As temps begin to cool and we enter the thankfulness season, we’re reminded even more of our blessings, and if you’re reading this, YOU are one of our blessings! Thank you for your continued business and referrals–YOU are why we love real estate.
It’s our intention to be a one-stop resource for you, your family, and your friends. Each month, we’ll share high-value, helpful information to enrich your homeownership experience and your lifestyle. If you have a particular topic that you’d like us to cover in a future issue, reach out anytime. We’ve cherry-picked several topics just for you this month–let’s take a look:
- Home Price Deceleration vs. Depreciation
- Winterize Your Home “To Do” List
- Local Events
- Get Your Free 9V Battery from Alan
- What We’re Talking About Online
- Real Estate Market Update
- Words from Our Clients
- A Favorite Quote
If you have questions about anything local or real estate related, consider our Team a resource. If you or someone you know is thinking of making a move, we’re always happy to help.
Sincerely,
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You’ve probably heard all the news about “home prices are going down.” Let’s explore what’s actually happening in the real estate market.
Home prices escalated at an above-average pace for the last two years. In fact, earlier this year a home seller would expect a flurry of showings followed by a flurry of offers and most likely a final sales price over the original list price. That’s when interest rates were hovering around 3% for a conventional 30-year mortgage. Today, the conventional rate is fluctuating around 7% – the historical average. Even though 7% is historically a good rate, the rapid rise caused buyers to pause and take a breath. The result is slowed activity.
In a few short weeks, buyers went from offering over list price to secure a contract to offering around list price with little competition from other buyers. With the increase in rates, houses aren’t flying off the market, and sellers are being more realistic with their pricing. The rise in interest rates has not caused a drop in home values because there are still plenty of buyers and not enough houses for sale. In fact, home prices this year are expected to increase by 8%. In 2023, the forecast is for values to rise 3-5%, which is normal appreciation. So . . . when the news says home prices are going down, that simply means home prices are not appreciating as fast as they have over the past two years.
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Thinking of Buying a Home Soon?
If you’re planning to buy a home in the next 6 months, you’ll want a copy of our Free consumer guide, “7 Secrets For Saving Thousands When Financing Your Next Home.” Our report will help you avoid frustrations and costly pitfalls when buying a home. Simply call Alan at 775-742-2591 or Magda at 775-284-2615, or send us an email by clicking the button below:
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It’s time to think about winterizing your house, no matter whether you’ll be there all winter or plan to be away for an extended period. The tasks aren’t overwhelming when you prepare for winter one step at a time, and if you plan to be home, you’ll be glad you did, because the steps you take will protect your property and save you dollars in heating costs.
Seal Leaks Around Doors and Windows
- Add or replace worn weather-stripping around doors and windows.
- Caulk gaps where necessary.
- Replace worn door stops at the bottom of doors.
- If you have them, install storm doors and windows.
- Don’t forget to winterize basement windows.
- Replace old windows with energy efficient windows.
Check the Roof & Its Neighbors
- Replace loose shingles.
- Make sure the flashing around the chimney or vent pipes is watertight.
- Check the bricks and mortar.
- Install a screen at the top of the chimney to keep leaves and other items out.
- Clean drain gutters and point downspouts away from the house.
- Trim tree limbs that are hanging over or touching the roof.
View and/or download the full checklist by clicking the button below:
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Paintings by Mahsan Ghazianzad and Maria Dante
October 11 through November 11, 2022 | 8 am to 5 pm
Sierra Arts Riverside Gallery: 17 S Virginia St, Ste 120
Nevada Wolf Pack Football vs. Boise State
Saturday, November 12, 2022 | 7:30 pm
Mackay Stadium
Reno Wine Walk
Saturday, November 12, 2022 | 2 pm to 5 pm
The Riverwalk in Downtown Reno
AMA EnduroCross
Saturday, November 19, 2022 | Doors Open at 6 pm
Reno-Sparks Livestock Events Center
Wobble Before You Gobble
Thursday, November 24, 2022 | 8:30 am to 12 pm
Reno City Plaza on First St
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Would You Like to Know How Much Your
Neighbor’s Home Listed or Sold for?
Maybe you’re just curious. Or maybe you want to know how much your home is worth. Either way, we can help…with no “sales pitches” or run-arounds. Call either Alan at 775-742-2519 or Magda at 775-284-2615 and we’ll give you all the facts. Or, click on the button below to send us an email:
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“Never give up, for that is just the place and time that the tide will turn.”
–Harriet Beecher Stowe, Author
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If you know of anyone that would find these tips, updates, and headlines interesting, feel free to share!
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