Fernley has shrugged off the  high "distressed Property" designation  title by the lending industry and just continues to churn out sales.

Majority of the buyers are First Time Buyers and they are getting the deals and the $8000 tax credit.

October's numbers are still keeping pace with the past 7 months:

Total sales of residential homes in Fernley are 60 for the month of October. 

The golf course had 5 sales:

Two bank owned both sold for $143,000, 3 short sales sold for $120,000,  $143,000 and $132,500

The rest of Fernley had 55 sales:

30 bank owned with an average price of $97,710 and $59 per sqft

9 short sales with an average price $114,9555 and $61 per sqft

16 regular seller with an average price of $131,893 and $78 per sq.ft.

November started off with 257 listings city wide.

The golf course has 38 listing:

6 bank owned average price of $103,750

23 shorts sales average price of $125,169

9 regular seller average price $217,177

Rest of Fernley has 219 listings:

58 bank owned average list price $123,165

118 short sales average list price  $110,210

41 regular seller average list price $295,939

1 court ordered and one relocation

On November 5, 2009, Fannie Mae introduced a new program designed to minimize family displacement, deterioration of neighborhoods caused by vandalism and theft to vacant homes, and the effect these have on families, communities and home price stabilization.

Called "Deed-for-Lease" (D4L) allows qualifying borrowers of properties transferred through deed-in-lieu (DIL) of foreclosure to remain in their home and community by executing a lease of up to 12 months in conjunction with a DIL.  Investment properties that are tenant-occupied may also be considered as long as the borrower is cooperative in providing information from the tenant to facilitate the D4L.

For more information on the Deed-For-Lease Program, please visit www.efanniemae.com

 11/17 I received an email from Chris Thorman at Software Advice and Chris put together some great information comparing mortgage rates v. rental rates in the top 10 metro areas to see if it even makes sense, read more here   

(Thanks Chris!)

Located 32 miles east of Reno on Interstate 80, where 80 meets U.S. Highway 50 and U.S. Alternate 95. Our population is approximately 18,000 and the landscape is mostly desert with the mountains as a backdrop.

The town was established in the early 1900's,  we incorporated and became a city in 2001.  Since then, a lot of changes have come our way, but we still remain the family oriented small town that drew most of its current residents.

We have bright blue skies almost year-round, 4 seasons and mild winters.  An abundance of recreational opportunities and in close proximity are Pyramid Lake and Lake Lahontan and thousands of acres of Bureau of Land Management (BLM) land for public use.

Affordable housing is our big draw right now.  We started 2009 as a "distressed property" area, but as home prices fell, the bargains began and we now have a great demand and homes are being snapped up quickly.

Traffic is not a issue in our town and most residents commute to Reno/Sparks for employment which is only a 30 minute drive.

We have a full time fire department and paramedic response, Lyon County serves as our law enforcement. Something is always going on in the community and we have our own Facebook page (Fernley, Nevada) that keeps the fans informed.

Our Crossroads Industrial Park is home to the some of the biggest names.

Our schools are top notch and the students excel.

We love our local shopping and restaurants.

Take a look at our community.

Visit www.SoldOnFernley.comfor information about Fernley and the surrounding communities.

I wanted to tell you about a free new service to you called ListingBook.com

If you are thinking about buying or selling, already in the process, Listingbook is your destination for real estate information YOUR WAY.

Listingbook provides complete, up-to-the-minute real estate information, straight from the Multiple Listing Service

Come on over and sign up today to get the most up to date information available to help you stay informed.

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• Conducts instant property searches

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• Communicates instantly with agents

• 24/7 in-depth detail on properties

• Price history

• Photos

• Days on market

• Price reduction notifications

• New listing alerts and more

For Sellers

• Compares area sales in their neighborhoods

• Obtains showing feedback from their agents

• Receives monthly summaries from agents

• Competitive up to the minute market data

• 24/7 access to information on your competition

• Local price trends

• Daily morning reports showing recent activity

     o Price changes

     o New listing alerts o How many views of your property

     o How many marked your property as a favorite

With Listingbook, everything is just a click away!

My favorite time of the year......driving between Fernley and Reno/Sparks the Truckee River follows I-80. When Fall arrives, you can't help but look at the trees turning colors for the 38 +/- miles. 

Today was such a wonderful day.  It was Sunday, the First day of November and a balmy 70 degrees.  I grabbed both of my cameras and told my husband I would be gone for about 2 hours.

Trying to get down the river is challenging.  Almost all of the scenic spots are private roads leading to private homes.  The best I could do was pull off by the bridge in Painted Rock.  I was not disappointed, it was beautiful, scenic and no one around.

The Truckee River is 116 miles long, and at Painted Rock the elevation is 4163'.  Painted Rock is 6.4 miles west of Fernley.

