Lisa and Jim's Northern Nevada Real Estate Blog: Lisa Wetzel CDPE, SFR carsonvalleyland.com (RE/MAX Realty Affiliates)

Northern Nevada Real Estate … Live For Today!

Northern Nevada Real Estate … Live For Today  Northern Nevada Real Estate has changed dramatically in the past few years.  The words “Short Sale” and “Bank Owned” are now well known to the general public, but it wasn’t long ago when they were known to only a very few niche market real estate practitioners. Pricing is now at a low level that we never thought would be seen again after experiencing the high levels of yesteryear that induced so much investment giddiness.

Sellers yearning for 2005 pricing and Buyers trying to time the market are the norm today.  It is interesting to watch how each approaches the market.  Sellers often recognize the opportunities they have in replacing their property when they move.  Their perceived loss isn’t so hard to take when they realize what they can buy where they are going to enjoy their new job, kids/grandkids, climate, etc.   There is no need to wait for a price recovery for as this market rises so will the market they are moving to.   Why put your life on hold? 

Buyers today have the real estate opportunity equivalent to that of a 2005 Seller.  Prices are incredibly low, interest rates are lower than they have ever been, and Sellers are willing to sell.  Those ingredients make it seemingly the perfect time to be a Buyer.  The purchases you make today will be talked about as are the sales and non-sales of 2005.  Some acted, others hesitated.  How will you talk about your market experience in 2012 in the year 2019?

Whether buying or selling, it is important to buy what you want for you.  Don’t worry about what was, what is, or what may be.  Consider what the sale or purchase will do for you, and make your decision accordingly.  If you wait you won’t get moved, debt relief, the bigger house at a great price, the great price in today’s market, the joy and benefits of home ownership, etc.  When you truly understand your personal objectives of home ownership the decision will be easy and the rewards plenty today. 

What happens during a given real estate market is due to the circumstances of that market, the many tangible and intangible influences that affect pricing and vitality.  When they are removed the thing people most remember is price, but it is important to remember the contributing factors that impacted the pricing at the time.  When you look at a market be sure to look at it in the context of its time.  That is what you will be doing for your personal real estate decisions, and it is important to understand why other people did what they did when they did it.  This is an important perspective aid when assessing current sales or listings.  What motivated the Buyer or Seller?  Was there a need, or a specific detail of the transaction that contributed to the decision process of the Buyer or Seller?  Appraisers look for this on a regular basis to determine motivation.  You should too.

Our Advice:  What a ride it has been, from the highs of 2005 to our present market.  While Sellers lament for the 2005 values, Buyers will soon lament for the opportunities of 2012!  Find the property you want, determine what it means to you to have it, and make your offer accordingly.  Whatever you do, it is important that you act instead of watch.  Real estate is not a spectator sport.  Get off the sideline and into the game!  You’ll like the results with a good coach, your real estate Agent. 

These are the good ole days!  You are creating your memories right now.  We hope your memories are those of success, both Buyers and Sellers.  When it comes to choosing professionals to assist you with your real estate needs … Experience is Priceless!  Lisa Wetzel & Jim Valentine, CDPE, SFR, RE/MAX Realty Affiliates, 775-781-5472.

When it comes to choosing professionals to assist you with your real estate needs ... Experience is Priceless! Lisa Wetzel and Jim Valentine, CDPE, SFR, RE/MAX Realty Affiliates, 775-781-5472 carsonvalleyland@hotmail.com, www.carsonvalleyland.com

Real Estate Industry Changes in Northern Nevada Real Estate

As the real estate market in Northern Nevada changes so does the industry.  The industry extends beyond the real estate agents, and all are affected when changes occur.  Many things are happening now, and the industry is feeling it in different areas.  It is important to be aware of such changes if you are buying or selling. 

Inventory is getting low so the offer action is getting interesting.  If you are successful in getting a home under offer, beware of other challenges to your closing than the competing offerors that you just bested.  Things are beginning to enter a turmoil status and it is important that you are ready for the consequences. 

We’ve had many underwriting obstructions recently.  The reasons vary, but the similarities are that the reasoning is unreasonable.  We had had one circumstance where the buyer’s bank statement, W-2, check stubs, and foreman verification all confirmed employment as they all had the same national corporation as the source of employment funds.  Unbelievably, the underwriter asked for more.  There was no more to give.  Other underwriting delays have come from underwriters being “overworked” and behind.  There are many loans in process because of the market activity and the underwriters are getting inundated. That may explain some of the nonsensical underwriting requests as they try to buy time. 

Escrow companies, too, are getting burdened.  Where we used to get a new HUD-1 for a short sale update in a matter of hours, some are now taking days.  This is critical as it delays the short sale even longer than the extended period of time it already takes.  This is from good responsive escrow officers.  They are getting busy.  Many industry businesses reduced their staff.  It takes time to recognize a real volume change and staff accordingly.  New staff, even if experienced, must be trained to the new rules, regulations, policies and procedures.  The industry has changed dramatically over the past four years. 

Agents are getting busy.  If you’ve found your property send your agent the information to make an offer.  Your agent can send you an offer electronically, typically DocuSign in our area, to expedite things. Anxious to get on the market – they can send your listing via DocuSign as well.   It is important to get your offer in and compete rather than expect an Agent to chase you.  Help your agent help you in these accelerating times. 

Our Advice:  The market is changing, folks.  Interest rates have gone up a bit, but they are still exceptional.  Home prices are low, but you can count on them rising soon.  There are creaks and groans in assorted components of the real estate industry as things being to churn again. Allow some time for unexpected delays.  Recently we’ve seen many simple escrows delayed for unexpected and unnecessary reasons.  It is one of those markets where you must expect the unexpected and plan for such contingencies.  Give yourself some time and have understanding if the loan is hung up for inexplicable reasons.  It isn’t the Buyer’s fault if the loan has unexpected hiccups, and it isn’t the Seller’s fault if title quirks surprise the parties.  Everyone is being cautious and caution generates delays. 

Be sure you don’t get “timed out” of your transaction if there are complications.  Your agent should build in appropriate checks and balances that will keep you in the deal if you want to stay.  Be alert to protect your interests.  When it comes to choosing professionals to assist you with your real estate needs … Experience is Priceless! Lisa Wetzel & Jim Valentine, CDPE, SFR, RE/MAX Realty Affiliates, 775-781-5472.

When it comes to choosing professionals to assist you with your real estate needs ... Experience is Priceless! Lisa Wetzel and Jim Valentine, CDPE, SFR, RE/MAX Realty Affiliates, 775-781-5472 carsonvalleyland@hotmail.com, www.carsonvalleyland.com