Fernley, NV Real Estate News

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 sales statistics. Summary: "As anticipated, we saw an increase in the volume of closed sales during the month of June, many by buyers who were attempting to get in under the June 30 deadline to close deals in order to qualify for the tax credit.  It wasn't until the midnight hour that Congress extended the deadline to those buyers who, through no fault of their own, were unable to meet the deadline.  As a result of that extension, buyers who qualified for the tax credit and were under contract by April 30th, now have until September 30, 2010 to close the transaction," said Ken Amundson, 2010 president of Reno/Sparks Association of REALTORS.  "Although we are remaining ...
Comments 2
By Sandra Mathewson, CRS, CLHMS, ABR, SRES, GRI,CDPE, PSA, SFR
(RE/MAX 4000)
If it's a short sale why does it take so long? In reality, the "short" in short sale has nothing to do with timing.  Short sales usually take many months, longer than a traditional real estate transaction, running anywhere from 3 to 8 months-plus, on average from contract to closing!  There are some that I have successfully closed in 2-3 months. The only thing short in a short sale is the sales price, it is less than, or "short" of, the amount the seller would need to pay off all the loans and outstanding obligations (tax liens, delinquent HOA dues, etc) against the property.  In these situations, unless the seller is willing to write a check to make up the difference, their lender(s) must agree to forgive the shortfall in order for the sale of the property to close. But most short sal...
Comments 7
By Sandra Mathewson, CRS, CLHMS, ABR, SRES, GRI,CDPE, PSA, SFR
(RE/MAX 4000)
 If you are looking for a home in Reno, Sparks or Fernley, Nevada, you should consider a HUD home. What is a HUD Home? If a loan insured by the Federal Housing Administration (FHA) goes into default, the lender must take steps to collect on the loan.  This may result in the lender taking possession of the collateral Real Estate.  If this occurs, the lender may submit a claim against the FHA insurance fund and convey ownership of the property to the United States Department of Housing and Urban Development (HUD).  HUD in turn sells the property at market value as quickly as possible. In Nevada, the authorized HUD contractor is Michaelson Connor & Boul, a Marketing and Management contractor for HUD owned residential properties, 1 to 4 units and they sell these properties in accordance wit...
Comments 0
By Sandra Mathewson, CRS, CLHMS, ABR, SRES, GRI,CDPE, PSA, SFR
(RE/MAX 4000)
The expiration of the tax credit appears to have an impact on sales.  The May 2010 median price was down about 14% to $107,000 compared to $124,900 in April 2010. The median sales price has been relatively stable for the past twelve months.  Median price is defined as the mid-point, half of the sales for the time frame are below and half are above. May ended the month with 35 sold transactions down 25% from the prior month.  Sales were down 18% over the same period last year. The average days on market remains relative stable at 126 days, down less than 1% from the prior month. 49 new listings were taken in May compared to 47 in April, a less than 1% increase.  71% of new May listings were distressed. May reported sales received an average of 98.7% of the seller's asking price. May med...
Comments 0
By Sandra Mathewson, CRS, CLHMS, ABR, SRES, GRI,CDPE, PSA, SFR
(RE/MAX 4000)
The city of Fernley is located in Lyon County, Nevada.  Homesteading your property allows your asset to be protected from forced sale, particularly claimants to bankruptcy. However, it does not exempt your property from sale in order to pay taxes. The state of Nevada increased the amount of protection by $200,000 dollars beginning in 2007, increasing the total amount of protection to $550,000.  A homestead declaration must be recorded.  Rental properties are not able to be homesteaded in the state of Nevada.  Property that is eligible for homestead in the state of Nevada includes:  mobile homes, property/land with a dwelling on it or a condominium. First, find your home's assessor parcel number (APN).  Each property has an address; however, the address is not the assessor parcel number...
