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Fannie and Freddie Lowering Underwriting Barriers

by Lakeshore Realty

Fannie Mae and Freddie Mac each announced what appear to be essentially identical changes in their loan underwriting programs - Fannie calls its new offering "Day 1 Certainty" while Freddie was less poetic, referring simply to new capabilities added to its Loan Advisor Suite.

Fannie Mae President and Chief Executive Officer, Tim Mayopoulos, described Day 1 Certainty today as a way to give lenders "freedom from representations and warranties and greater speed and simplicity when delivering loans to Fannie Mae."  He said this will help transform the way lenders do business by moving a paper-based process to an automated one through the company's underwriting software.

We assume there are technical differences in the changes to Fannie Mae's Desktop Underwriter and Collateral Underwriter and Freddie Mac's Loan Advisor, but two of the principal changes outlined their respective press releases cover the following.

  • New optional validation service for income. Lenders will be able, with borrower consent, to access borrower income data and validate the income amount entered into the underwriting systems. They will thus have immediate certainty that their calculation and documentation of income is acceptable. This validation service will give lenders new process efficiencies, and representations and warranties relief related to the validated income.
  • A no-cost automated appraisal alternative. This will waive the appraisal for eligible refinance transactions, up to 90% LTV on limited cash-out refinances, and lower LTVs on cash-out refinances. This will offer rep and warrant relief on property value, condition, and marketability.

There were some differences in the announcements from the GSEs, possibly because some of the changes had already been made to underwriting by one firm but not the other.  Freddie Mac said it will also be offering automatic borrower asset verification and automated assessment of borrowers without credit scores.  Fannie Mae announced it is removing the project review requirements for site condos -- a particular type of detached condo project; updating some Fannie Majors and MBS pooling parameters requirements; changing its policy on garnishments; and no longer requiring lenders to document or evaluate co-borrower's self-employment or tax returns if that income is not used for qualifying purposes.

"These powerful enhancements are indicative of the dramatic changes happening in financial services globally," said David Lowman, executive vice president of Freddie Mac's Single-Family Business. "As the cost of originating a mortgage has more than doubled since before the financial crisis, we're collaborating with lenders to create innovative tools that reduce the costs of producing and selling high-quality loans to us."

Fannie Mae said its income validation update became effective on Monday and the additional changes to Desktop Underwriter will be made the weekend of December 10.  Freddie Mac plans to bring its changes online in early 2017.

Source: www.mortgagenewsdaily.com

The most educated city in Nevada

by Lakeshore Realty

Nevada

> Most educated city: Reno
> Pct. with bachelor’s degree: 29.6%
> Number of postsecondary institutions: 13
> Median household income: $56,611

Nevada is one of only seven states where adults of the most educated metro are less likely to have a college degree than adults nationwide. Compared with most areas, Reno’s economy is dominated by the service sector, in which workers typically do not require a college degree. Like Nevada as a whole, the entertainment industry employs an above average proportion of the workforce in Reno. Of area workers, 17.1% work in accommodation and food services, and 3.0% work in arts, entertainment and recreation -- each well above the corresponding national percentages.

5 Surefire Ways to Go Paperless with Your Real Estate Business

by Marius Poltan

Every year, more companies are moving toward a paperless office policy. Today, an estimated 17 percent of companies are already paperless, according to the Association for Information and Image Management. Between 2014 and 2015, the number of companies seeking to replace all paperless procedures grew from 9 to 15 percent.

But for real estate agents, whose work revolves around getting documents signed, going paperless can seem daunting. Here are some tips, techniques and tools to help your real estate business start making the move toward a paperless operation.

Start with the Right Equipment

In order to effectively manage a paperless real estate business, you'll need a reliable mobile device. A device that fits the bill should have a quality camera allowing you to capture images of physical documents. It should also have a large enough screen for you and your clients to comfortably view documents, as well as a long battery life; that way, you don't run out of juice in the middle of an important deal.

Another essential item is enterprise-grade security, which will ensure your clients’ vital documents remain confidential. A smartphone that fits these specifications is the LG G5, which features a 16 mega-pixel camera, along with a 5.3-inch quad HD screen. The LG smartphone also includes a battery guaranteed to stay charged throughout the day and security features that meet international standards for corporate environments.

Lead Generation

Collecting and exchanging contact information is essential for Realtors, so if you’re going paperless, you'll need a way to do it digitally. Open Home Pro is designed to help you achieve this by providing a digital platform for promoting your open house events and business on social media. The technology can also store customer and lead contact information. Plus, you can receive lists of hot leads looking to sell their home but don't have an agent.

File Management

File management is another crucial piece of a paperless real estate business. A complete paperless file management system will require several tools. You'll need a program for scanning documents, such as MDScan for Android or Scanner Pro for iOS. You will also need a PDF program for editing documents, such as Adobe Acrobat or PDF Expert.

To store documents, download a cloud storage service, like Dropbox. Additionally, to make sure your documents never get lost, you should use a cloud backup service. PCMag reviews some of today’s leading backup services, which include IDrive, CrashPlan and SOS Online Backup.

Document Signing

To close deals, you'll need a document signing program like DocuSign, the exclusive provider of electronic signature services for the National Association of Realtors. DocuSign lets you capture signatures from anyone, no matter where you are using your device.

Integrated Solutions

In addition to these components of a paperless real estate office, there are integrated packages that combine multiple features into a single paperless suite. These include Paperless Pipeline, Real Estate Paperless Solutions, SkySlope and DotLoop. These subscription-based services are priced based on how many transactions you conduct each month or how many agents you have working on your team.

Incline Village Real Estate Market Quarterly Sales Report

by Marius Poltan

In the first three quarters of 2016 the Incline Village real estate market was very active, the number of sold properties is over the same time frame of the previous couple of years. Bellow you have the sales reports for Residential Properties and Condominiums for the first three quarters of the past 5 years. Please note that these reports were created using the data entered in the Incline Village Matrix System between January 1 through October 1 of every year.

 

Reno and Tahoe real estate continues steady climb

by Lakeshore Realty

Home sales in Reno-Sparks continued to climb through the third quarter with a nine percent increase in volume sold. Units sold was up two percent, while the median price of a home increased nine percent to $302,995.

The numbers are part of a report released by Chase International Real Estate, comparing all MLS sales from January 1, 2016 through September 30 to the same timeframe of 2015. Homes selling for less than $1 million was down four percent while homes selling for less than a million was up two percent.

“Every quarter we see small but definite increases in sales and prices,” said Susan Lowe, senior vice president of Chase International. “Consistent gains indicate a healthy Reno Sparks real estate market.”

The median price of a home in Reno was slightly higher than Sparks, with a seven percent jump to $315,000. Sparks, however saw bigger gains in volume sold, with a 14 increase. Reno experienced a seven percent rise in volume sold.

Carson Valley saw a seven and eight percent jump in volume and units sold, with a three percent increase in median home price to $324,500.

A strong summer helped to put Tahoe real estate back on track.

Lake Tahoe real estate sales and home prices were up across the board in the third quarter of 2016. It marks the first time in more than three years that there’s been steady increases in all areas around the lake. Sales volume around the lake was up 20 percent and the median price of a home increased 12 percent to $540,000.

The numbers are part of a report released by Chase International Real Estate, comparing all MLS sales from January 1, 2016 through September 30 to the same timeframe of 2015. Units sold was up ten percent lake-wide and homes selling for more than $1 million was up 41 percent.

“The numbers are very encouraging,” said Susan Lowe, senior vice president of Chase International. “There’s generally always some fluctuation or decline somewhere on the lake, but sales have remained consistently strong over the summer.”

In recent years, Tahoe City and the East Shore have been more susceptible to variances, however both saw increases in volume (six and 28 percent, respectively) with significant jumps in homes selling for more than a million (20 and 33 percent). The median price of a home in Tahoe City rose five percent to $580,000 while on the East Shore it rose six percent to $1.18 million.

