Chance Gates' Blog

This is not a local article but shows why proper pricing is so important.  In the Reno/Sparks real estate market for house that cost less the $200,000.00 and are priced correctly will sale in timely manner.

RISMEDIA, August 16, 2010—The number of price-reduced homes on the market increased 5.3% in July 2010 as compared to June, according to a monthly review of MLS-listed properties within 26 of the country’s largest housing markets conducted by the national online real estate brokerage ZipRealty.

Although the number of price-reduced homes increased in July, the median price reduction across the 4,500 cities and communities in 26 markets surveyed slightly declined from June, to $18,949.

“Home buyers this summer have been on the sidelines, waiting to find deals and bargains; so we’re seeing more sellers slashing their list prices to entice these home shoppers to make an offer,” said Leslie Tyler, vice president of marketing for ZipRealty.

Highlights of ZipRealty’s July survey include:

-More than 45% of “for sale” homes included at least one price reduction—an increase of 2.67% compared to June

-”For sale” prices dropped 2.04%—down to a median of $254,987 across the 26 markets surveyed

-In six major metros, more than one out of two home sellers reduced their list price—Jacksonville, Phoenix, Minneapolis, Orlando, Austin and Chicago

-The metro with the highest percentage of price-reduced “for sale” homes continues to be Jacksonville, Fla., where 54% of all July listings had at least one price reduction

-Denver had the lowest percentage of price-reduced homes on the market in July with 32.5%

-Sellers in California housing markets continue to hold steady with prices, compared to other parts of the country; Los Angeles County (39.4%) and the San Francisco Bay Area (40.9%) had the second and third lowest percentage of reduced listings out of all markets surveyed in July

-Buyers in the San Francisco Bay Area again enjoyed the biggest home price discount in absolute dollars, with a median price reduction of $38,000 in July

-Buyers in Houston, Dallas and Raleigh-Durham found the smallest price reductions, with a median price cut of only $10,000 in each of the three markets

-Markets with the largest median price reduction in absolute dollars were: San Francisco ($38,000), Orange County California ($31,000), San Diego ($31,000), Los Angeles ($29,000), Miami/Ft. Lauderdale/Palm Beach ($27,000).

As a Reno/Sparks real estate professional, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog.  You can email me @  chance at ballard-company.com or http://www.myspace.com/chancegates

Roy Oswalt has been pitching really well however the Huston Astros have only scored 5 runs in his last 4 losses.  The Astros are only averaging 2.7 runs per game against right handed pitching.  The San Diego Padres have won 10 of the last 15 and 5 of the last 6.  I realize that the Padres are getting a great line, bu that seems to easy.   This reminds me of when Radke pitched for the Twins.    So take the Under.

These picks are meant to be for entertainment only!

As a Reno/Sparks real estate professional, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted on this blog.  I can be reached be email at chance@ballard-company.com or at http://www.myspace.com/chancegates

RISMEDIA, April 23, 2010—Buyers responding to the home buyer tax credit and favorable affordability conditions boosted existing-home sales in March 2010, marking the beginning of an expected spring surge, according to the National Association of Realtors.

Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, rose 6.8% to a seasonally adjusted annual rate of 5.35 million units in March from 5.01 million in February, and are 16.1% above the 4.61 million-unit level in March 2009.

Lawrence Yun, NAR chief economist, said it is encouraging to see a broad home sales recovery in nearly every part of the country, with two important underlying trends. “Sales have been above year-ago levels for nine straight months, and inventory has trended down from year-ago levels for 20 months running,” he said. “The home buyer tax credit has been a resounding success as these underlying trends point to a broad stabilization in home prices. This is preserving perhaps $1 trillion in largely middle class housing wealth that may have been wiped out without the housing stimulus measure.”

Total housing inventory at the end of March rose 1.5% to 3.58 million existing homes available for sale, which represents an 8.0-month supply at the current sales pace, down from an 8.5-month supply in February. Raw unsold inventory is 1.8% below a year ago, and is 21.7% below the record of 4.58 million in July 2008.

