It seems that the housing market is off to a solid start for 2016, even in our slowest month of the year. Even though sales are down 25% from December, they are up 3% from January of the previous year. Median home prices are currently down to $277,000 from $290,000 in December. All these numbers are positives from last year at this time and we should continue to see growth throughout the year. I expect a good year for the housing market in our area despite the national concerns of the stock market and interest rate hike. With the growth of our area, our housing market will reflect these changes and show the prosperity and bright future Reno is looking towards.
Follow the link below for more information and complete graphs:
Watch the video below for a complete summary of the January Market Condition:
One of the misconceptions I constantly see, especially among first time home buyers, is how much money you need to save before you can buy a home. What I want people to understand is that not only can you get an FHA loan, which only requires 3.5% down, but you may also qualify for a buyers assistance program. The program in particular that I am talking about, that every lender should be mentioning to first time home buyers, is the Home Is Possible grant. This down payment assistance program is available through the Nevada Housing Division. The Home Is Possible grant will give first time home buyers a 4% down payment assistance grant on an FHA loan. Let’s take a look at home important this is.
As I mentioned, the FHA loan only requires a down payment of 3.5%. This means that with a 4% grant, your entire down payment is taken care of and still leaves you a half of a percent towards your closing costs! Now let’s take a look at what this means in dollar amounts so you can really grasp how important this can be for you. On a $170,000 home, you are looking at an FHA down payment amount of $5,950. With title fees and closing costs added in as well you are looking at an out of pocket amount, roughly around $12,000. On a purchase price of $170,000, the 4% grant will provide you $6800 towards this cost. That means, after the grant, you will be able to purchase your first home for only $5200 out of pocket, upfront costs. Take into consideration these are only rough estimates and round numbers to give you an idea of what you are looking at. That big, scary down payment doesn’t look so terrifying now! The best part is, this puts you in a home you now own, and most likely your mortgage payments will be cheaper than renting a similar property. The even better news is, in the end, you now own a solid investment for years to come!
My goal here is to help you begin to understand that there are options out there and programs that can help you accomplish your dream of home ownership. I want to provide you with this information so you are well informed when it comes time to make that decision of your first home purchase. Please do not hesitate to reach out to me if you ever have any questions about this topic, or any other ways I can clarify certain aspects of the home buying experience for you.
Please follow the link below to find out even more about the Home is Possible grant:
When it comes time to sell your home, most sellers hate the idea of not only having people come through your private space, but also having to put more money into something they are getting rid of. What sellers do not realize though, is that $300 repair you need to make can actually add thousands to the value of your home, simply by showing the buyers this home is in pristine, move-in condition. Even small upgrades that are easy on the wallet can add immense value to the home. What sellers need to realize is that they are selling a product, and that product needs to come across in the best light possible.
It is our job as Realtors to assist our clients in viewing the home as a potential buyer. How would you see your property if you were viewing it as a potential buyer? What improvements would you make to the property, or what areas need some repairs or freshening up? Address these problems ahead of time and let your home rise above the rest as the cleanest, move-in ready home in the area.
Appearance really does matter when it comes to listing your property. It has been shown that homes for sale that are properly staged can sell for an additional 15% profit and close, on average, 30% sooner. This means that by simply giving the home a proper appearance, you can make more money in less time. So when it comes time to put your home up for sale, remember how big of an impact appearance has and that a little bit of work can go a long way to netting you a larger profit in the end.
Here is an idea of some cheaper improvements that can really add value to your home: