Reno Home Blog

MID TO HIGH END HOMES--may have a long way to go

I read an article about "Millionaire Homes May Lose Value Until 2012":

“Currently, we have national home prices bottoming in 2011,” they said. “However, prices for more expensive homes may not bottom out until 2012, and ultimately result in peak-to- trough declines in excess of 60 percent (compared to 40 percent nationally).”

“California is probably worse than other states, but higher-priced homes in general are going to be a problem,” Sim said in a telephone interview today.

I have been excited with the high surge of demand for starter ($150,000 and below) homes but as some of you have noticed I've been quiet about the mid to high end market ($400,000 +).  I haven't paid attention as much to it until I read the above article. "Price for more expensive homes may not bottom until 2012."

Until 2012? Ouch.  And what their saying make sense . 

More than fifty percent of home sales in Reno are bank-owned ($250,000 and below)--one and done.  Meaning, they're not your average seller who will most likely buy a bigger home after selling their smaller one. 

The move up buyers (from calculated risk blog):

Move up buyers played a big role when the market was going up until late 2005, so what happens when move up buyers are no longer moving up? There will be small demand for expensive homes, prices will still fall. 

It's never easy to deliver bad news like this.  But as I have said before, it's better to deal with the hard truth now than pretend that it doesn't exist. 

Reno home sellers, start with the market--what is it telling you? Where will the market be two or three years from now? Can you hold out or do you cut your losses short?

These are hard decisions to make but it will help you greatly if you start with an honest look at the market.  Send me an email if you have any questions.

RENO HOME SELLERS: TO BE SUCCESSFUL, SELL YOUR HOME'S "HOT BUTTONS" (best features)

Superb photo by: .tomate d' epingles.

If you want to be successful seller, figure out exactly what you have to sell before you start advertising.  People rarely buy houses.  They buy hot buttons.

A good rule of thumb in advertising is the more your are specific about your home, the better. 

People appreciate ".37 corner lot"  than  "humongous lot!".

If you have an agent working with you, give her a list of the best features of your one-of-a kind house.  This will help you by leaps and bounds.  Based from my five year experience, buyers are attracted by pictures and specific details about the home--they appreciate honesty.  Avoid puffery.  Be proud yet truthful.

Advertising is simple.  It's communicating in a clear way the benefits to your buyer.

What are examples of hot buttons?  

Here are some examples of hot buttons I've advertised (past clients):

• Remodeled Kitchen

• Upgraded Living Room

• Improved bathrooms

•  Views

• Lovely yard or garden

• Walk-in closet

  (a bit messy, but you get the idea)

• Patio

• White picket fence

• Home office

• Zoned for great schools

• Community pool

Final Note:

The best ads are masterpieces of understatement.  Ideally, you want to describe your property in  such a way that it actually delivers more--not less--than the ads promise.  No one complains about that.

Attention: Reno Home Sellers Get ahead of the competition for the summer buyer rush (see graphs)

I won't get tired of preaching this my dear sellers. 

I've said it last year and four weeks ago--if you're thinking of selling this year, gentle reader--do it now.

"Why Joe? Show me some evidence," you may ask.  Ok, allow me to prove it to you.

I put up this graph last April:

(click to enlarge)

(And it's happening again)...Reno Buyer's Demand:

(click to enlarge)

If you list now, you'll be ahead of the competition; graph of sellers:

  (click to enlarge)

Selling a house is very very difficult--looking for a new place, moving out,moving in, fixing the place,changing addresses,etc.  And waiting for a buyer that seems to be non-existent when you really want to sell the house adds greatly to the stress.

So wouldn't it be nice if you get can ahead of the market just a bit?

I hope you do.

