RenoNevadaRealEstateBlog.com

New Experience On Short Sales

David Wiggins (Dickson Realty) — Tue, 27 Oct 2009 00:35:49 -0500

We have been working a short sale with a national lender that had both the 1st mortgage and the 2nd mortgage. We have been working with one negotiator and they have been receiving information from us and sending information to us so we were under the impression when we received the approval on the 1st that the 2nd would be soon to follow. When reviewing the approval letter we discovered that they had sold the second to another lender during the time we were negotiating the sale. I don't know right now if the company that purchased the 2nd knew that it was in a short sale negotiation or not. We are now in negotiation with a new 2nd mortgage holder. We will be trying to get them to accept $2,500 for a note they just took over valued at $60,000. Ouch! The property went down from about $350,000 to about $160,000 in the last 3 years. There has to be a lot more than meets the eye on something like this. ]

Share your "short sale" experience. It is appreciated.

Thanks,

David Wiggins CRS e-PRO

Executive Member REOMasters Network

Northgate News - October 2009

David Wiggins (Dickson Realty) — Sat, 10 Oct 2009 12:50:38 -0500

Northgate News - October 2009

Saturday, October 10, 2009 by David Wiggins

Welcome to the Northgate/McQueen on-line newsletter blog. I published Northgate News for over 20 years and then stopped in 2005. It will be published monthly, on line from now on. I will also post information on other areas of Reno, Sparks and Northern, Nevada daily & weekly. I hope you find it interesting and informative. Your opinions and suggestions are always appreciated.

47 residential properties were reported through NNRMLS as sold in the Northgate/McQueen area from September 1, 2009, through October 9, 2009. The average sold price for the 47 homes reported as sold was $212,982. The highest price for a property reported as sold was $300,000. The lowest price for a property reported as sold was $78,750. The average market time for the homes reported as sold was 125 days.

ADD	BR	#GAR	SF	Original Price	Sold Price
3670 Rosalinda Dr.	3	2	1500	$124,000.00	$78,750.00
6850 Sharlands #2187	2	0	930	$89,300.00	$98,000.00
5295 Villa Verde Dr.	3	2	1271	$138,000.00	$133,000.00
1795 Sierra Highlands Dr.	3	2	1320	$225,700.00	$147,000.00
1905 Tuolumne	3	2	1474	$145,000.00	$148,000.00
6255 Stone Valley Dr.	4	2	2307	$229,000.00	$160,000.00
6062 Bankside Way	3	2	1464	$174,900.00	$162,500.00
1535 Mescalero Ave.	3	2	1359	$154,900.00	$170,000.00
6026 White Water Way	4	2	1560	$168,900.00	$170,000.00
6092 Walnut Creek Road	2	2	1101	$187,000.00	$170,000.00
4678 Windcrest Dr.	3	2	1980	$180,000.00	$175,000.00
6721 Sandia Dr.	3	2	1270	$210,000.00	$175,000.00
5083 Cassandra Way	3	2	1220	$189,900.00	$175,500.00
1326 Sandyhill Lane	3	2	1949	$180,025.00	$180,025.00
1400 Springfield Park Dr.	3	2	1263	$174,900.00	$185,000.00
1587 Reno View Dr.	4	2	1706	$185,500.00	$185,500.00
6275 Stone Valley	5	2	2882	$280,000.00	$186,000.00
1304 Sandyhill Lane	3	2	1743	$215,000.00	$195,000.00
5880 SEPTEMBER Circle	3	2	1966	$204,000.00	$200,000.00
4350 Tuscany Circle	3	2	1417	$229,900.00	$200,000.00
4320 Tuscany Circle	3	2	1537	$219,900.00	$213,000.00
4727 Amber Hill Lane	4	2	2160	$219,950.00	$220,000.00
8835 Chipshot Trl.	3	2	2094	$219,900.00	$220,000.00
6805 Diamond Glen Dr.	4	2	1780	$239,000.00	$222,000.00
2865 Royal Sage Ct.	3	2	1877	$225,000.00	$225,000.00
3998 Kings Row	5	2	2420	$220,000.00	$225,000.00
2982 Regal Ct.	4	2	1837	$239,000.00	$228,000.00
5685 W Brookdale	3	2	1613	$230,000.00	$230,000.00
1241 Tate Dr.	4	2	1881	$234,900.00	$232,500.00
6333 Springwood Dr.	3	3	1708	$234,900.00	$234,900.00
2722 Corning Ct.	4	2	2083	$265,000.00	$236,000.00
3934 Aspendale Dr.	5	2	2496	$249,000.00	$239,000.00
6436 Valley Wood Dr.	4	3	2276	$239,900.00	$239,000.00
1470 Lindsay Dr.	3	2	2017	$190,000.00	$240,000.00
5440 Montego Ct.	4	2	2212	$245,000.00	$245,000.00
8171 Highland Flume Circle	3	2	2372	$350,000.00	$250,000.00
8161 Highland Flume Circle	3	2	2372	$350,000.00	$250,000.00
3883 Aspendale Ct.	3	2	2178	$259,950.00	$253,500.00
7245 Heritage Oaks Dr.	4	3	2039	$289,950.00	$255,000.00
2590 Snow Partridge Dr.	3	3	1977	$250,000.00	$260,000.00
5420 Brittania Dr.	5	3	2686	$250,000.00	$268,000.00
315 Jackson Springs Dr.	4	3	2341	$262,000.00	$269,000.00
2385 Gatewood Dr.	5	3	2772	$319,900.00	$278,000.00
2904 Fox Trail Dr.	3	3	2261	$300,000.00	$285,000.00
8998 Beacon Ridge Trail	3	3	2346	$325,000.00	$299,000.00
370 Anselmo Dr.	5	2	3059	$299,000.00	$299,000.00
8170 Highland Flume Circle	4	2	2819	$373,000.00	$300,000.00

