Weekend Warrior December 1, 2022

Weekend Warrior (Dec 2022)

 

 


Welcome to
THE WEEKEND WARRIOR
Here is your official guide to some of the best events happening in and around the Reno/Sparks/Lake Tahoe region.  The “WW” is published each month for my family, friends and real estate clients.  Please reach out to me if you want to subscribe or have ideas for future publications.  And thank you for your support!
~~ Denise Hallerbach, Broker/Owner Intero, Real Estate Reno

TAHOE FILM FESTIVAL
THURSDAY, DECEMBER 1 – SUNDAY, DECEMBER 4, 2022
INCLINE VILLAGE, NORTHSTAR &  CRYSTAL BAY CASINO
The first snow storm of December makes its way to the Sierra Nevada and Lake Tahoe. It’s the perfect time to get cozy in a warm theatre to enjoy some unforgettable flicks. Twenty-nine thoughtfully created, and recently released independent films will draw you in at the 8th Annual Tahoe Film Festival happening December 1-4, 2022. The premiere selection of films offered this year celebrate and support the efforts of all who help maintain the beauty of Lake Tahoe and its surroundings. In addition to a solid sampling of American films, Latin American independent films and award-winning music documentaries will be showcased. Proceeds from the event benefit the Tahoe Environmental Research Center, “Science to Save Lake Tahoe” fund. Learn more at TahoeFIlmFestival.com.

Take a break from the hustle and bustle of Christmas shopping to bring some welcomed humor into your life!  Four solid comedic acts make their way to Reno to keep you in stitches through each performance.  Here is the line-up in case you want to catch one of the comedy shows this month:

Tom Segura– Friday, December 2 (7 & 10 pm) @ Grand Sierra (Click here for Sneak Peek)
Teo Gonzalez & Regelio Ramos– Saturday, December 10 (8 pm) @ Grand Sierra (Spanish)
John Mulaney– Thursday, December 15 (7 pm) Reno Ballroom (Click for Sneak Peek)
Alton Brown: Beyond the Eats– Friday, December 16 (7:30 pm) @ Pioneer Center (Click for Sneak Peek)
Daniel Tosh Saturday, December 17 (8 pm) @ Grand Sierra (Click there for Sneak Peek)

CHRISTMAS WONDERLAND
EVERY THRU DECEMBER 25, 2022
ELDORADO HOTEL CASINO – ELDORADO SHOWROOM

Gather your friends and family and make your way to The Eldorado Showroom for Christmas Wonderland, a dazzling holiday spectacular that will get you into the Spirit of the Season!  The annual festive extravaganza features glittering costumes, a stunning cast, and the highest kicking chorus girls this side of the North Pole. Start your holiday tradition in style as Santa and his merry helpers take you on a nostalgic Christmas journey, with all your favorite holiday songs. The show is perfect for all ages!  Book your tickets now at TicketMaster.com.

LET IT GLOW, RENO!
DECEMEBER 1-29, 2022

MIDTOWN, DOWNTOWN, RIVERWALK, BREWERY and WELLS AVENUE DISTRICTS

Let it Glow, Reno is the beginning of what will be an annual community event, aiming to promote the local business districts of Reno. Stroll down lit-up streets and enjoy all that our local neighborhood establishments have to offer.  Visit by car, foot, bus, scooter or pedicab (Pineapple Pedicabs) and vote for your favorites in this friendly decorating/lighting competition among these local boutiques, bars/restaurants/coffee spots and tattoo shops!

December 1st – January 8th: Twinkle Tours through Pineapple Pedicabs
December 1st: Midtown District Tree Lighting Ceremony
December 3rd: Wells Avenue District Party at RED
December 7th: 
Reno Bike Night Let It Glow Group Ride & Downtown Reno Tree Lighting at City Plaza
December 15th: Downtown Reno’s a Night with Santa at The Basement

December 17th: Riverwalk’s Ugly Sweater Party Wine Walk
December 29th: Let It Glow Spotlight Party (TBA)

For all the fun details, visit PineapplePedicabs.com.

SURVIVAL OF THE SLOWEST
THRU JANUARY 8, 2022
TERRY LEE WELLS NEVADA DISCOVERY MUSEUM
Sometimes being slow, small, or weak can have its advantages! Survival of the Slowest explores the often-overlooked species that have used their disadvantages to help them survive, and even thrive, in a world where large, strong, and fast animals are often at the top of the food chain. This world-class exhibition lets your get up close and personal with more than 15 live animals including a two-toed sloth, red-footed tortoise, green iguana, four-toed hedgehog, bearded dragon, ball python, and many more!  You’ll marvel in this immersive, educational experience, but only for a limited time (thru January 8. 2023) at The Discovery!  Learn more at NVDM.org.

CHRISTMAS ON THE COMSTOCK
THROUGH DECEMBER 2022
VARIOUS VENUES IN VIRGINIA CITY, NV
The Spirit of Christmas is overflowing in Virginia City through the entire month of December at Christmas on the Comstock! It’s the perfect time to visit one of Nevada’s historic towns for at least one of the many jolly activities:

Dec. 2, 6 pm: Official Christmas Tree Lighting
Ring in the holiday season with Virginia City’s official Christmas Tree Lighting ceremony taking place at the Bucket of Blood parking lot located at the corner of C and Union streets.