                                           -------------------------------------------
     Not yet working with an agent? Call Joe today! 775-338-7653
                                           -------------------------------------------

Additional Resources:

• 10 tips for Reno Sellers

• How to stage your property: Excellent tips for sellers in Reno and beyond

• Why every seller should see through buyer's eyes
  

South Reno(Double Diamond, South Meadows and Damonte Ranch) Home Sellers: Buyers Are FLocking to your doors

superb photo: Laura

This is great news for home owners in the South Reno community (Double Diamond, South Meadows Pkwy. and Damonte Ranch Pkwy.) currently in the market or those who are thinking of putting their homes in the market.

To be clear, my experience of buyers running after resale homes is solely based in South Reno.

It all started when a few new home builders (Toll Bros., KB homes and Lennar) here in Damonte Ranch (our office) started building and selling homes for much less than what resale homeowners were selling their homes. 

I figured why would a person buy a resale 2,000 Sq. Ft. home for $250,000 when he can get the same home (even newer,more upgrades etc.) for $220,000--simple math: $30,000 savings and brand new!

Apparently, this is not how all buyers think.  I can't pinpoint the exact reason; my guess is people still like established neighborhoods and bigger lots--both can't be found in new homes.

My Experience

I got a listing in the South West-Damonte Ranch area on February 20, 2009.  Three days and ten showings later I got a full offer with a backup.

I got another listing not too far from it--actually a few meters from the new homes.  I put it in the market on March 15,2009, and I as I write this it has gotten thirty showings.

The same trend is happening from all the other agents in my office.  The common denominator is price.  If you price it well and have a good showing, you will get an offer.  

Reno Home Sellers: Time to prepare for the summer buyer rush

"early bird gets the worm!" Superb photo by: littlegirllost

Oh how time flies.

I still can't believe it's almost one year now when I posted this:

"Reno Home Sellers: Why April and May are the best times to sell"

And I'm going to say it again:  If you are thinking of selling your home whether regular or short sale, April and May are the best times to sell.  History tells us that these months offer the best opportunity to be noticed by the summer loving buyers.

Graph 1:

(click image to enlarge)

As early as now decide if you want to sell your home. February is almost over, so you have the whole month of March to scout your neighborhood to check on competition. 

If you decide on putting your home in the market, two things you should think about is condition and price. 

Try your very best to be at least in the top three in your neighborhood in those two categories.  And you'll go far. 

"The early bird gets the worm!"

Northwest Home For $175,000--a steal! Won't last very long

Address: 1535 Wyoming Dr. Reno,NV 89503

I promise you I don't do this often--shamelessly advertise my own listings.  But I'm going to make an exception for this one.  I took some picture this afternoon and absolutely loved this home.  It's not a gigantic house by any means, maybe that's why it's so charming.

Here is a place where everything you need and want intersect with each other without going berserk over your budget.

I just posted this in the MLS.  If you're interested, make an appointment (Call Joe 775-338-7653) ASAP.  It's not going to be here very long.

Asking Price: $175,000

*home is subject to short sale

 

 

  

 

 

 

 

 

 

 

 

 

 

 

*home is subject to short sale

Superb home in Reno-South Meadows (Double Diamond Pkwy): $279,000

Once in a while I would disobey my rule ('thou shall not explicitly advertise our listings in the blog').  I only do this when I know deep in my gut that a listing is 'the' leader of the pack.

I don't think this home will last a month.  It is the best priced home in the neighborhood and perhaps best condition too.  Pride of ownership overflows all through out the home. The owners did a marvelous job in keeping the home in tip-top shape.

(second bathroom)

Details:

• Home is subject to short sale

• Built: 2005

• Total Living Space: 2,068 Sq. Ft.

• Price per SQ. Ft : $134.91

• Bedrooms: 4

• Baths: 2 full baths

• Total parking capacity: 3

• Acreage: .16

• Stories: 1 story

• Plantation shutters on all windows

• High ceilings

• Gas fireplace

• Upgraded kitchen: Tile counter tops and stainless kitchen

• Double sink in both bathrooms

• Walk-in closet in Master's bedroom

                      Call Joe to get more information: 775-338-7653

Calabria Homes By KB HOME: For Reno Home Buyers

Calabria Homes At Damonte Ranch

"It is my understanding that there is no standing inventory.  I know they had a very busy weekend, selling nine (I believe) with additional incentives."

