127 homes were reported as sold through NNRMLS in the Northgate/McQueen area (area 121) from September 01, 2009, through December 31, 2009.  The average price for the 127 properties reported as sold was $203,732.  The highest price for a property reported as sold was $365,000.  The lowest price for a property reported as sold was $78,750.  The average market time was 112 days.

SOLD INFORMATION FOR SAME PERIOD IN 2008

83 homes were reported as sold through NNRMLS in the Northgate/McQueen area (area 121) from September 01, 2008, through December 31, 2008.  The average price for the 83 properties reported as sold was $246,972.  The highest price for a property reported as sold was $535,000.  The lowest price for a property reported as sold was $73,000.  The average market time was 91 days.

Note:  This information is for the Northgate/McQueen area of Reno only.  This representation is based in whole or in part on data supplied by the Northern Nevada Regional Multiple Listing Service.  Neither the Reno/Sparks Association of Realtors nor the Norhthern Nevada Regional Multiple Listing Service guarantees nor is in any way responsible for the accuracy of this report.  Data maintained by the NNRMLS may not reflect all real estate activity in the area.  The information is only for propeties sold through Northern Nevada Regional Multiple Listing Service.

47 residential properties were reported through NNRMLS as sold in the Northgate/McQueen area from September 1, 2009, through October 9, 2009.  The average sold price for the 47 homes reported as sold was $212,982.  The highest price for a property reported as sold was $300,000.  The lowest price for a property reported as sold was $78,750.  The average market time for the homes reported as sold was 125 days.

               _________________________________________________

SOLD INFORMATION FOR NORTHGATE - 2008

259 homes were reported through NNRMLS as sold in the McQueen area from January 1, 2008, through December 31, 2008.  The average price for the 259 properties reported as sold was $272,717.  The highest price for a property reported as sold was $580,000.  The lowest price for a property reported as sold was $73,000.  The average market time for the homes reported as sold was 119 days.

SOLD INFORMATION SO FAR IN 2009

281 homes have been reported through NNRMLS as sold in the McQueen area of Reno from January 1, 2009, through October 9, 2009.  The average price for the 281 homes reported as sold is $215,631.  The highest price for a property reported as sold was $510,000.  The lowest price for property reported as sold was $70,000.  The average market time for the homes reported as sold was 110 days.

Note:  This information is for the Northgate/McQueen area of Reno only.  This representation is based in whole or in part on data supplied by the Northern Nevada Regional Multiple Listing Service.  Neither the Reno/Sparks Association of Realtors nor the NNRMLS guarantees nor is in any way responsidle for the accuracy of the report.  Data maintained by the NNRMLS may not reflect all real estate activity in the area.  The statistics are only for properties that have sold through Northern Nevada Regional Multiple Listing Service.

Your Realtor,

David Wiggins  CRS  e-PRO
Executive Member REOMasters Network
Allen Hainge CyberStars - Member
NFSTI REO - Certified
NVSI BPO - Certified
775-787-5203 (office)
775-848-0852 (cell)
david@davidwiggins.com

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability.  Even though interest rates have gone up in the last six months, they are still near historic lows.  Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates go up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life.  It’s important to live in a home that reflects your taste and values, yet is within your financial “comfort zone.”  To that end, it may be more important to lock in today’s relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give me a call if I can be of any assistance in determining how much home you can afford in today’s market.

April 26, 2008

Existing Home Sales and Mortgage Apps Fall Again

Mortgage interest rates are down a little since my last newsletter in January.  As of February 28, 2008, I see  30-year fixed rate conventional loans available from 5.875 to  6.24% per annum for.  The FHA/VA 30-year fixed rate is at 5.75% per annum and 1.0 loan origination fee.  It does not even make sense to use an adjustable rate at this time, they are about the same as fixed rates.  Sometimes a 3 or 5 year adjustable rate mortgage is okay.  They usually have a starting rate about .50% below fixed rate mortgages.  Only good, though, if you have a valid reason for the lower rate for 3 – 5 years.  I have that type of mortgage on a few properties and will be refinancing this year.  If you are considering buying and know you will only be in your home for 3 - 5 years…this can be a good choice.  As I have told you before, when looking for a lender, try to use one that has local processing and local funding.  Give me a call if you want the names of my favorite lender.

