Sales are starting to increase especially in the under $150,000 range. The sale price remains under pressure from bank owned properties.
April had 419 properties sold compared to 366 in March. This makes 4 straight months of a positive swing in sale in the Reno - 100 Area. However, April saw a 6% drop in median price after three months of relative stability. Of the 419 sales in April 215 were bank owned and another 80 where short sales.
649 new listing came on the market in April a drop of 12% from March. 370 of these listing were either bank owned or a short sale.
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It's been a busy time for buyers these days. The 1st time buyer segment of the market is HOT, HOT, HOT! Short sales and bank owned properties are selling in days with multiple offers provided they are remotely habitable...and I mean remotely! What does this mean for buyers? Well, you can still be aggressive but now a little bit of reality needs to get mixed in because you are competing with investors who are cash heavy.
For buyers a house is still worth what you are willing to pay as long as it appraises. Good news is, there are some regulations in place that will prevent frivolous... Read More
I realize it is hard to stomach, but short sales and foreclosures have driven the value of homes way down. Â The good news is houses are starting to sell if they are priced right. Â It use to be: that a seller could find the highest price house that compares to his, price his house a little higher, wait a couple months and he would sell the house. Â Now if a seller prices his house to high and waits a couple months the actual selling price is less than before.Â In order to sell a house, the price must be accurately determined to get a fast sale for the most... Read More
Article 1 When representing a buyer, seller, landlord, tenant, or other client as an agent, REALTORS® pledge themselves to protect and promote the interests of their client. This obligation to the client is primary, but it does not relieve REALTORS® of their obligation to treat all parties honestly. When serving a buyer, seller, landlord, tenant or other party in a non-agency capacity, REALTORS® remain obligated to treat all parties honestly. (Amended 1/01)
· Standard of Practice 1-1
REALTORS®, when acting as principals in a real estate transaction, remain... Read More
The first thing most people do to make them not qualify for a loan is add on additional credit such as:
1.) Buying a car
2.) Getting additional credit cards
3.) Co-signing for a family member
The second thing is to change jobs while in the loan process.
The third is missing payments or paying bills late.Read More
When buying a short sale, the first thing to understand is that it usually takes a while. The hardest part is getting an answer from the bank (hopefully your only dealing with one). This process can take months and it seems like the bank is in no hurry. This is where it seems most short sales fall apart as the buyer gets tired of waiting. The reason for the delay is for every short sale package being submitted a case of fraud has to be open by the bank. Once the offer finally gets accepted, it will usually take less than 30days.
If dealing with two different banks from a 1st and... Read More
A person I know has been trying to refinance his house for over 14 months. He needed a lower monthly payment in order not to lose his house. His bank was not cooperating with him so he contacted his senator. Once his senator’s office contacted the bank and identified themselves they were transferred to the president of the company. In efforts to shorten a longs story, the interest was reduced for to 4% for 5 years and the principle was reduced by $50,000. The most incredible part is this all happened in less than 2 weeks. Once again please understand, I cut a lot of things he did... Read More
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