The Truckee River has been abused and there is currently a 9 year $20 million restoration project taking place.  The work is taking the damaged and degraded river system and reshaping it into a sanctuary for birds and wildlife as well as a vital resource to the community.

Home to Lahontan Cutthroat Trout, cui-ui (endangered), Northern Leopard Frog, Western Pond Turtle and many birds. The river is also important for recreational activities and tourism.

Today, it was just the Truckee River in all it's beauty flowing by as I snapped photos from the bridge. Oh yes, a Red Tail Hawk screeched as he flew over my head.

 Visit Northern Nevada, better yet MOVE HERE!  YOU WILL LOVE IT!

Fallon, Nevada is a great small town east of Reno and Fernley.  Mostly agricultural and home to NAS Fallon and Top Gun School.

There were 15 sales in the month of September 2009 as follows:

14 stick built homes:

7 bank owned:

List price high  $180,000  low  $45,000  average  $109,400

Sold price high $174,500 low  $40,000  average  $107,542

Average days on market 80 days, average $79 sq.ft.

1 relocation listed at $349,800, sold for $300,000

6 owner/seller:

List price high  $249,900  low  $77,000  average  $176,800

Sold price high  $229,900  low  $62,500  average  $160,983

Average days on market 152, average $95 sq.ft.

1 manufactured home sold, listed for $80,000, sold $80,000 owner/seller.

October starts with 184 listings:

31 bank owned:

List price high  $438,075  low  439,550  average  $155,266

Average days on market 81 days, average $94 sq.ft.

22 short sales:

List price high $375,000 low  $39,999  average  $146,849 

Average days on market 169 days, average $87 sq.ft.

127 owner/seller:

List price high  $1,800,000  low  $49,900  average  $246,942

2 relocation:  $129,900 and $209,900

2 court ordered  $138,000 and $153,000

59 manufactured homes listed:

6 bank owned:

List price high  $175,000  low  $53,000  average  $95,300

Average days on market 160 days,  average  $61 sq.ft.

2 short sales,  $90,000 and $108,800

51 owner/seller:

List price high  $338,000  low  $70,000  average  $159,666

Average days on market 192 days, average  $104 per sq.ft.

If you would like additional information on Fallon or any of the surrounding communities, please contact Sandra info@SoldOnFernley.com

Every attempt has been made to present factual information.

Silver Springs is a small community so the statistics are very small; however they are important because Silver Springs has a lot of potential.

1 stick built home sold

 bank owned listed  $84,900 sold  $84,900

4 manufactured homes:

1 seller/owner listed $119,900 sold $119,000

2 bank owned:

$36,000 list price  $30,000 sold price

$45,000 list price  $42,750 sold price

1 short sale:

Listed $43,900 sold $54,085

October starts with 86 listings:

27 Stick built:

3 bank owned, #1 $59,000, #2 $71,200, #3 $129,900

Average days on market 99,  average $55 sq.ft.

4 short sales:

list price high $120,000  low  $98,000  average  $103,999

Average days on market 109,  average $90 sq.ft.

20 owner/seller:

list price high  $375,000  low $69,000  average  $177,799

Average days on market 373, average $124 sq.ft.

59 manufactured homes listed:

10 bank owned:

List price high  $105,000  low $39,900  average  $77,650

Average days on market 80 days, average $45 sq.ft.

4 short sales:

List price high  $119,000  low  $64,000  average  $91,812

Average days on market 84, average $59 sq.ft.

44 seller/owner:

List price high  $289,000  low  $49,900  average  $136,799

Average days on market 172 days, average  $97 sq.ft.

1 court order listing $120,000

If you would like additional information on Silver Springs or any of the surrounding communities, please contact Sandra at info@SoldOnFernley.com

 Every attempt has been made to present factual information.

The housing market is still thriving in Fernley, a total of 53 sales for the month of September. It is crunch time for the $8000 First Time Homebuyer Tax Credit.

The golf course community had 5 sales as follows:

4 bank owned list price high $143,000 low  $77,900  average  $100,460

Sold price high $143,000 low  $81,400  average  $109,980

Average days on market 56 days, average $66.00 sq.ft.

1 short sale listed for $139,900 sold for $139,000

The rest of Fernley had 47 sales:

29 bank owned:

List price high  $160,000  low  $48,900  average  $82,463

Sold price high $168,000 low  $48,000 average $85,889

Average days on market 77 days average $56 sq.ft.

12 short sales

List price high  $169,900  low  $39,000  average  $103,016

Sold price high $170,150 low $60,000  average  $103,387

Average days on market 153 days, average $60 sq.ft.

