Much has been written about how residential real estate values have increased since the housing market started its recovery in 2012. However, little has been shared about what has taken place with residential rental prices. Let’s shed a little light on this subject.
In the most recent Apartment Rent Report, RentCafe explains how rents have continued to increase over the last twelve months because of a large demand and a limited supply.
“Continued interest in rental apartments and slowing construction keeps the national average rent on a strong upward trend.”
Zillow, in its latest Rent Index, agreed that rents are continuing on an “upward trend” across most of the country, and that the trend is accelerating:
“The median U.S. rent grew 2% year-over-year, to $1,595 per month. National rent growth is faster than a year ago, and while 46 of the 50 largest markets are showing deceleration in annual home value growth, annual rent growth is accelerating in 41 of the largest 50 markets.”
It is true that home prices have risen over the past seven years, increasing the cost of owning a home. However, the cost of renting a home has also increased over that same time period.
Need help finding a rental in the Reno-Tahoe-Carson area? View our rental listings here.
Need help finding a Reno-Tahoe-Carson home of your own? View homes for sale here.
If you’re searching for a Reno-Tahoe home online, you’re not alone; lots of people are doing it. The question is, are you using all of your available resources, and are you using them wisely? Here’s why the Internet is a great place to start the home-buying process, and the truth on why it should never be your only go-to resource when it comes to making such an important decision.
According to the National Association of Realtors (NAR), the three most popular information sources home buyers use in the home search are:
- Online website (93%)
- Real estate agent (86%)
- Mobile/tablet website or app (73%)
Clearly, you’re not alone if you’re starting your search online; 93% of home buyers are right there with you. The even better news: 86% of buyers are also getting their information from a real estate agent at the same time.
Here are 3 top reasons why using a real estate professional in addition to a digital search is key:
1. There’s More to Real Estate Than Finding a Home Online. It’s a lonely and complicated trek around the web if you don’t have a real estate professional to also help you through the 230 possible steps you’ll face as you navigate through a real estate transaction. That’s a pretty staggering number! Determining your price, submitting an offer, and successful negotiation are just a few of these key steps in the sequence. You’ll definitely want someone who has been there before to help you through it.
2. You Need a Skilled Negotiator. In today’s market, hiring a talented negotiator could save you thousands, maybe even tens of thousands of dollars. From the original offer to the appraisal and the inspection, many of the intricate steps can get complicated and confusing. You need someone who can keep the deal together until it closes.
3. It Is Crucial to Make a Competitive and Compelling Offer. There is so much information out there in the news and on the Internet about home sales, prices, and mortgage rates. How do you know what’s specifically going on in your area? How do you know what to offer on your dream home without paying too much or offending the seller with a lowball offer?
Dave Ramsey, the financial guru, advises:
“When getting help with money, whether it’s insurance, real estate or investments, you should always look for someone with the heart of a teacher, not the heart of a salesman.”
Hiring a real estate professional who has his or her finger on the pulse of the local Reno-Tahoe markets will make your buying experience an informed and educated one. You need someone who is going to tell you the truth, not just what they think you want to hear.
If you’re ready to start your search online, let’s get together. You’ll want someone who is educated and informed at your side who can answer your questions and guide you through a process that can be complex and confusing if you go at it with the Internet alone.
After a strong first half of 2019, the Reno-Tahoe luxury properties market has softened somewhat in the third quarter. As we move deeper into fall, Chase International is pleased to report the following significant luxury real estate sales.
Reno & Sparks
The Reno-Sparks real estate market saw a modest increase in single-family home sales during the first three quarters of 2019. Sales volume increased 4%, while Sparks increased 3%.
Meanwhile, the Reno condo market witnessed a whopping 32% increase in sales volume, as Sparks increased by 25%.
Carson City & Carson Valley
The sales volume for single-family in Carson City homes was up a robust 10% in the first nine months of the year, while condo sales volume rose an impressive 31%.
Carson Valley single-family home sales continue to chug along, with volume up 5% in the first three quarters of the year.
Lake Tahoe & Truckee
In contrast, the overall sales volume for both single-family homes and condos in the communities around Lake Tahoe declined 14% during the same time period.
