Air Traffic reports when buying a home

I've been asked about air traffic in the Truckee Meadows, home buyers are and should be concerned about flight paths. Although many homes directly in the flight paths of Reno-Tahoe International Airport have fortified windows to reduce noise, the frequency and location of flight paths should be considered when purchasing a home. One of my websites, www.RenoHomesList.com has a flight path tool which can show you in real time and historically the paths aircraft take in the valley. The tool allows for time frame adjustment and how fast you wish to see the paths (e.g. you can set it to show you several hours in just a few minutes). To access, go to www.RenoHomesList.com, click on Area Resources, then Area Links and find the "flight paths" link. You will need to agree to the sites terms re accessing the Airport Authority information. It's fun to watch the planes come and go, check it out!

For Sale or Not For Sale?

Today's buyers often ask me about a property they like only to find out it is already in contract and no longer available to put an offer in on. How does this happen? Several factors contribute to this confusion. Some real estate search sites are definitely better than others. Sites are only as good as the data pull they have in place. If an mls (multiple listing service) has categories such as Active/Pending, Active/Pending Loan, Active/Pending House, the search web site may list them as "Active", but in reality they are "Pending". Pending means they have an accepted offer on the property. Other sites are retrieving older data from public records and may not have the latest update, which would describe the listing as "Pending". Another common situation is buyers seeing a For Sale sign on a property and assuming it is available. This is another example of information not being updated. In the old days, agents were more consistent in posting "Pending" or "Sale Pending" riders on the sign to let you know it's in contract. Agents typically leave their signs on the property until the sale closes. Add to that the properties that are in "short sale", which is a pre-foreclosure situation that can take months to close even though the buyer and seller are in contract.  In this situation, the buyer and seller are waiting for the third party lender (short sale bank) to approve the sale. What's the solution to these situations? One is to have a good agent that will look up properties for you upon your request. Another is to use a more up to date web search tool that differentiates between "Active" and "Active/Pending" categories.

Where have all the homes in Reno, Sparks gone?

In October, AB 284 cleared the legislature adding more oversight and regulation for Mortgage Lenders to deal with. This set of more stringent pre-foreclosure criteria has been directly correlated with a drop in inventory in many markets, especially ours. Because Reno, Sparks saw some of the highest increase in equity growth during the boom (think 2005-2006), we had the farthest to fall. That means more homes being foreclosed upon. Well, they are still being foreclosed, it just takes longer now and that is partially why we are seeing a drop in inventory here locally. If you'd like more info, drop me a line or visit www.garylsmith.kwrealty.com  or www.RenoHomesList.com

Why buy a "HUD" home?

HUD homes are foreclosed homes that have been conveyed to HUD (Housing and Urban Development) programs. HUD homes can be single family residences (SRF), Townhomes, condominiums, and other types of residences up to 4 units.
Benefits to purchasing a HUD home include:
1. HUD will pay up to 3% of buyer's closing costs, (must be negotiated)
2. Escrow fee is paid by HUD savings approx. 350-900$ (often split in other transactions)
3 .Price fo the home is based on an FHA as-is appraisal (excellent value)
4. If a Condo or townhome, project approval is not required (see me for explanation)
5. FHA appraisal is already completed, saving an average $400
6. Insured Escrow finance types have option of doing an FHA standard loan with escrow repair.
7. Owner Occupant priority bidding period.
8. Low Earnest Money Deposit ($500 or $1,000)
9. Good Neighbor Next Door (GNND) program available in certain areas for eligible buyers.
10. All homes listed on www.hudhomestore.com nationwide
11. Quick response to bids (typically within 24 hrs. from bidding deadline)
12. FHA 203K owner occupant rehab loan option
13. If FHA financing is used, termite inspection and treatment is paid by HUD and all section one items are cleared
14. Sealed Bids, Bid Transparency

For more information contact me at glsmith@kw.com or visit my site at www.renohomeslist.com

Are Buyer's agents really free?

Well yes and no! The buyer's agent is offered a percentage of the Seller's agent's commission (listing agent). For example, if the listing agent has contracted for a 6% marketing fee or commission, the listing agent may offer out 2.5 or 3 % to the agent that brings and represents the buyer. This is rather counter-intuitive as the better the buyer's agent works for you, the less he/she gets paid!! The origin of this oddity comes from the history of real estate transactions when the listing agent used to do it all. So the buyer's agent isn't "free", and in some cases such as for sale by owner the buyer may end up paying some or all of the buyer's agent fees, but the buyer usually doesn't pay the agent directly. Call or write me with any of your real estate questions! Visit my website at www.RenoHomesList.com

Have we hit bottom yet in the Reno Real Estate market?

To use an old expression, we won't know if the market has truly hit bottom until we see it in the rear view mirror. Meaning; until home prices start going up consistently for a sustained period of time, we can't say prices have stopped dropping! If you'd like specific information on the market in your area, check my website at www.RenoHomesList.com or email your request to glsmith@kw.com . Reno Gazette Article