Dec. 2-4, Dec. 9-11 and Dec. 16-18- V&T Candy Cane Express & Train of Lights
Take a ride on a whimsical V&T Candy Cane Express that has become a cherished local tradition for families of all ages OR ride the Train O’Lights, an evening train that lights up the sky with thousands of LED lights, creating a magical Christmas memory that will last forever.

Dec. 3, 11 am – 5 pm: The Grinch Made Me Do It Saloon Crawl
Have some fun during “The Grinch Made Me Do It Saloon Crawl” with festival specialty holiday drinks at featured locations. Check-in begins at 10 a.m. Tickets are on sale here.

Dec 3 & 10: Parade of Lights and a Magical Christmas Fireworks Show (See the spirit of Christmas travel through our historic town as Christmas cheer lights up the streets)

Discover all these fun activities and MORE at VisitVirginiaCityNV.com.

JURASSIC QUEST
FRIDAY, DECEMBER 2 – SUNDAY, DECEMBER 4, 2022

RENO SPARKS CONVENTION CENTER
Cammie the Camarasaurus, Tyson the T-Rex and Trixie the Triceratops… These are just a few of the massive beasts coming to Reno!  Jurassic Quest presents dozens of colossal prehistoric animatronic creatures, more than any other event of its kind, for you and your family to explore.  Full-sized and animated, the exhibits will make you feel like you’re transported about 165 million years back in history.  Dino Babies also roam the event with staff members, allowing for personal interaction with these “little guys.”  JurassicQuest also offers visitors the opportunity for hands-on science stations and activities.  For all the fantastic details and ticket sales, please visit Tickets.JurassicQuest.com.

SPIRIT OF THE SEASON
FRI, DEC 2 (9 pm) SAT, DEC 3 (4 & 9 pm) & SUN, DEC 4 (2 pm)

PIONEER CENTER for the PERFORMING ARTS
Gather the family for a true Reno holiday tradition!  The Reno Philharmonic, Reno Philharmonic Chorus and conductor Jason Altieri invite you to a joyous, classic holiday celebration, Spirit of the Season. It’s a wonderful celebration offering beautiful orchestral arrangements, jazzy numbers, traditional holiday tunes and carols. Choose from four showtimes wrapped in fantasy and fun for the whole family! Tickets may be purchased online at RenoPhil.com.

SPARKS HOMETOWNE CHRISTMAS PARADE & TREE LIGHTING
FRIDAY, DECEMBER 2 (6:30 -7 pm) & SATURDAY, DECEMBER 3 (Beginning @ 1 pm)
VICTORIAN AVENUE, SPARKS, NV
Bring it back to basics with a 35 year old tradition and celebration of Christmas you won’t want to miss. Sparks kicks off the holiday season with its annual Hometowne Christmas Parade and Tree Lighting Ceremony. The gatherings begin at 6:30 pm on Dec 2 at Victoria Avenue and 11th Street, and features the Nevada Gay Men’s Chorus and Sparks Mayor, Ed Lawson, flipping the switch to illuminate the gigantic live blue spruce that permanently resides at Victorian Square. Then Saturday afternoon beginning at 1 pm, the traditional Hometowne Parade kicks off at Pyramid and Victorian Ave and moves toward 15th Street. Head down early to get a photo with Santa or hang out afterwards and see 39 North Pole with its amazing light displays, food, entertainment, and crafters village. Lean more about this awesome community event at CityOfSparks.us.

SIAMSA: A CELTIC CELEBRATION
TUESDAY, DECEMBER 6, 2022 (7 pm)
GRAND SIERRA RESORT – GRAND THEATRE
An enchanting holiday musical for the entire family! SIAMSA features stunning dance and music, and tells the story of three young orphans searching for the “Candle in the Window,” the light that represents the true meaning of Christmas. Their search takes them on an eventful journey from Celtic village to village, where they encounter traditions, superstitions, customs and amusing antics along the way. This year’s production of SIAMSA highlights the talents of exciting Irish dance champions, vocalists, musicians and local actors and actresses. Book your tickets today for the Dec 6 show at GrandSierraResort.com.

THE NUTCRACKER BALLET
FRI, DEC 9 (8 pm) SAT, DEC 10 (2 & 8 pm) and SUN, DEC 11 (1 pm & 7 pm)
PIONEER CENTER for the PERFORMING ARTS
Get comfy-cozy in to Reno’s underground theater, “The Pioneer,” for a matinee or evening performance of the classical ballet, The Nutcracker, brilliantly performed by A.V.A. Ballet Theatre with live accompaniment by our very own Reno Philharmonic.  Due to popular demand, five performances are offered, so pick the one that works for you, and enjoy the timeless story of Clara, The Nutcracker/Prince, Snow King & Queen, Sugar Plum Fairy and more… Find tickets in advance at PioneerCenter.com, by phone at (775) 434-1050 or by visiting the Pioneer Center box office Monday-Friday, 10 am-4 pm or 2 hours before each performance.

RENO SANTA CRAWL 2022
SATURDAY, DECEMBER 10, 2022 (STARTS W/ SANTA PHOTO UNDER ARCH AT 8 PM)
DOWNTOWN RENO
Ho! Ho! Ho! Calling all Santas, Mrs. Clauses, Snowflakes, Christmas Trees, Reindeer, Elves, Jack Frosts, and anything else you can image related to Santa and Christmas… In case you didn’t already know, Reno is dubbed the “Crawl Capital of the World!”  And Reno’s most iconic of all crawl events, Santa Crawl, is back and is anticipated to bring about 20,000 holiday-clad participants to stroll Downtown Reno. With nearly 40 participating venues offering festive drink specials and fun music, this year’s crawl is sure to be a blast!  For info about participating bars, how/where to get your cup, and accommodation deals, visit CrawlReno.com.