_________________________________________________

SOLD INFORMATION FOR NORTHGATE - 2008

259 homes were reported through NNRMLS as sold in the McQueen area from January 1, 2008, through December 31, 2008. The average price for the 259 properties reported as sold was $272,717. The highest price for a property reported as sold was $580,000. The lowest price for a property reported as sold was $73,000. The average market time for the homes reported as sold was 119 days.

SOLD INFORMATION SO FAR IN 2009

281 homes have been reported through NNRMLS as sold in the McQueen area of Reno from January 1, 2009, through October 9, 2009. The average price for the 281 homes reported as sold is $215,631. The highest price for a property reported as sold was $510,000. The lowest price for property reported as sold was $70,000. The average market time for the homes reported as sold was 110 days.

Note: This information is for the Northgate/McQueen area of Reno only. This representation is based in whole or in part on data supplied by the Northern Nevada Regional Multiple Listing Service. Neither the Reno/Sparks Association of Realtors nor the NNRMLS guarantees nor is in any way responsidle for the accuracy of the report. Data maintained by the NNRMLS may not reflect all real estate activity in the area. The statistics are only for properties that have sold through Northern Nevada Regional Multiple Listing Service.

Your Realtor,

David Wiggins CRS e-PRO
Executive Member REOMasters Network
Allen Hainge CyberStars - Member
NFSTI REO - Certified
NVSI BPO - Certified
775-787-5203 (office)
775-848-0852 (cell)
david@davidwiggins.com

Short Sales In Reno and Sparks

David Wiggins (Dickson Realty) — Thu, 08 Oct 2009 19:03:43 -0500

Short sales have become a major segment of residential real estate sales. As an old timer in the business (licensed in 1982), I know I held back on doing short sales for about a year until it was apparent that they were going to be a major part of the business for the coming years. Below are 5 reasons you might want to consider doing short sales:

In our area, Reno and Sparks, NV, there have been 4355 residential sales this year (as of October 5, 2009). 782 of those were short sales, or about 18%. There are a total of 4273 active residential listings of which 2129 are pending. Of those pending, 1279 of them are short sales. (60%). So, statistically it makes sense to do short sale business.
I have always believed that a Realtor’s focus should be on doing the best they can for home sellers and buyers. A short sale is often the best alternative to foreclosure. Yes, there is damage to your credit. According to national experts, after a short sale, a person’s credit will go down by about 300 points and prevent them from buying or using a government backed mortgage for up to 24 months. With a foreclosure, the credit is damaged for up to 4 years preventing someone from obtaining a government-backed mortgage. A short sale is just better for the owner.
We are helping the neighborhood. Getting a property sold by a short sale might save the property from sitting empty for 6 months to 2 years waiting for the home to come on the market with the lender. You can drive in any neighborhood and see homes that are awaiting coming on the market with the banks. We can literally help “save the neighborhood” when we expedite a short sale.
Most of the time the owners facing foreclosure have been through hell. They did not want to loose their home and they are ashamed. They should not be. They should not be and we get the opportunity to assist them. We do not give legal or financial advice but we are obligated to help them dispose of their property. If a short sale seems the best, then there is satisfaction knowing you have done your very best for your client.
We are in very difficult times. It is not for me to blame the banks, insurance companies, government or real estate buyers or sellers. Short sales are part of the solution to the problems owners are now facing. I find it rewarding to be a part of the solution. I thing most Realtors feel about the same. They are just in the business of helping buyers and sellers. Short sales are a major part of the industry. Who knows what tomorrow brings. We change with the times and will tackle the future as it unfolds.

David has been a licensed Realtor since 1982, selling over 2,000 residential properties during that time. In 2007 David started specializing in selling REO assets and short sale properties. He is a native of Nevada and lives in Reno with his wife Shaun (a barber for over 35 years). He has a daughter and 2 granddaughters.

