Weekend Warrior October 4, 2022

Weekend Warrior: October 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

Reno-Sparks is never short on big names making their way through the Biggest Little City!  Here is the massive lineup for the end of September and throughout October:
Tyler Rich: Fri, Sept 30 (7:30 pm) Cargo Concert Hall – Listen to “The Difference
Pitbull: Fri, Sept 30 (8 pm) Nugget Event Center, – Listen to “Timber
Kid Rock: Fri, Oct 7 (8 pm) Nugget Event Center – Listen to “Bawitdaba
Gloria TreviFri, Oct 7 (8 pm) Grand Sierra Resort – Listen to “Vas a Recordame
Sam HuntSat, Oct 15 (8 pm) Nugget Event Center – Listen to “Take Your Time
Puscifer:  Sat, Oct 15 (8 pm) Grand Sierra Resort – Listen to “The Humbling Road
Bobby Weir & Wolf Bros:  Wed, Oct 19 (7:30 pm) Grand Sierra Resort – Listen to “Touch of Grey
Daryl Hall & John Oats: Thurs, Oct 20 (7 pm) Nugget Event Center – Listen to “One on One
Belinda Carlisle: Fri, Oct 21 (7 pm) Nugget Event Center – Listen to “I Get Weak
Cody Johnson: Sat, Oct 22 (7:30 pm) Reno Events Center – Listen to “‘Til You Can’t
Slander: FrI, Oct 28 (7:30 pm) Reno Events Center – Listen to “Love is Gone
Beatles vs. Stones: Fri, Oct 28 (8 pm) Atlantis Resort Casino – Listen to Promo Video
I Prevail: Mon, Oct 31 (7 pm) Grand Sierra Resort – Listen to “Bad Things

WORLD CHAMPIONSHIP OUTHOUSE RACES
SATURDAY-SUNDAY, OCTOBER 1-2

VIRGINIA CITY, NV

Don’t let your Oct 1-2 weekend plans get flushed down the toilet!! It’s time for the World Championship Outhouse Races at Historic Virginia City.  Indeed!!! These are THE “World Championship” Outhouse Races, and it’s a spectacle you won’t want to miss.  You’ll be thoroughly entertained as creative crappers parade and then speed down C Street in an “all out” race to the TP finish line. This hilarious tradition began when outdoor plumbing was outlawed in Virginia City, and angry residents took to the streets in protest in their outhouses. Don’t miss out on the fun that begins at noon and wraps up at 3:00 each day.  For more information, please go to VisitVirginiaCityNV.com.

HAIRSPRAY
THROUGH SUN, OCT 2, 2022
GENOA, NEVADA

You Can’t Stop the Beat!  Hairspray, Broadway’s Tony Award-winning musical comedy phenomenon, is back on tour! Join 16-year-old Tracy Turnblad in 1960’s Baltimore as she sets out to dance her way onto TV’s most popular show. Can a girl with big dreams, and even bigger hair, change the world? This all-new touring production will reunite Broadway’s award-winning creative team led by Director Jack O’Brien and Choreographer Jerry Mitchell to bring HAIRSPRAY to a new generation of theater audiences.  Featuring the beloved score of hit songs including “Welcome to the 60’s,” “Good Morning Baltimore” and “You Can’t Stop the Beat,” Hairspray is “fresh, winning, and deliriously tuneful!” (The New York Times). Purchase tickets online to this traveling treat in store for Reno at PioneerCenter.com.

MISS USA 2022
FINAL SHOWS: Miss Teen USA on Sat, Oct 1 (7 pm) & Miss USA on Mon, Oct 3 (5 pm)
GRAND SIERRA RESORT

Pageantry reimagined!!  Miss Teen USA and Miss USA return to Reno Thursday, September 29 through Monday, October 3. The long-weekend event is so much more than what you see on TV.  Preliminary shows offer spectators and the competition to get first looks on who has shown up to put her best pump forward.  Each Miss USA titleholder is the crown jewel of her state, and the costume show gives each contestant the opportunity to strut the runway in a glamorous ensemble that captures the spirit of her state. The costume show, a dress rehearsal, the finale show and the afterparties are all open to the public!  For all the great details and ticket info/sales, visit GrandSierraResort.com.

HAUNTED GHOST TOURS at the GOLD HILL HOTEL
THURSDAYS THROUGH OCTOBER 2022 (5 pm dinner/6:30 tour & 6:30 dinner/8 pm tour)
GOLD HILL HOTEL – VIRGINIA CITY, NV

The Gold Hill Hotel, as seen on Ghost Adventures and proclaimed the “8th Most Haunted Location in Nevada,” is now offering Historical Ghost Tours. The tours benefit The Comstock Foundation for History and Culture and are hosted by the Northern Nevada Ghost Hunters (NNGH). Your evening starts with a gourmet dinner in the Crown Point restaurant followed by a NNGH-guided tour taking you back in time with tales of the history and the hauntings of the hotel and the surrounding area, known as Slippery Gulch. Using ghost hunting tools and techniques, you can try to make contact with the spirits still in residence at the hotel. Please note that you will be touring some of the actual haunted rooms in the hotel as well.
Before the tour or during the intermission, quench your thirst and calm your nerves with a drink in the 150-year-old bar that was once frequented by Mark Twain during the heyday. It’s an evening to remember. For more details and to purchase tickets in advance, go to VisitVirginiaCityNV.com.

OFFBEAT MUSIC FESTIVAL
THURSDAY, OCTOBER 6-SATURDAY, OCTOBER 8, 2022

RENO CORE (MIDTOWN, DOWNTOWN, 4TH STREET DISTRICTS)

Looking to discover some of the greatest up-and-coming artists to hit the music scene. Offbeat High Desert Fest brings 57 talented bands, duos and solo artists to show off their mad skills over 3 days and at 7 local venues. Yes, Midtown Reno is the place to be October 6-8, 2022.  Get your live music fix with single-day passes, splurge for a multi-day pass, or even go VIP.  Check out the complete schedule, the full line-up and buy your tickets online at OffBeatReno.com.

LEGION SPORTS FEST
FRIDAY, OCTOBER 7-SUNDAY, OCTOBER 9, 2022
RENO-SPARKS CONVENTION CENTER

Calling all fitness gurus!  Your time has come to rub elbows with, and/or participate in one of the biggest multi-sport festivals in the country, Legion Sports Fest!  The ultra competitive fitness event features some the most ripped bodybuilding specimens in this arena and hosts hundreds of fitness vendors. Among the sports that will rock the Convention Center during the three-day event are Strongman, Powerlifting, Armored Combat, Arm Wrestling, Functional Fitness, Roller Derby, Kickboxing, Olympic Weightlifting, and more. Learn more about Legion Sports Fest and plan your expo at CenterPodium.com.

