Fernley, NV Real Estate News

By Sandra Mathewson, CRS, CLHMS, ABR, SRES, GRI,CDPE, PSA, SFR
(RE/MAX 4000)
Summary: We are continuing to see settling in the median price and the news is "the affordability door is open to buyers".  This means that a single-income household, earning approximately $12.00 per hour, can now afford the median price home in Fernley. Fernley Homes Median Sales Price April 2011 median price decreased by 3.1% to $79,950 compared to $94,950 in March 2011. The median price is down 13.9% from the prior April. Median price is defined as the mid-point, the price half of the sales for the time frame are below and half are above. Fernley Homes Sold April ended the month with 40 sold transactions a decrease of 17.4% from the prior month, and seven sales off from April 2010, which was influenced by the $8,000 First-Time Buyers tax credit. Sales were down 17.3% from the same pe...
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By Sandra Mathewson, CRS, CLHMS, ABR, SRES, GRI,CDPE, PSA, SFR
(RE/MAX 4000)
Summary: March 2011 is the fourth highest month for unit sales for a March since 1989 and only two unit sales off March 2010, which was influenced by the tax credit. With the current affordable median sales prices and historic low interest rates, individuals and familes are finding that there are tremendous housing deals to be found.  An individual or family with an income of about $24,000 can afford the median price home in the Fernley area. Fernley Median Sales Price March 2011 median price decreased by 12.9% to $94,950 compared to $109,000 in February 2011. The median price is down 6.9%  from the prior March. In the last 14 months, with the exception of the high in April and the low in January, prices have been selling within a $15,000 spread. Median price is defined as the mid-poin...
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By Sandra Mathewson, CRS, CLHMS, ABR, SRES, GRI,CDPE, PSA, SFR
(RE/MAX 4000)
Summary Sales of single family homes in Fernley are at a 2008 sales rates, prior to the influence of tax incentives.  This trend paired with the fact that median sales prices have stayed fairly level for 13 consecutive months is a good sign for the Fernley housing market.  Although it is impossible to say if we have hit bottom and are now rebounding, we reamin cautiously optimistic. Fernley Homes Median Sales Price February2011 median price increased by 43.4% to $109,000 compared to $76,000 in January 2011. The median price is up 4.0% from the prior February. Median price is defined as the mid-point, the price half of the sales for the time frame are below and half are above. Fernley Homes Sold February ended the month with 25 sold transactions a decrease of 7.4% from the prior month. ...
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By Sandra Mathewson, CRS, CLHMS, ABR, SRES, GRI,CDPE, PSA, SFR
(RE/MAX 4000)
USDA Home Loans will be having a major change come the fall of 2011...What's the major change?  USDA Loans will now have annual mortgage insurance, which is also known as monthly mortgage insurance (MIP).  The change in the program begins October 1, 2011. The charge will be .30 basis points, look at the example below: A change to the USDA Loan program will impact first time home buyers the most. As you can see, currently, there is no monthly mortgage insurance.  The monthly fee will be be based on the guaranteed loan amount.  You can use simple math and for every $50,000 the monthly mortgage insurance will be be $12.50.  For a $100,000 loan amount, your monthly mortgage insurance will be $25.00 a month.  When doing a USDA loan, it won't be this exact because of the formula that is used...
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By Sandra Mathewson, CRS, CLHMS, ABR, SRES, GRI,CDPE, PSA, SFR
(RE/MAX 4000)
Summary: Although there was a drop in sales month-over-month, we can attribute the drop in numbers to the fact that many buyers rushed to purchase a home in December for the tax implications.  It is fairly normal to see this type of month-over-month decrease in unit sales from December to January. Fernley's January sales were down slightly from January 2010 and up from 2009. Fernley Median Sales Price January 2011 median price decreased by 22.3% to $76,000 compared to $97,850 in December 2010. The median price is down 35.6% from the prior January, the lowest January in more than a decade. Median price is defined as the mid-point, half of the sales for the time frame are below and half are above. Fernley Number of Homes Sold January ended the month with 27 sold transactions a decrease o...
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By Sandra Mathewson, CRS, CLHMS, ABR, SRES, GRI,CDPE, PSA, SFR
(RE/MAX 4000)
Do you have any home improvement plans lined up for your home in the New Year?  The following online programs are free and offer a great way to design your home projects before you start: Autodesk Homestyler is created by the same company that makes AutoCAD architectural software.  This robust, easy-to-use application lets you arrange and design your project by simply dragging and dropping elements such as windows and doors, furniture and applicances. Google Sketchup is a sophisticated software application that lets you build 3D models of your home.  Online video tutorials will help you get started.  Users can upload their creations to a shared database where you can peruse others' works for inspiration. Ikea Planner lets you build a room and furnish it with Ikea products. For minor up...
