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Did you know there are plenty of programs available to buy a home without 20% down payment. Actually there are many people who are getting into a home with only 3% down or less.
Many renters may be able to break the rent trap and buy a home for less than they are paying in rent. I mean, either way, your paying a mortgage. When you buy a home you get all the tax advantages and your payment stays the same, and you are building equity.
Some people also think they need an excellent credit rating to buy a home. With a FICO score of 640 or above you may even qualify for free down payment assistance.
Bottom Line, if you are thinking about buying a home and need some help navigating the whole process, just give me a call or text me at 775-857-7519
Tesla and dozens of other companies are moving their operations to the Tahoe Reno Industrial Center which is about 15 miles from Reno and 14 miles from Fernley. Both areas have seen a rise in housing prices and a shortage of homes for sale or rent.
Builders have started to bring new housing projects on line to make room for thousands of new residents. Nevada home prices are still well below the price of homes in California where Tesla has it’s car plant, and workers that are relocating to the Reno area will find buying a home here much more affordable.
View homes for sale in Sparks
The gigafactory is on a mission to accelerate the world’s transition to sustainable energy, and Reno will see a major transition in the next few years. With plenty of outdoor activities, local lakes, theater and the booming mid-town area, Reno is on the move to transition to a more modern and technology town.
Real Estate 2017: What to Expect
One of the most common questions we get at this time of year is, “What’s going on in the market?” It’s not just potential buyers and sellers who are curious; homeowners always want reassurance their home’s value is going up. The good news is the American real estate market is strong and healthy: home values are up, prices and sales are strong, and millennial first-time buyers are eager to become homeowners.
We often use national real estate numbers to give us a clearer view of our local market. However, real estate is local, and while statistics and predictions help us understand the overall real estate market, our local market may be different. If you’re thinking of buying or selling, or just want to know how much your home is worth, give us a call!
What to Expect in the Real Estate Market in 2017
The American housing market is stronger than ever! Home values, prices and sales had their strongest numbers in 2016, a sure sign the market is healthy and strong. According to the Home Price Index from the Federal Housing Finance Agency (FHFA), property values have increased in 58 of the last 62 months and have increased more than 35 percent nationally. Homeowners continue to build equity in their largest investment—their homes.
First-time buyers are back.
Housing forecasts from the National Association of REALTORS (NAR), the Mortgage Bankers’ Association, Freddie Mac and Fannie Mae all predict existing-home sales will surpass 6 million in 2017, higher than anticipated sales for 2016. Who’s driving the surge? According to NAR, millennials who have put off buying a home are ready to buy. While they may have avoided buying a home due to student debt and limited employment, many are entering their 30s, a time when their attention turns to marriage, family and setting roots with homeownership. They’re predicted to be the driving force behind home and condominium sales from now until into 2020. (Source: MarketWatch)
What does this mean to you? If you’re a millennial who’s been on the fence about buying, now is the time to act. Give us a call to answer your questions about the market and the buying process. Did you know there is down payment assistance available, and it’s not just for first time home buyers.
Renters are embracing homeownership
Additionally, many renters who’ve resisted buying are starting home searches due to the economic weight of rising rents. This year’s home buyers seek to take advantage of comparatively low interest rates and, in most cases, static payments each month—an advantage of home ownership. Rental costs will only continue to rise; if you’re thinking of buying, now is an ideal time to do so.
What does this mean to you? Every month you pay rent, you lose the opportunity to build equity in a home of your own. Break free from the limits of renting and invest in your financial future.
Home prices are on the rise.
According to NAR, the median existing-home price not only increased 6.0 percent year-over-year in October, it’s also the 56th consecutive month of year-over-year increases. Prices are approaching the pre-recession peak.
What does this mean to you? Home prices, and subsequently home values, are increasing. If you’ve been waiting to list your home until you know you can sell it for what you think it’s worth, now is a great time to do so. We’ll be happy to give you a comparative market assessment of your home and help you get your home in list-ready shape. Free Home market assement
If you’re in the market to buy, be prepared to act.
Homes were on the market for the shortest amount of time recorded since 2009: 52 days. The increase of qualified buyers in the market along with the increasing efficiency of the real estate process means homes are selling faster than ever, and in many cases buyers are engaging in bidding wars and paying over the list price to get the home of their dreams.