6 regular owner sales (non-distressed)

List price high $160,000 low  $61,900  average  $110,798

Sold price high  $160,000  low  $70,000 average  $113,000

Average $81 sq.ft.

October starts with 268 city-wide listings as follows:

38 listings in the golf course:

7 bank owned:

List price high $149,900 low $89,900  average  $110,071

Average days on market 59 days

23 short sales:

List price high $174,900 low $74,900  average  $124,430

Average days on market 87 days

8 owner/seller listings:

List price high $325,000 low  $89,000  average  $238,299

Average days on market 135 days

The rest of Fernley has 230 listings:

69 bank owned:

List price high $1,390,000  low  $29,900  average  $118,619

Average days on market 61 days

109 short sales:

List price high  $300,000  low  $55,000  average  $111,733

Average days on market 122 days

50 owner/seller listings:

List price high $4,200,000 low  $75,500  average  $281,485

Average days on market 152 days

1 relocation listed at $349,900

1 court ordered sale $229,000

If you would like information on Fernley or the surrounding communities, please contact Sandra at info@SoldOnFernley.com

Every attempt has been made to present factual information.

Silver Springs is the place to live if you want wide open spaces, views, recreational activities and living next to the wild Mustangs of Nevada.

In the photo, the filly is watching the adults wade through the water, I guess she is not too sure about puddles yet?

August resale of homes in Silver Springs is nothing to wade in the water about, but it's not drying up yet!

There were no stick built homes sold in the month of August.

There were 5 manufactured homes sold:

2 bank owned: $60,900 sold for $60,900 and the other $76,500 sold for $62,500

1 court ordered listed for $65,000 sold for $65,000

2 regular seller (not distressed) sales $144,900 sold for $144,900, and the other listed for $48,00 sold for $48,000.

September starts with 62 manufactured home listings:

10 bank owned, list price high $112,000  low  $39,900  average  $72,770

5 short sales, list price high $145,000  low $43,900  average  $87,430

1 court ordered  $120,000

46 regular seller (not distressed) list price high $289,000  low  $49,900  average  $134,723

There are 28 stick built homes listed:

4 bank owned, list price high $144,900  low  $81,200  average  $110,000

4 short sales, list price high  $125,000  low $98,000 average  $105,249

20 regular seller listings, list price high $375,000  low  $69,000  average  $177,799

Most manufactured homes are on more than two acres and Lake Lahontan is just minutes away.

Want more information on Silver Springs, Nevada?  Check out the Facebook page

or contact Sandra (775) 287-8222.

Check out my listings in Silver Springs at www.SoldOnFernley.com

A large housing inventory, record low prices and the $8,000 first-time homebuyer tax credit deadline coming up, buyer competition has increased to the point where many homebuyers are running into multiple offers, over-asking sale prices and getting outbid on their choice homes.

Reconcile yourself to the fact that you might have to write offers on three or more properties before you find the home that is meant for you.  Buying a home in a market like this takes hard work, resilence and not getting set on any one home until you have a signed contract by all decision makers, including the bank, on a short sale or bank owned transaction.

The question is how can a zero down buyer compete with cash offers or buyers with larger down payments? It's not a new problem and the seller doesn't really care how much is being put down on the deal.  But, the seller does care about making sure the transaction closes escrow.  Sellers worry about pulling their home off the market, missing out on other potential buyers and relying on an offer that may fall out of escrow because of a glitch with the buyer's loan or condition of the property.

Low down payment VA, FHA and Nevada's USDA bond program all impose stricter condition requirements than moderate down payment conventional loans, and conventional loans (obviously) are more likely to be troubled by condition or appraisal issues than an all cash deal. 

The more cash a buyer has available to put down, to a seller's mind, the more financing options they have to fall back on in case their mortgage plan "A" falls through.  All cash transactions have the added advantage of being able to close and get cash to the seller very quickly while most VA loans take up to 45 days to close.

There are things you can do improve your chances of prevailing in multiple offer situations.  Shorten your inspection contingencies as much as your Realtor thinks is possible to do while still protecting yourself and obtaining inspections. Maximize the net price you are offering the seller (net to seller after any costs and fees you are asking the seller to pay).

Stay focused, get out there and see new listings.  If the listing meets your criteria, make an offer quickly and if possible, put as short as possible a seller response deadline in the contract.

Ask your Realtor to analyze the average recent list price to sale price ratio so that you can have a record how far over the asking price your target properties are selling for.

Reset your price range a notch or two lower than the maximum amount for which you are preapproved so that you have room to offer more if need be.

Don't hesitate to offer more than asking for homes where the comparables and the competition justify your offer price.  True this is a buyer's market, but the sellers are also smart and motivated, and many times the list prices are being set intentionally low to generate multiple bids.

Regards,

Sandra