Reno Home Blog- a quick and easy guide to Reno real estate--over 200 articles!

1.  The most comprehensive "how-to" guide in doing Short Sales in Reno!

2.  Gives buyers (and sellers too!) honest, unbiased and straightforward analysis of the Reno real estate market.

3.  Shows you what's happening in the market of your desired area (Ex: South Reno).

4.  Gives you a detailed, easy-to-follow plan to help you make the best possible decision on your investment.

5.   Tells sellers how to become shrewd (in a good way-- "as innocent as doves").

6.   You will learn from my own and my top investor's mistakes.

7.  Gives you our team's (research-based) real estate investing strategies, saving you time and money.

8.  Frees you from unnecessary worry before buying and selling a house in Reno (knowing deep inside you should have done your homework).

9.  Don't like reading a lot? We have videos explaining current Reno market conditions.

10.  Like a patient mentor, our aim is to answer your questions about the Reno real estate market. If we don't know the answer, we promise we'll try our best to find it.

11.  You'll be ahead of the mainstream news media and 90% of the Reno-Sparks population in knowing what the Reno-Sparks market is doing.

12.  Be the first to learn exciting market opportunities! While some people aim to survive a real estate recession, we look for opportunities the market is giving us.  And there are exciting opportunities.

13.  Gives you personal, un-biased opinion about your current real estate situation. (Send us an email or call us. We may be helping a number of people at a given day, please expect a 24 hour turnaround time.)

"If there is someone who should have listened to Joe but didn't, it is me. Joe told me I needed to sell by summer of 2007, I thought the market was going to get better and decided to do otherwise. Learn from my lesson even If you don't agree on him, listen to what he has to say. You will not be disappointed."
--Emily Abadia

"I hope every buyer in Reno would have the chance to read 'reno home blog' before buying a house."
--Tony Lim, former Reno real estate agent

"Joe's your man if you need someone to trust. Joe Salcedo is a hard working Realtor. Joe is very professional and will go the extra mile."
--Philip Duane Johncock

"home sales going up"

You can claim the tax credit if you sign a sales contract, and close before July 1, 2009.

"First-time home buyers:

The law defines "first-time home buyer" as someone who hasn't owned a home in the three years before the purchase. If your spouse owned a home in that time frame, you're not eligible. So, those eligible can claim a tax credit for 10% of the purchase price, up to a maximum credit of $8,000. The credit is refundable, which means that if you owe less than $8,000 in taxes, you'll receive a refund for the difference. The credit is not available for home purchases that exceed $800,000."

But wait there's more...

They've sweeten the deal for existing homeowners:

"Existing homeowners. Home buyers who have lived in their current home for five out of the last eight years qualify for a tax credit of up to $6,500. The deadlines are the same as for first-time home buyers."

You can claim the tax credit if you sign a sales contract, and close before July 1, 2009.

Click:  USA Today article

"Reno BBQ Blues Festival" 

                                         __________________

    "A healthy real estate market is healthy supply and demand"
                              _____________________

About:  We will be looking at the  number of homes for sale in Reno,NV starting from November 2005 - October 2009.

WIIFM(what's in it for me?): By following the number of homes for sale in the Reno Real Estate market we will understand the overall supply in the Reno market.  Here you will be able to compare exactly how the inventory of homes have been going up or down (broken down per month for the past forty-six months).

Highlights: 

• (Oct 2009) Supply is lowest in the last four years--since I started tracking supply of homes in Reno.
  

• (Aug 2009) Demand has outpaced supply (for a while now), months supply of inventory shows us that at 2.5 months!
  

• (July 2009)  Supply dips again.  Ohh boy, we need more supply! Homes are getting 7 - 8 offers in some case (under $200,000 in a great location).
  

• (June 2009) Supply is picking up.  Demand up by 44 homes.

• (May 2009) Supply is even lower this month (Why?!).

• (April 2009) Supply is lowest in two years.

• (Mar 2009)  Months supply of inventory is down to 4.3 months! (A great sign of increased demand).