Homes selling for more than $1 million had the largest impact on sales, with every region on the lake seeing substantial increases, the largest being on the South Shore (62 percent) and Incline Village (55 percent). The only two stats to see any declines were homes selling less for less than a million in Tahoe City (down four percent) and Incline Village (down one percent).

South Lake Tahoe saw the largest increase in median and average home prices, up 13 and 14 percent to $405,000 and $496,984 respectively. The area is still the least expensive place to buy a home. The highest median home price remains in Incline Village, where the price jumped 11 percent to $1.039 million.

The median price of a home in Truckee rose 13 percent to $624,750. Homes selling for more than $1 million was up 111 percent while homes selling for less than a million was up 11 percent. Overall volume sold in Truckee was up 61 percent.

SOURCE: www.nnbw.com

  • North Lake Tahoe, Incline Village September 2016 Real Estate Sales Comparison

The charts bellow reflect Incline Village real estate sales for the month of September in the past 5 years. These reports we're created individually for Residential Home (Including PUD's) sales and Condominium sales. The data was collected from the Incline Village Real Estate Martix system.

  • Residential Home Sales Report


Click here for larger image

- Please note that the report above was created using data extracted from the Incline Village MATRIX System and reflects Residential Home sales including PUD's. Information is deemed reliable but not guaranteed.

  • Condominium Sales Report

Click here for larger image

- Please note that the report above was created using data extracted from the Incline Village MATRIX System and reflects Condominium sales.    Information is deemed reliable but not guaranteed.

To access all the Incline Village and Lakeshore Realty listings please click here. You can also contact us by email or call us at 775-831-7000. If you are in Incline Village, please visit us at 954 Lakeshore Blvd. Incline Village, NV 89451.

Lakeshore Realty September Sales

by Marius Poltan

  

  • Sold Properties by Lakeshore Realty Agents and Sold Lakeshore Realty Listings in September 2016

Below we have a list of properties that were sold in September 2016 by Lakeshore Realty Real Estate Agents and properties that were listed by Lakeshore Realty agents and were sold on the North Lake Tahoe, Incline Village and Crystal Bay real estate market.

929 Northwood Blvd #128

Bed: 3
Bath: 3
Year Built: 1991
Sq. Ft.: 1787

Days on Market: 135
Sold Date: 06/23/2016
Sold Price: $745,000

Listing Agent:
Peg Augustus

 

120 Village Blvd #147

Bed: 2
Bath: 2
Year Built: 1994
Sq. Ft.: 1089

Days on Market: 26
Sold Date: 09/12/2016
Sold Price: $520,000

Listing & Selling Agent:
Crystal Shuey

 

123 Juanita Dr. #1-51

Bed: 4
Bath: 2
Year Built: 1971
Sq. Ft.: 1449

Days on Market: 166
Sold Date: 9/23/2016
Sold Price: $519,000

 Listing Agent:
Pam Fernandez

 

121 Juanita Dr. #2-5

Bed: 1
Bath: 1
Year Built: 1971
Sq. Ft.: 750

Days on Market: 107
Sold Date: 9/9/2016
Sold Price: $290,000

Listing Agent:
Peg Augustus

 

845 Southwood Blvd #4

Bed: 2
Bath: 3
Year Built: 1966
Sq. Ft.: 1332

Days on Market: 324
Sold Date: 9/23/2016
Sold Price: $280,000

Selling Agent:
Pam Fernandez

 

 

976 Caddie Ct

Bed: 4
Bath: 6
Year Built: 1966
Sq. Ft.: 3224

Days on Market: 691
Sold Date: 09/06/2016
Sold Price: $1,093,000

Selling Agent:
Carole Madrid

 

 

916 Harold Dr. #19

Bed: 3
Bath: 2
Year Built: 1979
Sq. Ft.: 1536

Days on Market: 63
Sold Date: 9/28/2016
Sold Price: $466,000

Listing Agent:
Pam Fernandez

 

120 State Route 28 #46

Bed: 2
Bath: 3
Year Built: 1980
Sq. Ft.: 1404

Days on Market: 23
Sold Date: 9/9/2016
Sold Price: $1,200,000

Selling Agent:
Pam Fernandez

 

