Day time period is typically the last big hurrah for many selling property. School has begun and most families will stay put till the end of the year or next summer. The median sales price was $389,500 with the average time on market of 75 days. Contact Robert Stiles, REALTOR® for Chase International to discuss your home sale at 775-309-8454.

Carson Valley Real Estate Update

Carson Valley Update

Here’s the latest Carson Valley Community update for our local real estate market. Sales activity listed below is for the dates between the 4th of July and Labor Day weekend. The Johnson Lane area had 15 sales during the time period. Prices ranged between $395,000 and $870,000. This is quite a departure from last year when the area had 25 sales. The Ranchos had 28 sales as compared to 23 last year during the same time period. Prices ranged between $279,000 and $595,000. It should be noted the Dresslerville area saw a substantial decline in the number of sales this summer by over 50% while the Downtown Minden and Gardnerville areas saw a total of 40 residential sales. This includes Chichester Estates, Heybourne Meadows and the La Costa At Monte Vista communities. The number of sales Downtown stayed steady with prices ranging from $285,000 to $596,000. The Ruhenstroth area had only two sales during the time period. The Pinenut area closed five. The north Minden areas of Sunridge, and Indian Hills had 16 sales as compared to 22 last year. Prices have ranged from $250,000 to $570,000. Lastly the Foothill and Genoa Lakes areas have seen an increase of over 50% in sales this summer. Lack of inventory has obviously been an issue in some communities. To obtain a value on what your home is worth give me a call at 775-309-8454. Thank you. Robert Stiles, REALTOR® Chase International

Coming Soon to Canyon Creek Estates

Canyon Creek Estates

I went to Canyon Creek Estates yesterday to check out this new construction coming on the market in September. The residence sits on just under 3 acres. It has 3 bedrooms + a bonus room, and 3.5 baths at approximately 3300 SF. The builder will come out soon with an asking price but it shouldn’t be over $1,500,000. It offers lovely views of Jacks Valley with the master bedroom located on the opposite side from the secondary bedrooms. Canyon Creek Estates is a gated community with HOA dues just under $450 quarterly for common area maintenance. Contact Robert Stiles, REALTOR® at Chase International for more information. 775-309-8454 NV BS.1001136

SB 121 & Tenant Rights

NV REALTORS®

SB 151 had been heralded by proponents as a landmark tenants rights bill for working families across Nevada.  However Nevada REALTORS® (NVR) stressed there would be negative impacts on tenants in the form of higher security deposits and more stringent timelines in leases. Now there are reports across the state that NVR predictions are already coming to fruition. Several property management companies are sending letters to thousands of local renters threatening to remove grace periods that allowed tenants to pay their rent up until the third day of the month. The companies blamed the new bill for the time changes.

SB 151, which was passed by the Nevada Legislature and signed into law by the Governor earlier this year does have some positives. It extended the time renters have to fight back against landlord eviction. It went from four and a half days to seven judicial days.

SB 151 also capped late fees at 5 percent of the monthly rent. It gave tenants 24 hours from the time they were notified of an eviction before having to vacate, and allowed tenants five days after eviction to return and retrieve personal belongings left behind.

Proponents in Clark County say evictions are down since the bill took effect July 1. Statistics pulled from the court show there were 2,075 eviction filings in July, down from 2,704 in June and 2,968 last July. 

However the booming economy and rising rents are placing a strain on seniors with fixed incomes. Nevada’s law allows for “summary evictions” that can be far faster and offer much less recourse for tenants than other states’ laws allow. NVR says the association is looking out for both landlords and tenants. However they would like an acknowledgement that landlords are not always the bad guy.