David Wiggins CRS e-PRO

Nevada REO Broker/Agent

www.RenoRealEstateGroup.com

Executive Member REO Masters Network

Member of NFSTI

Member of CyberStars

Member of RECyber Society

Dickson Realty

1030 Caughlin Crossing

Reno, NV 89519

775-787-5203 (office)

775-848-0852 (cell)

david@davidwiggins.com

Club Tsunami at FiveStar in Ft. Worth

David Wiggins (Dickson Realty) — Thu, 17 Sep 2009 16:04:03 -0500

Check out the Club Tsunami Eventnext week at FiveStar in Ft. Worth, TX. This will be hosted by REO Masters Network, the Nation's Newest REO Marketing Association. A force of top REO Agents dedicated to the professional disposition of the Nation's REO Assets.

____________________________________________________________________________________________________

There is news that the government is stepping in to speed up the processing of Short Sales with banks and other institutions. Hal-a-lu-ja! Don't you think it is about time that the process with the lenders is sped up? I have always been led to believe that short sales are financially better for lenders than foreclosures. I have closed a number of short sales over the last 18 months but I have also had just as many stopped by the lien holders. First, there are are a few of the "big" ones that won't even respond to you for 45 - 60 days. That is going to be shortened to under 30 days. I have heard that we might start seeing short sales done in under 40 days. I am in classes weekly to learn the processes to provide this service.

AVOID & STOP FORECLOSURES NOW. Contact me on my Home Owner Hot Line at 877-363-1508. If I am not in, please leave a message and I will get back to you within the hour.

David Wiggins CRS e-PRO
Nevada REO Broker/Agent
Executive Member REO Masters Network
www.RenoRealEstateGroup.com
Dickson Realty
1030 Caughlin Crossing
Reno, NV 89519
775-787-5203 (office)
775-848-0852 (cell)
david@davidwiggins.com

A Information About A Great Lady

David Wiggins (Dickson Realty) — Sat, 12 Sep 2009 23:52:09 -0500

Things I do by chance often take me to great places. Certainly I meet people and learn of their deeds by accident. This is one of those.

Foreclosure Angel Foundation. You will want to check this out, and if you are going to attend FiveStar Convention in Ft. Worth, come to the Club Tsunami Gala event on September 21, 2009. All ticket sale proceeds are being donated to the Foundation by REO Masters Network. It is an honor me for to be a part of this group of professionals.

Foreclosure Angel Foundation
Being Supported by the NFSTI REOMasters™ Network

We're Fighting a Real Problem ...That Needs Our Attention

The Foreclosure Angel Foundation was born when Marilyn Mock saw a need in November of 2008 to help her neighbor who was about to lose her home. With nowhere else to turn but the streets, their home went up on the auction block.

Marilyn bought the home at the auction price and sold it right back to the owners at the now lower cost. Marilyn had a keen sense that “It could be me in that situation.” One major life change could rip her family from their home too.

Ever the optimist, Marilyn thought that others in her community who saw this need would surely step up and help. She took desperate letters from families losing their homes to a function where her friends and acquaintances had expendable income. Marilyn was shocked when they didn’t even want to see the letter, much less offer any help.

At that point, Marilyn once again had another layer of her rose colored glasses ripped away, but this time she became determined. She believed that the American spirit of neighbors helping neighbors would win out.

She knew that her new life mission would be to help her fellow Americans keep their homes when they had no other place to go.

Here Scott McLaine Intervew Mayilyn Mock

Preview the information about REO Masters Network. I think you will see what I did...a group of professional REO agents doing a lot more than just selling REO assets. They are also dedicated to leaving behind a "little bit of good" to show where they have been.

Thanks to REO Masters Network and NFSTI.

Dave Wiggins
Nevada REO Broker/Agent
DICKSON Realty
1030 Caughlin Crossing
Reno, NV 89519

Watch Mortgage Interest Rates

David Wiggins (Dickson Realty) — Fri, 06 Feb 2009 11:42:11 -0600

I thought we might just pay attention to mortgage interest rates if the Government's giant stimulous package passes. I have not heard anyting about it but I do know the more Uncle Sam competes in the market for $$$, the higher interest rates will go. I think real estate sales will suffer if we see mortgage interest rates go over 7.5% per annum. Now 7.5% rates uses to be considered creme de la creme in the 1990's but sound high in today's market.

If you get a chance, post your opinions and comments.

Dave

Real Estate Statistics Through July 31, 2008

David Wiggins (Dickson Realty) — Wed, 06 Aug 2008 10:47:41 -0500

The following information is for real estate listings and sales for Reno and Sparks, NV for the first 8 months of 2008. The real estate sales information is taken from data maintained by the Northern Nevada Regional Multiple Listing Service. Neither the Reno/Sparks Association of Realtors nor the Northern Nevada Regional Multiple Listing Service guarantees nor is in any way responsible for the accuracy of this report. Data maintained by the NNRMLS may not reflect all real estate activity in the area. The information is only for residential properties actively on the market or properties that have sold in Reno and Sparks, NV. through the Northern Nevada Regional Multiple Listing Service.