PINK MARTINI
SUNDAY, DECEMBER 11, 2022 (7:30 pm)
GRAND SIERRA RESORT – GRAND THEATRE
Pink Martini is a little orchestra that knows no stylistic bounds. Classical and jazz, Latin and pop… These are a few of the musical threads that pull the group’s performances together in a lighthearted, jazzy vibe that evokes dance from its fans. It’s a massive collective with a rotating membership that’s been active since the early 1990s and has performed with over 50 orchestras in cities around the world, from the Los Angeles Philharmonic and the San Francisco Symphony to the BBC Concert Orchestra. The ensemble played several New Year’s Eve concerts at L.A.’s Walt Disney Concert Hall across the 2000s and early 2010s, and has performed multiple sold-out concerts at New York’s Carnegie Hall. Pink Martini has also graced late-night talk show stages of Conan O’Brien, David Letterman and The Tonight Show with Jay Leno. For a sample of Pink Martini’s vibe, click here.  Learn more and purchase tickets in advance to see them at GrandSierraResort.com on Sunday, December 11, 2022.

AUSTRALIA’S THUNDER FROM DOWN UNDER
FRIDAY, DECEMBER 16 & SATURDAY, DECEMBER 17, 2022 

NUGGET CASINO RESORT
Australia’s hottest export, Thunder From Down Under, hits an intimate stage showing of chiseled bodies, seductive dance routines, cheeky humor, and boy-next-door charm that you won’t be able to resist!  Each sexy performer embodies a different female fantasy and brings it to life, turning your wildest dreams into reality. (FYI… I can’t type this with a straight face.) Don’t miss your chance to get up-close and personal with these Aussie hunks!  Critics, celebrities, and fans from around the world rave that Thunder From Down Under is one of the best male revue shows. The show has the making of the ultimate bachelorette party, divorce party, or girls’ night out destination. Get tickets in advance to one of the two steamy performances at NuggetCasinoResort.com.

RIVERWALK UGLY SWEATER RENO WINE WALK
SATURDAY, DECEMBER 17 (2 to 5 pm)

DOWNTOWN RENO, NV
It’s the most Wine-derful Time of the Year!!  Why not throw on your most hideous holiday-themed sweater and make your way to the Riverwalk District in Downtown Reno, NV for a little vino-sipping and shopping??  The Ugly Sweater Wine Walk is hosted by small businesses of the Riverwalk Merchants Association and neighboring streets in downtown Reno. This is a fun and quirky event where your strangest and gaudiest holiday apparel take center stage and you’ll be able to socialize and have fun with friends while strolling through downtown Riverwalk businesses. For more details about participating venues at the wine walk, visit RenoRiver.org.

2 Locations in Reno:
6135 Lakeside Dr #113, Reno, NV 89511
1325 W. Seventh St., Reno NV 89503
Whoa… How I didn’t know about Bighorn Tavern until now is making me scratch my head! (Insert thinking emoji!)  My boyfriend brought half of his Bighorn Chicken Sammie to me for lunch last week, and I devoured it in about 1 minute. Hands-down, it was the best sandwich I have had in a VERY long time!  It is the one in the photo above. Then last night, we had the pleasure of eating dinner at the Lakeside location.  I ordered their Bighorn Chili and it was absolutely to die for!  I want to go back at least once a week to treat my tastebuds to more of their delicious goodness in what appears to be in every dish they create here.  To top it off, the vibe is super relaxed, inviting and friendly, with excellent service throughout.  Do note… If you visit Bighorn Tavern’s website, the menu does not show everything they have to offer.  You just have to go there to see (and taste) the rest!  Visit BighornTavernReno.com for more about these fantastic local establishments.

This just might be the charming home in the Old Southwest Reno you’ve been waiting for!  Only a few blocks from the Truckee River and Crissie Caughlin Park, 2035 California Ave is settled in one of Reno’s more mature and established neighborhoods, where neighbors out for a walk actually greet you with a smile and “hello!” The updated home features 3 beds/2.5/baths/2-car garage on 1/5 acre property with a tasteful, variety of landscape and hardscape and a super inviting front porch to soak in the sun and the snowy Sierra mountain view. Email, or text/call me at 775-233-0682 if you’re interested! Denise Hallerbach, Broker/Owner, Intero Reno (B.1001182.CORP).

Stay current with the most relevant information about today’s Real Estate Market.  My “In-the-know” blogs help you to stay knowledgable about the market and how it relates to you and your investments!  Whether you are buying or selling real estate, or doing both — I am here to help you make informed decisions to successfully complete your sale and/or purchase. Visit DeniseHallerbach.com “In-The-Know Blogs” for the topics you see above and more!

COMING SOON…
THE “DECEMBER 2022 RENO-SPARKS MARKET REPORT”
The November 2022 stats are rolling in, but won’t be quite accurate and posted until mid-December.  If you’re curious about how the November Reno-Sparks real estate market is fairing as we close out the year, check back after Dec 10 at DeniseHallerbach.com for my monthly market report and a look at November’s median sales price, units sold, a pulse on inventory, days to market and much more!  