I Talked to Rita from KB home Damonte Ranch (located in south Reno) this morning and asked her to send me a list of their standing inventory.  Standing inventories are a great way to negotiate when getting into a new home.  Builders are usually more flexible with them simply because the home is already 'standing' up and vacant.

She replied:   
    " It is my understanding that there is no standing inventory.  I know they had a very busy weekend, selling nine (I believe) with additional incentives."

Whew, nine homes sold in a weekend?  that's pretty good!  Buyers, it might be good time to buy now esp. in developments like Calabria by Monte Serno where  you are near everything but not too near- the location is very desirable.

The reason I say this (buying now) is demand is already picking up since Jan 21 2008, And if this continues home prices will eventually catch up and bottom.  If you wait too long the builder's incentives might not be there anymore.

If you are thinking of buying and does not have a specific area in mind (yet), Calabria at Damonte Ranch is a great place to start looking for your dream home.  And Joe (775-338-7653) will be more than happy to show you around =) [we've had two clients get their dream home at Calabria]

Here are the latest prices:

                         Calabria at Monte Sereno by KB HOME

 

• Plan 1:  prices are from $207,400 -  $314,900 (call Joe to ask for specific prices)

    1840 sq ft    single story      2 car garage
     3 or 4 bedrooms 2 baths
     Bedroom 4 option, living and dining

• Plan 3: prices are from $207,400 -  $314,900 (call Joe to ask for specific prices)

    1958 sq ft  2 story - 2 car garage
     3 or 4 bedrooms 2.5 baths
     Loft or Bedroom 4 option, living,dining & family room

• Plan 4:  prices are from $207,400 -  $314,900 (call Joe to ask for specific prices)

     2452 sq. ft.    2 story    2 car garage
    3 or 4 bedrooms 2.5 baths
    Loft or Bedroom 4 option, living,dining & family room

       

• Plan 5:  prices are from $207,400 -  $314,900 (call Joe to ask for specific prices)

    2566 Sq. Ft.    2 story    2 car garage
    3 or 4 bedrooms 2.5 to 3 baths
    Den or Bedroom 4 option, living,dining & family room

• Plan 7:  prices are from $207,400 -  $314,900 (call Joe to ask for specific prices)

     2446 Sq. Ft.    Single story   enlarged garage
     4 or 5 Bedrooms,  2.5 baths 
     enlarged garage or bedroom 5 option

• Plan 8: prices are from $207,400 -  $314,900 (call Joe to ask for specific prices)

      2786 square feet   2 story   3 car garage
      4 to 5 bedrooms,      2.5 to 4 baths
      Bedroom 5, loft, Bonus rm, Junior master, studio options

• Plan 9:  prices are from $207,400 -  $314,900 (call Joe to ask for specific prices)

       3102 square feet   2 story    3 car garage
       4 to 5 bedrooms,    2.5 to 3 baths
       Den, Bedroom options, Living, Dining, & Family room

• Plan 14: prices are from $207,400 -  $314,900 (call Joe to ask for specific prices)

       1667 sq ft     single story    2 car garage
        3 bedroom, 2 baths, great room

• Plan 15:  prices are from $207,400 -  $314,900 (call Joe to ask for specific prices)

        1776 sq ft     single story     2 car garage
         3 or 4 bedrooms. 2 baths,
        Great room, Den, 4'th bedroom options

                                     Ravenna at Monte Serno by KB Home

• Plan 1:  prices are from $207,400 -  $314,900 (call Joe to ask for specific prices)

          2046 sq. ft.     Single Story     2 car garage
          3 or 4 bedrooms,     2 baths
          Den option,Living,Dining, & Family Rooms

• Plan 2:  prices are from $207,400 -  $314,900 (call Joe to ask for specific prices)