August 6, 2008 7:00 a.m.

RENO, NEVADA

Active Listings = 3,002 properties $496,578 = average price $309,900 = median price DOM = 141 Total $$$ = $1,490,713,352

Pending Sales = 583 properties $299,359 = average price $241,588 = median price DOM = 132 Total $$$ = $174,526,358

Sold Properties 1/1/08 - 7/31/08 = 1,624 properties $328,949 = average price $264,000 = median price DOM = 142 Total $$$ = $534,213,326

SPARKS, NEVADA

Active Listings = 932 properties $313,092 = average price $264,900 = median price DOM = 120 Total $$$ = $291,801,699

Pending Sales = 247 properties $249,899 = average price $230,000 = median price DOM = 114 Total $$$ = 61,725,083

Sold Properties 1/1/08 - 7/31/08 = 620 properties $262,763 = average price $245,000 = median price DOM = 126 Total $$$ = 162,913,348

This information might not agree with National, Regional, or Local real estate sales information you have seen, however, I know it is accurate. I will be blogging daily, weekly and monthly about our local sales information. Give me a call or email if there is other information you would like to see.

Thanks,

David Wiggins CRS ePRO RECS

The David Wiggins Group @ Dickson Realty

Foreclosures Causing More Divorces?

David Wiggins (Dickson Realty) — Wed, 30 Apr 2008 00:23:54 -0500

Foreclosures Causing More Divorces?

The financial pressure that comes with an escalating house payment or a foreclosure may indeed be playing a role in breaking up marriages, experts say.

Historically, the three most likely reasons for foreclosure problems are: loss of job, loss of health and loss of spouse. On top of that, these days, escalating mortgage payments seem to be exacerbating the divorce problem.

Though there are no studies linking foreclosure to divorce rates, Frank Fincham, the director of Florida State University's Family Institute, said, "Financial problems among couples are one of the main reasons for divorce in this country today." One recent poll commissioned by divorce360.com ranked financial issues as the No. 2 reason that Americans divorce, with abuse ranked as No. 1.

For years, Middle America was of the mindset that it could get a divorce and use the equity in their home as a safety net, but for many these days, there is no equity. It used to be, when couples bought a house, five years later it was worth more. And when people got divorced in those days they expected to be able to live for a while off the proceeds from the sale of the house. . . . We do have a lot of people in trouble in this country because the value of their house decreased.

What do you think? Give us your opinion. Has the mortgage crisis and more resulting foreclosures, had anything to do with an increase in divorce rates? Use the comment link below to give us your feedback.

REFINANCE YOUR MORTGAGE....OR NOT!

David Wiggins (Dickson Realty) — Tue, 04 Mar 2008 22:49:15 -0600

REFINANCE YOUR LOAN??? OR NOT!!!

I'm kind of old fashioned. Now I never thought I would be admitting that. However, I never did consider refinancing my home mortgage unless I saved 1.5% - 2.0% on my mortgage interest rate. The last few years, actually 5 - 10 years, I've known quite a few people refinancing every few years. I know I'm kind of naive...but I didn't think it was very smart refinancing only to save maybe ½% - 1.0% on their interest rate. Besides that, every time they refinanced they went back to a 30 year loan. I never realized they were all taking out $$$$ just because the value of their home had gone up. That doesn't make any more sense than withdrawing most of your saving account just because you were able to save $75,000 over the last few years. This is a BIG part of the real estate loan problems we are facing today. It was not just the purchases with 0% - 5% down payment, it was also caused by many, many people taking $25,000, $50,000 or much, much more to buy cars, boats, motor cycles, pay off credit cards and thousands of other things. They put everything on their mortgage debt, then went out and bought more "stuff" on credit cards and other high interest rate purchases. Whether the value of their home went up or not, this had to lead to a crash. OUCH! Bad enough what went on with all the sub-prime loans that went sour...Taking out all the equity of your home had to end up a total losing proposition. From what I see, about 25% of the foreclosures in our area were caused by people taking out all the equity they had in their home time and time again. Then the value dropped...oops! Wouldn't want to pay back $400,000 to my lender when my home is only worth $275,000.

One lady I worked for had bought a home in NW Reno for about $250,000. She then invested another $50,000 renovating the home and hoped to sell it for about $340,000. But, the market dropped during the time she was remodeling the home. Without going into detail, she borrowed about $100,000 on her personal residence to close the transaction when we sold the investment property for about $225,000. She never even considered letting the lender have the home back. Wow! That is a person has character. That is the kind of values my parents taught me. I hope I never have to make a decision like that...That is a cause for some real "soul searching".

