Chance Gates' Blog

RISMEDIA, March 10, 2010—Golden Gateway Financial, a financial resource for seniors and retirees, recently released new usage data from its online Reverse Mortgage Calculator that showed average home values for older Americans have halted their slide after remaining flat or declining for seven consecutive quarters. The national average self-reported home value of older Americans rose from $369,762 in the third quarter of 2009 to $381,895 in the fourth quarter of 2009.

Older Americans were one of the last segments of the population to see home prices rebound, but overall home values for seniors remain significantly lower than 2008 levels. Despite this rise in the national average, the report also showed significant decline in many large states, including Florida, Texas and New York.

This mixed recovery in terms of senior home values will likely continue as individual markets reduce inventory and regain their footing. Data from the most recent S&P/Case-Shiller Home Price Indices shows that many markets within these states continue to show improvement, and this should eventually contribute to an increase in home values for older Americans as well.

“Even a minimal gain in home value is a reassuring sign for older Americans because many of these individuals live on a fixed income and rely on their home to support their retirement lifestyle,” said Eric Bachman, founder and CEO of Golden Gateway Financial. “This is especially true for those considering a reverse mortgage because as their home increases in value, so does their potential for greater reverse mortgage proceeds.”

Additional observations from the data include:
-The average age of users remained roughly consistent
-Self-reported senior home values rose by a little more than 3%between the third and fourth quarter of 2009
-The average existing forward mortgage debt dropped slightly to $143,360
-Reverse mortgage average max up front proceeds available rose by roughly 3% while the average max monthly proceeds available dropped by 13%

For more information, visit www.goldengateway.com.

Being a Reno/Sparks real estate consultant I always appreciate any question or comments on the Reno/Sparks real estate or any of the articles I post.

Send all questions to chance@ballard-company.com

But I was losing so much bone density that I would have been in grave danger. And I mean grave danger. If I had let it go just a few more years I could have broken my hip or spine just picking up my granddaughter.
Sally Field

But there isn’t any second half of myself waiting to plug in and make me whole. It’s there. I’m already whole.
Sally Field

Change is never easy.
Sally Field

I came from a real working-class show business family.
Sally Field

I can’t deny the fact that you like me! You like me!
Sally Field

I have never been beautiful in cliche terms.
Sally Field

I never really address myself to any image anybody has of me. That’s like fighting with ghosts.
Sally Field

I really have no ulterior motive in taking on certain roles. I have no larger issue that I really want to show people. I’m an actor, that’s all. I just do what I do.
Sally Field

I think that’s very sad, that I haven’t allowed my heart to be broken. I have broken a few.
Sally Field

I think the first thing I did was several scenes from Romeo and Juliet.
Sally Field

I was just lucky enough to grow up in a time when they actually had drama departments in schools.
Sally Field

I was raised to sense what someone wanted me to be and be that kind of person. It took me a long time not to judge myself through someone else’s eyes.
Sally Field

I would take plays and I would cut out all the other dialogue and make long monologues because I felt the other kids weren’t taking it as seriously as I did.
Sally Field

I’m so vigorous, and I so take it for granted, because I’ve always been a real physical person.
Sally Field

If I hadn’t fought back, I might have been Gidget forever.
Sally Field

It took me a long time not to judge myself through someone else’s eyes.
Sally Field

My agent said, ‘You aren’t good enough for movies.’ I said, ‘You’re fired.’
Sally Field

One of the most important things I learned while working as a Reno/Sparks real estate consultant is to learn from others when you can.

As the WAC tournament starts this week I feel this would be a great time to take a break from Reno/Sparks real estate and talk about the Nevada Wolf Pack. With two big wins to finish the regular season the Nevada Wolf  Pack secure the second seed in the WAC tournament.  The WAC Tournament starts March 10 and is being played in Reno this year.  The Nevada Wolf Pack is 15-1 at home this year with their only loss to Utah the Number 1 seed.

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Courtesy: Nevada
http://nevadawolfpack.com
The 2010 WAC Tournament is set for March 10-13 at Nevada’s Lawlor Events Center.

Link: WAC Tournament Information

The WAC Men’s and Women’s Basketball Tournament has returned to Reno for 2010.

The University of Nevada and the Reno Sparks Convention and Visitors Authority will play host to the men’s and women’s basketball tournaments at the 11,536-seat Lawlor Events Center on March 10-13, 2010.

