Weekend Warrior September 1, 2022

Weekend Warrior: September 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

BURNING MAN
SUNDAY, AUG 28 – MONDAY, SEPT 5, 2022

BLACK ROCK CITY – BLACK ROCK DESERT
Burning Man, one of the world’s most sensational events and destinations, is ongoing at Black Rock Desert, with an estimated population of about 80,000 artistic desert-dwellers.  The circular Black Rock City is temporarily erected by its Burners the last week of August and beginning of September, and is a colaipdascope of the most brilliant displays of art imaginable.  The experience of living on The Playa in complete spiritual and artistic immersion is described as a soulful transformation. So where does Reno come into play with Burning Man?  We are most definitely considered the gateway to The Playa. And upon re-entry to Reno-Sparks, be prepared for a slew of Burners returning at the end of the event, bringing with them a trail of dust from the playa. For all the amazing details about Burning Man, please visit BurningMan.org.

“BEST IN THE WEST” RIB COOK OFF
AUGUST 31-SEPTEMBER 5, 2022

VICTORIAN SQUARE – SPARKS, NEVADA
Sparks’ gigantic six-block festival returns to Victorian Square with some of the best rib recipes West of the Mississippi for you to indulge in!  Bring your bib, your napkins and your appetite when you partake in the savory, mouth-watering samples offered at the “Best in the West” Rib Cook Off this year.  This is considered one of the most prestigious cook-offs of its kind, where 20+ of the best rib cookers in the country are invited to compete for a cash pool of nearly $20,000.  Live music, crafts, beverages and more round out the event. For more information and for shuttle and parking details, please visit NuggetRibCookOff.com.

BEYOND VAN GOGH: THE IMMERSIVE EXPERIENCE
THROUGH OCT 3, 2022
RENO-SPARKS CONVENTION CENTER
Take your appreciation of Van Gogh to a completely different level when you immerse yourself in this world-renown artist’s world. Through the use of cutting-edge projection technology and an original score, Beyond Van Gogh breathes new life into over 300 of Van Gogh’s artworks. Occupying over 30,000 square feet of the Reno-Sparks Convention Center, this is the largest immersive experience in the country, offering guests ample room to safely enjoy the entire exhibit. The high resolution portrayal of Van Gogh’s works is comprised of over 4 trillion content pixels, giving visitors the opportunity to become one with his paintings. Don’t miss this amazing experience!  Learn more and purchase your tickets online at VanGoghReno.com.

RENO ACES BASEBALL 
vs. Las Vegas Aviators  (Through Sept 4, 2022)
vs. Sacramento River Cats (Sept 13-18)
vs. Tacoma Rainers (Sept 26-28)

GREATER NEVADA FIELD – 250 Evans Ave, Downtown Reno
The summer marches on, and so too does the baseball season!  Grab your friends and family and make your way to Greater Nevada Field for the final innings of a Reno Aces season!  As of the beginning of September, the Aces are #1 in the standings for the Pacific Coast West League, so playoffs are on the horizon!  Support our local AAA team as they take on the Las Vegas Aviators, the Sacramento River Cats and the Tacoma Rainers in September 2022.  As always, enticing promotions add excitement and fun to the experiences… food and beverage specials, intriguing swag giveaways, discounts for military and seniors, doggy days, entertainment, fireworks 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


Art Piece Above is of the Doré Gallery, Reno, NV
RENO TAHOE INTERNATIONAL ART AHOW
SEPTEMBER 8-11, 2022
RENO-SPARKS CONVENTION CENTER 
Are you a lover of all things Art?  The Reno Tahoe International Art Show treats us to a 4-day celebration of multiple art media!  The Reno-Sparks Convention Center hosts the event that features Fine Art, Design, Sculpture, Film and Music all under one cool roof.  Highlights of the event include a stunning Burning Man sculpture walk and market with the works of 19 massively talented creators and several Cordillera International Film Festival shorts.  For more information and ticket sales to the art show, visit RTIAShow.com.

THE GREAT RENO BALLOON RACE
SEPTEMBER 9-11, 2022
RANCHO SAN RAFAEL PARK
Calling all early birds!  One of Reno’s most visually stimulating annual events takes the skies over northwest Reno! The Great Reno Balloon Race returns with all of our high-flying favorites taking flight September 9-11. It’s the world’s largest FREE hot air balloon event, having multiplied over the years, from just 20 balloons in the event’s humble beginnings 40 years ago, to now decorating the sky with over 100 pops of color sprinkled about. Grab a coffee and some doughnuts and head over to Rancho San Rafael Park to witness the breathtaking “Super Glow Show” at 5 am, “Dawn Patrol” at 5:30 am and the mass ascension at 7 am. For all the awesome details including the option to join the Cloud 9 VIP Club, parking/transportation and more, visit RenoBalloon.com.