DENISE HALLERBACH
Broker/Owner – Intero Real Estate Services – Reno
NV Lic # B.1001182.CORP

dhallerbach@intero.com
www.denisehallerbach.com
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In-The-Know Real Estate Blog December 1, 2022

Why There Should Not Be a Flood of Foreclosures Coming to the Housing Market

With the rapid shift that’s happened in the housing market this year, some people are raising concerns that we’re destined for a repeat of the crash we saw in 2008. But in truth, there are many key differences between what’s happening today and the bubble in the early 2000s.

One of the reasons this isn’t like the last time is the number of foreclosures in the market is much lower now. Here’s a look at why there won’t be a wave of foreclosures flooding the market.

Not as Many Homeowners Are in Trouble This Time

After the last housing crash, over nine million households lost their homes due to a foreclosure, short sale, or because they gave it back to the bank. This was, in large part, because of more relaxed lending standards where people could take out mortgages they ultimately couldn’t afford. Those lending practices led to a wave of distressed properties which made their way into the market and caused home values to plummet.

But today, revised lending standards have led to more qualified buyers. As a result, there are fewer homeowners who are behind on their mortgages. As Marina Walsh, Vice President of Industry Analysis at the Mortgage Bankers Association (MBA), says:

For the second quarter in a row, the mortgage delinquency rate fell to its lowest level since MBA’s survey began in 1979 – declining to 3.45%. Foreclosure starts and loans in the process of foreclosure also dropped in the third quarter to levels further below their historical averages.”

There Have Been Fewer Foreclosures over the Last Two Years

While you may have seen recent stories about the number of foreclosures rising today, context is important. During the pandemic, many homeowners were able to pause their mortgage payments using the forbearance program. The program gave homeowners facing difficulties extra time to get their finances in order and, in many cases, work out a plan with their lender.

With that program, many were concerned it would result in a wave of foreclosures coming to the market. That fear didn’t materialize. Data from the New York Fed shows there are still fewer foreclosures happening today than before the pandemic (see graph below):

That means, while there are more foreclosures now compared to last year (when foreclosures were paused), the number is still well below what the housing market has seen in a more typical year, like 2017-2019.

And most importantly, the number we’re seeing now is still far below the number we saw during the market crash (shown in the red bars in the graph). The big takeaway? Don’t let a headline in the news mislead you. While foreclosures are up year-over-year, historical context is essential to understanding the full picture.

Most Homeowners Have More Than Enough Equity To Sell Their Homes

Many homeowners today have enough equity to sell their homes instead of facing foreclosure. Due to rapidly rising home prices over the last two years, the average homeowner has gained record amounts of equity in their home. And if they’ve stayed in their homes even longer, they may have even more equity than they realize. As Ksenia Potapov, Economist at First Americansays:

Homeowners have very high levels of tappable home equity today, providing a cushion to withstand potential price declines, but also preventing housing distress from turning into a foreclosure. . . the result will likely be more of a foreclosure ‘trickle’ than a ‘tsunami.’”

A recent report from ATTOM Data explains it by going even deeper into the numbers:

“Only about 214,800 homeowners were facing possible foreclosure in the second quarter of 2022, or just four-tenths of one percent of the 58.2 million outstanding mortgages in the U.S. Of those facing foreclosure, about 195,400, or 91 percent, had at least some equity built up in their homes.”

Bottom Line

If you see headlines about the increasing number of foreclosures today, remember context is important. While it’s true the number of foreclosures is higher now than it was last year, foreclosures are still well below pre-pandemic years. If you have questions, reach out to a real estate professional.

In-The-Know Real Estate Blog December 1, 2022

3 Ways You Can Use Your Home Equity

 

If you’re a homeowner, odds are your equity has grown significantly over the last few years as home prices skyrocketed and you made your monthly mortgage payments. Home equity builds over time and can help you achieve certain goals. According to the latest Equity Insights Report from CoreLogic, the average borrower with a home loan has almost $300,000 in equity right now.

As you weigh your options, especially in the face of inflation and talk of a recession, it’s important to understand your assets and how you can leverage them. A real estate professional is the best resource to help you understand how much home equity you have and advise you on some of the ways you can use it.  Here are a few examples.

1. Buy a Home That Fits Your Needs

If you no longer have the space you need, it might be time to move into a larger home. Or it’s possible you have too much space and need something smaller. No matter the situation, consider using your equity to power a move into a home that fits your changing lifestyle. 

If you want to upgrade your house, you can put your equity toward a down payment on the home of your dreams. And if you’re planning to downsize, you may be surprised that your equity may cover some, if not all, of the cost of your next home. A real estate advisor can help you figure out how much equity you have and how you can use it toward the purchase of your next home.

2. Reinvest in Your Current House

According to a recent survey from Point, 39% of homeowners would invest in home improvement projects if they chose to access their equity. This is a great option if you want to change some things about your living space but you aren’t ready to make a move just yet.

Home improvement projects allow you to customize your home to suit your needs and sense of style. Just remember to think ahead with any updates you make, as some renovations add more value to your home and are more likely to appeal to future buyers than others. For example, a report from the National Association of Realtors (NAR) shows refinishing or replacing wood flooring has a high cost recovery. Lean on a local professional for the best advice on which projects to invest in to get the greatest return on your investment when you sell.