Does your mind and soul need some laughter?  “They say” humor offers a host of physical and psychological benefits such as increasing blood flow, strengthening the immune system, decreasing levels of blood sugar, and helping people to relax and get a restful sleep.  Lucky for us, four great comedic acts come to town in October, so take a look at their performance dates, watch a little clip of their styles, pick one and go!
Bil Dwyer: Fri, Oct 7-Sat, Oct 8 (8:30-10 pm) The Theatre & Arch Boutique Bar (See Video)
ChavoRucos:  Sun, Oct 16 (7:30 pm) Grand Sierra Resort (See Video) (Spanish)
Jeff Foxworthy: Fri, Oct 21 (8 pm) Grand Sierra Resort (See VIdeo)
Gabriel Iglesias: Fri, Oct 28 (8 pm) Grand Sierra Resort (See Video)

THE GREAT ITALIAN FESTIVAL
SATURDAY-SUNDAY, OCTOBER 8-9, 2022
“THE ROW” –  DOWNTOWN RENO, NEVADA
Mama Mia!  That’s-a-spicy-a-meatball! Find your inner-Pisano and make your way to “The Row” (Virginia Street in front of the ElDorado, Silver Legacy & Circus Circus) in Downtown Reno for The Great Italian Festival where you’ll savor the sights, sounds, smells and tastes of Italia! The hugely popular annual event offers a grape stomp, an Italian farmer’s market, mouthwatering Italian cuisine, shopping and free live entertainment all weekend long. An event for all ages, Kiddieland features games, face painting, and a huge slide to ride over and over! Don’t miss out on all the fun, and visit Caesars.com for more details.

GRAND SIERRA BEER & CHILI 2022
SATURDAY, OCTOBER 15, 2022 (12-6 PM)
THE POOL AT GRAND SIERRA RESORT CASINO

Don your favorite elastic-waistline pants, grab your buds, and head out to the Grand Sierra Beer & Chili 2022 on Saturday, October 15 to treat your senses to an afternoon of pleasure and fun!  While listening to San Francisco band The Spazmatics, you’ll relish in samplings of hot chili and washing them down with ice cold regional and national craft brews, and feel good all over!  Votes are on the line as chili chefs compete for the People’s Choice Prize. It’s a good time to be had by all 21+ event goers. Your ticket purchases also benefit the Reno Rodeo Foundation. Visit EventBrite.com for more info and ticket sales.

PUMPKIN PALOOZA
SATURDAY, OCT 22 – SUNDAY, OCT 23, 2022
VIRGINIA SQUARE

Experience the magic of Halloween October 22-23 at Virginia Square when Sparks goes “everything PUMPKIN” at Pumpkin Palooza. This awesome annual community event offers games, prizes, contests, costumes, and more at Nevada’s largest Fall Festival.  Named a “Top 10 Fall Event” by Food Network Magazine, Pumpkin Palooza brings two full days of good, old-fashioned family fun. Presented by Bill Pearce Motors, the event is free to attend and features affordable and wholesome activities for all ages, including the Midway, the Purple Pumpkin Pursuit, the Pumpkin Design Studio, costume photo ops for people and pets, vendor trick or treating, carving classes, food trucks, and kid-friendly live entertainment. Pumpkin Palooza is also home to Nevada’s only Jack-o-Lantern Wall and the only Pumpkin Derby in the state. Learn more at PumpkinPalooza.org.

ZOMBIE CRAWL
SATURDAY, OCTOBER 22 (8 pm – ??)
DOWNTOWN RENO, NEVADA

It’s a total post mortem outbreak, when the walking dead take to the streets of Downtown Reno!  20,000 corpses converge on over 40 taverns and bars, in search of something to quench their thirst at Reno Zombie Crawl, named by USA Today as one of the “10 Best Costumed Halloween Parties in the Nation,” and Redbook as “The Best Way to Celebrate Halloween in All of Nevada.”  In true Reno form, this is one of the largest crawls of its kind and YOU can be a part of it!  Don’t know how to morph into a zombie?  I’m sure you can find a YouTube video or two out there to help you. Learn more, from where to get your cup, to where to go, at CrawlReno.com.

COCOMELON LIVE – JJ’s JOURNEY
SUNDAY, OCTOBER 23, 2022
RENO EVENTS CENTER

It’s all the rage with toddlers these days, and this show is LIVE at the Reno Events Center on October 23!  Yes!!  It’s CocoMelon Live – JJ’s Journey.  You and your littles will join JJ and his family in this unique, interactive and unforgettable live musical adventure as they embark on a toe tapping, fun-filled, surprise journey in this Broadway style production. The show bursts with fun special effects and offers new songs and dances you and your family will not want to miss!  Purchase tickets in advance and learn more about CocoMelon Live at CocoMelonLive.com.

GHOSTBUSTERS IN CONCERT
THURSDAY, OCTOBER 27, 2022
GRAND SIERRA RESORT

Bring your proton pack and join the original paranormal investigation and elimination team as they capture their first ghost, Slimer, and encounter their first god of destruction, Gozer the Gozerian!  The Reno Philharmonic accompanies the film at Ghostbusters in Concert that features Bill Murray, Dan Aykroyd and Harold Ramis as eccentric parapsychologists who start a ghost-catching business in New York City after their careers in academia go awry. The film’s co-stars include Sigourney Weaver as the Ghostbusters’ first client turned Gatekeeper, Rick Moranis as an accountant turned Keymaster, and Ernie Hudson as the Ghostbusters’ first recruit. Purchase tickets in advance at GrandSierraResort.com.

DANCE THEATRE OF HARLEM
SUNDAY, OCTOBER 30, 2022 (7:30 pm)
PIONEER CENTER for the PERFORMING ARTS

Founded in 1969, Dance Theatre of Harlem is a leading dance institution of unparalleled global acclaim, encompassing a professional touring company, a leading studio school, and a national and international education and community outreach program. Each component of Dance Theatre of Harlem carries a solid commitment towards enriching the lives of young people and adults around the world through the arts.  Now in its sixth decade, Dance Theatre of Harlem has grown into a multi-cultural dance institution with an extraordinary legacy of providing opportunities for creative expression and artistic excellence that continues to set standards in the performing arts. Dance Theatre of Harlem has achieved unprecedented success, bringing innovative and bold new forms of artistic expression to audiences in New York City, across the country and around the world. On October 30, Reno is honored to host this amazing group of dancers right on the Pioneer Center stage.  For more details and ticket sales, please visit PioneerCenter.com.