Pick a concert… any concert!  Buy your tickets through the links below and GO!  Here is the lineup of the artist who will be making their way through Reno and Sparks this month!

Big & Rich: Fri, Sept 2 (8 pm) – Atlantis Casino Resort Spa
Umphrey’s McGee: Sun, Sept 4 (7 pm) –  Grand Sierra Resort
Chris Janson: Sat, Sept 17 (8 pm) – Grand Sierra Resort
Killer Queen: Wed, Sept 21 (8 pm) – Grand Sierra Resort
Lynyrd Skynyrd: Fri, Sept 23 (8 pm) – Nugget Event Center Outdoor Amphitheater
Demi Lovato: Fri, Sept 23 (8 pm) – Grand Sierra Resort
Foreigner: Sat, Sept 24 (8 pm) – Grand Sierra Resort
Joe Satriani: Sun, Sept 25 (8 pm) – Grand Sierra Resort
Pitbull: Fri, Sept 30 (8 pm) – Nugget Event Center Outdoor Amphitheater

INTERNATIONAL CAMEL & OSTRICH RACES
SEPTEMBER 9-11, 2022
HISTORIC VIRGINIA CITY, NV

The International Camel & Ostrich Races started as a prank between two newspaper editors more than 60 years ago and is now one of the most beloved and hilarious family events in the west. The International Camel & Ostrich Races evoke laughs for the whole family as jockeys, both professional and amateur, racers and their camels, ostriches and zebras around the track to the roars of the crowd. This entertaining spectacle leaves the entire family laughing. Rounding out the event is a fair-like midway with vendors and treats for the entire family. Gather more details at VisitvVrginiaCityNV.com.

RENO GREEK FESTIVAL 2022
SEPTEMBER 9-10, 2022
ST. ANTHONY CHURCH – 4795 Lakeside Drive, Reno
Experience Greek culture this weekend at the 2017 Greek Festival.  Take in the mouthwatering aroma of oregano, olive oil, and lemon and dine on authentic Greek cuisine traditionally prepared by the members of St. Anthony’s Greek Orthodox Church.  While you eat yourself into a blissful Greek-food coma, enjoy the entertainment of local music and dancers.  This family-friendly event has been a signature celebration for over 45 years and is a perfect way to enjoy a Mediterranean atmosphere for part or all of your weekend.  For limited advance tickets and more information, visit RenoGreekFest.com. Opa!!!

WHOSE LIVE ANYWAY?
SATURDAY, SEPTEMBER 10, 2022
PIONEER CENTER FOR THE PERFORMING ARTS
Prepare to laugh until you cry while four of the world’s most masterful improv artists take you on the high wire act of comedic acrobatics. The rapid-fire wit and non-stop jokes will have your sides splitting and begging for mercy while also begging for more at “Whose Live Anyway?” New to improv comedy?  Then you are in for a show unlike anything you have ever seen before. Learn more about this hilarious live show at PioneerCenter.com.

RENO NATIONAL CHAMPIONSHIP AIR RACES
SATURDAY, SEPTEMBER 14-18, 2022
RENO-STEAD AIRPORT
Bring on the speed, the adrenaline, the unadulterated excitement that comes with the pace and intensity of the Reno National Championship Air Races!  All the action is yours to enjoy at the Reno Stead Airport.  In addition to the heart-racing action of multiple racing classes, you’ll marvel at the military flight demonstrations, fancy acrobatic shows, the awesome skill of the U.S. Air Force Thunderbirds, and much more!  Pit Passes are also available for an up-close look at the planes and a chat with their owners and pilots.  Learn more at AirRace.org.

JOHN MULANEY: FROM SCRATCH 2022 TOUR
WEDNESDAY, SEPTEMBER 15, 2022 (8 pm)
RENO EVENTS CENTER
Two-time Emmy and WGA award-winning writer, actor, and comedian, John Mulaney has traveled US with sold out tours, hosted Saturday Night Live five times, appeared on Broadway, and now makes his way to the Biggest Little City. His current tour, From Scratch, has sold out massive venues around North America, including Madison Square Garden and the Hollywood Bowl. Click here for a hilarious video of Mulaney doing a bit of standup. Don’t miss him live at the Reno Events Center for a night of comedic fun and purchase tickets at Ticketmaster.com.TIM ALLEN
SATURDAY, SEPTEMBER 17, 2022 (8 pm)
RENO BALLROOM

American actor and comedian best known for his role as Tim “The Toolman” Taylor on Home Improvement, takes the Reno Ballroom stage for one night of great comedy!  Tim Allen is super likable, and just makes you feel like you’ve known him forever when he delivers his standup.  Click here to see Allen sharing how “Men Waste their Time Doing Chores.” Get your tickets to see him live at Ticketmaster.com.

