Do Homes Sell For More Than The List Price?

DSNews.com came out with a story yesterday about the top CBSAs. The article can be viewed here.

The article stats that the typical sale to list price ratio is between 92%-98%. The top markets are now seeing homes selling above that threshold and even above list. Reno came in at #4 in the country for markets with high sale to list price ratios.

So how high is the ratio? We’ll use our more recent full months of stats, April 2013.

• Homes under $500,000 sold for 99.83% of the list price.
• Homes under $250,000 sold for 100.59% of the list price.
• Homes under $150,000 sold for 101.09% of the list price.
• Homes under $100,000 sold for 102.08% of the list price.

What this data means is buyers need to have their game faces on when putting in an offer while sellers can expect multiple offers if their home is priced right.

For more information on selling or buying a home in Reno or Sparks contact Broker Ricky Beach at (775) 750-1437 or Ricky@Resnv.com

 

 

Fernley Homes For Sale: 2114 Fort Bridger Road Fernley, NV 89408

Just listed! Regular sale in Fernley, NV.

Built in 2004 with newer laminate flooring installed. RV access to the side and backyard includes a large storage shed. Additional concrete slabs in driveway for more room.

Both front and back yard are limited maintenance for ease of living.

The kitchen flows to the living room which boasts a ceiling fan and gas fireplace for comfort. The master has an additional walk out to the backyard and the two additional bedrooms are hidden away from the living room for those quiet times.

For more information contact Broker Ricky Beach at (775) 750-1437 and Ricky@Resnv.com and watch the video below.

 

 

Reno/Sparks Market Report For April 2013

The Reno/Sparks Association of Realtors® came out with the April 2013 market statistics.

The full real estate statistics for Reno/Sparks can be viewed by clicking the picture to the right.

Below is a brief summary of the big points.

• Median sales price was $207,750. Up from $195,000 in March 2013 and up 37.5% from April 2012.
• Units sold hit 470 which was a dip from the 487 in March but can be expected due to lack of inventory.
• 655 new listings this month which will hopefully increase next month’s sales.
• 71% of those new listing were regular sales while only 26% were distressed (REO/short sale). More and more homeowners are realizing they can sell without doing a short sale.
• Month’s supply of inventory rose a little to 3.7 months. If you take out the pending properties there is around 1 months worth of homes to sell before we run out.

The numbers came in as expected. High seller’s market with buyers fighting for homes via multiple offers.

For more information on buying or selling a home in Reno and Sparks contact Broker Ricky Beach at (775) 750-1437 or Ricky@Resnv.com

 

Foreclosure Stats for April 2013

Ticor Title sent out the updated historical foreclosure stats up to April 2013.

You can view the graph by clicking the picture to the right.

Below is an overview:

• NODs (Notice of Default) inched up to 287
• NOSs (Notices of Sale) were down a bit but still higher than the past 9 months
• TDs (Trustee’s Deeds) stayed about average for the past few months.
• New REO listings went up a few

Overall, pretty expected numbers. The NODs continue to stay in the 200′s so the banks are going ahead and beginning foreclosure before AB300 passes. Hopefully, this adds some inventory in 12-14 months.

For more information on buying or selling in Reno and Sparks contact Broker Ricky Beach at (775) 750-1437 or Ricky@Resnv.com

 

 

Reno Real Estate Round Up 4/19/2013

Real estate news from the past week…ish.

Nevada Back To #1 For Foreclosures-RGJ.com

#1 again!!!

Lenders Allowing 5% and 10% Down-RGJ.com

A way better deal than FHA’s 3.5%

People Still Want To Buy Houses-DSNews.com

Gallup Poll for what it’s worth.

Foreclosure Timelines Are Getting Longer-DSNews.com

Just keep adding to the inventory.

For more information on buying or selling in Reno and Sparks contact Broker Ricky Beach at (775) 750-1437 or Ricky@Resnv.com.

 

 

 

Reno/Sparks Real Estate Statistics For March 2013

The Reno/Sparks Association of Realtors® released the March 2013 market stats today.

The full report can be viewed by clicking the picture to the right. Below is a summary of the major points and some insight.

• Average days on market for short sales is 210 days. 7 months seems about right when you take into account that banks are slower to approve the sales and buyers may be backing out more often.
• There were 558 new listings which is up 17.5% compared to February but down from March 2012. Potentially, good news for buyers. Most of these are regular sales (see below).
• The median sales price rose again to $195,000. Up 2.6% from February and up 30.1% from March 2012. If you’ve been looking for houses lately you know this is caused by multiple offers that go for more than list price.
• Average price per sqft. is at $114 which is similar to March of 2009.
• 480 sold properties is up from the previous months but the lack of inventory is still holding it down.
• Nearly 68% of all new listings were regular sales due to the increase in home values over the past year. Sellers are realizing they can get out of their homes without doing a short sale. Distressed (short sale and REO) listings went down to 30%. Buyers now have a greater chance of getting into a home within 45 days of putting in an offer.
• The infamous months supply of inventory… Down again to 3.4 months if you include pending sales. Without pending sales the amount of inventory available would last less than one month.