What does this mean to you? The home you have your eye on one day may be gone the next. In competitive markets, be prepared to come to the table with a competitive bid.
Looking for a new home?
New-home construction will increase to an average of 1.5 million per year to 2024, according to a report from NAR. However, experts anticipate housing starts will only increase to 1.22 million in 2017, which is less than the 1.5 million new homes required to keep up with growing demand. This inventory shortage of new entry-level homes—typically purchased by first-time buyers—may drive up prices in some areas. Home builders have been focusing on multi-family construction for the last few years, but this type of construction has begun to level off providing hope that builders will once again focus on single-family home construction. However, stricter proposed immigration policies may impact new home construction and tighten inventory.
What does this mean to you? First-time and repeat home buyers agree—there are plenty of advantages of buying a new home. Whether you want a home customized to your family’s needs or you don’t want to bother with age-related maintenance, a new home has much to offer.
Affordability pressures are increasing in many markets
Housing affordability in many of the nation’s largest cities has declined over the past few years, a trend that is expected to continue in 2017. However, there is hope. NAR created the Affordability Index to measure the affordability of homes across the United States. The Affordability Index assesses whether the typical family earning the median family income can qualify for a mortgage on a typical home based on the prevailing mortgage interest rate on loans closed on existing homes from the Federal Housing Finance Board.
The NAR Affordability Index is 170.2 (composite) and 169.8 (fixed), meaning a family earning the median family income has 170.2 percent of the income necessary to buy a median-priced, single-family home. Nationally, the qualifying income is $41,616, but it varies by region. In the Northeast, the qualifying income is $45,024. In the Midwest, it’s $32,640. In the South, it’s $36,960. In the West, it’s $61,824.
What does this mean to you? If you’ve had your eye on a new home, but weren’t sure if you could afford it, you may be pleasantly surprised. We may have homes in our area that meet your needs and budget.
Give us a call today to discuss your home search. 775-857-7519
3 Things to Do Now if You Plan to Buy This Year
- Get pre-approved for a mortgage. If you’re like most buyers who plan to finance part of the home purchase, getting pre-approved for a mortgage will allow you to put in an offer on a home and may give you an advantage over other buyers. The added bonus: you can see how much home you can afford and budget accordingly.
- Start looking. While most buyers start their searches online, be sure to look at homes in neighborhoods you’d like to live in as well. Keep a notebook to write down what you like and dislike about each home you view in person or online. This will help you narrow down where to look and what to look for in your next home.
- Come to our office. The buying process can be tricky. We’d love to guide you through it. We can help you find a home that fits your needs and budget. Give us a call to make an appointment today! 775-857-7519
3 Things to Do Now if You Plan to Sell This Year
- Make repairs. Most buyers want a home they can move into right away, without having to make extensive repairs. While the repairs may or may not add value, making them will give your home a competitive advantage over other similar homes on the market.
- Get a Comparative Market Analysis (CMA). A CMA not only gives you the current market value of your home, it’ll also show how your home compares to others in the area. This will help us price your home to sell in our market. Call us for your free CMA!
- Start packing. Help your buyers see themselves in your home by packing up items you don’t use regularly and storing them in an attic or a storage space. This will make your home easier to stage as well as make it easier to move later on.
Are you thinking of buying or selling?
Whether you’d like to buy or sell a home this year, want to know how much your home is worth, or have general questions about our local market, give us a call! We’d love to discuss the market with you.
This Northwest beauty has great views. It’s ready to go.. are you?
Living in Northwest Reno is a little bit more mellow than downtown. But you are only 10 minutes away. There are plenty of parks and recreation in the area, along with great schools and shopping.
Last week, the National Association of Realtors (NAR) released their Pending Home Sales Index, a forward-looking indicator of home sales based on contract signings. The report revealed that this May’s numbers weren’t quite as good as the year before:
“With last month’s decline, the index reading is still the third highest in the past year, but declined year-over-year for the first time since August 2014.”
The mainstream media ran headlines highlighting that the index had dropped for the first time in two years. Many read this as an indication that the housing market must be slowing down. If you were thinking that now may be the perfect time to put your house on the market, these reports may have caused you some concern. We want to alleviate that concern today. Though it is true that the index dropped in last month’s report, let’s take a closer look at the numbers. Below is a graph of the index since January 2014. We can see that the index has increased every month over the last eighteen months, leading up to this past May.