SWAN LAKE
SATURDAY, SEPTEMBER 17 (8 pm) & SUNDAY, SEPTEMBER 18, 2022 (2 pm)
PIONEER CENTER for the PERFORMING ARTS
A.V.A. Ballet Theatre, the Pioneer Center’s resident ballet company, and The Reno Philharmonic Orchestra present the classic Swan Lake. Re-staged and re-choreographed by Alexander Van Alstyne, Swan Lake is the story of Odette who was turned into a swan by the evil sorcerer Von Rothbart. She tells the handsome Prince Siegfried that the only way the spell can be broken is if a man, pure in heart, pledges his love to her. Von Rothbart tries to keep the two apart but in the end they ascend to the heavens above Swan Lake. Professional dancers from throughout the country will star in the lead roles and the large cast includes many talented dancers from four different ballet studios in the Reno area. For ticket sales online, visit PioneerCenter.com.

LEGENDS OF BEER FESTIVAL
SATURDAY, SEPTEMBER 17 (12-5 pm)
OUTLETS AT LEGENDS – SPARKS, NV
CHUG-A-LUG, Beer Lovers! This is the event for you! Actually, it’s more than just brewski. Over 35 different brands will grace the Legends of Beer Festival that takes place in Sparks at the Legend Outlets. Wet your palate with a variety of tasty beverages like mead, cider, kombucha, and creative cocktails. Of course, non-alcoholic drinks are part of the offerings too!  The event kicks off with a “beer-mile” relay competition that pits 4-person teams against each other to complete the beer mile (drink 1 mystery beer, run 1/4 mile, and make the handoff). Good times!  General admission beer consumption begins at 1 pm with unlimited tastings until 5 pm. Food trucks are on-site to absorb the booze. Don’t miss the fun and get your tickets at Events.Humantix.com in advance.

RENO-SPARKS LANTERN FESTIVAL
SATURDAY, SEPTEMBER 17, 2022 (4:30 – 8:30 pm)
SPARKS MARINA – 300 Howard Dr., Sparks, NV
Collect your most cherished wishes, prayers, intentions, and memories, and set them adrift atop the waters of Sparks Marina at this year’s Reno-Sparks Lantern Festival on Sept 17. This very special event allows you to illuminate the water in a way you’ll never forget. Now you can experience the magic of thousands of lanterns as the soft lights reflect upon the marina. The evening begins with a family-friendly gathering of music, food and fun.  Each guest is invited to decorate his/her own lantern, then launch it onto the water’s surface, and enjoy the magic and beauty as it joins hundreds of others in a peaceful glow.  Learn more about this memorable event at WaterLanternFestival.com.

RENO COMIC-CRAWL (FORMERLY KNOWN AS THE SUPERHERO CRAWL)
SATURDAY, SEPTEMBER 17, 2022 (8 pm – 2 am)
17 DOWNTOWN BARS
Up! Up and Away!! It’s time to dust off your cape and mask and call on your inner superhero to bust out of your house and onto the streets of Downtown Reno.  The Biggest Little City in the World needs YOU to join forces with your other benevolent fictional character buddies and save our public from boredom at this year’s Comic Crawl, formerly known as “The Superhero Crawl.” This year, you don’t need to limit your wardrobe to just superheroes. Your options have been expanded and might include apparel from your favorite movie, video game, Disney movie, Star Wars, Harry Potter, Guardians of the Galaxy and beyond!  Sky’s the limit on this one folks! Soooo, you know the drill.  Visit CrawlReno.com for details and to purchase your cup, choose your character, assemble your costume, gather your gear, then get out there and CRAWL, baby!! 

STREET VIBRATIONS FALL RALLY
THURSDAY, SEPTEMBER 22 – SUNDAY, SEPTEMBER 25, 2022
RENO, LAKE TAHOE, CARSON CITY, VIRGINIA CITY, NEVADA
Street Vibrations® is BACK!  Fall Rally is on like Donkey Kong September 22-25 in various spots around Northern Nevada. The leather and lace, the rumbling of the streets, the elaborately drawn tattoos… The biker culture converges in Reno, Lake Tahoe, Carson City and Virginia City for the rally drawing about 35,000 participants throughout the 4-day celebration. You may or may not be an avid motorcycle enthusiast, but you most certainly can enjoy the 15 local and regional bands performing on 2 outdoor stages throughout the rally, including Hell’s Belles (World Famous All-Female AC/DC Tribute Band), Skynnyn Lynnyrd (a salute to Lynyrd Skynyrd) and Beer Drinkers and Hell Raisers (Ultimate ZZ Top tribute from the Bay Area), all taking the main stage in Reno’s Neon Line. Learn more about Street Vibrations® Fall Rally at RoadShowReno.com.

