Featured Home at Galaxy in Wingfield Springs

4079 Big Bang Court, Reno $366,422

Lots of great builder upgrades!

Brand New Home! Completed and Ready To Move In

Great Room/Open Floor Plan

Master Bedroom on Main Floor

Cul De Sac Lot

Granite Kitchen Countertops

Upgraded Tile Flooring in Entry, Kitchen, Nook, Master Bath, Bath #2

Front and Rear Landscaping Completed

Call (775) 853-3306 for more information

Newest Community in Elko

Homes are now available at Hamilton Stage - Phases 2 & 3

Come see the value of a quality built Artisan home that will surpass your expectations.

Contact Joyce Molohon for more information:

775-778-1190

Joyce@SellsElko.com

SellsElko.com

This Month’s Market Statistics for Reno and Sparks

Are you wondering how the Reno and Sparks real estate statistics have been looking this month? National numbers for first time buyers in January accounted for 26% of total market, which is down from 30% in January 2013. Normally, this group of buyers would be somewhere near the 40% mark.

What’s Happening in Reno?

May unit sales were the third highest in history for Reno at 534, which was down 1% from April 2014 and down 2% from May 2013.

The median price of $236,500 was up 3% from April and an impressive 8.5% from May 2013. May 2014 new listings were up 10% from April and stood at 749, but were down 3% from May 2013.

The market definitely remains a seller’s market as the month’s supply of inventory is at a historical low of 3.6 months of supply. The low inventory level is for homes priced under $300,000.

Homes ranging from $300,000 to $400,000 have 4.3 months of supply. On the other hand, homes priced from $150,000 to $200,000 have a mere 1.8 months of inventory.

These numbers jump even more when looking at the $400,000 to $500,000 category with the number of months of inventory coming in at 5.8 and 5.4 for homes ranging from $500,000 to $750,000. Rather striking is the fact that homes over $750,000 have 22.1 months of inventory.

The Market is Heating Up

On June 23rd, KTVN published a story entitled “Local Real Estate Market Heating Up.”1 They point out how the median home price has been consistently improving each month. Mark Ashworth, President of Reno-Sparks Association of Realtors stated, "Our inventory remains low. And while that inventory remains low, then pricing continues to kind of creep up on us." They also point out in this article that 1

homes in Reno and Sparks below the $250,000 price point are “flying off the shelves.”

Ashworth concluded, “"It's certainly a seller's market but that doesn't mean that you can't find a home."

Sourced from NNRMLS

http://www.ktvn.com/story/25850541/local-real-estate-market-heating-up

Featured Home at Galaxy in Wingfield Springs

4093 Big Bang Court, Reno $309,652

Lots of great builder upgrades!

Brand New Home! Completed and Ready To Move In

Great Room/Open Floor Plan

Cul De Sac Lot

Granite Kitchen Countertops

Upgraded Tile Flooring in Entry, Kitchen, Nook,

Master Bath, and Bath #2

Front and Rear Landscaping Completed

Call (775) 853-3306 for more information

Your Credit Rating and Buying a House

Buying a house can feel like a complicated process. After all, the whole process has a lot of “moving parts.” One of those moving parts is your credit rating. Many people are either completely or partially in the dark about how these ratings work and how they impact buying a home. Let’s gain

some clarity on your credit rating and buying a home.

The first step is to know your credit score. There are many ways that you can get your credit score, and there are even free services that will help you obtain it right away. One of the single biggest reasons to check out your credit score is to look for errors. Since credit scores are how banks decide how much they will charge you for interest, it is important that your credit scores is as good as possible. Often clearing up an error on your credit report will change your credit rating, and this could save you thousands of dollars in interest payments!

Credit Scores Vary by Agency

Adding to the confusion regarding credit scores is that they vary by agency; this means that you don’t have one credit score but several! There are three major reporting agencies: Equifax, Experian and TransUnion. Each of these agencies creates what is called a FICO score. Your FICO score is based on factors such as payment history, amount owed and other factors such as type of credit you have. FICO scores run as low as 350 and as high as 850. The higher your score the better you can expect your mortgage rate to be.

Factors That Can Harm Your Credit and Your Ability to Get a Home

There are factors that can harm your credit and prevent you from getting a home loan or from getting a good interest rate. One factor is applying for credit cards just before you apply for a home loan. Lenders don’t like this at all; in fact, it makes them quite nervous. Not surprisingly, it is also very important to have a reliable payment history on all of your bills. No one wants to lend money to someone that doesn’t have a great history of paying his or her bills on time.

Think Ahead and Plan Ahead

One key piece of information to consider is that you should be thinking ahead and planning ahead for your home purchase. The sooner you can get your “financial house” in order, the more likely it is that you’ll get a good interest rate. Paying all of your bills on time, not running up a high balance on credit cards and evaluating your credit report for errors are factors that are critical in boosting your credit score so you can get your home in a streamlined manner.