• (Feb 2009) Down by 100 from last month.  Sellers confidence still low compared to the past three years (see graph).

• (Jan 2009) Inventory continue to go down, from 2,611 to 2,556.

• (Dec 2008)  Five straight months of decreasing inventory.  Demand is more stable.

• (Oct 2008)  Median price still going South.  But I notice a trend, similar to what's happening to the different areas in Reno; though the median price is going down, demand is up and supply is lukewarm.

• (Sept 2008) After five straight months (Feb-July) of increased inventory, September's  supply of homes in Reno goes down a notch.

• (Aug 2008) After a ninety-one homes increase last month, August's supply of homes dips to 2906 homes.  Overall supply is still going up since January of this year.  A good sign especially if it continues to go up all the way through winter.

                                --------------------------------

"If you have a more specific question about the Reno or Sparks real estate market, call Joe (775-338-7653) for a no hassle-no pressure phone meeting."

                                ---------------------------------

Observation/comments:

• (Oct 2009) Supply is lowest in four years; $200K and below is selling fast.  Median price may be headed for a bottom in a year.
  

• (Aug 2009) Many experts say the banks are holding up inventory, But I refuse to be scared of when they "rain" down their inventory but one thing is certain-- demand is going up for more than two years now.  We may be really close to hitting a bottom for homes under $180,000.
  

• (July 2009) The flood of home from banks widely predicted is still not raining down.
  

• (June 2009)  Some people are predicting a flood of sellers (bank owned, mostly) maybe it's already starting to happen.

• (May 2009) I'm not sure why there aren't more sellers out there when demand is surging. 

• (April 2009) If you're thinking of selling your house, in my opinion, this is a good time if not the BEST time, before the summer rush is about to come.

• (Mar 2009) Supply is continue to slow down, but I expect this to go up come summertime.

• (Feb 2009) Supply continue to pale.  Summer aims to change this.

• (Jan 2009) Sellers, with valid reasons, continue to stay by the sidelines.  But sellers should be aggressive (making homes beautiful and priced right) as early as now in preparation for the spring and summer demand.

• (Dec 2008) I think that more sellers should be out there.  If you study the demand, you will see that demand is slowly moving sideways. 

• (Oct 2008)  In a healthy market, supply is as strong as the demand.  This, I think, will be one of the major factors in determining a Reno market bottom.

• (Sept 2008)  Numbers tell a story.  By looking at the supply of homes, you will have an idea about the consumer's confidence toward the market. 

• (August 2008)  A healthy real estate market is healthy supply and demand.  Both have shown signs of consistent strength this year. I hope it continues.

Graph:

(click image to enlarge)

Reno number of homes for sale:

• October '09:  2,001
  

• September '09:  2,189
  

• August '09:  2,330
  

• July '09:  2,473
  

• June '09:  2,446
  

• May '09: 2,435
  

• Apr '09:  2,544

• Mar '09:  2,590

• Feb '09:  2,576

• Jan '09:  2,624

• Dec '08:  2,645
  

• Nov '08:  2,786

• Oct '08:  2,892

• Sep '08:  2,946

• Aug '08:  2,952

• Jul '08:   2,999

• Jun '08:  2,922
  

• May '08:  2,870

• Apr '08:  2,804

• Mar '08: 2,689

• Feb '08:  2,588

• Jan '08:  2,625

• Dec '07:  2,645

• Nov '07:  2,840

• Oct '07:   3,068

• Sep '07:  3,096

• Aug '07:  3,321

• Jul '07:    3,258

• Jun '07:   3,207

• May '07:  3,056

• Apr '07:   2,905

• Mar '07:  2,675

• Feb '07:  2,515

• Jan '07:  2,696

• Dec '06:  2,649

• Nov '06:  3,042

• Oct '06:   3,345

• Sep '06:  3,520

• Aug '06:  3,684

• Jul '06:   3,548

• Jun '06:  3,415

• May '06:  3,121

• Apr '06:   2,658

• Mar '06:   2,533

• Feb '06:   2,259

• Jan '06:  2,480

• Dec '05:  2,444

• Nov '05:  2,700

P.S- If you have something to add about what's happening in your neighborhood or you disagree with me on something or just want to rant about the market; You're most welcome to add to the conversation by leaving a comment .  Thanks!

