Minden Village Homes Sold Since June 1, 2010

• No Sales to Report

Minden Village Homes Under Contract

• 1658 East Minden Village Loop – Offered at $189,000 (short sale) – 3 bedrooms, 2 baths, 2 car garage – 1,523SF
• 1638 West Minden Village Loop – Offered at $182,500 (short sale) – 3 bedrooms, 1 bath, 2 car garage – 1,591SF

Minden Village Homes Available for Sale (as of November 11, 2010)

• 1670 East Minden Village Loop – Offered at $179,900 (short sale) – 3 bedrooms, 2 baths, 2 car garage – 1,682SF
• 1668 East Minden Village Loop – Offered at $160,000 (bank owned) – 3 bedrooms, 2 baths, 2 car garage – 1,523SF

Data is as per the Northern Nevada Regional Multiple Listing Service as of November 11, 2010

REO means real estate owned and is the common term for bank owned property. Buying a Carson Valley REO can be an easy process not unlike a typical traditional purchase. The ease at which the transaction is accomplished can be directly attributed to the listing and selling agent’s willingness to work together to overcome obstacles.

Carson Valley Bank Owned Homes (or REOs) are usually sold in “As-Is” condition meaning that the Seller is unwilling to make repairs to the property. When we do our brokers price opinion that is used by the Seller to help determine the selling price, we list repairs that we discover. The Seller evaluates the cost to repair versus the gain in value attributed to the repairs. Most often the Seller chooses to sell the property “As-Is”. On the other hand we have seen some of our Sellers choose to make the repairs before the property is listed for sale. A property in average condition for the neighborhood will sell closer to the asking price and in a shorter amount of time than a property in fair or poor condition. One of the categories for the price recommendation is “lender required repairs”. It is here that we list repairs that we know a lender will require to fund a loan for the property. These are usually health and safety issues that might be present at the property. For example, if a handrail for a staircase was missing we would estimate the cost to repair. If the roof was a shake roof and not serviceable we would estimate the cost to repair. If the house was missing a range we would also estimate the cost to repair. The cost to repair is totaled so the Seller has an idea on how much they might have to spend to market the house in repaired condition which would bring it up to average condition for the neighborhood. We also make an estimation of who the most likely buyer will be. If we estimate that it will be an investor the Seller may choose not to make any repairs. If the estimate is an owner occupant or first time home buyer the Seller is already aware of what repairs may be required for a loan that the buyer will need. Usually Sellers choose not to repair prior to listing. Knowing that the purchase is contingent upon the funding of a loan the Seller may wait until the buyer has done some due diligence (inspections) and appraisal before choosing whether or not to repair. If the appraiser names items that must be repaired prior to final loan approval then the Seller is likely to agree to have the repairs done.

The enthusiasm and willingness of the agents to work together to make the case to the Seller regarding lender required repairs can make or break the deal. The burden usually rests with the listing agent to obtain bids from licensed contractors, submit the bids to the bank and organize the work. Generally the listing agent pays the vendors and submits to the bank for reimbursement.

Having listed and sold many Carson Valley REO homes, we have never lost a deal because the bank was unwilling to make lender required repairs once the repair list has been identified by an appraiser. So, just because the contract calls for the property to be sold “As-Is” doesn’t mean that the bank will be unwilling to make some lender required repairs. If the buyer needs a loan to close and the appraiser calls out repairs the repairs will need to be accomplished before the deal can close. Usually the contract is contingent upon the loan approval.

