Great Home in Popular McQueen neighborhood. Hardwood flooring in kitchen and living room. Fireplace. Vaulted ceilings. Paver patio.

Great Value home in Established Sparks neighborhood. Quality aluminum siding. New pellet stove in family room, keeps the home very comfortable. RV parking. Quality kitchen cabinets and spacious kitchen. Wood paneling in family room. Hidden security safe. Built-in hutch in dining area. Built-in evaporative cooling system. Hurry

Slate flooring in entry, living room and hallway. Tile counters in kitchen. Sweeping patio and RV storage area. Central air conditioning.

This sunny Lakemont home features a great room with a cozy fireplace and a roomy kitchen with a pantry and breakfast bar. The master suite is separate and private. Neutral colors throughout. Conveniently located near schools and shopping with easy access to the freeway.

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.

Home was updated in 2002 and still in good condition. Located in a very good Huffaker Hills neighborhood. Check out the value. Being sold in "as is" condition.

Conveniently located close to Dodson Elementary and Mira Loma Park. This home is ready for you to move right in! It features a roomy kitchen and cozy great room with a wood-burning fireplace. Check this one out and be pleasantly surprised!

Excellent location for this Spacious NorthWest Reno 2 story home. Bay window in living room. Fireplace and hearth of Ledgestone. Additional fireplace in lower level. 2 large rec. rooms. Shop in garage. Mature landscaping. Property being sold "as is" So many possibilities...

Country setting with Whites Creek Running through the property year round. Remodeled kitchen with granite counters, Alder wood cabinets and newer appliances. Custom interior paint. Remodeled bathrooms. New triple pane vinyl clad windows. You will love the 4 car garage with room for RV storage. Area across the creek is perfect for horse pasture and a barn. Relax and go fishing in your own yard!

Cute home in Pleasant Stead neighborhood. Excellent value for 1st time buyer. Covered patio, central a/c. sprinkler system. Short Sale.

Premium Rock Hills Lakeridge Shores Townhome with Panoramic City and Mountain Views. Gated Community with 24 hour security.Slate flooring in great room. Porcelain flooring in kitchen and entry. Washed alderwood cabinets in kitchen. Spacious master bedroom on main level. New carpeting in bedroom. Oversized tub, double vanity, separate shower and oversized closet in master. Wood laminate flooring in laundry room and stairs. Bonus room, office and game room  in upper level. Additional bedrooms and bath bathroom on upper level. Pool table and piano are negotiable. Huge 1,000 sq ft. unfinished basement storage wiith high celing.

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.

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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