If you have an air fryer, it’s the way to go when you prepare and easily cook Crab Cakes with Chipotle Sauce.  They are absolutely scrumptious!  This tasty recipe includes a flavorful chipotle sauce for dipping that is the perfect accompaniment, along with freshly sliced lemon wedges… DeniseHallerbach.com.

The price of this charming ranch style home is SLASHED by $50,000! Sitting on 10+ acres of open space and backing to BLM, 655 Gymkhana Ln features tasteful updates… 8 interior barn-style doors, reclaimed barn-wood-inspired walls in remodeled bathrooms, newer lighting fixtures, custom made window blind in guest bedroom, custom primary bedroom closet built-ins w/ “shoe wall,” newer ceiling fan in primary bedroom, updated mantel over the cozy wood fireplace & brand new front door. Check out the walkthrough tour video and visit Bit.ly/655Gymkhana for more photos and property information. Email, text or call me at 775-233-0682 if you have questions, and schedule your live appointment today!  Denise Hallerbach, Broker/Owner, Intero Reno (B.1001182.CORP).

Back on the market after having beautiful, lush, fresh sod added to the peaceful backyard, 9985 Moccasin Ct is now offered for $789,000 and located in the gated Double Diamond community of Eureka Diamond Country Village. This spacious home brings 3,007 SF of interior elbow room, 4 beds/3 full baths/3 car garage, a bonus room that can be converted to another bedroom, and so much more!  Recently updated master bathroom and gourmet kitchen, and gleaming genuine hardwood floors shine amongst other homes currently on the market in this price range. Visit the walkthrough video tour and Bit.ly/9985MoccasinRealScout for more photos and property information. Email, text or 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 “OCTOBER 2022 RENO-SPARKS MARKET REPORT”
The September 2022 stats are on their way and will be available in my October 2022 Reno-Sparks Market Report. Look for it after October 10 so you know exactly what is happening in the market when you visit DeniseHallerbach.com to access the latest market report.


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 September 29, 2022

How Owning a Home Builds Your Net Worth

 

Owning a home is a major financial milestone and an achievement to take pride in. One major reason: the equity you build as a homeowner gives your net worth a big boost. And with high inflation right now, the link between owning your home and building your wealth is especially important.

If you’re looking to increase your financial security, here’s why now could be a good time to start on your journey toward homeownership.

Owning a Home Is a Key Ingredient for Financial Success

A report from the National Association of Realtors (NAR) details several homeownership trends, including a significant gap in net worth between homeowners and renters. It finds:

“. . . the net worth of a homeowner was about $300,000 while that of a renter’s was $8,000 in 2021.”

To put that into perspective, the average homeowner’s net worth is roughly 40 times that of a renter’s. This difference shows owning a home is a key step in achieving financial success.

Equity Gains Can Substantially Boost a Homeowner’s Net Worth

The net worth gap between owners and renters exists in large part because homeowners build equity. When you own a home, your equity grows as your home appreciates in value and you make your mortgage payments each month. As a renter, you don’t have that same opportunity. A recent article from CNET explains:

Homeownership is still considered one of the most reliable ways to build wealth. When you make monthly mortgage payments, you’re building equity in your home . . . When you rent, you aren’t investing in your financial future the same way you are when you’re paying off a mortgage.”

But on top of that, your home equity grows even more as your home appreciates in value over time. That has a major impact on the wealth you build, as a recent article from Bankrate notes:

“Building home equity can help you increase your wealth over time, . . . A home is one of the only assets that have the potential to appreciate in value as you pay it down.”

In other words, when you own your home, you have the advantage of your mortgage payment acting as a contribution to a forced savings account that grows in value as your home does. And when you sell, any equity you’ve built up comes back to you. As a renter, you’ll never see a return on the money you pay out in rent every month.

Bottom Line

Owning a home is an important part of building your net worth. If you’re ready to start on your journey to homeownership, let’s connect today.

Reno-Sparks Market Report August 14, 2022

August 2022 Market Report

** Data in this the August Market Report reflect market activity from JULY 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 dipped for the second consecutive month, down 4.2% from $600,000 to $574,510. However, the MSP is still 9.4% higher than in July 2021.

  • While the Median Sales Price (MSP) in Reno dropped 6.3% month-over-month, the MSP in Sparks inched down 0.5% to $547,480 compared to last month.  The MSI is still 8.2% and 9.5% higher respectively compared to July last year.

  • Closed Sales are down 7.2% compared to June 2022 and down 34% compared to July 2021. 

  • Month-over-month, the Sold Price per Square Foot in July 2022 dropped 2.1% month-over-month and is 11.1% higher than July last year.

  • Not surprisingly, the $1.5M+ priced homes led the pack with a Sold Price per Square Foot of $535, while the Median Price per Square Foot all price-points in July 2022 was $320.

  •  One of the biggest changes Sellers have been facing in today’s shifting market is the “Months Supply of Inventory (MSI).” Over the last few months, MSI shifted from 0.8 MSI to 3.2 MSI.  Month-over-month, the MSI increase by 17.6% and year-over-year it increased 291%.  A true “balanced market” is approximately 5-7 months supply.

  • Properties priced in the $1M to $1.5M range have inched into the balanced market while $200k-$300k and $1.5M+ priced properties were officially in the Buyer’s Market range in July 2022.

  • Naturally, with the rate of sales declining (as seen in the MSI numbers), the median Days to Contract is a contributing factor of that slow-down we are experiencing.  The median number of days to contract for sale has increased from 14 to 25, a 78.6% increase month-over-month, and a 316.7% leap year-over-year. However… take a look over the last several years… the Median Days to Contract is still WELL below the peaks of 2013, 2016, 2018, & 2019.

  • The graph above illustrates the breakdown of median Days to Contract by price range.

  • New Pending Sales increased 11.3% from June to July 2022.  There are 24.4% fewer New Pending Sales compared to last year.

  • We saw 20.7% fewer New Listings month-over-month and 7.9% fewer New Listings compared to last year.

OTHER INTERESTING STATS TO KEEP AN EYE ON:

  • Keeping an eye on the distressed sale market, at this point, we are still NOT seeing that recent market activity is causing more properties to be sold as foreclosures.  Short-sales are few and far between due to the great amount of equity many home owners currently have in their properties.

  • The % of Cash Purchases has declined 7.8% month-over-month for all single family sales in Reno-Sparks and are 11.1% higher than last year. 25.2% of all sales in July 2022 were cash.

  • Expired and Withdrawn Listings are on the rise! We saw a 235% increase in these occurrences compared to last year.