GENOA CANDY DANCE
SATURDAY, SEPTEMBER 24 & SUNDAY, SEPTEMBER 25, 2022
GENOA, NEVADA
One of Nevada’s oldest and longest running parties is still going strong in Genoa!  What started out 99 years ago as an effort to raise money to purchase street lights for Nevada’s first settlement town, the Genoa Candy Dance continued as a means to keep the lights on.  Today, it’s a reminder of that first event when participants were encouraged to attend the dance by giving them candy as an incentive to show up. The annual dance and dinner evolved into a 2-day arts & crafts faire in the 1970’s, and today it is a booming event with over 300 craft and food vendors, live entertainment, and the beloved dinner-dance on Saturday night.  For more info and parking details, please visit GenoaNevada.org.

HAIRSPRAY
WED, SEPT 27 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 treat in store for Reno at PioneerCenter.com.

Since peaches are in season now and mouth-watering delicious, I’m pulling one of my favorite dessert recipes from my archives and sharing it with you again.  Perhaps for a dinner party this weekend or a BBQ you’re headed to, this will be the perfect treat to finish off your meal!  To learn how to make Southern Peach Cobbler, visit my Favorite Recipes Blog at DeniseHallerbach.com.

Are you ready to say, “I DO?” Tie the knot with your dream home before somebody else puts a Ring on it! In fact, if you mention this video and allow me to officiate, I’ll install a Ring Doorbell as a closing present to you! Text me for the prenuptial at 775-233-0682.

Get away from it all and enjoy serenity and some elbow room in peaceful Rancho Haven, offered for $595k, with SELLER OFFERING CREDIT TOWARD BUYER’S CLOSING COSTS or INTEREST RATE BUY-DOWN.  This charming ranch style home, 655 Gymkhana Ln features tasteful updates… 8 interior barn-style doors, reclaimed barn-wood-inspired walls in remodeled bathrooms, 1 year old black/stainless high-end appliances, 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).

SELLER OFFERS 2% of Buyer’s Loan Amount for Buy-Down on Mortgage Rate or More Future Upgrades. This darling NW Reno home is perfectly priced and loaded with new features and NO HOA!!  Now offered for $549,000, 5465 Tappan Dr is a 3/bed/2 bath/2-car garage home that is single-story living, 1,440 SF, perched on a corner lot with city views and stunningly gorgeous, lush, mature trees. Click HERE for the Virtual Video Walkthrough of the home and visit Bit.ly/5465Tappan for more photos and property information. 

Jaw-dropping, fully remodeled Lakeside Villa condo, 2100 Chicory Way is 100% dialed in and absolutely gorgeous! No expense was spared on the remodel of this single-story, 3 bed/2 bath/2 garage home that is in one of Reno’s most central & convenient locations. Kitchen wall has been opened up to a great room & includes beautiful quartz counters, soft-close drawers, high quality stainless appliances, touchless faucet & wine refrigerator. Stylish ceramic tile floor that looks like wood graces the entire condo. Click HERE for the Virtual Video Walkthrough of the home and visit Bit.ly/2100Chicory for more photos and property information.

Stay current with the most relevant information about today’s Real Estate Market.  My “In-th-know” blogs help you remaining knowledgable about how the market relates to you! 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. Visit DeniseHallerbach.com “In-The-Know Blogs” for the topics you see above and more!

COMING SOON…
THE “SEPTEMBER 2022 RENO-SPARKS MARKET REPORT”
Is today’s real estate market back to “normal” since the COVID Boom?  The August 2022 stats are on their way and will be available in my September 2022 Reno-Sparks Market Report. Look for it after September 10 so you know exactly what is happening in the market now 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
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 September 1, 2022

What Sellers Need To Know in Today’s Housing Market

If you’re thinking about selling your house, you may have heard about the housing market slowing down in recent months. While it’s still a sellers’ market, the peak frenzy the market saw over the past two years has cooled some. If you’re asking yourself if you’ve missed your chance to sell your house and make a move, the good news is you haven’t – motivated buyers are still out there. But you do need to price your house right for today’s market. Here’s why.

As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:

Homes priced right are selling very quickly, but homes priced too high are deterring prospective buyers.”

It’s true buyer demand has slowed over the past few months as higher mortgage rates made it more expensive to buy a home. The result is fewer bidding wars and less competition among buyers (see visual below):

But don’t forget – that’s compared to the severely overheated market we saw over the past two years. According to the latest Confidence Index from NAR:

“. . . 39% of homes sold above list price, down from 51% a month ago and 50% a year ago.”