MORTGAGE LOAN REFINANCING....OR NOT!

David Wiggins (Dickson Realty) — Sun, 02 Mar 2008 23:12:07 -0600

REFINANCE YOUR LOAN??? OR NOT!!!

Real Estate Information For Reno & Sparks, NV January 18, 2008

David Wiggins (Dickson Realty) — Fri, 18 Jan 2008 12:33:44 -0600

Well...We are into a new year and I thought you would like to see current home sales information for Reno and Sparks, NV and all Washoe County (excluding Incline Village). So often what you see or hear in the news media about home sales is doom and gloom. Sometimes it appears the news reporters think they are news forecasters. The worse they report and the worse things get, the better and the more accurate they think they are. Friends have asked me when the housing sales boom stopped. My answer is I saw the first signs in July of 2005. Did prices go up after that? Yes. Were there still record sales after that? Yes. The signs of a slow down, though, were starting to become apparent. More FSBO (for sale by owner) homes were going to real estate agents to sell. There were more expired listings every day and days on market were longer. Then, builders started to have some standing inventory. Sellers who were selling their existing home to buy a new home started having difficulty getting the "high" price they needed to buy the new home. Many sellers thought they could still get 5% - 10% more than the last home sold for in ntheir neighborhood. some of those homes are still for sale. Please contact me if you would like a copy of my report, The Truth about what is going on in the Washoe County housing market. Right now, though, let me give you current housing sales information for the first hal of January, 2008. The information is for residential properties which consist of single family homes, condominiums & townhouses and manufactured homes...

ACTIVE PENDING TOTAL A & P SOLD EXPIRED

Reno (all areas) 2,713 269 2,982 45 214

Sparks (all areas) 838 85 923 24 58

	# of Listings	Dollar Volume	Avg Price	Med Price
RESIDENTIAL
Conventional	3,515	$1,249,093,084	$355,361	$292,500	126
FHA	259	$57,012,644	$220,126	$224,000	116
VA	74	$19,093,827	$258,025	$250,000	124
Assumption	4	$1,257,374	$314,344	$234,500	219
Cash	344	$159,717,040	$464,294	$325,000	129
Contract of Sale	6	$1,143,500	$190,583	$167,500	172
Owner	17	$5,110,400	$300,612	$210,000	127
CTEL+2	1	$255,000	$255,000	$255,000	148
Miscellaneous	35	$9,178,600	$262,246	$226,800	112
Analysis by Area
Comml/Indst Core	133	$39,269,588	$295,260	$265,000	258
Reno-North	174	$34,185,054	$196,466	$190,000	114
Reno-Northwest	259	$68,887,655	$265,976	$251,950	116
Reno-Northwest Suburban	266	$88,589,354	$333,043	$319,200	112
Reno-West Suburban	13	$5,238,300	$402,946	$405,000	78
Verdi	13	$7,924,550	$609,581	$570,000	139
Sun Valley	160	$32,812,804	$205,080	$207,500	119
Reno-North Valley	86	$21,359,083	$248,361	$226,500	113
Reno-Golden Valley	17	$5,851,100	$344,182	$325,000	126
Reno-Lemmon Valley	65	$16,404,373	$252,375	$249,900	101
Reno-Stead	224	$52,891,350	$236,122	$240,000	99
Reno-Silver Knolls	15	$5,894,500	$392,967	$373,000	135
Reno-Cold Springs	147	$35,432,734	$241,039	$235,000	123
Reno-Red Rock	8	$3,215,900	$401,988	$359,500	163
Reno-Rancho Haven	11	$3,878,700	$352,609	$365,000	228
Reno-Southeast	110	$21,230,491	$193,004	$186,250	117
Reno-Donner Springs	133	$31,005,038	$233,121	$255,900	105
Reno-Hidden Valley	55	$23,103,058	$420,056	$400,000	128
Reno-South Meadows	283	$102,835,357	$363,376	$340,000	107
Reno-Old Southwest	154	$54,219,162	$352,072	$310,000	126
Reno-South Suburban	144	$116,833,588	$811,344	$715,000	128
Reno-Southwest Suburban	82	$91,302,920	$1,113,450	$955,000	242
Reno-Foothills	50	$15,260,121	$305,202	$307,500	127
Pleasant Valley	5	$2,208,500	$441,700	$394,000	84
West Washoe Valley	8	$9,470,000	$1,183,750	$1,122,500	238
Virginia City Highlands	20	$9,590,700	$479,535	$447,250	159
Washoe Valley	28	$9,177,500	$327,768	$332,000	126
Sparks	200	$41,492,099	$207,460	$212,250	118
Sparks-East	239	$63,880,550	$267,283	$262,000	110
Sparks-Suburban	240	$78,718,900	$327,995	$305,000	130
Spanish Springs-South	175	$63,454,548	$362,597	$327,000	131
Spanish Springs-West	126	$37,690,895	$299,134	$285,000	115
Spanish Springs-East	31	$15,042,023	$485,227	$429,290	140
Palomino Valley	8	$3,839,000	$479,875	$430,000	128
East Truckee River	28	$5,493,549	$196,198	$193,000	132
Reno-West Southwest	96	$62,754,550	$653,693	$566,000	132
Reno-Southwest	242	$112,856,200	$466,348	$398,500	131
Reno-Old South Suburban	65	$43,301,688	$666,180	$430,000	120
Reno-Somersett	83	$45,836,337	$552,245	$530,000	146
Sparks-Foothills	59	$19,429,650	$329,316	$305,000	87