 

SUMMARY:

    • The Median Sales Price (MSP) in July 2022 was $574,510 in Reno-Sparks, NV, a decreased 4.2% month-over-month.  The MSP is 9.4% higher than July last year.  While the Sparks market did not realize a significant drop in its MSP, Reno’s MSP dropped 8.3% month-over-month.
    • And while New Pending Sales increased in July 2022, New Listings declined.
    • Days to Contract continue to rise, and are now 25 Median days from listing to accepted offer.
    • While the market feels significantly slower that it has been over the last couple of years, looking at graphs over past years of sales, it is clear that we are swinging the pendulum back to what is more “normal” activity. The effects that COVID-Times and historically low interest rates had on real estate were most definitely abnormal and could not be sustained. This correction is exactly what the market was bound to do and SHOULD do.
    • News for Sellers!! Though the market is slower, it is not dead. Buyers are out there, you just need to professionally present your well-maintained property, price it well and possibly get a little creative with potential incentives for your Buyer.
    • Good news for Buyers!!  According to Forbes.com, today (Aug 16, 2022), the average rate on a 30-year fixed mortgage is 5.50%, according to Bankrate.com. On a 15-year fixed mortgage, the average rate is 4.94%.  This does not seem out of control.  Multiple offer scenarios, though not completely eliminated for extremely desirable and well-priced homes, are not as common as they have been during our recent 2-year boom.

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 price your property strategically in our marketplace and present it professionally.  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.

Reno-Sparks Market Report June 18, 2022

June 2022 Market Report

** Data in this the June Market Report reflect market activity from MAY 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.

  • Month-Over-Month, the Median Sales Price in Reno-Sparks ticked up again another 3.4% from $595,000 to $615,000. This also represents a 23% increase since May 2021. These stats are nearly identical from the previous last TWO months’ market report.

  • While the Median Sales Price (MSP) in Reno was unchanged month-over-month at $630,000, the MSP in Sparks increased 3.6% and was $570,000 in May 2022.  Compared to the same time last year, the MSP increased 14.5% and 25.7% in Reno and Sparks respectively.

  • The number of single family homes that sold in Reno-Sparks during the month of May 2022 is just 5% fewer than last year, and has increased 4.4% since April 2022.

  • The above graph illustrates the breakdown of single family homes that sold by price-point.  Only 23 units sold for under $400k.

  • The Sold Price per Square Foot, bumped up again about 1.8% month-over-month and has jumped 18% year-over-year.

  • The graph above shows the Median Sold Price per Square Foot by Price Range.  As usual, properties that sold for more than $1.5M had a the highest Median Sale Price per Square Foot at $468/SF.

  • Months Supply of Inventory (MSI), a calculation of the rate of sales, moved from 0.8 MSI to 1.2 MSI to 1.5 MSI over the last few months.  Month-over-month, the MSI increase by 23% and year-over-year it increased by about 120%.  The current MSI indicates that if sales continue at the same pace they kept during April of 2022, and no new listing are added to the market, the inventory of single family homes would be “sold out” in approximately 1 month.  A “balanced market” is approximately 5-6 MONTHS supply, so although we are starting to see a slowing in the rate of sales, we still have ground to cover to get to that balanced market. Of all the numbers to watch, MSI is one of the most important indicator for market shifts.

  • The Months Supply of Inventory observed by Price Range was around 3 months supply for homes that sold under $300k) and for homes in the luxury market that sold over $1.5 Million).

  • The median days from Listing to Accepted Offer (Days to Contract) bumped up 16.7% from 6 to 7 month-over-month, and up 40% year-over-year.

  • The graph above illustrates the homes selling under $750 still moved relatively quickly during May 2022.

  • New Pending Sales increased in May 2022 dropped minimally from 506 to 490,  3.2% a decrease since April 2022.  There are 18.7% fewer new contracts compared to last year.

  • At 735, the # of New Listings was relatively flat month-over-month, but is 18.4% higher than the same time last year.

SUMMARY:

    • At $615,000, The Median Sales Price in Reno-Sparks, NV, increased 3.4% month-over-month and jumped 23% year-over-year. 
    • New Pending Sales and New Listings were relatively flat compared to March-April.  Usually, the trend of New Pending Sales and New Listings increases through the Spring. The market has begun to show signs of slowing.
    • Inflation and  rising mortgage interest rates appear to be the leading factors for causing many Buyers these days to think twice about making a purchase at this time.  Inventory is not moving as quickly has it has in recent months and years.
    • Economic strain, inflation, high gas-prices, insane taxes and a higher cost of living is still causing many Californians to continue to move from the Golden State in search for relieved on their wallets. Reno-Sparks’ close proximity to California and favorable tax climate continues put Nevada in a unique position compared to the rest of the US.
    • Our real estate market in Northern Nevada is slowing, but not dead,  So while it is taking a little longer to accept an offer, the prices have not been impacted at this time.
    • Also, do keep in mind that a balanced market is 5-6 Months Supply of Inventory (MSI), and in May 2022, the MSI was 1.5 MSI, so we are a ways off from that balanced market environment.

Do you need expert guidance for your next real estate purchase or sale?  I have had great success with helping my Buyers navigate the ever changing market and get them into contract AND helping my Sellers get top-dollar on their sales!!  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!  Thank you.

~Denise Hallerbach, Broker-Owner, INTERO RENO.

Reno-Sparks Market Report May 18, 2022

May 2022 Market Report

** Data in this report reflect market activity from APRIL 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.

  • Month-Over-Month, the Median Sales Price in Reno-Sparks bumped up again another 3.5% from $575,000 to $595,000. This also represents a 20.6% increase since April 2021. These stats are nearly identical from last month’s market report.

   

  • The gap between the Median Sales Price (MSP) in Reno and the MSP in Sparks is $80,000, with the MSP in Reno sitting at $630k and the MSP in Sparks holding steady at $550k during April 2022.

  • The number of Closed Sales dipped insignificantly (3.2%) month-over-month.  17% fewer single-family homes sold in Reno-Sparks in April 2022 compared to the same month last year.

  • The above graph illustrates the breakdown of single family homes that sold by price-point.  Only 24 units sold for under $400k and 21 properties sold for over $1.5M during April 2022.

  • The Sold Price per Square Foot, ticked up again about 2% month-over-month and has leaped 21% year-over-year.

  • The graph above shows the Median Sold Price per Square Foot by Price Range.  As usual, properties that sold for more than $1.5M had a the highest Median Sold Price per Square Foot at $483/SF.