120 State Route 28 #12

Bed: 1
Bath: 2
Year Built: 1980
Sq. Ft.: 962

Days on Market: 56
Sold Date: 9/15/2016
Sold Price: $1,177,000

Listing & Selling Agent:
Pam Fernandez

 

400 Fairview Blvd. #51

Bed: 2
Bath: 2
Year Built: 1985
Sq. Ft.: 1307

Days on Market: 49
Sold Date: 9/23/2016
Sold Price: $560,000

Listing Agent:
Peg Augustus

 

595 Lariat Cir. #4

Bed: 4
Bath: 4
Year Built: 1981
Sq. Ft.: 1965

Days on Market: 44
Sold Date: 9/30/2016
Sold Price: $780,000

Listing Agent:
Chris & Patti Plastiras

 

198 Country Club Dr. #8

Bed: 3
Bath: 3
Year Built: 1995
Sq. Ft.: 2108

Days on Market: 41
Sold Date: 09/02/2016
Sold Price: $957,500

Selling Agent:
Carole Madrid

 

 

888 Lake Country Dr.

Bed: 3
Bath: 4
Year Built: 1999
Sq. Ft.: 2750

Days on Market: 451
Sold Date: 9/20/2016
Sold Price: $1,440,000

Selling Agent:
Pam Fernandez

 

876 Lake Country Dr.

Bed: 3
Bath: 3
Year Built: 1999
Sq. Ft.: 2751

Days on Market: 84
Sold Date: 9/19/2016
Sold Price: $1,157,500

Listing Agent:
Chris & Patti Plastiras

 

To access all the Incline Village and Lakeshore Realty listings please click here. You can also contact us by email or call us at 775-831-7000. If you are in Incline Village, please visit us at 954 Lakeshore Blvd. Incline Village, NV 89451.

 

August New Home Sales Retrench but Still Solid

by Lakeshore Realty

After a spectacular run for new home sales in July, it was anticipated that August activity would be considerably more modest.  While sales did retrench from the post-crash highs reached the previous month (which improved even further when revised), the August numbers still came in above analysts' estimates

The Census Bureau and the Department of Housing and Urban Development estimates that August sales of newly constructed single-family homes were at a seasonally adjusted annual rate of 609,000, a 7.6 percent drop from July when the rate was 659,000 units, a number originally reported at 654,000.  The August sales rate was 20.6 percent higher than that of a year earlier, 505,000. 

Analysts polled by Econoday had expected sales to be within a range of 575,000 to 630,000.  The consensus was 598,000.

On an unadjusted basis, sales during the month totaled 50,000 units compared to 57,000 in July.  In August 2015 there were 41,000 units sold. Units going under contract in August were on the market for a median of 3.2 months.

The median sales price of a home sold during the month was $284,000 compared to $300,200 a year earlier.  The most recent average price was $353,600, up from $348,800 in August 2015.

There were an estimated 239,000 units (unadjusted) available for sale as the end of the reporting period, a 4.8-month supply at the current absorption rate.  In August 2015 the inventory was deemed sufficient for 5.2 months.  Of those units currently available, construction is complete on 56,000, 138,000 are in process, and work has not begun on 45,000 units.

Sales in the Northeast region dropped by 34.3 percent from July and were 25.8 percent lower than a year earlier.  In the Midwest sales, while down 2.4 percent month-over-month, were 39.7 percent higher than the previous August.  Sales were also lower for the month in the South, by 12.3 percent, but remained 15.9 percent above sales in the same month in 2015.  New home sales in the West maintained their momentum, rising 8.0 percent in August and gaining 35.0 percent year-over-year.

Source: www.mortgagenewsdaily.com

Home Improvement Projects That Boost Resale Value

by Lakeshore Realty

When homeowners are getting ready to put their house on the market, they often consider taking on a few improvement projects in order to boost the sales price. However, not all projects will deliver a worthwhile return, so it's important to look at how much bang for your buck a project will deliver. If you're looking to sell your home, or just prepare it for a higher return on your investment, here are five home improvement strategies for success.

