What's Happening in the Somersett Real Estate Market?
Somersett wasn't spared from the severe real estate recession that hit Nevada. Home prices is down to the lowest levels since initial creation of community . Yes, market is still struggling, but could it be a good time to buy now?
Months Supply of Inventory (MSI)
In 2008, my brother-in-law wanted to buy a house in Somersett (Pulte's "The Vue"). Homes were selling for almost half the price from just three years ago (2005). I was starting to think it was a good deal at half the cost. But he asked me this question, "Is the market still going to go down?" I answered with an unequivocal YES.
It was crystal clear at that the Reno market had a long way to go.
The deal crashed because the agent wouldn't budge on the asking price. Thank God.
Now, it's a little bit more tricky. With prices going down to where owning a house can be cheaper than renting it, the question in a lot of people's mind is, "Is it a good time to buy?" My answer to that, is rather unexciting...It depends on your needs. Because the market is still going down, you can really wait for the absolute bottom. Just know that interest rate can creep up anytime (all-time low). Still, the risk is lower if you decide to wait. The world is not going to end if you wait for a spring or two. Just don't forget that rates might go up anytime, making your mortgage significantly higher. And I'm also thinking, if you plan on staying in the house for at least 7 years, why not buy now? A $1,200 mortgage is not too bad, right? Again, base your decision on your needs and wants with the blanket of realty-based market knowledge.
So without further ado, here's the Somersett market:
Somersett Sold Median Price (2009-2011)
Somersett Sold Median Price (2009-2011)
- Jun 2011: $280,000
- May 2011: $240,000
- Apr 2011: $262,450
- Mar 2011: $266,000
- Feb 2011: $265,000
- Jan 2011: $290,000
- Dec 2010: $206,325
- Nov 2010: $289,980
- Oct 2010: $228,341
- Sep 2010: $260,000
- Aug 2010: $298,000
- Jul 2010: $275,000
- Jun 2010: $322,450
- May 2010: $259,500
- Apr 2010: $278,000
- Mar 2010: $245,000
- Feb 2010: $304,075
- Jan 2010: $240,820
- Dec 2009: $234,000
- Nov 2009: $280,000
- Oct 2009: $223,000
- Sep 2009: $245,945
- Aug 2009: $319,950
- Jul 2009: $315,000
- Jun 2009: $275,003
Somersett Real Estate Demand (units sold)
- Jun 2011: 14
- May 2011: 19
- Apr 2011: 14
- Mar 2011: 16
- Feb 2011: 14
- Jan 2011: 9
- Dec 2010: 16
- Nov 2010: 15
- Oct 2010: 15
- Sep 2010: 21
- Aug 2010: 23
- Jul 2010: 15
- Jun 2010: 12
- May 2010: 18
- Apr 2010: 21
- Mar 2010: 11
- Feb 2010: 12
- Jan 2010: 17
- Dec 2009: 11
- Nov 2009: 18
- Oct 2009: 23
- Sep 2009: 20
- Aug 2009: 20
- Jul 2009: 17
- Jun 2009: 24
Somersett Real Estate Supply (for sale)
- Jun 2011: 108 homes
- May 2011: 115
- Apr 2011: 102
- Mar 2011: 95
- Feb 2011: 94
- Jan 2011: 94
- Dec 2010: 98
- Nov 2010: 107
- Oct 2010: 104
- Sep 2010: 104
- Aug 2010: 118
- Jul 2010: 128
- Jun 2010: 136
- May 2010: 115
- Apr 2010: 115
- Mar 2010: 119
- Feb 2010: 110
- Jan 2010: 105
- Dec 2009: 108
- Nov 2009: 108
- Oct 2009: 124
- Sep 2009: 137
- Aug 2009: 137
- Jul 2009: 143
- Jun 2009: 147
Somersett MSI (months supply of inventory)
- Jun 2011: 6.9 months
- May 2011: 5.8
- Apr 2011: 3.5
- Mar 2011: 4.9
- Feb 2011: 6.0
- Jan 2011: 5.7
- Dec 2010: 6.0
- Nov 2010: 6.2
- Oct 2010: 6.2
- Sep 2010: 5.5
- Aug 2010: 3.3
- Jul 2010: 5.6
- Jun 2010: 5.5
- May 2010: 8.1
- Apr 2010: 6.4
- Mar 2010: 3.7
- Feb 2010: 9.6
- Jan 2010: 6.5
- Dec 2009: 6.8
- Nov 2009: 7.2
- Oct 2009: 6.9
- Sep 2009: 3.7
- Aug 2009: 4.2
- Jul 2009: 6.1
- Jun 2009: 7.4
Buying or Selling a
home?
Benefits of working with Joe:
Character
- Peace of mind: knowing that your agent looks out for your best interest. Joe will tell you the truth whether it benefits him or not. Intellectual honesty.
- Someone who cares: Joe has writen over 300 articles in the last 3 years, helping hundreds of people make the best possible decision in buying/selling homes in Reno-Sparks.
- Community: Oversees the Fil-Am basketball league that aims to encourage active lifestyle for teens.
Skills
- Market knowledge: studied and followed the Reno-Sparks real estate market since 2006 (median prices, supply & demand and months supply of inventory).
- First Class Marketing: has a marketing team behind him to help sell your home, has exclusive affiliations with LuxuryRealEstate.com, Leading Real Estate Companies of the World (RELO), Luxury Portfolio, Chaseinternational.com (most visited site in the Tahoe/Reno area) and commitment in using first class advertising and branding material to market your home.
- Negotiating: has successfully negotiated a hundred deals since 2005. Uses market knowledge to leverage negotiations (buyers/sellers market?).
*Note: Some affiliations require a minimum selling price of home.
"Only first class business, and that in a first class way."
"Joe was prompt, thorough, accurate, reliable, helpful and encouraging. It's people like him who make you want to come back for future business" - Chad Henton, Omgeo LLC
"If there is someone who should have listened to Joe but didn't, it is I. Joe told me I needed to sell by summer 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 with him, listen to what he has to say. You will not be disappointed." - Emily Abadia, Accountant
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