Totals	4,255	$1,501,861,469	$352,964	$285,000	126
Non Co-op Sales	957	$345,567,557	$361,095	$285,000	141
Co-op Sales	3,298	$1,156,293,912	$350,605	$285,000	121
All Sold Listings	4,255	$1,501,861,469	$352,964	$285,000	126
The last column is days on market.

Note: This information is for Reno and Sparks, Nevada areas only. This representation is based in whole or in part on data supplied by Northern Nevada Regional Multiple Listing Service (copwrited material). Neither the Reno/Sparks Association of Realtors nor the NNRMLS is in any way responsible for the accuracy of this report. Data maintained by NNRMLS may not reflect all real estate activity in the area. The information I show is only for residential properties that have been listed and sold through agents associated with the Reno/Sparks Association of Realtors.

Real Estate Sales Information For Reno And Sparks, NV

David Wiggins (Dickson Realty) — Thu, 22 Nov 2007 14:23:43 -0600

HOMES (MANUFACTURED; CONDOS/TOWNHOUSE; SINGLE FAMILY) FOR SALE AND SOLD IN RENO AND SPARKS, NV.

Avg. Price Median Days On Mkt.

For Sale Nov 22, 2007

3068 Properties-Reno $497,576 $339,600 123

957 Properties-Sparks $346,972 $299,900 112

Pending Sales

329 Pending-Reno $406,533 $318,169 140

102 Pending-Sparks $309,661 $274,450 129

Surprise....no reported sales today.....soooooo....Happy thanksgiving.

Sold Properties Since January 1, 2007

2857 Sold-Reno $372,360 $292,000 126

1009 Sold-Sparks $299,081 $278,000 119

This information comes from data maintained by the Northern Nevada Regional Multiple Listing Service. Neither the Reno/Sparks Association of Realtors nor the Northern Nevada Regional MLS is responsible nor guarantees the accuracy of this information. Data maintained by the Northern Nevada Regional MLS may not include all sales in the area.

www.renorealestategroup.com

Reno-Southwest From The Truckee River, South To Mt. Rose Highway

David Wiggins (Dickson Realty) — Thu, 22 Nov 2007 01:15:55 -0600

Here is interesting real estate sales information for Reno, from the Truckee River to properties south of Mt. Rose Highway. This is information about homes and townhomes/condos in all of the Southwest Reno area to Southwest Suburbs for the month of October, 2007 and October 2006.

There are 931 homes/townhomes currently for sale on the market in all of Southwest Reno. The average list price for the 931 homes is $844,728. The median price is $645000. The average days on market is 129.

655 home/townhome sales contracts closed from January 1, 2007, through October 31, 2007. The average sales price for the homes sold was $625,414. The median price for a home/townhome sold was $485,000. The average number of days on the market was 140.

There are currently 96 homes/townhomes under contract in all Southwest Reno scheduled to close within the next 30 - 60 days. The average price for the pending sales is $654,850. The median price is $499,000. The average days on market is 155.

47 home sales contracts closed during the month of October, 2007. The average price for the 47 homes/townhomes sold was $636,654. The median price was $529,000. The average days on the market was 144.

Lets look at the same real estate sales information for 2006.

750 homes/townhomes were sold from January 1, 2006, through October 31, 2006. The average price for the 750 homes/townhomes sold was $641,552. The median price was $525,000. The average days on the market was 107 days.

83 homes/townhomes were sold during the month of October, 2006. The average price for the 83 homes/townhomes sold was 543,724. The median price for the 83 properties sold was $434,502. The average number of days on the market was 116.

It is obvious from this information that prices have moved down some, number of days on the market have increased and fewer homes are being sold. It is also important to note that there are still quite a few homes being sold. Buyers are still looking to buy because there are many good deals on the market and interest rates are super. The cost of financing is often the key to a good home purchase. It is quite a balancing act for a buyer to try for lower prices on a purchase then loose it all because interest rates go up. I will give you information on the cost of financing next report.

