Northern Nevada Real Estate On To 2014

As we depart 2013 and embrace the New Year it is an ideal time to review and anticipate. We have just finished the most impactive year in real estate since the hard fall of 2008 and market void of 2009. This past year saw sustained sales, price increases, and hope. It has been a long time since we saw any of these, no less all three in the same year.   That triumvirate gave us a memorable year with cautious expectations for the next.

The optimism created in 2013 had a long reaching effect in the market. Land sales returned and at pricing that we haven't seen for years. Good for Sellers, as well as Buyers as the rising prices are still excellent values. Some of the land sales are tied to spec building, homes built on speculative basis for sale. In the heyday of the early and mid-2000's there were dozens of spec builders in Northern Nevada offering a wide variety of home types to Buyers. Spec homes have been far and few between until now. A few are popping up and we anticipate that there will be a healthy spec home market in 2014.

Some consumer real estate laws were tweaked in 2013 with good intentions, but not all with intended results. It is amazing how often the sage minds in Congress or our Nevada Legislature get together on a singular purpose, but miss the mark with the law they create for that purpose while ensnaring many innocents with their unintended consequences. 2013 saw some such action, but nothing of the magnitude we saw in the desperate moves of recent years when the government was going to make things right. There is some unfinished business, but it will likely come in January and be retroactive, i.e.- the extension of the Mortgage Forgiveness Tax Relief Act.  

New loan guidelines in 2013 and those set to be enacted in 2014 are adapting to the changing times. Some programs have leniency for Short Sale and foreclosure survivors. Others are going to strengthen the financial structure and reduce the risk for the underwriting agencies. Nothing too onerous right now, but there will be additional costs to those getting new loans. As long as rates remain reasonable there should be minimal overall impact on the market.   

Moving to the New Year we are bracing for a very big election year. There is a lot going on nationally that affects everyone and we are certain to be inundated with advertising and media efforts to spin our heads. Real estate can be affected by the activity as we witnessed after the results of the 2012 elections were known. Most politicians will be working to curry favor so, hopefully, good things will happen for us all. 

Our Advice: It is amazing how the change from one day, December 31st, to the next, January 1st, can have such an impact on society. From the technical aspects like the tax year end, to the emotional aspects of a new beginning, New Year's Day is a highly symbolic day. Whether you are thanking 2013 for your good fortune and embracing 2014 for more, or simply looking ahead to a better time, it is here. No looking back as we move ahead to enjoy another year of living in wonderful Northern Nevada. If things stay the course 2014 will be a good year for Buyers and Sellers alike. That will be nice.

Regardless of the changing times, be certain to consider you and your family first when you make your real estate decisions. If you are trying to time your purchase or sale, narrow your perspective to how your decisions affect you and take the appropriate action. If you wait you'll only have lost opportunity to lament, not the joy of having acted on your own behalf in a timely manner. Consider 2014 your year of action.  

On To 2014