While this is a slower pace than even one month ago, serious buyers are still actively in the market, and they’re buying homes that are priced right. In fact, the Confidence Index also notes the average home is selling in just 14 days.

If you’re aiming to sell your house, be sure you’re working with your agent to price it for today’s housing market. As buyer demand softens, it’s important to understand this isn’t the same market as last year. It’s not even the same market as just a few months ago. But it is still a sellers’ market.

If you’re ready to sell your house, seek the advice of a real estate professional. In some cases, you’ll need to adjust your expectations accordingly to meet the market where it is today. Selma Hepp, Interim Lead, Deputy Chief Economist at CoreLogic, explains what’s happening and what it means when you sell:

Signs of a broader slowdown in the housing market are evident, . . . This is in line with our previous expectations and given the notable cooling of buyer demand due to higher mortgage rates. . . . Nevertheless, buyers still remain interested, which is keeping the market competitive — particularly for attractive homes that are properly priced.”

Bottom Line

While the housing market has cooled from its overheated frenzy, it’s still a sellers’ market. Let’s connect so you understand what’s happening with buyer demand and home prices in our local area as you get ready to enter the market.

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

Work With a Real Estate Professional if You Want the Best Advice

Because buying or selling a home is such a big decision in our lives, the need for clear, trustworthy information and guidance is crucial. And while no one can give you perfect advice, when you align yourself with an expert, you’ll get the best advice for your situation.

An Expert Will Give You the Best Advice Possible

Let’s say you need an attorney, so you seek out an expert in the type of law required for your case. When you go to their office, they won’t immediately tell you how the case is going to end or how the judge or jury will rule. What a good attorney can do, though, is discuss the most effective strategies you can take. They may recommend one or two approaches they believe will work well for your case.

Then, they’ll leave you to make the decision on which option you want to pursue. Once you decide, they can help you put a plan together based on the facts at hand. They’ll use their expert knowledge to work toward the resolution you want and make whatever modifications in the strategy necessary to try and achieve that outcome.

Similarly, the job of a trusted real estate professional is to give you the best advice for your situation. Just like you can’t find a lawyer to give you perfect advice, you won’t find a real estate professional who can either. They can’t because it’s impossible to know exactly what’s going to happen throughout your transaction. They also can’t predict exactly what will happen with conditions in today’s housing market.

But an expert real estate advisor is knowledgeable about market trends and the ins and outs of the home-buying and selling process. With that knowledge, they can anticipate what could happen based on your situation and help you put together a solid plan. And they’ll guide you through the process, helping you make decisions along the way.

That’s the very definition of getting the best – not perfect – advice. And that’s the power of working with an expert real estate advisor.

Bottom Line

If you want trustworthy advice when buying or selling a home, let’s connect so you have an expert real estate advisor on your side.

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

Sellers Have an Opportunity with Today’s Home Prices

As mortgage rates started to rise this year, many homeowners began to wonder if the value of their homes would fall. Here’s the good news. Historically, when mortgage rates rise by a percentage point or more, home values continue to appreciate. The latest data on home prices seems to confirm that trend.

According to data from CoreLogic, home price appreciation has been re-accelerating since November. The graph below shows this increase in home price appreciation in green:

This is largely due to an ongoing imbalance in supply and demand. Specifically, housing supply is still low, and demand is high. As mortgage rates started to rise this year, many homebuyers rushed to make their purchases before those rates could climb higher. The increased competition drove home prices up even more. Selma Hepp, Deputy Chief Economist at CoreLogic, explains:

“Home price growth continued to gain speed in early spring, as eager buyers tried to get in front of the mortgage rate surge.”

And experts say prices are forecast to continue appreciating, just at a more moderate pace moving forward. A recent article from Fortune says:

“. . . the swift move up in mortgage rates . . . doesn’t mean home prices are about to crash. In fact, every major real estate firm with a publicly released forecast model . . . still predicts home prices will climb further this year.”

What This Means for You

If you’re thinking about selling your house, you should know you have a great opportunity to list your home and capitalize on today’s home price appreciation. As prices rise, so does the value of your home, which gives your equity a big boost.

When you sell, you can use that equity toward the purchase of your next home. And at today’s record-level of appreciation, that equity may be enough to cover some (if not all) of your down payment.

Bottom Line

History shows rising mortgage rates have not had a negative impact on home prices. Now is still a great time to sell your house thanks to ongoing price appreciation. When you’re ready to find out how much equity you have in your current home and what’s happening with home prices in your local area, let’s connect.

 

In-The-Know Real Estate Blog November 5, 2021

Renters Missed Out on $51,500 This Past Year

Rents have increased significantly this year. The latest National Rent Report from Apartmentlist.com shows rents are rising at a rate much higher than the three years leading up to the pandemic:

“Since January of this year, the national median rent has increased by a staggering 16.4 percent. To put that in context, rent growth from January to September averaged just 3.4 percent in the pre-pandemic years from 2017-2019.”