  • Months Supply of Inventory (MSI), a calculation of the rate of sales, moved from 0.8 MSI to 1.1% since March 2022, representing a 48% increase month-over-month and nearly a 77% increase year-over-year.  The current MSI indicates that if sales continue at the same pace they kept during April of 2022, and no new listing are added to the market, the inventory of single family homes would be “sold out” in approximately 1 month.  A “balanced market” is approximately 5-6 MONTHS supply, so although we are starting to see a slowing in the rate of sales, we still have ground to cover to get to that balanced market. The Months Supply of Inventory is a good indicator for monitoring market shifts in the real estate market.  Are we starting to see that shift?  Let’s see what happens in the coming months…

  • The Months Supply of Inventory observed by Price Range was around 3 months supply for homes that sold under $300k) and for homes in the luxury market that sold over $1.5 Million).

  • The graph above illustrates the slower moving luxury market, homes priced over $1.5 Million with Median Days to Contract (listing to accepted offer) at 28 days. The $500k to $599k range received acceptable offers the quickest at 5 days.

  • New Pending Sales increased in April 2022 from 481 to 531 units, a 10.4% increase since March 2022.  However, there are 6.2% fewer New Pending Sales in April 2022 compared to one year ago.

  • The bulk of our inventory transitioning from Active to Under Contract/Pending status, for the last few years, has been in the $400k to $749 ranges.  In April 2022, the $750k to $999k properties appear to be gaining traction.

  • The # of New Listings also continues to trend upward, with 734 single family homes that came to market in April 2022.  April 2022’s # of New Listings increased 23% compared to March 2022, and has also increased 10.7% year-over-year.

SUMMARY:

    • At $595,000, The Median Sales Price in Reno-Sparks, NV, increased 3.5% month-over-month and jumped 20.6% year-over-year. 
    • New Pending Sales and New Listings continue to trend upward.  As we experienced last month, this increase in new contracts and listings falls in line with the normal spring selling season. However, New Pending Sales are DOWN compared to last year, which may indicated the beginning of the market “slow down” many experts and real estate professionals have been predicting.
    • With inflation on the rise, mortgage interest rates are subsequently increasing as well, causing many Buyers these days to think twice about making a purchase at this time.  Inventory is not moving as quickly has it has in recent months and years.
    • However, in an overheated housing market like today’s, high inflation and rising interest rates “may not be all bad,” according to George Ratiu, senior economist for Realtor.com. “As I’m seeing prices adjust already in response to higher rates, higher inflation and new supply, it tells me the market actually seems to be moving toward normalization without a bubble-like bursting,” Ratiu says. (www.money.com – “Bubble or No Bubble? What History Tells Us About the Likelihood of a Housing Crash This Year.”)
    • Keep in mind that a balanced market is 5-6 Months Supply of Inventory (MSI), and in April 2022, the MSI was 1.1 MSI, so we are a ways off from that balanced market environment.

Do you need expert guidance for your next real estate purchase or sale?  I have had great success with helping my Buyers navigate the ever changing market and get them into contract AND helping my Sellers get top-dollar on their sales!!  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!  Thank you.

~Denise Hallerbach, Broker-Owner, INTERO RENO.

Weekend Warrior May 6, 2022

Weekend Warrior: May 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

A ‘TACO’ DAY OUT TOUR W/ PINEAPPLE PEDICABS
TUES, THURS AND SAT THROUGH MAY 2022 (EVERY 30 MIN, 4-6 pm)
4 STOPS – DOWNTOWN RENO
Who has the best tacos & margaritas in Downtown Reno?  You be the judge this May as you enjoy a spin around downtown in a Pineapple Pedicab and tempt your tastebuds at four fun venues!  Here’s what is in store!The Eddy: 1 Taco @ La Barca and choice of Marg or Michelada
Beto’s: 1 Taco, chips and salsa and choice of Marg or Michelada
Estella’s: 1 Taco and choice of Marg or Modelo
Cafe Whitney: 1 Taco and choice of Marg or ModeloLearn more about A ‘Taco’ Day Out Tour and other fantastic tours offered by Pineapple Pedicabs at PineapplePedicabs.com.

RAIN: TRIBUTE TO THE BEATLES
SUNDAY, MAY 1 (8 pm)

GRAND SIERRA RESORT – GRAND THEATREItching to take a nostalgic stroll down memory lane?  An epic celebration of Abbey Road, Rain: A Tribute to the Beatles, features “The Four’s” greatest hits of their massively successful recording. All the best hits and memories of the Beatles are brought to life on the Grand Theatre stage on Sunday, May 1 for this wonderful experience. You’ll realize why the Chicago Tribune says, “The enraptured audience relives the soundtrack of its life!”  This mind-blowing performance from Rain will take you back in time with the legendary foursome while delivering a note-for-note theatrical event that is “the next best thing to seeing the Beatles” per the Associated Press. Learn more and purchase tickets in advance at GrandSierraResort.com … and enjoy.

RENO ACES BASEBALL 
vs. Round Rock Express (May 3-8, 2022)
vs.  Las Vegas Aviators (May 17-22, 2022)

GREATER NEVADA FIELD – 250 Evans Ave, Downtown Reno
Take in the sights and sounds of Greater Nevada Field at a Reno Aces baseball game!  Our local Triple-A West Division team takes on the Round Rock Express and the Las Vegas Aviators this month and offers exciting promotions like food and beverage specials, fun swag giveaways, discounts for military and seniors, doggy days and more.  For a full schedule of the promotions for Aces’ home games, visit milb.com/reno/tickets/promotions.  Purchase tickets and check out the entire schedule at MILB.Com

REO SPEEDWAGON w/ SIR, PLEASE
FRIDAY, MAY 6, 2022 (7:30 pm)
NUGGET RESORT CASINO – GRAND BALLROOM
Oh my!  The nostalgia is overflowing this month when you take a close look at the killer lineup of classic bands and entertainers.  Here’s REO Speedwagon, folks!  Yes, I’m talking “Can’t Fight This Feeling,” “Keep On Loving You” and “Take It On The Run”  Yes, it’s an ultimate classic rock and sappy-song-fest you absolutely cannot miss!  Take time out to book your tickets ahead of the concert that illuminates Nugget’s Grand Ballroom by visiting NuggetCasinoResort.com.

RENO RIVER FESTIVAL
SATURDAY, MAY 7 (9 am-8 pm) & SUNDAY, MAY 8 (9 am-7 pm)
WINGFIELD PARK – DOWNTOWN RENO
Summer BEGINS at Reno River Festival!  Jam-packed with all of the greatest festival activities, it’s the kickoff to my personal favorite time of year here in Reno because of the abundance of fun-filled events that bring our community together.  Here is Reno River Festival in a nutshell… more than 20 music artists performing on the Wingfield Park stage, the adrenaline-pumping Adventure Park, the River Roll Concert/Community Bike Ride, Reno River Festival Cornhole Championships, the Craft Beer & Seltzer Experience, Vendor Village, Street Eats, and more!  AND, you’ll likely see some of the best kayak river-riding in the region too!  Learn more about this hugely popular event at RenoRiverFestival.com.