          2290 sq. ft.   2 story   2 car garage
          3 to 5 bedrooms    2.5 to 3 baths
          Den or loft option, Living, Dining & Family Rooms

• Plan 3:  prices are from $207,400 -  $314,900 (call Joe to ask for specific prices)

          2305 sq. ft.  Single Story   2 car garage
          3 or 4 bedrooms     2 baths
          Den option, Living, Dining, & family rooms

• Plan 4: prices are from $207,400 -  $314,900 (call Joe to ask for specific prices)

         2464 sq. ft.    2 story, 3 car garage
         4 or 5 Bedrooms  2.5 baths
         Living, Dining,, & Family Rooms
         Super Family Room, Den options

• Plan 5: prices are from $207,400 -  $314,900 (call Joe to ask for specific prices)

         2958 sq. ft.   2 story   3 car garage
         3 to 6 Bedrooms   2.5 to 4 baths
         Living,Family and Dining Rooms
         Den, Retreat, Bonus Room, Junior Master Options

• Plan 6: from $256,900

         1840 Sq. Ft.  Single Story  2 car garage
         3 or 4 bedrooms   2 baths

• Plan 7: prices are from $207,400 -  $314,900 (call Joe to ask for specific prices)

          1667 sq. ft.  Single Story  2 car garage
           3 bedrooms    2 baths   Great room

• Plan 8: prices are from $207,400 -  $314,900 (call Joe to ask for specific prices)

          1776 square feet  Single Story   2 car garage
          3 bedrooms   2 Baths   Great Room     Den

For more information call Joe: 775-338-7653

Reno Home Sellers: Why April & May Are The Best Time To Sell

'Is it time to sell?'
Photo by: bubblywums

                                                            --------------------------

"Or maybe I am just worn-out, repeatedly seeing sellers lose                          $25,000-$50,000 because of unsound decisions."

                                                            --------------------------

'Humility in the presence of a good idea,' I once read somewhere, 'is the hardest thing to do.'

This has been my dilemma this week.  While sorting through graphs and numbers and the  real estate activity happening in our office, I am convinced that April and May are the best time to sell your house.

And I wanted to let the whole world know.  Perhaps there was something inside me that wanted to be credited on having the 'first word'.  Or maybe I am just worn-out, repeatedly seeing sellers lose $25,000-$50,000 because of unsound decisions. 

The classic case is testing the waters.  Seller tries to price their homes in the range where the market flatly rejects it.  When they do lower their prices the room is already crowded-hard to stand out.  And usually the possible loss is too hard to take that they just wait 'till it gets better.

How did I come up with this conclusion? The market told me so.  And it's not hard to see.

Point 1:

March 2008 experienced a 32.16% increase from the month prior. Feb of the same year also saw a similar increase. Buyers are going out this time of the year. And this is nothing new; historically, this has been happening for years.

See: Reno Real Estate's Demand

Point 2:

As other would-be sellers notice the uptrend in buyers, they would eventually join the party. Hence, if you wait until June or July, statistics show that you are guaranteed to have more competition.

See: Reno Real Estate: Supply

By showing these facts it is not my intention to tell you what to do.  What I'm asking you to do is give it some thought,challenge the idea and try to incorporate it to your specific situation. 

Every seller is different; there is no one-size-fit-all solution.   So use these facts to get a bird's eye view.  And maybe just maybe I have helped you save a few thousand dollars and two pounds of heartache.

Tanamera's Two Day Event

I've been hearing a lot from this luxury condominium homes south of Reno.  Check out their website they have nice amenities. 

I met up with someone who works their.  He told me that they have this special deal going on, something about achieving cash flow over the next 24 to 30 months.

When:  Friday & Saturday Feb. 1st & 2nd 10:00 am- 5:00 pm

The Offer:  Achieve a positive cash flow over the next 24 to 30 months.

Website:  http://tanameraresort.com