Looking back, we can see rents rising isn’t new. The median rental price has increased consistently over the past 33 years (see graph):

If you’re thinking of renting for another year, consider that rents will likely be even higher next year. But that alone doesn’t paint the picture of the true cost of renting.

The Money Renters Stand To Lose This Year

A homeowner’s monthly mortgage payment pays for their shelter, but it also acts as an investment. That investment grows in the form of equity as a homeowner makes their mortgage payment each month to pay down what they owe on their home loan. Their equity gets an additional boost from home price appreciation, which is at near-record levels this year.

The latest Homeowner Equity Insights report from CoreLogic found homeowners gained significant wealth through their home equity this past year. The research shows:

“. . . the average homeowner gained approximately $51,500 in equity during the past year.”

As a renter, you don’t get the same benefit. Your rent payment only covers the cost of shelter and any included amenities. None of your monthly rent payments come back to you as an investment. That means, by renting this year, you likely paid more in rent than you did in the previous year, and you also missed out on the potential wealth gain of $51,500 you could have had by owning your own home.

Bottom Line 

When deciding whether you should rent or buy in the future, keep in mind how much renting can cost you. Another year of renting is another year you’ll pay rising rents and miss out on building your wealth through home equity. Let’s connect today to talk more about the benefits of buying over renting.

In-The-Know Real Estate Blog November 5, 2021

Experts Project Mortgage Rates Will Continue To Rise in 2022

Mortgage rates are one of several factors that impact how much you can afford if you’re buying a home. When rates are low, they help you get more house for your money. Within the last year, mortgage rates have hit the lowest point ever recorded, and they’ve hovered in the historic-low territory. But even over the past few weeks, rates have started to rise. This past week, the average 30-year fixed rate was 3.14%.

What does this mean if you’re thinking about making a move? Waiting until next year will cost you more in the long run. Here’s a look at what several experts project for mortgage rates going into 2022

Freddie Mac:

“The average 30-year fixed-rate mortgage (FRM) is expected to be 3.0 percent in2021 and 3.5 percent in 2022.”

Doug Duncan, Senior VP & Chief Economist, Fannie Mae:

“Right now, we forecast mortgage rates to average 3.3 percent in 2022, which, though slightly higher than 2020 and 2021, by historical standards remains extremely low and supportive of mortgage demand and affordability.” 

First American:

“Consensus forecasts predict that mortgage rates will hit 3.2 percent by the end of the year, and 3.7 percent by the end of 2022.”

If rates rise even a half-point percentage over the next year, it will impact what you pay each month over the life of your loan – and that can really add up. So, the reality is, as prices and mortgage rates rise, it will cost more to purchase a home.

As you can see from the quotes above, industry experts project rates will rise in the months ahead. Here’s a table that compares other expert views and gives an average of those projections:

Whether you’re thinking about buying your first home, moving up to your dream home, or downsizing because your needs have changed, purchasing before mortgage rates rise even higher will help you take advantage of today’s home-buying affordability. That could be just the game-changer you need to achieve your homeownership goals.

Bottom Line

If you’re thinking of buying or selling over the next year, it may be wise to make your move sooner rather than later – before mortgage rates climb higher.

Reno-Sparks Market Report October 1, 2021

September 2021 Market Report

** Data in this report reflect market activity from AUGUST 2021 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 in Reno-Sparks ticked up just 1% from July to August 2021.  The Median Sales Price, at $530,000, is 20% higher than the same time last year and 46% higher than the beginning of 2019.  The Median Sales Price sits at the very middle of a data set, with exactly half of the houses priced for less and half priced for more.  Will we continue to see a leveling off Median Sale Price as we move into winter? Stay tuned!

  • 552 Single Family Homes sold in August 2021, a 14% decrease from July 2021 and a 16% decrease year-over-year.

  • The Luxury Market enjoyed the highest Sold Price per Square Foot again in August 2021, with an average of $515/SF in the $1.5M+ price range. The $200k to $299k price range saw the lowest Sold Price per Square Foot at $174.

  • The Average Sold Price per Square Foot over all price ranges increased in August 2021 to $316/SF, a 5% rise month-over-month and a 33% boost year-over-year.

  • The Months Supply of Inventory (MSI) in August 2021 was .90 MSI.  This means that if the rate of sales in August continued at the same pace through that month, the entire inventory of single family homes would be “sold out” in just under one month.  A balanced market is approximately 5-6 months supply.  We are still very much a “Seller’s Market.”