FRANKIE VALLI & THE FOUR SEASONS
FRIDAY, MAY 13, 2022 (8 pm)

GRAND SIERRA RESORT – GRAND THEATRE
Now we’re REALLY stepping back in time!  Frankie Valli and The Four Seasons are still going, AND they’re coming to RENO!!  They’ll be laying it all out on the Grand Theatre stage for their loyal and loving fans, and sharing a memorable experience you may not want to miss.  Are you one of those fans?  You know those high-note-hitting fan-favorites from the early 60’s & 70’s that are completely unforgettable, right? “Big Girls Don’t Cry,” “Sherry” and “December 1963 (Oh, What A Night).”  Get your tickets to enjoy this legendary ensemble at GrandSierraResort.com.

COMEDIAN TIM DILLON
FRIDAY, MAY 13, 2022 (8 pm)

SILVER LEGACY – GRANDE EXPO HALLHas it been a while since you’ve had a good laugh? Boom… I just may have the solution. Comedian Tim Dillon brings his satirical and situational comedy to Reno on Friday, May 13 at the Silver Legacy Grand Expo Hall.  If you haven’t seen or heard this up-and-coming standup entertainer, check him out sharing how “Millennials Don’t Have Real Jobs” by clicking through to YouTube here. Get tickets to enjoy an fun evening out with Tim Dillion at TicketMaster.com.

TRACE ADKINS: THE WAY I WANNA GO TOUR
SUNDAY, MAY 15, 2022 (8 pm)

SILVER LEGACY – GRANDE EXPOSITION HALLOne of country music’s biggest names, Trace Adkins, graces the Grande Expo Hall Stage on Sunday evening, May 15.  The handsome country star brings with him some of my personal favorites, “You’re Gonna Miss This,” “Every Light In The House” and “Ain’t No Thinkin’ Thing.” So saddle up to your computer, visit TraceAdkins.com, and get those tickets to see him on tour now!

JESUS CHRIST SUPERSTAR
TUESDAY-SUNDAY, MAY 17-22, 2022 (TIMES VARY)

PIONEER CENTER for the PERFORMING ARTSCelebrating its 50th Anniversary, a new spellbinding production of the iconic musical phenomenon returns to the stage and makes its way to the Pioneer Center this month!  Originally staged by London’s Regent’s Park Open Air Theatre and helmed by the acclaimed director Timothy Sheader (Crazy for YouInto the Woods) and cutting-edge choreographer Drew McOnie (King KongStrictly Ballroom), this production won the 2017 Olivier Award for Best Musical Revival garnering unprecedented reviews and accolades. Appealing to both theater audiences and concert music fans, Jesus Christ Superstar pays tribute to the historic 1971 Billboard Album of the Year while creating a modern, theatrical world that is uniquely fresh and inspiring.  Learn more and purchase tickets online at PioneerCenter.com.

CHILI ON THE COMSTOCK
SATURDAY-SUNDAY, MAY 21-22, 2022 

HISTORIC VIRGINIA CITY, NV

If you love a good, hearty steamy bowl of chili to warm you from the inside-out, Chili on the Comstock at historic Virginia City is a must-go event for you!  It’s one of the most delicious and satisfying gatherings of the year. Chili experts compete to win your vote for the best chili and people’s choice awards. You’ll savor the ample varieties of chili dishes, all cooked up by top chefs competing for a spot in the International Chili Society World Finals. Wash your savory samples down with a refreshing coldie at Chili on the Comstock’s Craft Beer Tour. For more details, visit VisitVirginiaCityNV.com and go!

NORTHERN NEVADA CEILIDH & CELTIC CELEBRATION
SATURDAY, MAY 21, 2022 

DOWNTOWN RENO BREWERY DISTRICT – 400 BLOCK OF E. FOURTH STREETIn lieu of the Northern Nevada Celtic Festival traditionally held at Bartley Ranch, the Celtic community invites us to a special concert in the Downtown Reno Brewery District this Saturday, May 21!  Event coordinators plan to bring in food trucks around noon in the shared parking lot of Black Rabbit Mead Company, Lead Dog Brewery and Nevada Sunset Winery (400 Block of Fourth St. Reno) and let the party roll on from there. Celtic themed tents and performers related to the usual festival also plan to pop up during this event that is complimentary to the community.  The concert, featuring The Blarney Band and The Fire: Scottish Band will take place later in the evening.  For more info, visit RenoCeltic.org.

RIVER DISTRICT WINE WALK
SATURDAY, MAY 21, 2022 – AND EVERY 3RD THURSDAY OF THE MONTH
DOWNTOWN RENO RIVERWALK DISTRICTCalling all wine-lovers!  Do you like to frolic about Downtown Reno with other lovers of vino while popping in and supporting local businesses? The monthly River District Wine Walk that takes place every 3rd Saturday of the month happens again on May 21, 2022!  For $30 per person and between 2 and 5 pm, you’ll make your way to the local merchants serving up samples in your very own wine-walk glass. And if you purchase group tickets, the cost is discounted, so plan ahead with all your wino besties. This is a fun and quirky event tailored to keep all you social butterflies a-fluttering!  Learn more about the Wine Walk and purchase tickets in advance at RenoRiver.org.

VIVA LE CIRQUE
THURSDAY MAY 26 – SUNDAY, JUNE 12, 2022 (MATINEE AND EVENING SHOWS AVAILABLE)
GRAND SIERRA RESORT – GRAND THEATREWho doesn’t love watching beautiful people contort their bodies while hanging precariously during highly mesmerizing performances?  “Viva Le Cirque!” is a large-scale spectacular show starring today’s most amazing cirque artists who will do just that. Featuring an international cast including former Cirque du Soleil acrobats, Viva Le Cirque! is a homage to the great world of cirque. Gymnasts, aerialists, contortionists, hand balancers, jugglers, and daredevils take us through a supernatural voyage into the mind of a lost traveler who crash-lands, of all places, inside the Grand Theatre at the Grand Sierra Resort. Enhancing the experience, Viva Le Cirque! features projection mapping and interactive lasers along with a powerful musical score to tell a captivating story. Learn more and buy tickets in advance at GrandSierraResort.com.