3. Pursue Your Personal Goals

In addition to making a move or updating your house, home equity can also help you achieve the life goals you’ve dreamed of. That could mean investing in a new business venture, retiring or downsizing, or funding an education. While you shouldn’t use your equity for unnecessary spending, leveraging it to start a business or putting it toward education costs can help you achieve other lifelong goals.

Bottom Line

Your equity can be a game changer. If you’re unsure how much equity you have in your home, let’s connect so you can start planning your next move.

In-The-Know Real Estate Blog December 1, 2022

What Buyers Need To Know About the Inventory of Homes Available for Sale

**The following information relates to national statistics (US), and are not intended to represent the current statistics in Reno-Sparks, Nevada.

If you’re thinking about buying a home, you’re likely trying to juggle your needs, current mortgage rates, home prices, your schedule, and more to try to decide if you want to jump into the market.

If this sounds like you, here’s one key factor that could help you with your decision: there are more homes for sale today than there were at this time last year.  According to Calculated Risk, for the week ending in November 18th, there were 47.7% more homes available for sale than there were at the same time in 2021.  (Again… these are national stats.) And having more options for your home search may be exactly what you need to feel confident about making a move.

Here’s a look at where the increased housing supply is coming from so you can get a better sense of what’s happening in the market today and what it means for you.

What Caused the Growth in Housing Inventory This Year?

The increase we’ve seen in housing supply this year isn’t from the source you think it is. Rather than an influx of recent homeowners listing their houses for sale (known as new listings), the primary reason the supply has grown is because homes are staying on the market a bit longer (known as active listings).

That’s happening because higher mortgage rates and home prices have helped moderate the peak frenzy of buyer demand, which has slowed down the pace of sales. And, as the pace of sales has eased, inventory has grown compared to the last couple of frenzy-paced market as a result.

The graph below uses data from realtor.com to show that it’s active listings, not new listings, that have driven the growth we’ve seen over the past few months:

And while overall inventory gains may slow down this winter due to typical housing market seasonality, you still have a chance to capitalize on the current supply.

What This Means for Your Home Search

Regardless of the source, the increase in available housing supply is good for buyers. More homes available for sale means you have more options to choose from as you search for your next home, and you may even have more time to consider them.

So, if you tried to buy a home last year and lost out in a bidding war or just couldn’t find something you liked, this may be the news you’ve been waiting for. If you start your search today, those additional options should make it less difficult to find a home you love, especially as some other buyers pause their search this holiday season.

Just remember, housing supply is still low overall, so it won’t suddenly be easy – it’ll just be less challenging than it was at this time last year. As a recent article from realtor.com says:

“Despite this improvement in the number of homes actively for sale, active listings still lag their pre-pandemic levels.”

The increase in housing supply helps put you in a great position to kick off the new year in your dream home. And who better to help you find it than a trusted, local real estate professional?

Bottom Line

If you’re ready to jump into the housing market and see what’s available in our local area, let’s connect.

Reno-Sparks Market Report November 14, 2022

November 2022 Market Report

** Data in the November 2022 Market Report reflect market activity from October 2022 compared to the previous month and year.  Information is gathered from the Reno-Sparks Association of Realtors® (RSAR) for the Greater Reno-Sparks region via Northern Nevada Regional Multiple Listing Service (www.nnrmls.com).  Data accounts for single-family resale residences only, and excludes townhouses/condos, manufactured/modular and new construction.

  • The Median Sales Price (MSP) in Reno-Sparks combined ticked up 1.8% from $530,320 to $540,000 months-over-month. The MSP is exactly the same as October last year!

  • The Median Sales Price (MSP) in Reno and Sparks both inched up month-over-month, up 3.7% in Reno and up 0.5% in Sparks.

  • Closed Sales dropped 21.7% compared to September 2022 and are down 34.7% compared to October last year. 

  • The graph above illustrates the breakdown of Closed Sales by Price Point.

  • Median Sold Price per Square Foot also ticked up 1% to $304/SF, and is 1.3% lower compared to one year ago.

  •  The Months Supply of Inventory (MSI) is the number of months it would take to sell through the available inventory at the current rate of sales.  The MSI in October 2022 was 3.4 MSI, meaning that if the rate of sales continued at the same rate as it did in September, the entire housing inventory would be depleted in 3.4 months.  The MSI in October 2022 was 15.5% slower compared to September 2022 and is 212.6% slower than the same time last year.  Note; a “balanced market” is approximately 5-7 months supply.

  • Over the last few months, the Months Supply of Inventory in the luxury market has exceeded the threshold for a balanced market (see light blue range for Balanced Market), pushing the $1.5M+ properties into an official “Buyer’s Market.”

  • Median Days to Contract has remained fairly constant now at 36 days from listing to contract, a 323.5% increase year-over-year. While the market feels very slow compared to the rapid moving COVID-19 years (2020-2021) our Median Days to Contract are still WELL below the peaks of  2012, 2016, 2018, & 2019.

  • The side-by-side graphs above show the changes across all price points for the Median Days to Contract.  All homes priced under $1.5M were on the market less than 40 days

  • New Pending Sales dipped 2.4%% from September to October 2022.  There are also about 40% fewer New Pending Sales compared to last year.  Again, look back over the last several years to realize that our market is now for pending sales is behaving fairly normally.

