Weekend Warrior December 1, 2022

Weekend Warrior (Dec 2022)

 

 


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

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

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

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

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

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

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

MIDTOWN, DOWNTOWN, RIVERWALK, BREWERY and WELLS AVENUE DISTRICTS

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

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

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

For all the fun details, visit PineapplePedicabs.com.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

dhallerbach@intero.com
www.denisehallerbach.com
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**If you are currently working with a real estate professional, this is not intended as a solicitation.


 

Reno-Sparks Market Report November 14, 2022

November 2022 Market Report

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

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

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

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

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

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

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

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

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

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

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

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

OTHER INTERESTING STATS TO KEEP AN EYE ON:

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

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

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

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

SUMMARY:

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

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

~Denise Hallerbach, Broker-Owner, INTERO RENO.

 

 

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

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

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

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

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

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

Mortgage Standards Were Much More Relaxed Back Then

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

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

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

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

The Foreclosure Volume Is Nothing Like It Was During the Crash

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

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

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

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

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

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

Bottom Line

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

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

The Latest on Supply and Demand in Housing

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

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

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

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

What Does This Inflection Point Mean for Buyers? 

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

What Does This Inflection Point Mean for Sellers?

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

Bottom Line

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

In-The-Know Real Estate Blog September 29, 2022

A Crucial First Step: Mortgage Pre-Approval

 

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.

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.

 

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.

Weekend Warrior August 3, 2022

Weekend Warrior: August 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

LAKE TAHOE SHAKESPEARE FESTIVAL
MUCH ADO ABOUT NOTHING – MAMMA MIA! – SHOWCASE SERIES EVENTS
THROUGH AUGUST 22, 2022

SAND HARBOR AMPHITHEATERThe extraordinary ambiance of one of the world’s most gorgeous outdoor theaters continues to deliver at Sand Harbor, Lake Tahoe!  This magical stage comes to life with the majestic beauty of Lake Tahoe as its backdrop, featuring Shakespeare’s sublime battle of wits and wills, Much Ado About Nothing.  More than just Shakespeare… the festival also offers an exhilarating production of the beloved musical, Mamma Mia sprinkled into the schedule.  Showcase Series Events take the stage Monday evenings, with the following must-see performances remaining during the 2022 season:
Reno Jazz Orchestra: Hotter Than July – The Music of Stevie Wonder & Tina Turner
Reno Philharmonic Orchestra: John Denver’s Greatest Hits
Queen Nation: A Tribute to the Music of Queen
Reno Jazz Orchestra: Diane Schuur & Ernie Watts
Enhance your festival experience by bringing your own noshes and beverages, or partake in a dinner with one of the gourmet vendors at the event. Either way, the pre-show picnic with your friends is definitely the way to go!  Learn more and purchase tickets at LakeTahoeShakespeare.com.

HOT AUGUST NIGHTS
THROUGH AUGUST 6, 2022
A DOZEN VENUES AROUND RENO-SPARKS
One of Reno-Sparks’ most beloved annual events returns in all its glory!  Roll back to a time when makes and models of cars actually looked different from one another. Hot August Nights, one of the largest classic car events in the country, is back with every bit of nostalgia you would expect from this treasured revival.  Take your time to stroll the venues and check out every bit of pride in ownership each classic beauty oozes.  Free nightly entertainment from big names like Blood Sweat & Tears, Blue Oyster Cult, Starship with Mickey Thomas and KC & the Sunshine Band grace the Grand Sierra Resort’s outdoor stage. Get all the exciting details at HotAugustNights.net.


Is it bands you’re itching to see?  Reno-Sparks has you covered throughout the month of August!  Here is the lineup, just in case you want to catch them at their local performances!

Blood Sweat & Tears:  Wed, Aug 3, 2022 (8:15 pm) – Hot August Nights @ Grand Sierra Resort
Blue Oyster Cult: Thurs, Aug 4, 2022 (8:15 pm) – Hot August Nights @ Grand Sierra Resort
Starship w/ Mickey Thomas: Fri, Aug 5, 2022 (8:15 pm) – Hot August Nights @ Grand Sierra Resort
KC & the Sunshine Band: Sat, Aug 6, 2022 (8:15 pm) – Hot August Nights @ Grand Sierra Resort
Amanda Miguel & Ana Victoria: Sun, Aug 7, 2022 (7 pm) – Grand Theatre @ Grand Sierra Resort
Bronco:  Fri, Aug 26, 2022 (8 pm) – Grand Theatre @ Grand Sierra Resort
Tedeschi Trucks Band:  Sun, Aug 28 (6:30 pm) – Grand Theatre @ Grand Sierra Resort
Incubus:  Tues, Aug 30 (8 pm) – Grand Theatre @ Grand Sierra Resort