Ticket Information
All-session and single-season tickets as well as a Nevada 3-Pack (same seat for all three Nevada men’s games) are atill available and on sale now. Click here for ticket information or call the Wolf Pack Ticket Office – 775-348-PACK (7225).

WAC Whiteout
Fans holding a ticket for the WAC Tournament can pick up a free One Community, One Pack t-shirt starting on Monday, March 8 at Fuddruckers in Sparks or Silver and Blue Outfitters at Meadowood Mall in Reno. Fans are encouraged to wear those shirts to Nevada’s men’s quarterfinals game with Idaho on Thursday at 6 p.m. to create a WAC Whiteout.

WAC Tournament Ticket Pricing

All Session Passes:

Can be purchased at Legacy Hall Only. Includes all games played for both Men and Women.

• $195 – Lower Bowl
• $145 – Upper Bowl Center
• $110 – Upper Bowl Corner/End

Nevada 3– Pack:

Can be purchased online and at Lawlor Events Center. (Legacy Hall will not be selling the Nevada 3-Pack)
All 3 games Nevada could be playing in. Same seat for every game.

• $15 discount from buying the 3 games separate.
• $150 – Lower Bowl (limited availability)
• $90 – Upper Bowl Center
• $60 – Upper Bowl Corner/End

Single – Session Tickets (session and game information):

Can be purchased by calling 348-PACK option #1, online and at Lawlor Events Center. (Legacy Hall will not be selling individual tickets)

• $55 – Lower Bowl Tickets (limited availability)
• $35 – Upper Bowl Center
• $25 – Upper Bowl Corner/End
• $20 – Upper Corner/End for All WAC Students (with valid ID), Youth 3-12, Seniors 65 and older and Active Military with Military ID. ($5 discount) A $10 discount available for the following groups: All Government, State, County and City workers including the City of Reno, City of Sparks, Washoe County, and the Washoe County School District, Nevada Alumni Association among others.

Group Tickets:

(15 tickets or more) Not available day of game, only available for first game Nevada plays in.

• $15 – Group Tickets of 15 or more (regular price $25) available in upper corners and end seats.
• Can be purchased in advance through Meredith Montoya 682-6905  mmontoya at unr.edu or in person at Lawlor Events Center 10-5 M-F 10-2 Sat.

Women’s Sessions:

• $15 – General Admission
• $10 – for All WAC Students (with valid ID), Youth 3-12, Seniors 65 and older, Active Military with Military ID, * employees listed above. ($5 Discount, available in advance or day of game Lawlor Events Center only.)
• $10 – Group Tickets of 15 or more (regular price $15) Can be purchased in advance through Meredith Montoya 682-6905  mmontoya at unr.edu or in person at Lawlor Events Center 10-5 M-F 10-2 Sat. Not available day of game.

2010 WAC Basketball Tournament – Men’s Bracket (download)

Thursday, March 11 (Quarterfinals)
Game 1 (Session 3) – #8 Boise State vs. #1 Utah State	12:00 pm PST
Game 2 (Session 3) – #5 Fresno State vs. #4 Louisiana Tech	2:30 pm PST
Game 3 (Session 4) – #7 Idaho vs. #2 Nevada	6:00 pm PST
Game 4 (Session 4) – #6 San Jose State vs. #3 New Mexico State	8:30 pm PST
Friday, March 12 (Semifinals)
Game 5 (Session 6) – Winner Game 1 vs. Winner Game 2	6:00 pm PST
Game 6 (Session 6) – Winner Game 3 vs. Winner Game 4	8:30 pm PST
Saturday, March 13 (Finals)
Game 7 – Winner Game 5 vs. Winner Game 6	7:00 pm PST

2010 WAC Basketball Tournament – Women’s Bracket (download)

Wednesday, March 10 (Quarterfinals)
Game 1 (Session 1) – #8 Hawai’i vs. #1 Fresno State	12:00 pm PST
Game 2 (Session 1) – #5 New Mexico State vs. #4 Idaho	2:30 pm PST
Game 3 (Session 2) – #6 Boise State vs. #3 Nevada	6:00 pm PST
Game 4 (Session 2) – #7 Utah State vs. #2 Louisiana Tech	8:30 pm PST
Friday, March 12 (Semifinals)
Game 5 (Session 5) – Winner Game 1 vs. Winner Game 2	12:00 pm PST
Game 6 (Session 5) – Winner Game 3 vs. Winner Game 4	2:30 pm PST
Saturday, March 13 (Finals)
Game 7 (Session 7) – Winner Game 5 vs. Winner Game 6	1:00 pm PST

 http://www.nevadawolfpack.com/ViewArticl…

The Pro:

Think about buying a home for $100,000 and collecting $1200 a month or an income of $14,400 per year, you need to deduct expenses such as Taxes and Management fees. Now you hold the property for at least five years or so and capture the appreciation. The original purchase must be cash, no loans. Any upkeep must come from the IRA and all income goes into the IRA. The rate of return could be wonderful.