SMOKEY ROBINSON
FRIDAY, MAY 27, 2022 (8 pm)
ATLANTIS RESORT CASINOWrapping up the lovable collection of old favorites coming to town in May, living legend and founder of Motown Records, Smokey Robinson, makes his way to Reno for one special performance at the Atlantis Casino Resort. Robinson and his group, The Miracles, met Berry Gordy after a failed audition for singer Jackie Wilson’s managers. Gordy was impressed with Robinson’s vocals and ambitious songwriting. With his help they released, “Got a Job.” It was the beginning of a successful collaboration and the beginnings of Motown.  In 1960, The Miracles and Motown’s first million-record selling hit, “Shop Around,” was born. Between 1960 and 1970, Robinson would produce 26 top forty hits with The Miracles including several top ten hits such as “You’ve Really Got a Hold on Me“, “I Second That Emotion” and the group’s only number-one pop hit, “The Tears Of A Clown“. Other notable hits include, “Ooo Baby Baby,” and “The Tracks Of My Tears.”  Don’t miss the opportunity to see Smokey Robinson live.  Tickets may be purchased at AtlantisCasino.com.

LIMP BIZKIT
SUNDAY, MAY 29, 2022 (7:30 pm)

RENO EVENTS CENTERHard-hitting rock fills the Reno Event Center on May 27 when Limp Bizkit brings rap-rock, rock-metal to get your body moving. Don’t plan to sit down in any seat when you go to THIS concert, because the energy from the music will likely inspire you to mosh.  Not a mosher or are offended by explicit lyrics and foul language?  Then you should probably stay home because Limp Bizkit will likely blast fan-favorites like “Take a Look Around,” “Rollin’,” “Nookie” and “Break Stuff” chock full of all of the above. Get tickets to see Limp Bizkit live at Ticket Master through LimpBizkit.com.

Enjoy tranquility in the peaceful, mature backyard of this charming home in Sparks, Nevada.  200 Abbay Way is offered for $500,000 and features 3 bedrooms, 2.5 bathrooms, 2 car-garage, updated kitchen appliances and counter-top, freshly stained deck and solar panel servicing electrical system.  Each room in this loved home brings a unique feel and peaceful energy.  Check out more photos and additional information, and access the virtual tour at Bit.ly/200Abbay. To schedule an appointment, email me, text me or call me at 775-233-0682. Listed by Intero Real Estate Services, Denise Hallerbach (B.1001182.CORP)

Whether you are a first-time buyer, an owner needing to sell your home to free up some cash or relocate, an investor selling or purchase a rental, a future builder, I am here to help. Visit my “In-The-Know” Real Estate Blog to get the most current info about the market and buyer/seller strategies, and call me at 775-233-0682 so we can talk about your real estate needs. ~Denise Hallerbach, Broker/Owner, Intero Reno (B.1001182.CORP)

COMING SOON…
THE “MAY 2022 RENO-SPARKS MARKET REPORT”
Check back mid-May for the latest real estate market report and learn about what happened during April 2022!  You’ll get the most up-to-date stats available at DeniseHallerbach.com.


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

dhallerbach@intero.com
www.denisehallerbach.com
THE WEEKEND WARRIOR is one of the many ways we provide
information and resources to our clients and friends.
A referral is the greatest compliment we can receive
Thank you!
**If you are currently working with a real estate professional, this is not intended as a solicitation.


 

In-The-Know Real Estate Blog January 6, 2022

5 Tips for Making Your Best Offer on a Home

As a buyer in a Sellers’ market, sometimes it can feel like you’re stuck between a rock and a hard place. When you’re ready to make an offer on a home, remember these five easy tips to help you rise above the competition.

1. Know Your Budget

Knowing your budget and what you can afford is critical to your success as a homebuyer. The best way to understand your numbers is to work with a lender so you can get pre-approved for a loan. As Freddie Mac puts it:

“This pre-approval allows you to look for a home with greater confidence and demonstrates to the seller that you are a serious buyer.”

Showing sellers you’re serious can give you a competitive edge, and it helps you act quickly when you’ve found your perfect home.

2. Be Ready To Move Fast

Homes are selling quickly in today’s competitive housing market. According to the Existing Home Sales Report from the National Association of Realtors (NAR):

“Eighty-three percent of homes sold in November 2021 were on the market for less than a month.”

When houses are selling this fast, staying on top of the market and moving quickly are key. Your agent can help you put together and submit your best offer as soon as you find the home you want to buy.

3. Lean on a Real Estate Professional

No matter what the housing market looks like, rely on a trusted real estate advisor. As Freddie Mac also notes:

“The success of your home-buying journey largely depends on the company you keep. . . . Be sure to select experienced, trusted professionals who will help you make informed decisions and avoid any pitfalls.”

Agents are experts in the local real estate market. They have insight into what’s worked for other buyers in your area and what sellers may be looking for in an offer. It may seem simple, but catering to what a seller needs can help your offer stand out.

4. Make a Strong, but Fair Offer

According to the latest Realtors Confidence Index from NAR, 40% of offers today are above the list price. In such a competitive market, emotions and prices can run high. Having an agent to help you submit a strong, yet fair offer is critical in these situations. Your agent can help you understand the market value of the home and recent sales trends in the area.

5. Be a Flexible Negotiator

When putting together an offer, your trusted real estate advisor will help you consider which levers you can pull, including contract contingencies (conditions you set that the seller must meet for the purchase to be finalized). Of course, there are certain contingencies you don’t want to give up. Freddie Mac explains:

“Resist the temptation to waive the inspection contingency, especially in a hot market or if the home is being sold ‘as-is’, which means the seller won’t pay for repairs. Without an inspection contingency, you could be stuck with a contract on a house you can’t afford to fix.”

Bottom Line

Today’s competitive landscape makes it more important than ever to make a strong offer on a home. Let’s connect to make sure you rise to the top along the way.

In-The-Know Real Estate Blog January 6, 2022

Expert Insights on the 2022 Housing Market

As we move into 2022, both Buyers and Sellers are wondering, what’s next? Will there be more homes available to buy? Will prices keep climbing? How high will mortgage rates go? For the answer to those questions and more, we turn to the experts. Here’s a look at what they say we can expect in 2022.

Odeta Kushi, Deputy Chief Economist, First American:

“Consensus forecasts put rates at about 3.7% by the end of next year. So, that’s still historically low, but certainly higher than they are today.”

Danielle Hale, Chief Economist, Realtor.com:

Affordability will increasingly be a challenge as interest rates and prices rise, but remote work may expand search areas and enable younger buyers to find their first homes sooner than they might have otherwise. And with more than 45 million millennials within the prime first-time buying ages of 26-35 heading into 2022, we expect the market to remain competitive.”