Truckee saw single-family home sales volume go down by 8%, as condo sales volume increased 13%.
Overall it’s a mixed bag, with the Lake Tahoe areas experiencing general market softening as the valleys stay strong.
See our full Q3 real estate market reports for details:
Questions about your local market? Please reach out to one our local experts.
Headquartered in Lake Tahoe, Nevada since 1986, Chase International is a dynamic real estate firm with a heart-centered approach, committed to the success of its clients, sales associates, staff and community. With more than 350 professional Realtors® representing homes at all price points, the company is proud to be the market leader, achieving the highest 2018 volume in the region with nearly $1.4 billion in sales. The company currently operates nine offices in Reno-Tahoe—Zephyr Cove, Glenbrook, Incline Village, Carson Valley, South Lake Tahoe, Tahoe City, Truckee, Reno, and Sparks, as well as a marketing and PR firm in London. With powerful international connections in place, Chase listings receive maximum industry exposure to potential purchasers worldwide.
Every year, Black Friday is a highly anticipated event for eager shoppers. Some prepare for weeks. They craft and refine a strategic shopping agenda, determine exactly when to arrive at each store, and create a wish list of discounted must-have items to purchase.
But what about buying a home? Is there a Black Friday for the home-buying process? It turns out, there is. According to a new study from realtor.com, the week of September 22 is the best time of year to buy a home, making it Black Friday for homebuyers.
After evaluating housing data in 53 metros from 2016 to 2018, realtor.com determined that the first week of fall is when buyers “tend to find less competition, more inventory, and the biggest reductions on list price.”
The report explains,
“During the first week of fall, buyers tend to face 26% less competition from other buyers, and they are likely to see 6.1% more homes available on the market compared to other weeks of the year…nearly 6% of homes on the market will also see price reductions, averaging 2.4% less than their peak.”
What’s so different about the first week of fall?
George Ratiu, Senior Economist with realtor.com says,
“As summer winds down and kids return to school, many families hit pause on their home search and wait until the next season to start again…as seasonal inventory builds up and restores itself to more buyer-friendly levels, fall buyers will be in a better position to take advantage of today’s low mortgage rates and increased purchasing power.”
Learn more about how prices, listings and buyer competition stack up during the first week of fall in metro areas across the United States.
If you want to take advantage of the Black Friday of home buying here in the Reno-Tahoe-Carson region, reach out to any of our agents to discuss the benefits of making your move this fall.
The Reno-Tahoe luxury home market had a good summer in 2019, moderating from last year’s trend in line with expectations. As we head into fall, Chase International is pleased to report the following significant luxury property sales.
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You’ll never want to get out of bed on those frigid fall mornings at this elegant estate. While away your weekends in this 13,000 square foot palacial home in prestigious Montreux, Reno, NV.
Watch the first snow flurries fly from the comfort of this magnificent modern marvel. Poised like a sentry high above Reno, enjoy sweeping views of the Truckee River and downtown city lights.
The most elegant cabin kitchen you’ll ever eat in, enjoy fireside dining on those crisp autumn nights. You’ll love this gorgeous home on three acres, close to Tahoe City yet with a remote vibe.
One of the most charming, intimate, lakefront lounges we’ve ever seen, curl up with a good book and a hot toddy to watch the leaves change. The artistry of the hand-chiseled trim is unbelievable.
A mesmerizing water view, a comfy couch, a warm fire—what more could you ask for on a fine fall day. This mountain modern home offers elegant single-level living with opulent touches.
Enjoy treehouse living on almost 9 acres and watch the aspens change this fall. This spectacular property offers the look, feel and proximity of Tahoe with conveniences of Carson City.
Looking for a different fireside fall experience? Browse Reno-Tahoe-Carson homes for sale.
Chase International luxury agents and their clients recently gathered for a sold-out performance by the legendary jazz vocalist, Kurt Elling. Accompanied by the 18-piece Reno Jazz Orchestra, under a starry Lake Tahoe sky, Elling delivered a spectacular show.
A private party for major supporters.