The Con:

Granted, since prices have fallen (make that “collapsed” in some areas), I think that housing is a more attractive investment today than it was back at the height of the boom. If nothing else, you’re getting the same sticks and bricks at a lower price.

It must be noted that owning real estate within an IRA can be a hassle. Most people don’t have enough dough in their IRA to buy enough properties to diversify properly. (Financing a purchase for an IRA is possible, but complicated.) And since there are limits ($5,000 this year, plus $1,000 if you’re 50 or older) to how much you can contribute to an IRA in any year, you could run into problems if the cost of property maintenance and repairs exceeds the amount of cash you have in your IRA or that you’re allowed to put in.

That said even with incentives designed to spur demand, such as the $8,000 first-time homebuyer credit, it’s still somewhat unclear  how long it will be until we see a sustainable turnaround. And given how the last boom turned out, you have to wonder how robust the upturn will be.

But even setting that issue aside, you still have to deal with the other difficulties  about owning real estate in an IRA. One more thing you might want to consider is that real estate isn’t the most liquid investment around. That could be a problem if you need to raise cash from your IRA in a hurry

All in all, you can get enough of the diversification benefit and return potential that real estate has to offer by investing in REITs or mutual funds that specialize in REITS or other forms of real estate.

Not that it’s not an interesting idea. Just like anything, it probably makes sense for some and could be disastrous for others.  Please when ever thinking about investing in Reno/Sparks real estate talk to your account.

This Walmart is be replace by a Super Walmart to be located on the Reno-Sparks Indian Colony land on East Second.  The retailer planed to break ground last February but was delayed by a environmental cleanup of more than 6,000 tons of oil-contaminated soil.  The new 24 acre site will be about 185,000 square feet and will include groceries, tires and garden centers, and a drive through pharmacy.  The 250 employees of the Northtowne Walmart will have the option to transition to the the new location.  Plus the Super Walmart will hire about an additional 200 employees to meet the new demands.

Chance Gates does welcome any questions or comments on the Reno/Sparks real estate market or on any articles that may be posted.  Send your  emails  to  chance at ballard-company.com

Where as national new home sales may be suffering the local Reno-Sparks Association of Realtors reports that 346 home sales closed in Washoe County.  This is a 49% increase in real estate transaction from the same month a year earlier.    http://chancegates.com/2010/02/27/new-ho… This completely contradicts the national new home sales entry   This is a great reason why when searching for answer on real estate that a person should watch the local markets not the national ones.

RISMEDIA, February 26, 2010—(MCT)—Sales of new U.S. homes plunged 11.2% in January 2010 to a seasonally adjusted annual rate of 309,000, the lowest rate on record dating back to 1963, the Commerce Department recently reported.

The third-straight drop in sales on a month-to-month basis was unexpected. “The housing market remains very, very distressed,” wrote Dan Greenhaus, chief economist for Miller Tabak & Co.

“There may have been some weather-related issues playing havoc with the sales data but clearly, these results are extremely unnerving,” wrote Jennifer Lee, an economist for BMO Capital Markets. “There is nothing positive to glean from this report.”

U.S. stock markets fell after release of the report, which coincided with release of congressional testimony by Federal Reserve Chairman Ben Bernanke, who said the economy remains fragile and needs low interest rates for an extended period of time.

Data on sales for December 2009 were revised higher to a seasonally adjusted annual rate of 348,000, up from 342,000 previously reported.

Sales of new homes are down 6.1% compared with January 2009’s 329,000 units, which was the previous record low. The number of homes for sale rose 0.4% to 234,000 in January. At the January sales pace, it would take 9.1 months to sell that inventory, up from 8.0 months in December and the highest monthly supply since May.