Lawrence Yun, Chief Economist, National Association of Realtors (NAR):

“With more housing inventory to hit the market, the intense multiple offers will start to ease. Home prices will continue to rise but at a slower pace.”

George Ratiu, Manager of Economic Research, realtor.com:

“We also expect a growing number of homeowners to bring properties to market, taking some pressure off high prices and offering buyers more options.”

Mark Fleming, Chief Economist, First American:

Strong demographic demand will continue to act as the wind in the housing market’s sails.”

What Does This Mean for Buyers?

Hope is on the horizon for 2022. You should see your options grow as more homes are listed and some of the peak intensity of buyer competition starts to ease. Just remember, rising rates and prices are a great motivator for you to find the home of your dreams sooner rather than later so you can buy while today’s affordability is still in your favor.

What Does This Mean for Sellers?

Make no mistake – this Sellers’ market will remain in 2022 as home prices are projected to continue climbing, just at a more moderate pace. Selling your house while buyer demand is so high will truly put you in the driver’s seat. But don’t wait too long. With more listings projected to become available, your ideal window of opportunity to stand out from the crowd won’t last forever. Work with an agent who knows your local market and current inventory conditions to ensure you have the support you need to make an educated and informed decision about selling in the coming year.

Bottom Line

If you’re thinking of buying or selling, 2022 may be your year. Let’s connect to discuss your goals and the unique opportunities you have in today’s housing market.

In-The-Know Real Estate Blog January 6, 2022

Why Selling Your House with a Real Estate Professional Is Essential

Selling your house is no simple task. And when you sell on your own – known as a FSBO (For Sale By Owner) you’re responsible for handling some of the more difficult aspects of the process without the expert guidance you need.

The 2021 Profile of Home Buyers and Sellers from the National Association of Realtors (NAR) surveys homeowners who recently sold their house on their own and asks what difficulties they faced. Those sellers say some of the biggest headaches are prepping their house for sale, pricing it right, and handling the required paperwork.

Working with an agent is the best way to ensure you have an expert on your side to guide you at every turn. Agents have the skills and knowledge that are essential to navigating each step with ease, efficiency, and accuracy. Here are just a few things a real estate agent will do to make sure you get the most out of your sale.

1. Make the Best First Impression

Selling your house requires a significant amount of time and effort. Doing it right takes expertise and an understanding of today’s buyers. Your agent knows the answers to common questions, such as:

  • Do I need to take down my personal art?
  • How much landscaping does my house need?
  • What colors should I paint my walls?

Your time and money are important, and you don’t want to waste either one focusing on the wrong things. A real estate advisor relies on their experience to answer these questions and more, allowing you to make the right investments to prep your house before you list.

2. Maximize Your Buyer Pool – and Your Sale

Today, the average home is getting 3.6 offers per sale according to recent data from NAR. That’s great news if you’re planning to sell, since the more offers you receive, the more likely you are to sell your house in a bidding war, and for a higher price.

Real estate agents have an assortment of tools at their disposal, like social media followers and agency resources, that will ensure your house is viewed by the most buyers. Without access to these tools and your agent’s marketing expertise, your buyer pool – and your home’s selling potential – is limited.

3. Understand the Documentation, Including the Fine Print

Today, when a house is sold, more disclosures and regulations are mandatory, meaning the number of legal documents to juggle is growing. It’s hard to understand all the requirements and fine print (especially if you’re not an expert). That’s why your advisor is an invaluable guide.

Your agent knows exactly what needs to happen, what all the paperwork means, and can work through it efficiently. They’ll help you review the documentation and avoid any costly missteps that could happen if you tackle it on your own.

4. Act as Your Expert Negotiator

If you sell without an agent, you’ll also be solely responsible for all negotiations. That means you have to coordinate with:

  • The buyer, who wants the best deal possible
  • The buyer’s agent, who will use their expertise to advocate for the buyer
  • The inspection company, which works for the buyer and will almost always find concerns with the house
  • The appraiser, who assesses the property’s value to protect the lender

Instead of going toe-to-toe with all these parties alone, lean on an expert. Your agent relies on experience and training to make the right moves throughout the negotiation. They’ll know what levers to pull, how to address each individual concern, and when you may want to get a second opinion. When you sell your house yourself, you’ll need to be prepared to have these conversations on your own.

5. Price It Right

Real estate professionals have the expertise to price your house accurately and competitively. To do so, they compare your house to recently sold homes in your area and factor in the current condition of your house. These factors are key to making sure your house is priced to move quickly and get you the maximum return on your investment.

When you sell as a FSBO, you’re operating without this advantage. That could cost you in the long run if you price your house too high or too low.

Bottom Line

There’s a lot that goes into selling your house, and it takes time, effort, and expertise to truly maximize your sale. Instead of tackling it alone, let’s connect to make sure you have an expert on your side.

 

In-The-Know Real Estate Blog November 28, 2021

4 Ways Homeowners Can Use Their Equity

Your equity is a powerful tool that can help you achieve your goals as a homeowner. And chances are, your equity grew substantially over the past year. According to the latest Equity Insights Report from CoreLogic, homeowners gained an average of $51,500 in equity over the past year.

If you’re looking for the best ways to use your growing equity, here are four options:

  1. Use Your Equity To Buy a Home That Fits Your Needs

If you’re finding 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 would like something smaller. No matter the situation, consider using your equity to power a move into a home that fits your changing lifestyle. Moving into a larger home can provide extra space for remote work or loved ones. Downsizing, on the other hand, may mean saving time and money by caring for a smaller home.

  1. Move to the Location of Your Dreams

If the size of your home isn’t a challenge but your current location is, it could be time to relocate to a new area. Maybe you enjoy vacationing in the mountains, at the beach, or another area, and you’re dreaming of living there year-round. Or perhaps the distance between you and your loved ones is greater than you’d like, and you want to close the gap. No matter what, your home equity can fuel your move to the location where you really want to live.

  1. Start a New Business

If you’re not ready to move into a new home, you can use your equity to invest in a new business venture. As the U.S. Small Business Administration Office of Advocacy says:

“There is an estimate of 31.7 million small business owners in the United States, many of them started their business with the equity they had in their home.

While it’s not recommended that homeowners use their equity for unnecessary spending, leveraging your equity to start a business that you’re passionate about can potentially grow your nest egg further.

  1. Fund an Education

Whether you have a loved one preparing to head off to college or you’re planning to go back to school yourself, the thought of paying for higher education can be daunting. In either situation, using a portion of your growing equity can help with those costs, so you can make an investment in someone’s future.

Bottom Line

Your equity can help you achieve your goals. If you’re unsure how much equity you have in your home, let’s connect today so you can start planning your next move.