This information was taken from the Northern Nevada Multiple Listing Service. Neither the Reno/Sparks Association of Realtors nor the Multiple Listing Service is responsible for the information presented nor do they guarantee the accuracy of this report. Data maintained by the MLS may not reflect all sales activity in the area.

David Wiggins CRS ePRO RECS

Reno-Northwest & Northwest Suburbs Home Sale Information, October 2007

David Wiggins (Dickson Realty) — Sun, 04 Nov 2007 00:49:41 -0500

Here is interestings real estate sales information for the Northwest and Northwest Suburbs on Reno, NV. This is information about homes and townhomes/condos in Reno-Northwest, Reno-Northwest Suburbs and Reno-Somersett for the month of October, 2007 and October 2006.

There are currently 496 homes and townhomes currently on the market in Reno-Northwes, Reno-Northwest Suburbs and Reno-Somersett. The average list price for the 496 homes is $418,177. The median price is $341,925. The average days on market is 122.

There are currently 43 homes and townhomes under contract and scheduled to close within the next 30 - 60 days. The average price for the pending sales is $373,388. The median price is $335,000. The average days on market is 128.

40 contracts closed during the month of October, 2007. The average price for the 40 sold homes and townhomes was $338,662. The median price was $299,000. The average days on the market was 120.

Lets look at the same month in 2006.

92 contracts on homes and townhomes/condos closed during the month of October, 2006. The average sales price was $340,060. The median price was $311,950. The averagte market time was 100 days.

It is interesting to see that the average sales price did not change much, however, it is obvious we had more than twice as many buyers willing to pay the average price.

This information is for Northwest Reno, Northwest Suburban Reno and Somersett Reno only. This information is supplied by the Multiple Listing Service of the Reno/Sparks Association of Realtors. Neither the Association nor it's MLS guarantees nor is responsible in any way for this information. Information maintained by the Reno/Sparks Association or it's MLS may not represent all sales activity in the area.

I will be posting, tomorrow night, the sales information for Reno, NV from the Truckee River south to Galena and west of Interstate 395. Drop a note to dwiggins@saturnnet.com if you have specific sales information you would like posted.

Thanks, David Wiggins CRS ePRO RECs

Sales Comparison 2006 To 2007 In Reno-NW, Reno-NW Suburbs & Reno-Somersett

David Wiggins (Dickson Realty) — Tue, 30 Oct 2007 00:38:09 -0500

I was doing an analysis tonight for a seller and wanted to share this information with you.

Total number of condos and single family homes sold so far this year through October 29, 2007, in the Northwest & Northgate/Somersett areas of Reno is 533 homes. The average price for a home sold was $335,776. The median price for a home sold was $300,000. The average market time was 116 days.

Taking a look last year, 2006, we see the following: 498 condos and single family homes were sold through October 29, 2006. The average price for a home sold was $355,758. The median price for a home sold was $322,750. The average market time was 93 days.

Soooo...lets go back to 2005, when we really were short of properties for sale. 787 condos and single family homes were sold through October 29, 2005. The average price for a home sold was $367,374. The median price for a home sold was $335,500. The average market time was 79 days.

The above information is taken from our local Multiple Listing Service. Neither the Reno/Sparks Association of Realtors nor it's MLS is responsible for the accuracy of this information. Sales data shown may not include all sales in the area.

It looks like Reno and Sparks have joined the big cities that have experienced this type of market at different times in the past. I know it has happened in California before and I remember when Denver was in a similar market and also Texas went through a difficult time in housing a number of years ago. I will show you some more comparisons in the days to come. I have seen information presented showing that over a 10 year period there has been about a 6% yearly increase in value on residential properties. Let me know any information you would like posted about Reno and Sparks real estate. You can also post information you might have about city development or other interesting topics.

Thanks,

David Wiggins CRS ePRO RECS

www.RenoRealEstateGroup.com

Current Sales Information For Reno & Sparks, NV

David Wiggins (Dickson Realty) — Mon, 29 Oct 2007 00:13:32 -0500

Currently there are 3,530 homes, condos and manufactured homes offered for sale in Reno, NV, as of October 28, 2007. The average price for the 3,530 properties is $489,399. The median price is $339,350. The average days on the market is 119.

Currently there are 1,125 homes, consos and manufactured homes offered for sale in Sparks, NV, as of October 28, 2007. The average price for the 1,125 properties is $347,839. The median price is $299,999. The average days on the market is 105.

The total number of single family properties sold in Reno from January 1, 2007 to October 28, 2007 was 2,712 properties. The average price for the 2,712 properties sold is $374,006. The median price for the 2,712 properties sold is $292,500. The average days on the market was 126.

The total number of single family properties sold in Sparks from January 1, 2007 to October 28, 2007 was 955 properties. The average price for the 955 properties sold is $298,728. The median price for the 955 properties sold is $279,000. The average days on the market was 119.