I'm kind of old fashioned.  Now I never thought I would be admitting that.  However, I never did consider refinancing my home mortgage unless I saved 1.5% - 2.0% on my mortgage interest rate.  The last few years, actually 5 - 10 years, I've known quite a few people refinancing every few years.  I know I'm kind of naive...but I didn't think it was very smart refinancing only to save maybe ½% - 1.0% on their interest rate.  Besides that, every time they refinanced they went back to a 30 year loan.  I never realized they were all taking out $$$$ just because the value of their home had gone up.  That doesn't make any more sense than withdrawing  most of your saving account just because you were able to save $75,000 over the last few years.  This is a BIG part of the real estate loan problems we are facing today.  It was not just the purchases with 0% - 5% down payment, it was also caused by many, many people taking $25,000, $50,000 or much, much more to buy cars, boats, motor cycles, pay off credit cards and thousands of other things.  They put everything on their mortgage debt, then went out and bought more "stuff" on credit cards and other high interest rate purchases.  Whether the value of their home went up or not, this had to lead to a crash.  OUCH!  Bad enough what went on with all the sub-prime loans that went sour...Taking out all the equity of your home had to end up a total losing proposition.  From what I see, about 25% of the foreclosures in our area were caused by people taking out all the equity they had in their home time and time again.  Then the value dropped...oops!  Wouldn't want to pay back $400,000 to my lender when my home is only worth $275,000. 

One lady I worked for had bought a home in NW Reno for about $250,000.  She then invested another $50,000 renovating the home and hoped to sell it for about $340,000.  But, the market dropped during the time she was remodeling the home.  Without going into detail, she borrowed about $100,000 on her personal residence to close the transaction when we sold the investment property for about $225,000.  She never even considered letting the lender have the home back.  Wow!  That is a person has character.  That is the kind of values my parents taught me.  I hope I never have to make a decision like that...That is a cause for some real "soul searching".

Total number of condos and single family homes sold so far this year through October 29, 2007, in the Northwest & Northgate/Somersett areas of Reno is 533 homes.  The average price for a home sold was $335,776.  The median price for a home sold was $300,000.  The average market time was 116 days.

Taking a look last year, 2006, we see the following:  498 condos and single family homes were sold through October 29, 2006.  The average price for a home sold was $355,758.  The median price for a home sold was $322,750.  The average market time was 93 days.

Soooo...lets go back to 2005, when we really were short of properties for sale.  787 condos and single family homes were sold through October 29, 2005.  The average price for a home sold was $367,374.  The median price for a home sold was $335,500.  The average market time was 79 days.

The above information is taken from our local Multiple Listing Service.  Neither the Reno/Sparks Association of Realtors nor it's MLS is responsible for the accuracy of this information.  Sales data shown may not  include all sales in the area.

It looks like Reno and Sparks have joined the big cities that have experienced this type of market at different times in the past.  I know it has happened  in California before and I remember when Denver was in a similar market and also Texas went through a difficult time in housing a number of years ago.  I will show you some more comparisons in the days to come.  I have seen information presented showing that over a 10 year period there has been about a 6% yearly increase in value on residential properties.  Let me know any information you would like posted about Reno and Sparks real estate.  You can also post information you might have about city development or other interesting topics.

Thanks,

David Wiggins   CRS   ePRO   RECS

www.RenoRealEstateGroup.com

Pending Sales As Of May 8, 2007  =  55

Sold Listings Thru May 8, 2007     = 138

Expired Listings Thru May 8, 2007 =  88

This information is data maintained by the Reno/Sparks Association of Realtors or it's Multiple Listing Service.  Neither the Association nor it's MLS guarantees nor  is in any way responsible for the accuracy of this information.  Data maintained by the Multiple Listing Service may not reflect all real estate activity in the area.

Contact me if you would like information on homes for sale in this area of Reno or any area of Reno or Sparks, NV.  I would be glad to email you daily any listings that fit your search criteria.  Or, you can search many of our listings at www.RenoPropertyFinder.com.