Government statisticians have low confidence in the monthly report, which is subject to large revisions, and large sampling and other statistical errors. In most months, the government isn’t sure whether sales rose or fell. The standard error in January for instance, was plus or minus 14%. The government says it can take up to five months to establish a statistically significant trend in sales. Over the last five months, sales have been on a 362,000 seasonally adjusted annual pace, down from 382,000 in the five-month interval through December.

Sales had risen fairly steadily in the first half of 2009 before plateauing last fall. Seasonally adjusted sales have now fallen three months in a row.

With mortgage rates still very low and prices down, most analysts had concluded that the recent decline in sales was due to the impending expiration of the first-time home buyers’ credit in November.

As it happened, Congress extended the tax credit through June and expanded it to include repeat buyers. But the tax credit didn’t help sales in January. Sales of new homes are recorded once a sales contract is signed, not at closing. Some homes are sold before ground is broken on construction.

Details
Home builders had been slashing their inventory of unsold homes for more than a year to a 38-year low before January’s 1,000 increase. The number of homes for sale that are under construction fell to a record low of 100,000.

Builders have cut back on production of new homes, but they still face headwinds from unsold existing-homes as foreclosures continue to mount up. If a home isn’t sold before it’s finished, it’s taking a record 14.2 months to sell it after completion—a reflection of the mismatch between more expensively priced homes in the inventory and lower-priced homes that have been selling.

The median sales price of a new home sold in January was $203,500, down 2.4% compared with a year earlier. Cheaper homes were selling better than expensive ones: 47% of sales were for less than $200,000, up from 43% in December. Meanwhile, 38% of sales were for $200,000 to $400,000, down from 41% in December.

Sales were down in three of four regions: down 35% in the Northeast, down 12% in the West and down 10% in the South. January’s sales were up 2% in the Midwest, the government’s data showed.

(c) 2010, MarketWatch.com Inc.

Chance Gates does welcome any questions or comments on the Reno/Sparks real estate market or on any articles that may be posted.  Send your  emails  to  chance at ballard-company.com

The PGA TOUR returns to Reno this summer, July 12^th – 18^th, 2010 at Montreux Golf and Country Club. It is because of our dedicated volunteers that we can give so much to children’s charities in our community. Any amount of time is greatly appreciated.

We are currently in need of volunteer Marshals. The Marshal duties include: quieting the gallery around tees and greens, controlling crossings and ball spotting. Positions will fill quickly, so register early.

All volunteers receive:

• Two season passes for you and a guest

• Parking pass

• 1 RTO embroidered golf shirt

• 1 RTO embroidered golf cap

• Meals for each shift worked

• Volunteers’ appreciation party

• Raffle drawings for great prizes from now thru the event

• Volunteer package is $50…. a $200 value

Register online at: www.RenoTahoeOpen.com/volunteers

Fallon National Wildlife Refuge was established in 1931 as a refuge and breeding ground for birds and wild animals. It is located in the Lahontan Valley of western Nevada, at the terminus of the Carson River. The refuge comprises over 15,000 acres of playa and wetland habitat in the Carson Sink.

In years of high water flows down the Carson River, the refuge is important for migratory shorebirds and waterfowl. However, due to diversions, in most years there is insufficient water flow down the Carson River for the water to enter the refuge.

The refuge is open 7 days a week, 24 hours a day, but there are no facilities on the refuge. Roads are primitive and passable only during those periods of dry weather.
Getting There . . .
Fallon Refuge is 15 miles north of Fallon on Indian Lakes Road. To visit the refuge, it is best to stop at the Stillwater Refuge headquarters at 1000 Auction Road in Fallon to obtain a map and directions. Roads in the Fallon Refuge area are not marked and can become confusing.

read more at http://www.fws.gov/refuges/profiles/inde…

One of the great things about doing real estate in the Reno/Sparks area is being associated with Realty World.  When it comes to the new technology being brought to the market, Realty World has some of the best technology people you will ever meet.  They make it appoint to keep us all informed on what is new and a must have for the industry.

The newest is the Apple iPad.  If I had to describe the Apple iPad in one word, that word would be “wow”.  The new iPad will be available in 60 days and starts below $500.00 and goes up from there.  It has 9.7″ screen and a battery life up to 10 hours.  16GB – 64GB flash storage memory.

One of the best accessories is the keyboard doc/charger.  By placing the iPad into the keyboard a person has a full size keyboard while charging the Ipad.

Read more: http://www.realtyworldnca.com/2010/01/27…