“Total housing inventory at the end of each month has remarkably decreased year-over-year now for an entire year. There are simply not enough homes coming onto the market to catch up with demand.”
If you are thinking of selling, and would like to know the value of your home, give us a call for a Free market valuation, or you can check out our quick valuation site here.
Yes that’s right Free Money for your down payment or closing costs.
And it’s not just for first time home buyers. It’s for people just like you, who need some help to Buy a Home.
The Nevada Housing Division has three programs to offer homebuyers free money and a Mortgage Tax Credit program to help first time home buyers and veterans save around $2000 a year.
Even if you are like millions of Americans who lost their home during the recession, it may be time to consider buying a home again. If you kept all your other credit in good standing, then you can still be on your way to getting out of the rent trap and be a home owner again. And we’re here to help.
Give me a call or text at 775-857-7519
So is now a good time to
buy a home. Or Should I Rent?
No one ever asks when a good time to rent is. However, we want to make certain that everyone understands
that today is NOT a good time to rent.
The Census Bureau recently released their third quarter median rent numbers.
Here is a graph showing rent increases from 1988 until today
A recent Wall Street Journal article reports that rents rose “faster last year than at any time since 2007, a boon for landlords but one that has stoked concerns about housing affordability for renters.” The article also cited results from a recent Reis Inc report which revealed that average effective rents rose 4.6% in 2015, the biggest gain since before the recession. Over the past 15 years, rents have risen at a rate of 2.7% annually.
Where are rents headed?
Jonathan Smoke, Chief Economist at realtor.com recently warned that:
“Low rental vacancies and a lack of new rental construction are pushing up rents, and we expect that they’ll outpace
home price appreciation in the year ahead.”
According to the WSJ article:
“In general, the higher rents go, the more difficult it will be for young people to save for down payments, making them likely to rent even longer.”
One way to protect yourself from rising rents is to lock in your housing expense by buying a home.
If you are ready and willing to buy, just give us a call at 775-857-7519.
New Homes In Sparks
Sparks offers many new communties, with several floor plans to choose from. Whether you are looking for a home in a gated community, with low maintenance yards, or a home on an acre or more. You will find a home that is just right.
Located near great schools, shopping and outdoor recreation. From the Sparks Marina, Sparks Outlets and the Sparks Galleria Stores. You will find all the things you need close by.
With the lack of homes for sale on the market, now is the time to look at new construction in Sparks. Many builders offer special financing incentives when purchasing new homes in Sparks. And a new home has that new home smell, not someone elses. You can pick the colors that suit you, and the carpet, cabinets, how many bedrooms you need, the list is endless. When looking at new home construction, remember the sales person in the model home works for the builder, not for you, so be sure and have a realtor on your side to help walk you through the process and represent you in the purchase.
Some of Northern Nevada’s most enduring landscapes and outdoor activities are moments away. World Class Cutthroat Trout fishing at nearby Pyramid Lake. Pah-Rah mountain big-game and bird hunting. Wide, open spaces for horseback riding, hiking and mountain biking and ATV riding. Yet, still only minutes to shopping and entertainment. Come enjoy healthy, out-in-the-country living, and only minutes away from everything city life has to offer.
My services are free to you, just call or text Becky Johnson at 775-857-7519 if you are ready to look at New Homes in Sparks or Reno area.
1943 Four Iron Court Fernley
Enjoy Golf Course lifestyle in this comfortable home.
Wonderful bright kitchen with plenty of cabinets, Island sink and breakfast nook. Living room offers a cozy fireplace, vaulted ceilings, french doors to the patio and fenced back yard. This home is clean and move in ready.
Listing Information for 1943 Four Iron Court
- Fernley-Golf Course
- Single Family
Property Information for 1943 Four Iron Court
- Concrete Slab
- Natural Gas
- Fence: Back; Patio: Uncovered, Patio
- Flooring: Carpet, Ceramic Tile, Sheet Vinyl, Laminate
- Gas Range, Built-In Dishwasher, Garbage Disposal, Microwave Built-In, Island, Pantry,
- No Amenities
Call Becky Johnson For a tour of 1943 Four Iron Court