“Foreclosures have been feeding into the inventory pipeline at a fairly steady pace and are being absorbed manageably,” Yun said. “In fact, foreclosures are selling quickly, especially in the lower price ranges that are attractive to first-time home buyers.”

A parallel NAR practitioner survey shows first-time buyers purchased 44% of homes in March, up from 42% in February. Investors accounted for 19% of transactions in March, unchanged from February; the remaining sales were to repeat buyers. All-cash sales remain elevated at 27% in March, the same as in February.

The national median existing-home price for all housing types was $170,700 in March, up 0.4% from March 2009. Distressed homes, typically sold at a 15% discount, accounted for 35% of sales last month – unchanged from February.

“With home values stabilizing, a revival in home buying confidence will likely help the housing market get back on its feet even as the tax credit impact disappears,” Yun said.

NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz., said buying conditions are in near-perfect alignment. “Even with tougher loan standards, historically low mortgage interest rates with affordable prices and a sense that the market is turning have created optimal conditions in much of the country,” she said.

“With the fast approaching April 30 deadline to get a contract in place for the tax credit, Realtors are working harder than ever to negotiate transactions, arrange services and complete paperwork,” Golder said. “Because many repeat buyers need to sell their current home first, many will be purchasing later without the tax credit but now have the benefit of a more buoyant housing market.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage dipped to 4.97% in March from 4.99% in February; the rate was 5.00% in March 2009.

Single-family home sales rose 7.3% to a seasonally adjusted annual rate of 4.68 million in March from a level of 4.36 million in February, and are 13.3% above the 4.13 million level a year ago. The median existing single-family home price was $170,700 in March, up 0.6% from March 2009.

Single-family median prices rose in 14 out of 20 metropolitan statistical areas reported in March in comparison with a year earlier. Five metro areas experienced double-digit increases, including San Diego, St. Louis and Boston.

Existing condominium and co-op sales increased 3.1% to a seasonally adjusted annual rate of 670,000 in March from 650,000 in February, and are 39.3% higher than the 481,000-unit level in March 2009. The median existing condo price was $170,600 in March, which is 0.7% below a year ago.

Northeast
Regionally, existing-home sales in the Northeast increased 6.0% to an annual level of 890,000 in March and are 25.4% higher than a year ago. The median price in the Northeast was $249,800, up 8.9% from March 2009.

Midwest
Existing-home sales in the Midwest rose 7.2% in March to a pace of 1.19 million and are 15.5% above March 2009. The median price in the Midwest was $139,300, up 0.2% from a year ago.

South
In the South, existing-home sales increased 7.1% to an annual level of 1.97 million in March and are 13.9% higher than a year ago. The median price in the South was $154,800, up 5.2% from March 2009.

West
Existing-home sales in the West rose 6.6% to an annual rate of 1.30 million in March and are 14.0% above March 2009. The median price in the West was $209,400, down 7.9% from a year ago.

For more information, visit www.realtor.org.

As a Reno/Sparks real estate professional, I encourage all questions or comments on the Reno/Sparks real estate market or any of the articles posted.  I can be reached by email at  chance at ballard-company.com or http://www.myspace.com/chancegates

Off to a rough start so I’ll take a couple of favorites today.  I like the Colorado Rockies over the Washington Nationals.  Nationals are playing some really good baseball, but usually have an off day on the first game of a road trip.  Plus the Rockies have won 22 of the last 28 games against the Nationals.

The other game I really like is the San Francisco Giants against the San Diego Padres.  San Diego is playing well but Cain is on the mound for the Giants and getting a great line.  Whenever you can get one of the great pitcher with a good line, it is worth the shot.

Please remember these picks are for entertainment purposes.

As a Reno/Sparks real estate professional I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted.  I can be reached by email at chance@ballard-company.com or http://www.myspace.com/chancegates

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