The evening began with a reception at the Ramada, a pavilion at Sand Harbor set aside for private parties. Chase International sponsored the event, providing an array of gourmet appetizers along with our signature mocktail, the Luxury Lavender Lemonade.
Guests and organizers alike enjoyed a perfect summer evening with friends and colleagues at beautiful Sand Harbor along the water’s edge.
“Might I just say, I have been to a lot of parties at the Ramada, and yours blew everybody out of the water. I’ve never been to a nicer affair there. Well done to you and your team, unbelievably fantastic!” — Julie Rauchle
An astounding performance by Kurt Elling.
Grammy award-winning Elling doesn’t usually perform with big bands, which made this performance a particularly unique treat for the audience. His stylings and wit appealed to the full range of music lovers, his storytelling and virtuoso a delight to behold.
“I was drawn to Elling’s music because it does not recognize boundaries,” said Chuck Reider, Music Director of the Reno Jazz Orchestra. “He embraces American music and culture. Something the great Duke Ellington expressed in the phrase, ‘There are only two kinds of music. The good kind…. and the other kind.'”
Bringing the best jazz to Reno-Tahoe.
The motivation behind the Reno Jazz Orchestra is the desire to create good music in the grand tradition of the jazz big band stage performance. It’s a motivation based upon the simple love of that magnificent sound and the rush and wonder of playing 18 pieces to a packed house.
The organization aims to perpetuate an appreciation for jazz music and jazz history. They hope that from their artistic and educational efforts comes musical inspiration that leads to continual generations of accomplished local musicians making everyone happy with their smooth sounds.
An event to remember.
A truly spectacular evening for all, we thank the Reno Jazz Orchestra for putting this magical program together. And we appreciate our luxury agents and clients who helped support local arts by attending this one-of-a-kind event.
Photos courtesy of Strotz Photography.
Looking to live the luxury life? Browse our luxury lifestyle collections to find the home of your dreams.
Below are 5 compelling reasons why listing your home for sale this fall makes sense.
1. Demand Is Strong
The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains strong throughout the vast majority of the country. These buyers are ready, willing, and able to purchase… and they’re in the market right now. More often than not, in many areas of the country, multiple buyers are competing with each other to buy the same home.
Take advantage of the buyer activity currently in the market.
2. There Is Less Competition Now
Housing inventory is still under the 6-month supply that is needed for a normal market. This means that in the majority of the country, there are not enough homes for sale to satisfy the number of buyers. This is especially true in Reno, where supply still runs a little over a month.
Historically, homeowners would stay an average of six years in their homes. Since 2011, that number has hovered between nine and ten years. This has created pent-up desire for many to move as they were unable to sell over the last few years due to a negative equity situation. As home values continue to appreciate, more and more homeowners will be given the freedom to move.
Many were reluctant to list their homes over the last few years, for fear that they would not find a home to move to. That is all changing now as more homes come to market at the higher end. The choices buyers have will continue to increase. Don’t wait until additional inventory comes to market before you decide to sell.
3. The Process Will Be Quicker
Today’s competitive environment has forced buyers to do all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. This makes the entire selling process much faster and simpler, as buyers know exactly what they can afford before shopping for a home. According to Ellie Mae’s latest Origination Insights Report, the time needed to close a loan is 43 days.
4. There Will Never Be a Better Time to Move Up
If your next move will be into a premium or luxury home, now is the time to move up. There is currently ample inventory for sale at higher price ranges. This means if you’re planning on selling a starter or trade-up home and moving into your dream home, you’re more likely to find a seller’s market for the home you’re leaving and a buyer’s market for the home you’re purchasing.
Also, according to CoreLogic, prices are projected to appreciate by 5.2% over the next year. If you’re moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage) if you wait.
5. It’s Time to Move on with Your Life
Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than having the freedom to go on with your life the way you think you should?
Only you know the answers to these questions. You have the power to take control of the situation by putting your home on the market. If you need help making decisions based on your specific, local market conditions, please reach out to any of our agents.
What’s your home worth? Get 3 instant, no-hassle valuations right now!
The Reno-Tahoe luxury home market continues to move along in 2019, moderating from last year’s trend in line with expectations. As summer begins to wane, Chase International is pleased to report the following significant luxury property sales.