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By Sandra Mathewson, CRS, CLHMS, ABR, SRES, GRI,CDPE, PSA, SFR
(RE/MAX 4000)
In December of 2010, the new  energy efficient facilty was dedicated.  The school was named after Silverland Dairy, which was owned and operated by the Anderson family in the early 1900's.  Although the school provides high technology and modern day energy efficient equipment, inside the school's hallways are murals of Fernley's past, includung an old grocerty store and an old one room school house, to name a few. The 30 acre property is now home to 565 seventh and eigth graders, who chose their school colors to be black and orange and the mascot to be the Vaqueros. The school was constructed to maximize student learning environment and thus emphasis was placed on lighting, sound and comfort. The school was also designed to be energy efficient and each class has shading devises and tubu...
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By Sandra Mathewson, CRS, CLHMS, ABR, SRES, GRI,CDPE, PSA, SFR
(RE/MAX 4000)
Summary: This past year was one of leveling median sales prices and an artificial stimulus of sales as a result of government incentives as indicated by the year-over-year statistics.  We are cautiously optimistic that 2011 will be yet another year of stabilization of pricing and sales without incentives. Fernley Homes Median Sales Price December 2010 median price decreased by 11.0% to $97,850 compared to $110,000 in November 2010. The median sales price has been relatively stable for the past eight months. The median price is down only 2.6% from the prior December, a significant improvement over prior year-over-year median price comparisons. Median price is defined as the mid-point, half of the sales for the time frame are below and half are above. Fernley Number of Homes Sold Decembe...
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By Sandra Mathewson, CRS, CLHMS, ABR, SRES, GRI,CDPE, PSA, SFR
(RE/MAX 4000)
In Fernley, we are very fortunate to have Jerome (Jerry) Mansker who is a very talented photographer. Jerry put this beautiful portfolio together of the Fernley and surrounding area landscape. You can reach Jerry at jeromemanskerphotography@hotmail.com
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By Sandra Mathewson, CRS, CLHMS, ABR, SRES, GRI,CDPE, PSA, SFR
(RE/MAX 4000)
Reader's Digest is holding a contest called "We Hear You America", where they will be awarding more than $5 million in funds and promotional support to 100 towns and cities across the U.S.   The money can be used to promote things like tourism, civic works, job growth and economic development.  Let's make Fernley one of those cities! Here's how it works...click on this link.....http://wehearyouamerica.readersdigest.com/town.jsp?town=FERNLEY&state=NV  and register, it only takes a minute.  From there, click on the blue "Cheer"  button on the left side of the page.  You can do this up to ten times.  Each vote for (or cheer) helps boost Fernley's ranking.  Today, we are ranked 284th, with 469 votes!  Not bad out of 400 cities. Any cheering you can do would really help Fernley.  You can vo...
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By Sandra Mathewson, CRS, CLHMS, ABR, SRES, GRI,CDPE, PSA, SFR
(RE/MAX 4000)
Summary We continue to see a mostly sideways trend in year-over-year median sales price.  As we approach 2011, we are hopeful that these trends will continue in the new year and the median sales price movement becomes less volatile.  This stabilization will assist buyers and sellers alike.     Fernley Homes Median Sales Price November 2010 median home price increased by 11.1% to $110,000 compared to $99,000 in October 2010. The median home sales price has been stable for the past seven months. Median home price is defined as the mid-point, half of the sales for the time frame are below and half are above. Fernley Homes Sold November ended the month with 41 sold transactions an increase of 5.1% from the prior month, the fourth consecutive month of increased sales. Sales were down 18% ov...
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By Sandra Mathewson, CRS, CLHMS, ABR, SRES, GRI,CDPE, PSA, SFR
(RE/MAX 4000)
  NASCAR and Reno-Fernley Raceway announced that the .375 mile banked clay oval will be part of the NASCAR Whelen All-American Series beginning in 2011 The desert jewel is located 30 miles east of Reno, Nevada, just south of Fernley, Nevada.  It originally opened in 1998 and the natural terrain provided a bowl-like setting for the track. The facility is owned by Rich Cable and promoted by Jan Hodges.  It will host NASCAR sanctioned races on Saturday nights and dirt Modifieds will be The Oval's Division 1. The racetract is considered to have the fastest three-eights mile clay oval in the west.  The series' format is a winning situation for Reno-Fernley Raceway's drivers, teams, fans and sponsors. "NASCAR was founded on dirt tracks and Reno-Fernley Raceway is a great place to be for fans ...
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By Sandra Mathewson, CRS, CLHMS, ABR, SRES, GRI,CDPE, PSA, SFR
(RE/MAX 4000)
Fernley Homes and Fernley Real Estate Market Report MLS Statistics for October 2010       Summary As colder weather months are upon us, we expect to see a slight seasonal downturn in the number of home sales. We are continuing to see only small decreases in median sales prices from a month-over-month and year-over-year perspective.  As we had anticipated, these numbers again indicate that we are experiencing a leveling of the market. Fernley Median Sales Price October 2010 median price decreased by 5.3% to $99,450 compared to $105,000 in September 2010. The median sales price has been stable for the past six months. Median price is defined as the mid-point, half of the sales for the time frame are below and half are above. Fernley Homes Sold October ended the month with 38 sold transac...