  • 23% fewer New Listings hit the market in October 2022 compared to September 2022.  We also saw a 32% decline in New Listings compared to last year.

OTHER INTERESTING STATS TO KEEP AN EYE ON:

  • 22.6% of all sales in Reno-Sparks were cash transactions. The % of Cash Purchases increased 22.3% month-over-month for all single family sales in Reno-Sparks and are is relatively unchanged compared to October 2021. 

  • Sellers continue to show signs of frustration as homes have not been selling as quickly as they have over the last couple of years.  Consequently, they many have been pulling their homes from the market and/or allowing their listings to expire at the end of their listing period. We have seen a 185% increase in Unsold Listings compared to the same time last year.  

  • The number of Active Listings at the end of the month dropped 9.5% from September to October 2022.  The number of Active Listings at the end of the month is 104% higher than in October 2021 when inventory was near an all-time low.

  • 14% of all sales during October 2022 resulted in closing with prices above list price.  This stat is relatively unchanged compared to September 2022 and about 64% lower compared to October last year but is in line with normal activity compared to “pre-COVID” market conditions.

SUMMARY:

    • As we head into the winter months, Buyers and Sellers are contemplating moves in a real estate market riddled with the fear of God repeatedly thrown at them from the media with low-inventory in a high interest rate climate, price reductions, potential for further drops in prices… How are Buyers are Sellers to move forward with greater confidence in the coming months and years?
    • Compared to the last couple of years, the market is not as bleak as the media would have us believe.  Looking back at the charts over the last several years, the real estate market in Reno-Sparks NOW looks remarkably similar to past years’ activities and trends. 
    • Go back to basicsIt’s about supply and demand.  Inventory has NOT skyrocketed during this very interesting time, and Buyers are STILL making moves to pick up properties here, especially in markets priced under $1.5M. When priced competitively, homes on the market now in Reno-Sparks ARE SELLING.  
    • Sellers… The winter months are not necessarily a bad time to list your home.  Historically, Buyers and Sellers are more willing to get the deal done because the parties are highly motivated during this season.  During winter you’ll enjoy less competition from competing Sellers in your neighborhood.
    • Now more than ever, maintenance and proper preparation & staging are critical for successful sales.  So if you are waiting until spring to hit the market, take advantage of the winter months to get your house great shape.
    • And Buyers… You may likely have more negotiating power than during the last couple of years.  As mentioned in last month’s report, now is the time to exercise the option for Sellers to provide incentives that leverage your home-buying power and actually LOWER your monthly payment. Contact me today so I can explain how to accomplish this!

Do you need expert guidance for your next real estate purchase or sale?  I am here for you, whatever your real estate needs are.  Email me at dhallerbach@intero.com or reach by cell at 775-233-0682 so we can discuss the best plan for YOU!

~Denise Hallerbach, Broker-Owner, INTERO RENO.

 

 

In-The-Know Real Estate Blog October 26, 2022

3 Graphs Showing Why Today’s Housing Market Isn’t Like 2008

With all the headlines and talk in the media about the shift in the housing market, you might be thinking this is a housing bubble. It’s only natural for those thoughts to creep in that make you think it could be a repeat of what took place in 2008. But the good news is, there’s concrete data to show why this is nothing like the last time.

There’s Still a Shortage of Homes on the Market Today, Not a Surplus

For historical context, there were too many homes for sale during the housing crisis (many of which were short sales and foreclosures), and that caused prices to fall dramatically. Supply has increased since the start of this year, but there’s still a shortage of inventory available overall, primarily due to almost 15 years of under-building homes.

The graph below uses data from the National Association of Realtors (NAR) to show how the months’ supply of homes available now compares to the crash. Today, unsold inventory sits at just a 3.2-months’ supply at the current sales pace, which is significantly lower than the last time. There just isn’t enough inventory on the market for home prices to come crashing down like they did last time, even though some overheated markets may experience slight declines.

Mortgage Standards Were Much More Relaxed Back Then

During the lead-up to the housing crisis, it was much easier to get a home loan than it is today. Running up to 2006, banks were creating artificial demand by lowering lending standards and making it easy for just about anyone to qualify for a home loan or refinance their current home.

Back then, lending institutions took on much greater risk in both the person and the mortgage products offered. That led to mass defaults, foreclosures, and falling prices. Today, things are different, and purchasers face much higher standards from mortgage companies.

The graph below uses Mortgage Credit Availability Index (MCAI) data from the Mortgage Bankers Association (MBA) to help tell this story. In that index, the higher the number, the easier it is to get a mortgage. The lower the number, the harder it is. In the latest report, the index fell by 5.4%, indicating standards are tightening.

This graph also shows just how different things are today compared to the spike in credit availability leading up to the crash. Tighter lending standards over the past 14 years have helped prevent a scenario that would lead to a wave of foreclosures like the last time.

The Foreclosure Volume Is Nothing Like It Was During the Crash

Another difference is the number of homeowners that were facing foreclosure after the housing bubble burst. Foreclosure activity has been lower since the crash, largely because buyers today are more qualified and less likely to default on their loans. The graph below uses data from ATTOM Data Solutions to help paint the picture of how different things are this time:

Not to mention, homeowners today have options they just didn’t have in the housing crisis when so many people owed more on their mortgages than their homes were worth. Today, many homeowners are equity rich. That equity comes, in large part, from the way home prices have appreciated over time. According to CoreLogic:

“The total average equity per borrower has now reached almost $300,000, the highest in the data series.”

Rick Sharga, Executive VP of Market Intelligence at ATTOM Data, explains the impact this has:

“Very few of the properties entering the foreclosure process have reverted to the lender at the end of the foreclosure. . . . We believe that this may be an indication that borrowers are leveraging their equity and selling their homes rather than risking the loss of their equity in a foreclosure auction.”

 This goes to show homeowners are in a completely different position this time. For those facing challenges today, many have the option to use their equity to sell their house and avoid the foreclosure process.

Bottom Line

If you’re concerned we’re making the same mistakes that led to the housing crash, the graphs above should help alleviate your fears. Concrete data and expert insights clearly show why this is nothing like the last time.

In-The-Know Real Estate Blog October 18, 2022

The Latest on Supply and Demand in Housing

Over the past two years, the substantial imbalance of low housing supply and high buyer demand pushed home sales and buyer competition to new heights. But this year, things are shifting as supply and demand reach an inflection point.

The graph below helps tell the story of just how different things are today.

This year, buyer demand has eased as higher mortgage rates and mounting economic uncertainty moderated the market. This slowdown in demand is clear when you look at the red bar on the graph. It uses the latest data from ShowingTime to illustrate how showings (an indicator of buyer demand) have softened by just over 12% compared to the same time last year.

Now for a look at how housing supply has changed, turn to the green bar. It uses data from realtor.com to show active listings are up nearly 27% compared to last year. That’s because the moderation of demand allowed housing inventory to increase in 2022.

What Does This Inflection Point Mean for Buyers? 

If you’re thinking of buying a home, you’ll have less competition and more options than you would have had last year. Enjoy having more homes to choose from in your home search and lean on a trusted real estate professional to understand how the increase in supply has also increased your negotiation power. That professional can talk you through the opportunities and challenges buyers face in today’s shifting market. You may be surprised to find they’re different than they were a year ago.

What Does This Inflection Point Mean for Sellers?

If you’re looking to sell your house, know that inventory is still low overall. That means, if you work with an agent to price your house based on current market value, it will still sell despite the inventory gains and moderating buyer demand this year. That’s because there are still buyers out there who want to move, and your house may be exactly what they’re looking for.

Bottom Line

If you’re thinking of buying or selling a home, the best place to turn to for information on today’s supply and demand is a trusted real estate professional. Let’s connect so you know what’s happening in our local market and what that means for you.

Reno-Sparks Market Report October 11, 2022

October 2022 Market Report

** Data in the October 2022 Market Report reflect market activity from September 2022 compared to the previous month and year.  Information is gathered from the Reno-Sparks Association of Realtors® (RSAR) for the Greater Reno-Sparks region via Northern Nevada Regional Multiple Listing Service (www.nnrmls.com).  Data accounts for single-family resale residences only, and excludes townhouses/condos, manufactured/modular and new construction.

  • The Median Sales Price (MSP) in Reno-Sparks combined dropped again for the forth consecutive month, down 5.3% from $565,000 to $535,000. The MSP is just 0.5% higher than in September 2021.

  • The Median Sales Price (MSP) in Reno and Sparks both declined month over month, down 9.3% in Reno and down 2.1% in Sparks.  The MSP in Reno is 1.8% lower compared to September last year and 2% higher in Sparks.

  • Closed Sales inched up again about 2% compared to August 2022 and are down 22.7% compared to September last year. 

  • The graph above illustrates the breakdown of Closed Sales by Price Point.

  • Median Sold Price per Square Foot was $301/SF, down another 2.9% compared to August 2022 and is exactly the same as it was one year ago.

  •  The Months Supply of Inventory (MSI) is the number of months it would take to sell through the available inventory at the current rate of sales.  The MSI in September was 2.9 MSI, meaning that if the rate of sales continued at the same rate as it did in September, the entire housing inventory would be depleted in 2.9 months.  The MSI in September 2022 was 4.6% faster month-over-month and is 160% slower than the same time last year.  Note; a “balanced market” is approximately 5-7 months supply.

  • The MSI in the luxury market ($1.5M+) dropped from 10 MSI to just over 7 MSI month-over-month.

  • Median Days to Contract has increased from 32 to 38, an 18.8% jump month-over-month, and 375% leap year-over-year. However… let’s take a look over the last several years… As noted in previous market reports, the Median Days to Contract is still WELL below the peaks of  2016, 2018, & 2019.

  • The side-by-side graphs above show the changes across all price points for the Median Days to Contract.

  • New Pending Sales decrease about 20% from August to September 2022.  There are also about 30% fewer New Pending Sales compared to last year.

  • 11.5% fewer New Listings hit the market in September 2022 compared to August 2022.  We also saw a 23.4% decline in New Listings compared to last year.

OTHER INTERESTING STATS TO KEEP AN EYE ON:

  • The % of Cash Purchases has dropped 10.3% month-over-month for all single family sales in Reno-Sparks and are 4.4% higher than last year22.8% of all sales in September 2022 were cash.

  • As a result of fatigue and frustration, Sellers have been pulling their homes from the market and/or allowing their listings to expire at the end of their listing period.  We have seen a 148.6% increase in Unsold Listings compared to September 2021.  