RENO ACES BASEBALL 
vs. Salt Lake Bees (Aug 16-23, 2022)
vs. Las Vegas Aviators  (Aug 30-Sept 4, 2022)

GREATER NEVADA FIELD – 250 Evans Ave, Downtown Reno
Greater Nevada Field calls your name, along with all your besties and buddies, for a good old fashioned Reno Aces baseball game!  Support our local AAA team as they take on the Salt Lake Bees, and the Las Vegas Aviators in August 2022.  Enticing promotions add excitement and fun to the experiences such as food and beverage specials, intriguing swag giveaways, discounts for military and seniors, doggy days, 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

DRAGON LIGHTS
THROUGH AUGUST 12, 2022
WILBUR D. MAY ARBORETUM & BOTANICAL @ GARDEN (RANCHO SAN RAFAEL PARK)
Immerse yourself in the splendor of Dragon Lights this summer through August 12, as 42 larger-than-life lantern sculptures made of fabric, steel and thousands of LED lights artistically grace Wilbur D. May Arboretum & Botanical Garden. I visited this delightful exhibit in July and I’m going back again this week because I MUST share its magic event with more friends!  With all new interactive displays that visitors can activate with touch, play with, and even sit on, your lantern experience will be like none that you have ever had from past dragon light events. Also new this year is the Lantern Food Court located inside the arboretum, offering a wide selection of food and drinks from both local and traveling food vendors. For more information and advanced ticket sales, visit DragonLightsReno.org.

RENO STREET FOOD: “FOOD TRUCK FRIDAY”
EVERY FRIDAY THROUGH AUGUST 26, 2022 (4-9 pm)

IDLEWILD PARK
The summer rolls on, and so do the amazing gourmet food trucks that make their way into Idlewild Park to tempt our tastebuds every Friday evening.  Reno Street Food, AKA Food Truck Friday (FTF) rocks week-after-week, with pleasant evenings at comfortable Idlewild Park, located on the Truckee River, make dining outdoors a delight.  Here, 45 culinary, craft beer, wine and spirits vendors gather with a new and improved layout (compared to past years) to serve up amazingly scrumptious culinary creations of all varieties.  And don’t forget to bring your Tommy Bahama or other lightweight chairs &/or beach blanket to claim your spot on the grass. Throw in your favorite blankies to keep you cozy when the temperature drops. For a list of all the trucks at the event weekly, visit the Reno Street Food Facebook Page.

Enjoy the fresh, pine-scented Sierras and gather at the Lake Tahoe Outdoor Arena to take in the talent of some of the best entertainers in the music industry!  Only 3 August performances remain in the 2022 Harvey’s Summer Concert Series!  Get your tickets soon, because they do sell out quickly!  Visit TicketMaster.com for all artists you want to see!

Train: Friday, August 5 (7:30 pm) – Rock – Click for Video
Robert Plant & Alison Krauss: Saturday, August 20 (7:30 pm) – Mixed Genres – Click for Video
Eric Church:  Saturday, August 27 & Sunday, August 28 (7 pm) – Country – Click for Video 

CLASSICAL TAHOE
VARIOUS DATES THROUGH AUGUST 18, 2022
SIERRA NEVADA UNIVERSITY & The RON & MAUREEN ASHLEY OASIS
Each summer, Classical Tahoe brings together America’s leading classical musicians from the MET Orchestra, LA Phil, Cleveland Orchestra, and symphonies of San Francisco, Dallas, Houston, Seattle, Toronto, Vancouver, NY City Ballet, SF Ballet, SF Opera and more. Catch the last bit of Classical Tahoe’s 16-concert series that spans 5 weeks and has been delighting audiences with its superb musicians, intimate al fresco pavilions, educational programs, and the enchanting Lake Tahoe settings.  For more information about the performances and the annual gala that rounds out the event, please visit ClassicalTahoe.org.

BEYOND VAN GOGH: THE IMMERSIVE EXPERIENCE
AUG 18 – 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.  This 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.