  • All price points continue to sell at a rate well-below the balanced market of 5-6 Months Supply of Inventory.  Again… this is defined as a “Seller’s Market” still.  Typically the luxury market does sell at a slower rate, and so continues to sell at at rate of 2.9 Months Supply of Inventory.

  • It took an average of 16 days from publicly Listing to Acceptance of Offers over all price points.  Home are going under contract to sell 50% faster than the during the same time last year, and 78% faster than January of 2019.  It’s amazing to see how the market has changed over the last few years!

  • The graph above shows the change from July to August in the Average Days to Contract for each price point.

  • Compared to January 2019, the # of New Contracts (homes with accepted offers) was 55% higher in August 2021.  Number of New Contracts was also 12.5% higher compared to July 2021.

  • In August 2021 4.4% more single family homes came to market than the same time last year. and 2.3% fewer New Listings compared to July 2021.

SUMMARY:

  • What is the market looking like now as we are headed into fall and winter?
    • The Median Sales Price is holding steady at $530,000 in Reno and Sparks combined.
    • Number of units sold has dropped, but this a typical market observance as we move toward the winter months.
    • The rate of accepted offers and sales continues to favor most Sellers.
    • Typically at end of summer, heading in winter, of listing of homes begin to decline. Though we did see a 2.3% drop in New Listings in August, the count is still up compared to last year and compared to Jan 2019.
  • Where is this market headed?
    • Inventory and Buyer demand drive every real estate market.
    • While Buyers from CA and other states look to move out of those states and into NV, and while inventory is still low, the Reno-Sparks market appears to be stable at this time.
    • As long as we continue to see new Nevadas moving into Nevada, and we don’t see a flood of inventory, we may realize continued appreciation.  Obviously, there are no concrete guarantees, so we will need to keep a watchful eye on supply and demand in the coming months heading into 2022.
  • What are YOUR real estate needs? If you need to buy and/or sell, I’m here to guide you through every step of the way. Sell your current home while purchasing your next home?  My clients have experienced great success at doing  just this with the plans we have implemented!!  Email direct dhallerbach@intero.com or reach me by cell at 775-233-0682 so we can discuss the best plan for YOU!  Thank you, ~Denise Hallerbach, Broker-Owner, INTERO RENO.
In-The-Know Real Estate Blog July 9, 2021

What Do Experts See on the Horizon for the Second Half of the Year?

As we move into the latter half of the year, questions about what’s to come are top of mind for buyers and sellers. Near record-low mortgage rates coupled with rising home price appreciation kicked off a robust housing market in the first half of 2021, but what does the forecast tell us about what’s on the horizon?

Mortgage Rates Will Likely Increase, but Remain Low

Many experts are projecting a rise in interest rates. The latest Quarterly Forecast from Freddie Mac states:

We forecast that mortgage rates will continue to rise through the end of next year. We estimate the 30-year fixed mortgage rate will average 3.4% in the fourth quarter of 2021, rising to 3.8% in the fourth quarter of 2022.”

However, even as mortgage rates rise, the anticipated increase is expected to be modest at most, and still well below historical averages. Rates remaining low is good news for homebuyers who are looking to maximize their purchasing power. The same report from Freddie Mac goes on to say:

“While higher mortgage rates will help slow the pace of home sales and moderate house price growth, we expect overall housing market activity will remain robust. Our forecast has total home sales, the sum of new and existing home sales, at 7.1 million in 2021….”

Home Price Appreciation Will Continue, but Price Growth Will Likely Slow

Joe Seydl, Senior Markets Economist at J.P. Morganprojects home prices to continue rising as well, indicating buyers interested in purchasing a home should do so sooner rather than later. Waiting for rates or home prices to fall may not be wise:

“Homebuyers—interest rates are still historically low, though they are inching up. Housing prices have spiked during the last six-to-nine months, but we don’t expect them to fall soon, and we believe they are more likely to keep rising. If you are looking to purchase a new home, conditions now may be better than 12 months hence.”

Other experts remain optimistic about home prices, too. The graph below highlights 2021 home price forecasts from multiple industry leaders:

Inventory Remains a Challenge, but There’s Reason To Be Optimistic

Home prices are rising, but they should moderate as more housing inventory comes to market. George Ratiu, Senior Economist at realtor.comnotes there are signs that we may see the current inventory challenges lessen, slowing the fast-paced home price appreciation and creating more choices for buyers:

We have seen more new listings this year compared with 2020 in 11 of the last 13 weeks. The influx of new sellers over the last couple of months has been especially helpful in slowing price gains.”

New home starts are also showing signs of improvement, which further bolsters hopes of more options coming to market. Robert Dietz, Chief Economist at the National Association of Home Builders (NAHB), writes:

“As an indicator of the economic impact of housing, there are now 652,000 single-family homes under construction. This is 28% higher than a year ago.”