This information is for Reno and Sparks, NV and other areas of Washoe county excluding Incline Village. This information is taken from data supplied by the Reno/Sparks Association of Realtors. Neither the Association nor it's MLS warrants this information nor is it responsible for it in any way. The information supplied by the Association or it's MLS may not include all sales in the area.

Please let me know any other information you might like to see on this blog. I will be posting sales information about Reno and Sparks and also about individual areas that might be of interest to you.

Check out my other blog site at www.RenoRealEstateAndHomes.com

David Wiggins CRS ePRO RECS

Absorbtion Rate? Or Just Supply vs. Demand?

David Wiggins (Dickson Realty) — Wed, 15 Nov 2006 02:02:43 -0600

I started hearing about absorbtion rate a number of months ago and wondered how it was being associated with real estate. My broker explained it to me and I told him it sounded like what I've reviewed with sellers for years...before correct phrases like "absorbtion rate" were popular. It is obvious, to make it simple, if you have 4,679 homes on the market...we have 4,679 homes, condos and manufactured homes for sale in Reno and Sparks, NV as of tonight (11/14/06)...and on an average you sell 496 per month it will take 9.4 months to sell all those homes if no new homes come on the market.

Now to start muddying up the water, we know we have 200 - 300 or more new listings come on the market each month and an average this last year of 258 single family residences expire off the market each month. We went from about 700 - 800 single family residences on the market in the middle of 2005 to about 5,500 available in the middle of 2006. During the same time the builders, who had no inventory avaialbe in 2005 amd were not delivering finished homes for as much as 18 months out, have standing inventory and are offering great incentives now in 2006. The California buyers have stopped coming over the hill and homes just are not selling as fast as they were in 2004 and 2005.

Now I'm not really making fun of "absorption rate" but relating it back to "supply/demand" which is what real estate sales, car sales, TV sales, grain, oil and widgit sales are all subject to...too many....price goes down...too few and price soars! Real Estate sales (and prices) soared from about 2002 to the middle of 2005. I was sure in July of 2005 that the market was turning (anyway my market started feeling it). Though asking prices were still climbing, I started seeing more expired listings come on the market and time on market started creeping up. Sellers were still listing at very high prices because many agents either did not know what was happening or they just wanted listings and would take them at any price. The real professionals started taking fewer but better priced listings. It was....and still is....sometimes impossible to get a seller to list with you at the correct price. I have expierienced a number of times, since the middle of 2005, where sellers just could/would not accept my analysis of the market and the value of their home (they preferred a new agents market valuation over an old timers with 25 years). They just would not believe that the antiquated term "location", "location", "location" had returned to real estate sales.

I am sure many agents had a similar experience to this one: You would go over a market analysis with a seller and show where their home was worth approximately $395,000 - $425,000. Now the seller had added a room and had more square footage than his neighbor who sold a few months ago for $365,000 and he just knows prices have not gone down. As a matter of fact he will not take less than $475,000. He doesn't really have to sell and will just rent his house if he can't get $450,000 - $475,000. I noticed he listed his house for $499,000 with the first company and then about $450,000 with the next company. They reduced it down to $409,000 and then took it off the market. It might sell now for about $350,000 if someone will pay that in the neighborhood. Now it is in a very good neighborhood but you can get a much nicer home in a neighborhood of more expensive homes for about the same price (or less).

Now I know this is not an unusual story for these times but wanted to share it with you. I know I could have sold this home for the low $400,000 range at the end of 2005 or early 2006. The seller had bought the home in 2000 for about $179,000 and probably put quite a few $$$ into the remodel. I would estimate that selling at $400,000 would have been a profit (less selling expenses) of about $125,000.

Anyway...this market has been quite a ride for all, sellers, buyers, agents and anyone involved with the real estate industry. The market is sometimes manipulated by the news media printing: "buyer's market", "buyer's market", "buyer's market"...help! the sky is falling...oops! That was chicken little. In truth 2006 has been difficult on sellers as well as buyers. The last few months we have seen many buyers saying they want wait to see where the market is going. Some waited until this fall and saved as much as 10% on a home they were considering buying in July or August.

I bought investment property that is not worth as much this year as I paid last year. Does it bother me...no. Do I wish I had not purchased it...not really. Do I think it was a good investment...absolutely. Do I think the value will come back and surpass what I paid...definitely. Real estate is and has always been a good investment. It is still a limited resource and over a 5 - 10 year period a strong investment. We did not, until recent years, expect to see property increase 20% - 30% per year. If you made tons of $$$ during that period...congratulations. If you lost $$$ during that period...I'm sorry to hear that. I do remember a few years ago when a lot of people lost lots of $$$ in the stock market. It kept going down and you kept holding on...ouch! But that was then and this is now...DOW over 12,000...who'd a thought?

Anyway...this is fun blogging about my livelyhood. I hope you enjoy. Dave Wiggins