*  Reno Residential homes site/stick built

Number of updates: 20'th
Updated:  November 10, 2009
Source: Multiple listing Service
Next Release Time:  December 7,2008  (Every 7'th of the month)

"The clubhouse pool at Somerset" 

                                                -----------------------------------

"Buyers can get a bird's-eye view on the overall Supply & Demand for the Reno Somerset-Northwest  areas"

                                                -----------------------------------

About: An in-depth look at the Reno-Northwest (MLS area: 120), Reno Northwest Suburban (MLS area: 121)  & Reno-Somerset (MLS area: 122) real estate market areas.

I used to follow the 'Days on the market' statistic to keep up with the trend in these areas but Craig King, our chief operation officer, advised me to use MSI instead.  He is right.  MSI (months supply of inventory) has turned out to be more dependable.  Thanks Craig.

You can come up with the Months Supply of Inventory by dividing the number of listings by the number of sales.

Hope it helps. 

Time period of December 2005 - October 2009.   

WIIFM (what's in it for me?): This is crucial information for home buyers and home sellers in the Northwest Reno area. 

Sellers can get a realistic estimate on how long it would take for their homes to sell.

Buyers can get a bird's-eye view on the overall Supply & Demand for the Reno-Northwest  areas- comparing the ratio of homes for sale,new homes on the market and homes sold. 

Highlight(s):        

                                      ---------------------------------------------------

"Inventory (MSI) is at a thrilling 2 months!"

                         ----------------------------------------------------

• (October 2009)  Median price is still going down but not as much as a year ago.  Inventory (MSI) is at a thrilling 2 months! (Meaning at current pace it'll take 2 months to sell all inventory).
  

• (August 2009) Median price in the Northwest area (graph not shown)--though still going down as a whole-- is starting to fight back.  One month is up then the next is down.  But more up months than in the past two years.  Starter homes priced below $180,000 has been very attractive for a lot of buyers--first time and investors.
  

• (July 2009) MSI (inventory) is down (a good sign).  People are buying a lot of homes in this area supply can't even keep up.  But prices have yet to hit bottom.
  

• (June 2009) Supply is still on a nose dive.  Demand is up the roofs.  Inventory (inevitably) is way down (a good sign).

• (May 2009) Inventory is at 2.5 months--a two-year low (positive sign)!

• (Apr 2009) Homes sold and homes in contract are going up since January 2009.  MSI (inventory is down to 2.1 months! a good sign).  If you are thinking of selling your home, pay attention to this data--sell while supply is low! Median price is still going down--but I wonder for how long?

• (Mar 2009) Demand (higher) and MSI (lower) continue to perform well.  A very good sign. 

• (Feb 2009) 3.6 months supply of inventory is even better than last month's low number (lower is better).  Sellers are still wary of the market, but expect this to go up come spring and summer.  Sellers, now is the time to prepare for the summer buyer rush.

• (Dec 2008) Inventory is down.  Demand is even. Months supply of inventory is at 6.4 mos (from 11.3 months!).  This is good numbers!

• (Oct 2008)  Median price continue to go South.  But demand is still going up since January  of this year.  Supply is lukewarm.

• (Sept 2008) Demand continue to go up.  Supply is still relatively low if you compare  it from the previous three to five years.  Median price continue to struggle but MSI (months supply of inventory) is low (a good sign).

• (Aug 2008) I haven't seen supply and demand this good in years!  Reno-Northwest and Somersett area seems to be heading for a market bottom in terms of demand.  Hope the price reaches a bottom as well.  We'll wait and see.

Click Here To Read History of Comments

                                           -----------------------------

Call Joe at 775-338-7653  for a Free-No Pressure - No Obligation Market Analysis of s specific zip code you are interested in!

                                           ------------------------------

Graph(s):

Supply: Somerset-Northwest Real Estate

Demand: Somersett-Northwest Real Estate

MSI- Months Supply of Inventory

Months supply of inventory

• Oct '09:  2.0 mos.