Comments 0
By Sandra Mathewson, CRS, CLHMS, ABR, SRES, GRI,CDPE, PSA, SFR
(RE/MAX 4000)
May 31, 2010 by Sandra Mathewson · Leave a Comment (Edit) The Fernley Swimming Pool will open its new Splash Park over the Memorial Day Weekend (May 29-31). The Splash Park will include water mists, tunnels, water bugs and other water features.  The Splash Park will be open on May 29 from 12:30-3:30 p.m. and 4-7 p.m. and on May 31 from noon-to 3 p.m.  The Splash Park is anticipated to be open for 11 weeks in the summer. Admission for the Splash Park is $2 for children over two years old.  Families can purchase a Splash Pass for $75 for residents and $85 for non-residents.  The passes allow for 30 visits for a family of five.  The passes are seasonal and will only be valid during the summer months. The Pool Board is holding a Name the Clown Fish slide contest.  Residents can drop off sug...
Comments 0
By Sandra Mathewson, CRS, CLHMS, ABR, SRES, GRI,CDPE, PSA, SFR
(RE/MAX 4000)
  Fernley, Nevada Home Sales   The first quarter housing report indicated that the numbers continue to show that the housing market in northern Nevada is stabilizing.  Reno Sparks Association of Realtors, 2010 President, Ken Amundson said, "We remain cautiously optimistic about these numbers and hope to see more of this stabilization over the next few months."   Median Sales Price April 2010 median price was up about 25% to $124,900 compared to $100,000 in March 2010. Number of Units Sold April ended the month with 47 sold transactions down about 11% from the prior month. Sales have been relatively constant over the prior year. Sold-to-asking-price Ratio April reported sales received an average of 101% of the seller's asking price. Average Days on Market The average days on market incr...
Comments 0
By April Diehl, Local Expertise National Strength
(Caliber Home Loans)
Review of Last Week IT'S ALL GREEK TO WALL STREET... The stock market ended down after a volatile week whose off-putting news ranged from Greece to Washington to the Gulf of Mexico. Greek bonds were downgraded to junk, while Portugal and Spain got downgrades too. Goldman Sachs execs were grilled in Washington, then Friday came news of a federal criminal probe into the firm. Finally, energy stocks got hammered following a terrible oil spill in the Gulf of Mexico. In spite of these unfortunate events, the economy continued to offer up signs of recovery. On Tuesday, following the Case-Shiller annual home price INCREASE reported above, we got a big boost in the Conference Board's consumer confidence number for April. The 57.9 reading put it at its highest level since August 2008. The week e...
Comments 1
By Sandra Mathewson, CRS, CLHMS, ABR, SRES, GRI,CDPE, PSA, SFR
(RE/MAX 4000)
  Fernley has new businesses coming in and the community is working together to support each other and make it through the recession. As we move into 2010, median sales price levels continue to fluctuate monthly within a very narrow range, said Ken Amundson, 2010 president of Reno/Sparks Association of REALTORS.  However, we need to see this trend continue for several more months before we can say that we have reached the bottom of the market." SALES February ended the month with 38 sold transactions as compared to 37 for the month of January - a 3% increase over the previous month and a 5% decrease over the same perior last year. Sales Mix: Bank Owned unit sales decreased in February at 14 compared to 15 in January.  Bank owned sales represent 37% of the sales, down from 41% reported i...
Comments 0
By Sandra Mathewson, CRS, CLHMS, ABR, SRES, GRI,CDPE, PSA, SFR
(RE/MAX 4000)
"The increased number of home buyers continue to show that northern Nevadans are taking advantage of affordabiy priced homes, the extended $8000 first time home buyer tax credit, the new repeat homeowner tax credit of $6500 and low mortgage interest rates, said Ken Amundson, 2010 president of Reno/Sparks Association of Realtors.  The numbers also continue to show that this is a great place to live! Sales: January ended the month with 37 sold transactions as compared to 54 for the month of December - a 46% decrease over the previous month and a 32% increase over the same period last year. Sales Mix: Bank Owned unit sales decreased in January at 15 compared to 21 in December.  Bank owned sales represent 41% of the sales, up from 39% reported in December. Short Sales decreased to 9 in Janu...