Finally, while it may not fundamentally change the market conditions we’re currently experiencing, another reason to be optimistic more homes might come to market: our improving economy. Mark Fleming, Chief Economist at First American, notes:

“A growing economy in the summer months has multiple implications for the housing market. Growing consumer confidence, a stronger labor market, and higher wages bode well for housing demand. While a growing economy and improving public health conditions may also spur hesitant existing owners to list their homes for sale, it’s unlikely to significantly ease the super sellers’ market conditions.

Bottom Line

As we look at the forecast for prices, interest rates, inventory, and home sales, experts remain optimistic about what’s on the horizon for the second half of 2021. Let’s connect today to discuss how we can navigate the market together in the coming months.

In-The-Know Real Estate Blog July 9, 2021

Selling Your House? Make Sure You Price It Right.

There’s no denying we’re in a sellers’ market. With low inventory and high buyer demand, homes today are selling above the asking price at a record rate. According to the latest Realtors Confidence Index Survey from the National Association of Realtors (NAR):

  • Homes typically sell within17 days (compared to 26 days one year ago).
  • The average home sold has five offers to pick from.
  • 54% of offers are over the asking price.

Because so many buyers are competing for so few homes, bidding wars are driving up home prices. According to an average of leading expert projections, existing home prices are expected to increase by 8.9% this year.

Yet even in today’s red-hot sellers’ market, it’s important to price your house right. While it may be tempting to price your house on the high side to capitalize on this trend, doing so could limit your house’s potential.

Why Pricing Your House Right Matters

Here’s the thing – a high price tag doesn’t mean you’re going to cash in big on the sale. While you may be trying to maximize your return, the tradeoff may be steep. A high list price is more likely to deter buyers, sit on the market longer, or require a price drop that can raise questions among prospective buyers.

Instead, focus on setting a price that’s fair. Real estate professionals know the value of your home. By pricing your house based on its current condition and similar homes that have recently sold in your area, your agent can help you set a price that’s realistic and obtainable – and that’s good news for you and for buyers.

When you price your house right, you increase your home’s visibility, which drives more buyers to your front door. The more buyers that tour your home, the more likely you’ll have a multi-offer scenario to create a bidding war. When multiple buyers compete for your house, that sets you up for a bigger win.

Bottom Line

When it comes to pricing your house, working with a local real estate professional is essential. Let’s connect so we can optimize your exposure, your timeline, and the return on your investment, too.

In-The-Know Real Estate Blog July 9, 2021

A Look at Home Price Appreciation Through 2025

Home prices have increased significantly over the last year, which in turn has grown the net worth of homeowners. Appreciation and home equity are directly linked – as the value of a home increases, so does a homeowner’s equity. And with these recent gains, homeowners are witnessing their financial stability and well-being grow to record levels.

In more good news for homeowners, the most recent Home Price Expectations Survey – a survey of a national panel of over one hundred economists, real estate experts, and investment and market strategists – forecasts home prices will continue appreciating over the next five years, adding to the record amount of equity homeowners have already gained over the past year. The graph the right are the expected year-over-year rates of home price appreciation from the report:

What Does This Mean for Homeowners?

Home prices are climbing today, and the data in the survey indicates they’ll continue to increase, but at rates that approach a more normal pace. Even still, the amount of household wealth a homeowner stands to earn going forward is substantial. This truly becomes clear when we consider a scenario using a median-priced home purchased in January of 2021 and the projected rate of appreciation on that home over the next five years. As the graph below illustrates, a homeowner could increase their net worth by a significant amount – over $93,000 dollars by 2026.

Home Price Appreciation and Home Equity

CoreLogic recently released their quarterly Homeowner Equity Insights Report, which tracks the year-over-year increases in equity. It shows an average annual gain of $33,400 per borrower over the past 12 months. In the report, Dr. Frank Nothaft, Chief Economist for CoreLogic, further explains:

Double-digit home price growth in the past year has bolstered home equity to a record amount. The national CoreLogic Home Price Index recorded an 11.4% rise in the year through March 2021, leading to a $216,000 increase in the average amount of equity held by homeowners with a mortgage.”

The expected, sustained growth of home prices means homeowners can continue to build on the past year’s record levels of home equity – and their financial prosperity. It also presents today’s homeowners with a unique opportunity: using their growing equity for a home upgrade. With so few homes available to purchase and strong buyer demand, there may not be a better time to sell your current house and move into one that better meets your needs.

Bottom Line

Home prices are expected to continue appreciating over the next five years, and the associated equity gains are the quickest way homeowners can build household wealth. If you’re a current homeowner who’s ready to take advantage of your built-up equity, let’s connect today to discuss your options.