Pending Sales As Of May 8, 2007          =   618

Residential Sales 1/1/07 - 5/08/07        = 1,535

Expired Listings As Of May 8, 2007       = 1,106

This is information supplied by our local Multiple Listing Service.  Neither the Reno/Sparks Association of Realtors nor it's MLS is responsible for the accuracy of this report.  Data maintained by the Association may not reflect all real estate activity in the area.

Call me or email me if you are buying or selling real estate in Reno, Sparks or Northern, NV.  We are ready to help you 7 days a week in the David Wiggins Group.

Email me if you would like information about any of the local market on this blog.

Thanks,
David Wiggins CRS  ePRO  RECS

Pending Sales  =   554

Sold January 1, 2007 - May 2, 2007 =  1,490

Expired during at least one listing period this year =  1,081

This information is from records in our local Reno/Sparks Association of Realtors or it's  Multiple Listing Service.    Neither the Association nor it's MLS is responsible for the accuracy of this information.  This data may not reflect all real estate activity in the area.

Let me know if there is other information you want me to publish and I will do so 3 - 5 times a week.

David Wiggins    CRS   ePRO   RECS

Pending Sales In Northgate/Somersett                                         48

Home Sales In Northgate/Somersett Since 1/01/2007            117

Expired Listings In Northgate/Somersett Since 1/01/2007        80

This real estate sales information is for the Northgate/Somersett areas of Reno, NV.  The data for this information is supplied by teh Reno/Sparks Association or it's Multiple Listing Service.  Neither the Association nor it's MLS is responsible for the accuracy if this information.  Information supplied by the Reno/Sparks Association of Realtors or it's MLS may not reflect all reaal estate activity in the area.

Please contact me if you would like real estate information on other areas of Reno or Sparks.  I will be glad to supply it to you privately or post it on my blog.

Sincerely,

David Wiggins    CRS   ePRO   RECS 

Pending Real Estate Sales  As Of April 27, 2007                                    548

Houses, Condos & Manufactured Homes Sold Since 1/1/200         1,393

Expired Listings Since 1/1/2007                                                              1,019

This information is taken from the Reno/Sparks Association of Realtors Multiple Listing Service.  Neither the Associaton nor it's MLS guarantees nor is in any way responsible for it's accuracy.  Sales information maintained by the Reno/Sparks Association of Realtors may not reflect all real estate activity in the area.

Give me a call or email me if you would  like more information about home values and local sales  or if you would like  information  on the value of  your home.

David Wiggins   CRS    ePRO    RECS

Broker/Realtor

Note:  The information below is for Reno and Sparks, Nevada only.  The information is based in whole or in part on data supplied by the local Multiple Listing Service.  Neither the Association nor it's Multiple Listing Service guarantees nor is in any way responsible for the accuracy of this report.  Data maintained by the Northern Nevada Regional Multiple Listing Service may not reflect all real estate activity in the area.

Reno	TTL	DOM	Dollar Volume	Average Price	Median  Price
Condo/Townhouse	574	101	$          118,270,912	$       206,047	$       177,750
Mfg./Modular	275	116	$            51,671,573	$       187,897	$       185,000
Frame Homes	2907	100	$      1,264,883,594	$       435,116	$       340,000
Sparks
Condo/Townhouse	168	110	$           35,143,169	$       209,186	$       190,000
Mfg./Modular	26	140	$             5,839,500	$       224,596	$       193,250
Frame Homes	1193	93	$        409,902,958	$       343,590	$       315,000
Reno & Sparks Combined
Condo/Townhouse	742	103	$        153,414,081	$       206,758	$       185,000
Mfg./Modular	301	118	$          57,511,073	$       190,067	$       188,000
Frame Homes	4100	98	$     1,674,786,552	$       408,485	$       329,500

There are currently (January 13, 2007) 3,183 properties (Condo/Townhouse, Mfg./Modular & Frame Homes) for sale in the Reno/Sparks area.  This repsents all of  Washoe County except Incline Village, Nevada.

David Wiggins  CRS   ePRO   RECS