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By Sandra Mathewson, CRS, CLHMS, ABR, SRES, GRI,CDPE, PSA, SFR
(RE/MAX 4000)
Fernley Homes and Fernley Real Estate Summary: Fernley Homes Median Sales Price September 2010 median price increased by 1% to $105,000 compared to $103,750 in August 2010. The median sales price has been relatively stable for the past sixteen months. Median price is defined as the mid-point, half of the sales for the time frame are below and half are above.   Fernley Homes Sold September ended the month with 32 sold transactions an increase of 6.7% from the prior month. Sales were down 20% over the same period last year. Fernley Homes Average Days on Market The average days on market is down to 97 days, a decrease of 16.4% from the prior month. Fernley Homes Sold-to-asking-price Ratio September reported sales received an average of 99.7% of the seller's asking price. Fernley Homes New...
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By Sandra Mathewson, CRS, CLHMS, ABR, SRES, GRI,CDPE, PSA, SFR
(RE/MAX 4000)
Fernley Homes and Real Estate monthly report provides information on homes sold, homes for sale, bank-owned and short statistics for Fernley, Nevada. Summary The median sales prices continues to  level out, and we remain cautiously optimistic that this trend will continue.  However, for the remainder of 2010 we are returning to a real estate market that is no longer motivated by buyer tax credits and other government interventions.  The comparisons we make with the prior year will continue to use non-incentive sales from this year to compare with last Fall sales to meet the old November 30, 2009 tax credit deadline. Fernley Homes Median Sales Price August 2010 median price decreased by 2.3% to $105,000 compared to $107,500 in July 2010. The median sales price has been relatively stable...
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By Sandra Mathewson, CRS, CLHMS, ABR, SRES, GRI,CDPE, PSA, SFR
(RE/MAX 4000)
Fernley homes and real estate monthly report provides information on homes sold, home for sale, bank owned and short sale statistics in Fernley, Nevada. In July, we experienced an anticipated letdown in the number of existing home sales following the five year record set in June which was driven by the deadline to close sales qualifying for the $8000 tax credit by June 30th. The July numbers for new pending sales remain strong, an important leading indicator for the coming months that indicate continued demand for resale homes.  Pending sales taken together with the rise in the July 2010 median sales price over June 2010 and a slight increase in the median price year-over-year and July marks the continuation of some welcome positive indicators.  In the context of less favorable general...
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By Sandra Mathewson, CRS, CLHMS, ABR, SRES, GRI,CDPE, PSA, SFR
(RE/MAX 4000)
Looking for a bank owned home in Fernley? If you are looking for a home in Fernley and have a pre-approval from a lender, you may want to know about the bank owned and HUD homes available this week. With the expiration of the First Time Homebuyer Tax Credit sales have slowed down.  The patient home buyers will get the best deals.  There are 5 new listings this week, something for everyone in different price ranges and square footage. Let's start with the bank owned listings: Donner Trails, 3 bedroom, 2 bath 1158 square feet, built in 2005 with upgraded black appliances.  This is a super buy at $79,900. Sierra Vista subdivision a 3 bedroom, 2 bath with a 2 car garage and 2121 square feet on a .21 corner lot.  This spacious home was built in 2004 and is priced at $119,900. Desert Lakes G...
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By Sandra Mathewson, CRS, CLHMS, ABR, SRES, GRI,CDPE, PSA, SFR
(RE/MAX 4000)
Do you have a home to rent in Fernley or Sparks and are tired of the amount of time it takes?   For many investors, managing rental properties is their passion.  However, often times when the "hands-on" day-to-day job starts to feel overwhelming, that's when landlords begin looking for help.  Let's take a look at some of the most popular signs that it's time to consider a property manager. You have a lot of rental properties One or two properties are usually manageable for a landlord.  Yet, once you start taking on multiple units, the work and the potential problems multiply right along with them.  While some people are good at juggling the responsibilities, others quickly find that the task list and time commitment is simply too much.  Delegating the day-to-day responsibilities to a p...
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By Sandra Mathewson, CRS, CLHMS, ABR, SRES, GRI,CDPE, PSA, SFR
(RE/MAX 4000)
Fannie Mae's new policy to encourage distressed borrowers to agree to deeds-in-lieu of foreclosure, is reducing the waiting period from four years to two years for the distressed borrowers to become eligible for a new mortgage. The new policy will apply to loan applications submitted after June 30, 2010,  requires a minimum downpayment of 20 percent from borrowers who have agreed to a deed-in-lieu within the past two years.  Borrowers with a deed-in-lieu in the past two to four years will be required to put 10 percent down to be considered for a Fannie Mae backed loan. Borrowers who lost their homes due to "extenuating circumstances" beyond their control, such as the loss of a job, illness or divorce can put as little as 10 percent down after two years. Those loan-to-value ratios will ...
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