• Sep 09:  2.6 mos.

• Aug '09:  3.2 mos
  

• July '09:  3.9 mos.
  

• June '09:  5.1 mos.
  

• May '09:  4.7 mos.

• April '09: 3.9 mos.

• Mar '09:  6.2 mos.

• Feb '09:  5.6 mos.
  

• Jan '09:  7.5 mos.
  

• Dec '08:   8.8 mos.
  

• Nov '08:  11.8 mos.

• Oct '08:  10.3 mos.

• Sept '08:  7.8 mos.

• Aug '08:  10.2 mos.

• Jul '08:  9.2 mos.

• Jun '08:  8.8 mos.
  

• May '08:  8.8 mos.

• Apr '08:   7.9 mos.

• Mar '08:   8.5 mos.

• Feb '08:  10.2 mos.

• Jan '08:  13.6 mos.

• Dec '07:  25.4 mos.

• Nov '07: 14.1 mos.

• Oct '07:   14.7 mos.

• Sep '07:  16.0 mos.

• Aug '07:  12.7 mos.

• Jul '07:    8.5 mos.

• Jun '07:   8.0 mos.

• May '07:  8.1 mos.

• Apr '07:   6.5 mos.

• Mar '07:   10.6 mos.

• Feb '07:   6.6 mos.

• Jan '07:   7.4 mos.

• Dec '06:  13.1 mos.

• Nov '06:  11.1 mos.

• Oct '06:   11.9 mos.

• Sep '06:  15.2 mos.

• Aug '06:  10.3 mos.

• Jul '06:    11.7 mos.

• Jun '06:  12.0 mos.

• May '06:  9.1 mos.

• Apr '06:   9.8 mos.

• Mar '06:   7.8 mos.

• Feb '06:   10.6 mos.

• Jan '06:   12.4 mos.

Number Of Homes For Sale:

• Oct '09:  344

• Sep '09:  393
  

• Aug '09:  405
  

• July '09:  436
  

• June '09:  416
  

• May '09:  412

• Apr '09:  434
  

• Mar '09:  432

• Feb '09:  437

• Jan '09:  423
  

• Dec '08:  444
  

• Nov '08:  459

• Oct  '08:  489

• Sep '08:  531 

• Aug '08:  552

• Jul '08:  577

• Jun '08:  560
  

• May '08: 542

• Apr '08:  531

• Mar '08:  530

• Feb '08:  505

• Jan '08:  489

• Dec '07:  477

• Nov '07:  470

• Oct '07:   545

• Sep '07:  512

• Aug '07:  566

• Jul '07:   578

• Jun '07:  602

• May '07:  570

• Apr '07:   542

• Mar '07:  497

• Feb '07:  475

• Jan '07:  534

• Dec '06:  524

• Nov '06:  611

• Oct '06:   687

• Sep '06:  739

• Aug '06:  804

• Jul '06:   763

• Jun '06:  763

• May '06:  680

• Apr '06:   577

• Mar '06:  548

• Feb '06:  482

• Jan '06:  478

• Dec '05:  481

Number of Homes SOLD:

• Oct '09:  83
  

• Sep '09:  74
  

• Aug '09:  65
  

• July '09:  68
  

• June '09:  69
  

• May '09: 48  

• Apr '09:  66
  

• Mar '09:  59
  

• Feb '09: 36
  

• Jan '09:  28
  

• Dec '08:  37

• Nov  '08: 38

• Oct  '08:  44

• Sep '08:  54

• Aug '08:  50
  

• Jul '08:  56

• Jun '08:  52
  

• May '08:  49

• Apr '08:   50

• Mar '08:  36

• Feb '08:  29

• Jan '08:  17

• Dec '07:  27

• Nov '07:  27

• Oct '07:   35

• Sep '07:  32

• Aug '07:  53

• Jul '07:   52

• Jun '07:  62

• May '07:  52

• Apr '07:  51

• Mar '07:  47

• Feb '07:  51

• Jan '07:  33

• Dec '06:  40

• Nov '06:  42

• Oct '06:   42

• Sep '06:   49

• Aug '06:  55

• Jul '06:    52

• Jun '06:  58

• May '06:  48

• Apr '06:  48

• Mar '06:  41

• Feb '06:  37

• Jan '06:  29

• Dec '05:  50

Community Links:

• Somersett.com
• Northwest Reno Library
• Northwest Neighborhood Advisory Board
• Northwest Reno Classifieds
• The Most Honest Cafe in Reno  (personal favorite)

P.S-   If you have some comments or would like to correct anything in the article,kindly send your thoughts I'd love to hear them!  You can also call me on my cellphone for any questions you may have: Joe- 775-338-7653

*  Reno Northwest,Reno Northwest Suburban & Reno Somerset

* Residential homes site/stick built

Updated: Nov 6, 2009 (15'th update)

Source: Multiple listing Service

Next Release Time: Dec 4 ,2009  (Every 4'th of the month)

 Legends Malls in Sparks, NV

Yesterday, we tackled Reno's market. Today, our blossoming neighbor--Sparks.

The Sparks real estate market have been treated like a middle child.  But there's no denying Sparks growth.  Population has grown over 80,000.  The area has sold around 56 homes (every month) in the last year.  Sparks has been voted 100 best place to live by CNN MONEY in 2007. More and more of my buyers want to settle here.

Ken Allen, a friend of mine who moved to Sparks five years ago, talks about his proud city like he's from New York "everything you have in Reno, we have here but more." Can't blame the boy, Sparks has blossomed in the last five years.

Sparks Real Estate Market In The Last Six Months: here, we'll see the demand, under contract and median price in the Sparks market.

Time Line: May 18, 2009 - Oct 19, 2009 (6 months)

Sparks Homes Under Contract:

(click image to enlarge)



Sparks Homes SOLD:

(click image to enlarge)



Sparks Median Home Price:

(click image to enlarge)


Similar to what's happening in the Reno real estate market, the past twelve months have sparked a glimmer of hope. Though you will still hear horror stories "that home was $900,000, now it's selling for  $450,000."  The same could be said of Reno and other nearby cities. 

In spite being hit hard by the recession (11%+ unemployment ), Sparks has fought back.  Legends, a fashionista's mini heaven, recently opened.  Scheels, an unbelievably gigantic all sports store has a 65-foot ferris wheel inside.

And the intangibles, roaming around the city, you won't feel any negative vibe.  It's a great place to live.  There's always something for the family.

After weeks of neglecting this blog, Reno, we are back!

This summer has been full of delightful surprises--we knew it was going to be busy but it was more than what we prepared for. But we're stable and back in the blogosphere (there's something wrong with that word).

Reno Real Estate Market In The Last 6 Months: if you want to cut to the chase and want to know what's happening in the Reno real estate market, this post is for you:

Time line: May 18, 2009 - October 19, 2009

Homes Under Contract in Reno:

(click image to enlarge)

This graph shows you what all Realtors in Reno have been experiencing but nobody seems to believe: we're busy! (Believe it or not).

If you were expecting a walk in the park in buying your first home, it won't be, trust me. Buyers are snatching bank-owned homes--even short sales.  But this is NOT across all price ranges.  This is happening in the starter home market.  Many believe, including the author, that mid to high priced homes have a long way to go.

Reno Homes SOLD:

(click image to enlarge)

Because there's a lot of homes under contract there should be a lot of homes sold right? So why is this graph moving sideways, instead of a trekking a hill? I'm not sure.  But it may be because of short sales.  Short sales usually take 6-8 months (and more, thanks Bank of America).

And the best news of all...drum roll please:

Reno Homes Median Price:

(click image to enlarge)

Home prices in Reno hasn't looked this stable since the good ole' days of  '05.  Granted, this is just the past six months and it was summer.  But Nevada still ranks in the top three states in highest number of foreclosures.  This is a good start.  I hope it continues.


So there you have it folks, a breakdown of Reno real estate in 7 minutes.  Hope it helped.