Winhaven Patio Homes Sold Since June 1, 2010

• No Sales to Report

Winhaven Patio Homes Under Contract

• 1730 Lavender Court – Offered at $234,900 (traditional sale) 3 bedrooms, 2 baths, 2 car garage – 1,776 SF
• 1757 Fox Glove Court – offered at $199,900 (traditional sale) 2 bedrooms, 2 baths, 2 car garage – 1,438 SF

Winhaven Patio Homes Available for Sale (as of November 11, 2010)

• 1093 Daphne Court – Offered at $167,900 (bank owned) 2 bedrooms, 2 baths, 2 car garage – 1,438SF

Data is as per the Northern Nevada Regional Multiple Listing Service as of November 11, 2010

Here are the sales numbers for August 2010:

• 34 homes sold
• Median asking price is $219,500
• Median selling price is $215,000
• Median days on market is 84

Here are the sales numbers for September 2010:

• 60 homes sold
• Median asking price is $205,000
• Median selling price is $190,200
• Median days on market is 120

Here are the sales numbers for October 2010:

• 44 homes sold
• Median asking price is $244,500
• Median selling price is $221,250
• Median days on market is 109

So what is the absorption rate for the Carson Valley?

• There are 405 homes for sale in the Carson Valley as of November 12, 2010
• 44 homes sold in October
• 384/44 = 9.20 months of inventory

(Data provided courtesy of the Northern Nevada Regional Multiple Listing Service and excludes manufactured and shared ownership housing for Area 300, known as the Carson Valley which includes Gardnerville, Genoa, Minden, Indian Hills area of Carson City, China Springs, Spring Valley, Topaz Ranch Estates and outlying areas.)

Hi everyone! First, let me apologize for the lack of recent blog posts and data I’m sure you all hang on baited breath to read! Steve, Jana and I have been very busy helping people buy and sell homes, and if we close out the year as we anticipate, we will have sold over $13,500,000 in homes this year (that’s over 60 properties!) In an effort to catch up, I am going to post two posts for the last 6 months to get us caught up. So without any further delay, let’s see how the market has changed below!

Here are the sales numbers for May 2010:

• 56 homes sold
• Median asking price is $224,000
• Median selling price is $217,450
• Median days on market is 117

Here are the sales numbers for June 2010:

• 53 homes sold
• Median asking price is $225,000
• Median selling price is $215,000
• Median days on market is 85

Here are the sales numbers for July 2010:

• 46 homes sold
• Median asking price is $255,000
• Median selling price is $235,000
• Median days on market is 108

So what does this data tell us exactly? It is pretty clear that our market appears to have stabilized. The fluctuation from month to month from all four indicators is negligible. With our next post, we’ll evaluate August, September and October to determine if the trend continued and if we can demonstrate further market stability.

(Data provided courtesy of the Northern Nevada Regional Multiple Listing Service and excludes manufactured and shared ownership housing for Area 300, known as the Carson Valley which includes Gardnerville, Genoa, Minden, Indian Hills area of Carson City, China Springs, Spring Valley, Topaz Ranch Estates and outlying areas.)

Magnificent in Meadowgrass! 2613 Wildrye Court is a fantastic home on almost a ½ an acre. Three bedrooms, 3 full baths, 4 car garage, formal dining room, great room with vaulted ceilings, and a family room addition! This home was done right and has been meticulously maintained! It shows great, has spacious yet private living zones, is fully landscaped with an automatic irrigation system, and is centrally located. Close to schools, shopping, major freeways, and services.

This fabulous home features a newer gas range (energy star), freshly painted exterior (June 2010), new carpet throughout. Not a short sale or bank-owned REO, this home is a traditional sale with a motivated reasonable Seller. For a showing, contact Christianne or Steve at 775-881-8223 or 775-690-0685.

OPEN SUNDAY 7/25 – 1 to 4PM

981 Wintergreen is a Simply Spectacular Pleasantview home that shows like a model! It features a corner lot with views of the Sierras, separate living, dining and family rooms, a great kitchen open to the family room complete with Subzero refrigerator, new gas cooktop and hood, new slab granite counters and backsplash. There is tile and hardwood flooring throughout. Also, there is a huge laundry room with tons of cabinets, laundry sink and fold down ironing board. All bedrooms have ceiling fans.