In short, prices up and inventory down make for a strong seller’s market.

For more information on buying or selling a home in Reno and Sparks contact Broker Ricky Beach at (775) 750-1437 or Ricky@Resnv.com.

 

Nevada Home Owner’s Bill Of Rights: SB321

Justin Jones, (D) D-9, is putting forth a home owner’s bill of rights in the legislature.

 

The bill can be viewed here. You can track this and other bills (a certain number for free) by creating an account at the Personalized Legislative Tracking website.

 

Below is a quick overview of the major parts of the bill. Remember, I’m not an attorney and this is a quick skim of what the bill says. Readers are encourage to seek legal advice regarding foreclosures.

 

• The servicer, mortgagee, or beneficiary shall send a notice to the (owner occupied) home owner at least 30 days after a default. The notice shall show the total amount to reinstate the mortgage or bring it into current status, amount of the principal balance, date of the last full payment, current interest rate, date of any future interest rate changes, amount of prepayment fee, telephone number and email to obtain more information from said servicer, and contact information for counseling agencies.
• The borrower may request a copy of the promissory note, deed of trust, assignment of the mortgage (paper trail showing ownership), and all forms of foreclosure prevention alternatives.
• A servicer, mortgagee, trustee, etc. may not record a notice of default or notice of sale until section 10 has been satisfied, they have called the borrower 3 time at different hours on different days, they have created a website with foreclosure alternative options, and the website has a list of borrower documents needed for foreclosure alternative and a toll free phone number.

 

I’d love to see someone try to put together a timeline of all these requirements.

 

• The servicer may not dual-track a person pursuing a foreclosure alternative. Meaning, the servicer can’t run the foreclosure process in the background.
• The servicer is not required to evaluate a borrower who was previously evaluated for a foreclosure alternative before 10/1/2013 (unless there are changes to the borrower’s situation). No second chances I guess.
• The borrower gets a single point of contact from the servicer. Already, required by the National Mortgage Settlement.
• The borrower of a judicial foreclosure may have the right to foreclosure mediation.

 

Overall, the bill is pretty fair as most of the requests are for documents the bank should have and contact information that should be public. Though the bill is getting a little gray on whether or not the servicer, lien holder, etc. “has” to evaluate a borrower.

 

What do you think of the bill?

 

Below is video of Justin Jones and John Ralston going over the bill on Ralston Reports.

 

For more information on buying or selling in Reno and Sparks contact Broker Ricky Beach at (775) 750-1437 or Ricky@Resnv.com

Old Southwest Reno Is Getting Really Expensive

A new listing came out this evening.

Heart of the Old Southwest for a cute little home around 1,300 sqft. No big deal until I looked at the price per sqft… $306.92 per sqft. There’s only been 4 homes in the past 4 years to sell over $300 per sqft (current property is on the list of 5 to the right).

You can view all the listings here. Click Here to View Listings

What do you think? Is $300+ per sqft. worth it for a non-luxury home in the Old Southwest?

 

The Logical Mortgage

McLean Mortage in Virginia has come out with an innovative way to give their buyers an edge in putting in offers.

The McLean “LoanFirst Program” will give a buyer a full pre-approval prior to putting in an offer. This pre-approval differs from a traditional pre-approval because they will put in the full loan application, process the credit and income verification, and fully underwrite the loan (subject to a ratified contract, clear title report, and appraisal) before you even put an offer in.

Though this may not help with the lengthy short sales it would most certainly improve a buyer’s position in front of a regular seller or asset manager and shorten the closing time that is traditionally required to go from contract to close.

Of course, there would be additional updated document requests but the major clog in the loan process would already be cleared.

Thanks to McLean Mortgage for logically thinking through how the purchase of real estate should go instead of sticking with industry norms.

For more information on selling or buying in Reno and Sparks, NV contact Broker Ricky Beach at (775) 750-1437 or Ricky@Resnv.com

 

Washoe County Foreclosure Statistics For March 2013

Ticor Title Company sent out the updated foreclosure stats for March 2013.

The full stats can be viewed by clicking the picture to the right.

• Notice of Defaults hit their highest point since September 2011 (start of AB 284)
• Notice of Sales (final recording before foreclosure) at their highest since February 2012
• Trustee’s Deeds were at their highest since July 2012 (small change)
• New REO listing have hit their lowest point (24) since Ticor began collecting the data

The increase of NODs and NOSs is a good sign for buyers though it’s going to take at least 9 months to get NODs into Trustee Deeds. Sellers may only have a limited time to name their price when selling their homes.

For more information on buying and selling in Reno or Sparks contact Broker Ricky Beach at (775) 750-1437 or Ricky@Resnv.com

 

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