Give your kitchen a makeover

Investing $30,000 in a kitchen remodel can recover up to $20,000 of its value at resale, according to the Remodeling Impact Report. The report also found that 82 percent of respondents said they have a greater desire to be home since completing the project, with 75 percent citing an increased sense of enjoyment.

If your kitchen needs a refresh, consider upgrading with granite counter tops. For remodels on a budget, give your kitchen a fresh coat of paint or install a new bright backsplash to bring more life to your counter area.

Get smart

The 2015 State of the Smart Home Report found that 50 percent of consumers say they plan to buy at least one smart home product in the next year. Home monitoring cameras and smart security upgrades top the list, and it's no wonder why. The report states that a burglary takes place every 14.1 seconds in the U.S., and 56 percent of break-ins are through the front or back doors. Install a security camera system to give buyers and yourself peace of mind, while monitoring the safety of your home during home showings and as foot traffic increases in and out of your home.

Landscape your yard

Spending just a few hundred dollars on landscaping can return thousands on your investment. Adding fresh flowers, taking care of problematic trees and weeding your lawn can add curb appeal. It can also uncover problems before your buyer goes through the inspection process.

The exact return can be hard to pin down. However, some could yield a whopping 1,000 percent, depending on how you are investing your money and if your landscaping plan matches your home's style.

Upgrade your appliances

Over 60 million refrigerators are over 10 years old and cost consumers $4.17 billion a year in energy costs. Give your appliances an upgrade and reduce your environmental impact at the same time by replacing washers, dryers and dishwashers with energy-efficient models that have the Energy Star stamp of approval.

Replace vinyl siding

Increase your home's curb appeal and protect its exterior at the same time with a vinyl siding replacement. According to the National Association of Realtors, a vinyl siding replacement returns 72.9 percent of costs. While you're working on the outside of your home, do a vinyl window replacement as well, and return 73.3 percent of your investment and potentially increase the energy efficiency of your home at the same time.

Radon: The Silent Danger

by Lakeshore Realty

Many homeowners all across the country have no idea that they may have dangerous levels of radon gas accumulating in their home. What is worse is that unless you specifically test for it, you have no way of knowing how much is present in your house. So what is there to do? Fortunately, we can shed some light on the subject.

 Let’s begin with the obvious question; what is radon anyway? Radon is a naturally occurring radioactive gas that is found in all 50 states. Radon is formed when the uranium in the soil, rocks and water breaks down over time and is released as a gas. Once produced, radon seeps through the ground into the air and can often accumulate in basements, crawl spaces, and other low lying areas of the home.

The real danger is that radon is colorless, odorless, tasteless, and chemically inert. Most homeowners wouldn’t even think to check for it until their Realtor advises them to do so when they decide to list their home for sale. Radon poses a serious health risk and is the leading cause of lung cancer in non-smokers and the second leading cause of lung cancer for the general population. Due to this, the EPA recommends that all houses be tested for Radon at the point of sale. A reading of 4pCI/L or more is considered dangerous and requires some form of mitigation.

So what do you do as a homeowner to deal with the risk of radon exposure? The first step is to buy a testing kit. You can find them online here. Most kits require you leave them in a low lying area of your home for 2-4 days. You then send the kit (materials and lab fees are usually included) to a lab for testing. The results often arrive in a few days. Once you have your results, you can then assess if mitigation is necessary. If radon levels are high, you should contact a licensed contractor to install a mitigation system. At the point of sale, buyers will often negotiate with the seller to cover the costs of these systems. 

Fortunately, the costs of radon mitigation systems are usually not more expensive than typical home repairs so resolving this issue shouldn’t break the bank. We highly recommend testing for radon frequently and not just when your home sells. You never know the danger unless you test for it!

For more information, visit our office or check out these official sources:

  • EPA Radon Site: epa.gov/radon
  • EPA Regional Offices: epa.gov/iaq/whereyoulive
  • Radon Guide: epa.gov/radon/consumers-guide-radon-reduction-how-fix-your-home

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