Comments 0
By Sandra Mathewson, CRS, CLHMS, ABR, SRES, GRI,CDPE, PSA, SFR
(RE/MAX 4000)
Well....it's not all bad.  "There were many positive signs that we can point to including, the fact that more people purchased homes in 2009 in every quarter than the previous year and median home prices have remained stable for the past four months, said Ken Amundson, 2010 President of Reno/Sparks Association of REALTORS. 4th quarter sales were reported at 167 up 10% from the 3rd quarter 2009 and up 78% over the 4th quarter 2008.  Total sales for 2009 were 579, up 69% over 2008. December 2009 ended the month with 54 sold transactions as compared to 49 for the month of November -  a 10% increase over the previous month and a 69% increase over the same period last year. Sales mix: Bank Owned unit sales were down in December to 21 as compared to 26 in November.  Bank Owned represent 39% ...
Comments 0
By Sandra Mathewson, CRS, CLHMS, ABR, SRES, GRI,CDPE, PSA, SFR
(RE/MAX 4000)
The economic downturn of the last 12-18 months has left many businesses and homeowners struggling to stay afloat.  For those with real estate holdings, home sales have largely slumped across the United States, where an abundance of unsold properties continue to dot the landscape. The Housing and Economic Recovery Act of 2008 established a tax credit for first-time homebuyers that can be worth up to $7,500, in an effort to revitalize the housing market. The tax credit has since been increased and extended through The Worker, Homeownership and Business Assistance Act of 2009, signed into law on November 6, 2009.  The Act extends and expands the tax credit allowed by previous acts. The new Act extends the deadline for qualifying home purchases from Nov. 30, 2009 to April 30, 2010.  Additio...
Comments 0
By Sandra Mathewson, CRS, CLHMS, ABR, SRES, GRI,CDPE, PSA, SFR
(RE/MAX 4000)
The residential housing market has been strong since early summer. Typically sales slow down during the holidays. and we are seeing a decrease in month-over-month sales, but the numbers continue to show a strong year-over-year increase in sales volume.  Median sales prices slightly dropped continuing the flat pricing trend that we have seen over the past six months. We anticipate steady sales moving through the holidays and into the first quarter of 2010, with buyers responding to the extension and expansion of the home buyer tax credit and exceptionally affordable interest rates. SALES:  November ended the month with 49 sold transactions as compared to 62 for October, a 21% decrease over the previous month and an 88% increase over the same period last year (2008). SALES MIX:  Bank owne...
Comments 0
By Sandra Mathewson, CRS, CLHMS, ABR, SRES, GRI,CDPE, PSA, SFR
(RE/MAX 4000)
Mike Glass, Lyon County Assessor said that "after major reductions in assessed valuation figures last year on property in Lyon County, there will be more of the same for next year" Mr. Glass presented the Lyon County Commissioners with information from single family residence sales through June 30, 2009, and value factors that would be used in determining the assessed valuations of land for fiscal year 2010-11. The lower assessed valuation figures don't result in property tax bill reductions in that same amount as the state's growth cap on assessed values of 3 percent (residential) and 8 percent (commercial and multi-residential) has capped property tax increases in prior years when the assessed valuation based on land values was skyrocketing during the real estate boom years.  But it m...
Comments 0
By Sandra Mathewson, CRS, CLHMS, ABR, SRES, GRI,CDPE, PSA, SFR
(RE/MAX 4000)
    December 5th was a cold winter night but that didn't stop the people from bundling up and going on the tour. The first house was the "Art House" and featured some of our finest artists with their designs available for Christmas gift giving. Mary Jean Kelso, an award winning children's author was there with her collection of books. The 5 homes on the tour were decorated in different themes.  Each one served delicious refreshments donated from our sponsors. At the end, we stopped by City Hall for a look at the decorations and Christmas Tree Festival. Take a look at the 2009 Fernley Christmas Tour  Visit "Fernley, Nevada" Facebook page to see all the photos.  There you find information about the community, events and many photo albums of schools, businesses and shopping etc.    