DOG DAYS of SUMMER DANCE FESTIVAL
FRIDAY, AUG 19-SUNDAY, AUG 21, 2022 (Plaza Opens at 6 pm, Performances Begins at 7:30 pm)
PIONEER CENTER for the PERFORMING ARTS
Celebrate the art of dance, and perhaps adopt a pup in the same day, at Dog Days of Summer Dance Festival at Pioneer Center for the Performing Arts. This new, three-night, free community event, in partnership with the SPCA of Northern Nevada, offers six northern Nevada-based dance/movement companies that have been commissioned to perform on the Pioneer’s outdoor plaza stage.  With the iconic Pioneer Center gold dome and Nevada summer sky as their backdrop, each evening of the festival will showcase two companies performing a wide range of dance creations. During intermission, SPCA-NN will show off adoptable and adopted dogs from their organization. Learn more about Dog Days of Summer Dance Festival and the groups that are performing at PioneerCenter.com.

RENO ALOHA FESTIVAL
SATURDAY, AUG 20, 2022 (10 am – 7 pm)
WINGFIELD PARK – DOWNTOWN RENO (2 S. Arlington Ave)
Who needs to buy expensive plane tickets and hotel rooms to enjoy Hawaiian culture?!?  The spirit of the Hawaiian Islands is coming straight to Wingfield Park, in Downtown Reno for us to enjoy!  The Reno Aloha Festival offers family-friendly entertainment, workshops, special speakers, arts and crafts, merchandise and food vendors! The 2022 entertainment line-up includes, contemporary Hawaiian musician Faith Ako, Sparks-based dance group Ka Pā Hula O Kawaiolanoelaniokāne, guitar trio Ho’omana, Pomaika’i Duo and Poly Nui of Reno, Halau Hula ‘O Leilani of Sparks and singers Ka Nalu from Hayward, CA. This is a free event and all ages are welcome! For more about Reno Aloha Festival, please visit RenoAlohaFestival.com.

NORTHERN NEVADA INTERNATIONAL DRAGON BOAT FESTIVAL
SATURDAY, AUG 20, 2022 

SPARKS MARINA PARK – 300 HOWARD DR, SPARKS, NV
Tradition, Chinese culture and competition converge at the Northern Nevada International Dragon Boat Festival on August 20, 2022.  The annual event returns to Sparks Marina, the perfect setting to host the event, bringing paddlers from near and far to compete for their entry in Orlando, Florida in October where 70 of the best crews will race in final races.  Spectators and participants at our local event will enjoy the vendors and exhibitors in the Health and Wellness Village, refreshing drinks and yummy bites from Food Truck Bazaar and fun for all ages, all part of the day’s excitement.  Race action begins at 8:30 am.  For more details, please visit GWNDragonBoat.com.

JOHN FOGERTY w/ Special Guest HEARTY HAR
SATURDAY, AUGUST 20, 2022 (Doors open @ 6 pm, Hearty Har @ 7 pm, Fogerty @ 8 pm)

NUGGET EVENT CENTER, OUTDOOR AMPHITHEATER
Grammy Award winner, Rock & Roll Hall of Fame and Songwriters Hall of Fame inductee, and overall living legend, John Fogerty, treats his fans to a special night of iconic hits at the Nugget Event Center Outdoor Amphitheater. We’re sure to soak up all the greatest iconic Creedence Clearwater Revival hits that have endured generations, like “Proud Mary,” “Susie Q,” “Fortunate Son,” “Born on the Bayou,” “Bad Moon Rising,” and “Have You Ever Seen the Rain” among a sample of Fogerty’s solo hits. Opening for Fogerty is Hearty Har,  a psychedelic rock band from Los Angeles, California, formed in 2012 led by brothers Shane Fogerty (guitar/vocals) and Tyler Fogerty (guitar/vocals), Hearty Har has come to be known for their exciting and raucous live shows, which blend modern psychedelia with classic garage rock and roll.  For more info and the link to ticket sales, visit NuggetCasinoResort.com.

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, hits Black Rock Desert this year after taking a 2-year-pandemic-hiatus, with an expected 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.  Be prepared for Burners to peacefully invade our local grocery stores and Costco in search of water and other supplies.  Any if you need these items now, get out and buy them soon while supplies last.  For all the amazing details about Burning Man, please visit BurningMan.org.