The family room has gas insert fireplace with marble surround. The master bedroom has  a tray ceiling, large jetted tub in adjoining master bath, separate shower and double sinks. The master bedroom and family room open up onto a covered patio which overlooks a perfectly manicured garden. The garage is oversized (actually a 3 car with lots of storage space). Don’t miss the RV parking, water softener and air conditioning. Don’t miss this fantastic Carson Valley Home Open Sunday July 25th from 1-4pm. For a showing, contact Christianne or Steve at 775-881-8223 or 775-690-0685.

• 3 bedrooms, 2 full baths, 3 car garage
• 1,714 square feet of easy single story living
• Completed remodeled gourmet Cook’s delight kitchen
• RV Parking with unique pull-through double gates on two sides of property

Located in Saratoga Springs, this home has the amenities of a planned community with some special appointments many homes can’t offer. This home has a 3 car garage but also includes RV access and parking via Vicky Lane. Double gated at both the front and rear, it provides a unique pull-through option for the outdoor enthusiast. Rear yard features both covered and uncovered patio areas and an easy to manage small lawn. All landscaping is on automatic sprinklers and drip making this idyllic scene simple and easy to maintain. There is even a home warranty!

If you’re interested in homes in Gardnerville or the Carson Valley, please call Christy at (775) 881-8223 or Steve at (775) 690-0685.

We had 55 homes sell in the Carson Valley in April 2010, on pace with the 61 homes sold in March. In contrast, only 38 homes sold in April 2009. We have been seeing this trend for months now and I think it’s safe to say that the volume of home sales is now holding steadily at a more reasonable level. I think the glut of low volume of home sales is behind us.

Here is a snapshot of our market indicators for April:

• 55 homes sold
  
• Median asking price is $244,000
• Median selling price is $215,000
• Median days on market is 118

So what is the absorption rate for the Carson Valley?

• There are 384 homes available for sale in the Carson Valley as of 5/7/2010
• 55 homes sold in April
  
• 384/55 = 6.98 months of inventory

Of the 384 homes on the market, 30 are bank owned, 58 are short sales, and 1 is Subject to Court Approval. That means that 23% of our market is distressed. Our market has also been holding steady at this distress level for several quarters as well. That means that although there is an appetite for buyers to purchase bank owned and distressed short sale homes, they continue to enter the market. Over the lat 10 days, our team alone has received over 10 new REO assignments (listings that are in their pre-marketing stages). For us, it looks like the new wave of REO’s everyone predicted at the beginning of the year is finally starting to hit the market. The question will be whether or not there is sufficient buyer demand to continue to buy them at the current rate. If not, they will put downward pressure on our pricing and the stability we’ve enjoyed over the last few quarters may begin to slide once again.

(Data provided courtesy of the Northern Nevada Regional Multiple Listing Service and excludes manufactured and shared ownership housing for Area 300, known as the Carson Valley which includes Gardnerville, Genoa, Minden, Indian Hills area of Carson City, China Springs, Spring Valley, Topaz Ranch Estates and outlying areas.)

We had 61 homes sell in the Carson Valley in March 2010, up from 29 in February 2010. In contrast, 40 homes sold in March 2009. It seems as though the market has definitely picked up in terms of sales volume.

Here is a snapshot of our market indicators for March:

• 61 homes sold
• Median asking price is $248,000
• Median selling price is $248,000
• Median days on market is 161

So what is the absorption rate for the Carson Valley?

• There are 404 homes available for sale in the Carson Valley as of 4/12/2010
• 61 homes sold in March
• 404/61 = 6.6 months of inventory

Of the 404 homes on the market, 26 are bank owned, 66 are short sales, and 1 is Subject to Court Approval. That means that 23% of our market is distressed. Slowly but surely our distressed property percentage of the market is shrinking? Will that continue? I’m not sure – my instinct tells me the next wave will be jumbo loan defaults and foreclosures in our area – how that will affect our market is anyone’s guess.

(Data provided courtesy of the Northern Nevada Regional Multiple Listing Service and excludes manufactured and shared ownership housing for Area 300, known as the Carson Valley which includes Gardnerville, Genoa, Minden, Indian Hills area of Carson City, China Springs, Spring Valley, Topaz Ranch Estates and outlying areas.)