Comments 0
By Sandra Mathewson, CRS, CLHMS, ABR, SRES, GRI,CDPE, PSA, SFR
(RE/MAX 4000)
 Fernley has shrugged off the  high "distressed Property" designation  title by the lending industry and just continues to churn out sales. Majority of the buyers are First Time Buyers and they are getting the deals and the $8000 tax credit. October's numbers are still keeping pace with the past 7 months: Total sales of residential homes in Fernley are 60 for the month of October.  The golf course had 5 sales: Two bank owned both sold for $143,000, 3 short sales sold for $120,000,  $143,000 and $132,500 The rest of Fernley had 55 sales: 30 bank owned with an average price of $97,710 and $59 per sqft 9 short sales with an average price $114,9555 and $61 per sqft 16 regular seller with an average price of $131,893 and $78 per sq.ft. November started off with 257 listings city wide. The go...
Comments 0
By Sandra Mathewson, CRS, CLHMS, ABR, SRES, GRI,CDPE, PSA, SFR
(RE/MAX 4000)
  Located 32 miles east of Reno on Interstate 80, where 80 meets U.S. Highway 50 and U.S. Alternate 95. Our population is approximately 18,000 and the landscape is mostly desert with the mountains as a backdrop. The town was established in the early 1900's,  we incorporated and became a city in 2001.  Since then, a lot of changes have come our way, but we still remain the family oriented small town that drew most of its current residents. We have bright blue skies almost year-round, 4 seasons and mild winters.  An abundance of recreational opportunities and in close proximity are Pyramid Lake and Lake Lahontan and thousands of acres of Bureau of Land Management (BLM) land for public use. Affordable housing is our big draw right now.  We started 2009 as a "distressed property" area, but ...
Comments 0
By Sandra Mathewson, CRS, CLHMS, ABR, SRES, GRI,CDPE, PSA, SFR
(RE/MAX 4000)
I wanted to tell you about a free new service to you called ListingBook.com If you are thinking about buying or selling, already in the process, Listingbook is your destination for real estate information YOUR WAY. Listingbook provides complete, up-to-the-minute real estate information, straight from the Multiple Listing Service Come on over and sign up today to get the most up to date information available to help you stay informed. For Buyers • Conducts instant property searches • Obtains personalized service from agents • Communicates instantly with agents • 24/7 in-depth detail on properties • Price history • Photos • Days on market • Price reduction notifications • New listing alerts and more   For Sellers • Compares area sales in their neighborhoods • Obtains showing feedback from...
Comments 5
By Sandra Mathewson, CRS, CLHMS, ABR, SRES, GRI,CDPE, PSA, SFR
(RE/MAX 4000)
    The housing market is still thriving in Fernley, a total of 53 sales for the month of September. It is crunch time for the $8000 First Time Homebuyer Tax Credit.   The golf course community had 5 sales as follows: 4 bank owned list price high $143,000 low  $77,900  average  $100,460 Sold price high $143,000 low  $81,400  average  $109,980 Average days on market 56 days, average $66.00 sq.ft.   1 short sale listed for $139,900 sold for $139,000   The rest of Fernley had 47 sales:   29 bank owned: List price high  $160,000  low  $48,900  average  $82,463 Sold price high $168,000 low  $48,000 average $85,889 Average days on market 77 days average $56 sq.ft.   12 short sales List price high  $169,900  low  $39,000  average  $103,016 Sold price high $170,150 low $60,000  average  $103,38...
Comments 0
By Sandra Mathewson, CRS, CLHMS, ABR, SRES, GRI,CDPE, PSA, SFR
(RE/MAX 4000)
Sales of homes in Fernley are proof that the town intends to recover from the stigma of the foreclosures.  August was another month of record resales. How can you not love a town like Fernley? August had 57 homes sold, 6 in the golf course and 51 in the rest of Fernley.  Here is how it breaks down: Fernley, 51 homes sold: 32 bank owned homes: list price high $176,920  low  $42,000  average  $102,348 sold price high $173,000  low  $45,000  average  $102,932 average days on market were 93  average $59 per sq.ft. 12 short sales: list price high  $179,500  low  $69,900  average  $131,466 sold price high $186,000  low  $60,000  average  $131,466 average days on market 130 7 regular seller (not distressed) sales: list price high  $229,900  low  $199,900  average  $160,914 sold price high $199...
Comments 0