RECENTLY LISTED!!  Offered for $900k, 9985 Moccasin Ct is 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 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 have questions about listing your property in today’s ever changing market!  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. 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).

Get away from it all and enjoy serenity and some elbow room in peaceful Rancho Haven. now offered for $595k, with SELLER OFFERING CREDIT TOWARD BUYER’S CLOSING COSTS.  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).

This elegant, brick home in Old Southwest Reno, located just a couple of blocks from the Truckee River, just SOLD on July 27, 2022 for $754,000!  3 bedrooms, 2.5 bathrooms and 2-car garage, with 1,961 square feet of living space.  Check out the walkthrough tour video and visit Bit.ly/795Keele for more photos and property information. Email, text or call me at 775-233-0682 if you have questions about listing your property in today’s ever changing market!  Denise Hallerbach, Broker/Owner, Intero Reno (B.1001182.CORP).

The real estate market is shifting!  With fluctuating mortgage rates and an increase of inventory over the last few months, being “in-the-know” is more important than ever.  I have the pulse on what is happening NOW and I’m here to share my knowledge and experience with you first-hand.  My “In-th-know” blogs help you stay current with the market trends. Whether you are buying or selling real estate, or doing both — you are making informed and smart decisions. Visit DeniseHallerbach.com “In-The-Know Blogs” for the topics you see above and more!

COMING SOON…
THE “AUGUST 2022 RENO-SPARKS MARKET REPORT”
Want the latest statistics on the shifting real estate market you’ve been hearing about? The July 2022 stats are currently rolling in, so my August 2022 Reno-Sparks Market Report will be released the week of August 8. Check back mid-August and 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 August 3, 2022

A Real Estate Professional Helps You Separate Fact from Fiction

If you’re following the news, chances are you’ve seen or heard some headlines about the housing market that don’t give the full picture. The real estate market is shifting, and when that happens, it can be hard to separate fact from fiction. That’s where a trusted real estate professional comes in. They can help debunk the headlines so you can really understand today’s market and what it means for you.

Here are three common housing market myths you might be hearing, along with the expert analysis that provides better context.

Myth 1: Home Prices Are Going To Fall

One piece of fiction many buyers may have seen or heard is that home prices are going to crash. That’s because headlines often use similar, but different, terms to describe what’s happening with prices. A few you might be seeing right now include:

  • Appreciation, or an increase in home prices.
  • Depreciation, or a decrease in home prices.
  • And deceleration, which is an increase in home prices, but at a slower pace.

The fact is, experts aren’t calling for a decrease in prices. Instead, they forecast appreciation will continue, just at a decelerated pace. That means home prices will continue rising and won’t fall. Selma Hepp, Deputy Chief Economist at CoreLogic, explains:

“. . . higher mortgage rates coupled with more inventory will lead to slower home price growth but unlikely declines in home prices.”

Myth 2: The Housing Market Is in a Correction

Another common myth is that the housing market is in a correction. Again, that’s not the case. Here’s why. According to Forbes:

“A correction is a sustained decline in the value of a market index or the price of an individual asset. A correction is generally agreed to be a 10% to 20% drop in value from a recent peak.

As mentioned above, home prices are still appreciating, and experts project that will continue, just at a slower pace. That means the housing market isn’t in a correction because prices aren’t falling. It’s just moderating compared to the last two years, which were record-breaking in nearly every way.

Myth 3: The Housing Market Is Going To Crash

Some headlines are generating worry that the housing market is a bubble ready to burst. But experts say today is nothing like 2008. One of the reasons why is because lending standards are very different today. Logan Mohtashami, Lead Analyst for HousingWire, explains:

“As recession talk becomes more prevalent, some people are concerned that mortgage credit lending will get much tighter. This typically happens in a recession, however, the notion that credit lending in America will collapse as it did from 2005 to 2008 couldn’t be more incorrect, as we haven’t had a credit boom in the period between 2008-2022.”

During the last housing bubble, it was much easier to get a mortgage than it is today. Since then, lending standards have tightened significantly, and purchasers who acquired a mortgage over the last decade are much more qualified than they were in the years leading up to the crash.

Bottom Line

No matter what you’re hearing about the housing market, let’s connect. That way, you’ll have a knowledgeable authority on your side that knows the ins and outs of the market, including current trends, historical context, and so much more.