Weekly Reno/Sparks Real Estate Market Update- 2/4/2011

In mortgage news… Freddie Mac rates for the week ending on 2/3/2011 were at 4.81% for a 30 year loan with .8 of point. This is a small increase from the previous week, which prevailed a 4.80% rate, but far above the previous four weeks which were between 4.71%-4.78%. Remember, the more rates continue to rise the less effect depreciation has on a potential home purchase.

For the Reno/Sparks market… there were 89 sales between Friday the 31st and Friday the 4th of February 2011. 36% of these were REO/Bank Owned/Fannie Freddie type properties, 35% were short sale, 28% were fair market owner resale, and 1% was court approval. Pretty typical for our market so nothing out of the ordinary for this week. Of all these sales the sale price to list price ratio was 95% which is the same ratio we’ve been seeing since early 2010. Remember, sale to list price ratio isn’t the same as sale to market value ratio.

In national real estate news…. Inman News reported that it’s cheaper to buy in 72% of the countries biggest cities… Three Congressman are trying to abolish the ineffective, discouraging and government run HAMP program…. Half of families can afford to buy most of the homes in their local market… Zillow and Yahoo Real Estate have come to terms on a partnership. Congratulations to Zillow and Yahoo Real Estate for creating easier access to out of date and incorrect information. In 2010, two of my clients asked me for information about properties they found on Zillow. One had been pending for three weeks but Zillow listed it as active and the other had been sold for three months but Zillow listed it as active. I understand the consumers want and need to see the market outside of craigslist and yard signs but don’t they want correct information. As a buyer or seller, if you want correct information for your local market ask a real estate agent to give you access to “listingbook” or clientconnect”. Both are parallel websites to local MLS databases and offer the most up to date information…. Finally, ending on a good note valuation company Clear Capital forsees a market upturn in 2011.

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