  • The number of Active Listings at the end of the month dropped slightly (down 3%) from August to September 2022.  The number of Active Listings at the end of the month is 101% higher than in September 2021 when inventory was at an all-time low.

  • 14% of all sales during September 2022 resulted in closing with prices above list price.  This stat has dropped 7.4% month-over-month and about 70% year-over-year, but is in line with normal activity compared to “pre-COVID” market conditions.

SUMMARY:

    • I have been describing the real estate market as “sloppy” at the moment.  While Sellers become more accustomed to potentially longer listing periods before receiving an acceptable offer, many Buyers have become hesitant about their purchases, with higher mortgage rates in play and fear that the market will continue to drop after they purchase.
    • Fear not!  The rapid appreciation experienced during the first 2 years of the pandemic appears to have ceased, but the market is not dead, the basic principles of supply and demand will still be at play in the long-run.
    • At the moment, the reality is that the housing inventory is still low and the rate of sales at 2.9 Months Supply of Inventory means for most price points, and so the market is still not considered “balanced.” It is technically considered to be a “Seller’s Market.”
    • More important than ever… Sellers must not over-price their properties when listing them for sale. Overpriced properties tend to sit longer and lose more value in the long-run due to the need for eventual significant price drops. Maintenance and proper preparation & staging are critical for successful sales as well.
    • And for Buyers… now is the time to exercise the option for Sellers to provide incentives to you that leverage your home-buying power and actually LOWER your monthly payment. Contact me today so I can explain how to accomplish this!

Do you need expert guidance for your next real estate purchase or sale?  As a Buyer, you have more negotiating power than you have in many years, so this may be the time to leverage your next purchase.  Sellers… Let’s meet to strategize about how to professionally prepare and price your property strategically in our marketplace.  I am here for you, whatever your real estate needs are.  Email me at dhallerbach@intero.com or reach by cell at 775-233-0682 so we can discuss the best plan for YOU!

~Denise Hallerbach, Broker-Owner, INTERO RENO.

 

 

In-The-Know Real Estate Blog October 11, 2022

Saving for a Down Payment? Here’s What You Should Know.

As you set out to buy a home, saving for a down payment is likely top of mind. But you may still have questions about the process, including how much to save and where to start.

If that sounds like you, your down payment could be more in reach than you originally thought. Here’s why.

The 20% Down Payment Myth

If you believe you have to put 20% down on a home, you may have based your goal on a common misconception. Freddie Mac explains:

“. . . nearly a third of prospective homebuyers think they need a down payment of 20% or more to buy a home. This myth remains one of the largest perceived barriers to achieving homeownership.”

Unless it’s specified by your loan type or lender, it’s typically not required to put 20% down. According to the latest Profile of Home Buyers and Sellers from the National Association of Realtors (NAR), the median down payment hasn’t been over 20% since 2005. There are even loan types, like FHA loans, with down payments as low as 3.5%, as well as options like VA loans and USDA loans with no down payment requirements for qualified applicants.

This is good news for you because it means you could be closer to your homebuying dream than you realize. For more information, turn to a trusted lender.

Down Payment Assistance Programs Can Be a Game Changer

A professional will be able to show you other options that could help you get closer to your down payment goal. According to latest Homeownership Program Index from downpaymentresource.com, there are over 2,000 homebuyer assistance programs in the U.S., and the majority are intended to help with down payments.

A recent article explains why programs like these are helpful:

These resources can immediately build your home buying power and help you take action sooner than you thought possible.”

And if you’re wondering if you have to be a first-time buyer to qualify for these programs, that’s not always the case. According to an article from downpaymentresource.com:

“It is a common misconception that homebuyer assistance is only available to first-time homebuyers, however, 38% of homebuyer assistance programs in Q1 2022 did not have a first-time homebuyer requirement.

There are also location and profession-based programs you could qualify for as well.

Bottom Line

Saving for your down payment is an important first step on your home buying journey. Let’s connect today and make sure you have a trusted lender to help explore your options.

In-The-Know Real Estate Blog October 5, 2022

What Experts Say Will Happen with Home Prices Next Year

Experts are starting to make their 2023 home price forecasts. As they do, most agree homes will continue to gain value, just at a slower pace. Over the past couple of years, home prices have risen at an unsustainable rate, leaving many to wonder how long it would last. If you’re asking yourself: “What’s ahead for the price of my home,” know that experts are now answering this question, and its welcome news for homeowners who may have been led by the media to believe their home would lose value.

Historically, home prices have appreciated at a rate near 4%. For 2023, the average of six major forecasters noted below is 2.5%. While one, Zelman & Associates, is calling for depreciation, the other five are calling for appreciation. The graph below outlines each expert forecast to show where they project home prices are going in the coming year.

Two factors should contribute to driving home prices upward. First, the undersupply of homes on the market is an issue we continue to face in this country. We still don’t have enough homes on the market for the number of people that want to buy them. To further that point, we’re still in a sellers’ market nationally, and in that scenario, home prices tend to appreciate.

Second, millennials are moving through their peak home-buying years. Since they’re the largest demographic behind the baby boomers, demand isn’t going away any time soon.

Bottom Line

Experts are calling for home prices to appreciate next year, although at a slower pace than the previous three years. The reason for this is simple. The dynamics of supply and demand are playing out in real estate and will continue for many years to come.