October 17, 2007

Oct. 17, 2007 | If you are having trouble viewing this e-mail, please click here. To continue receiving our newsletter, please add programs@TahoeRenoOnline.com to your address book or safe sender list. Northern Nevada housing data Washoe County housing market August 2007 summary By Brian Kaiser, Center for Regional Studies, UNR Washoe County's resiliency has been put to the test in 2007 as the slumping housing market has continued to grab headlines month after month. Following three extremely hot years for real estate, no one was surprised to see things start to cool off, but the cooling trend is starting to look like a deep freeze and the worst may be yet to come. By mid-year 2006 it was apparent that the housing boom was over and the market was beginning to cool off, but a year later it's obvious that this slowdown has been more pronounced and will be longer lasting than most analysts predicted early on. The fact that data for the preceding three years show such phenomenal appreciation rates makes this market correction seem worse than it really is; when the dust finally settles we'll be left with more "normal" (or "historically average") appreciation and sales rates. Until we're back on track, though, the housing market is likely to get somewhat worse as record numbers of foreclosures hit the market and shell-shocked consumers wait to see where the bottom truly is. Click here to read the full story... Real estate report from Inman News Three reasons to buy a second home New book focuses on finding and financing property By Robert J. Bruss, Inman News According to Craig Venezia, author of "Buying a Second Home," there are three primary reasons for buying a second home: investment (rental income and market-value appreciation); getaway; and/or retirement. His new book explains all three motivations, along with their pros and cons, and how to combine them as the owner's lifestyle changes. The book begins by asking the reader, "What is your main reason for buying a second home?" Then it proceeds to explain seven steps for a successful second-home purchase. If you expect the book to provide details of buying a second or vacation home, such as pitfalls of septic systems and how to winterize a vacation cabin, you will be disappointed. Instead, Venezia takes a generic viewpoint of what to look for in a second home, with heavy emphasis on the financial and practical aspects. The author explains the details of finding and financing second homes, usually in distant locations. He cautions buyers about the possible pitfalls of renting far-away properties to tenants and why it is important to hire a professional management company to find short- or long-term quality tenants. Click here to read the full story... From the Realtor's desk Reno is proving to be a great game plan as local market turns corner By Michelle Plevel There's a lot of action in Reno despite the subprime housing bust, and just for the record, here are some facts on Reno that makes us look not so bad after all. It appears Las Vegas is really the painted lady. As reported by Kathy Chu of USA TODAY, a study completed by First American Loan-Performance, an analysis firm in San Francisco, concluded "23% of the outstanding loans in Nevada were subprime. In Las Vegas 27% of the loans were subprime vs. only 13% in Reno-Sparks." The major cities that have been experiencing a crackdown are Miami, Riverside and Las Vegas. Also, the Reno/Sparks Association of Realtors recently noted that from 1997 to 2007, the median home price has doubled, despite the housing stall. A great indicator for me that housing is going back to normal is ArrowCreek. I recently listed a marvelous million-plus home; during the first few days we negotiated a purchase and closed escrow in the same week. What was interesting to me is that two other jumbo homes on the same block have sales pending and one other sold. This totals four homes in the million-plus range to sell in the last 45 days after we had no significant sales for months. The ides of autumn are finally here and for me it's an indicator, just as the leaves are turning color, that the market is turning the corner. Click here to read the full story... from our sponsors Tanamera For all your residential and commercial needs. Dedication to our customers is the foremost reason for our success. Our commitment to customer care, our communities and the quality of our award-winning homes set us apart. www.tanamera.info Winter's almost here. Is your home ready? Close the foundation vents to keep freezing air from entering the crawl space, remove your garden hose to prevent the hose-bib from freezing, change the air filter in your furnace. See more winterizing tips at www.trytahoe.com. Terry Barbery - Real Estate Professional (775) 220-0686 www.trytahoe.com Michelle Plevel Michelle Plevel, originally from Lake Tahoe, has been a real estate broker in multiple states since 1977. Michelle offers a comprehensive real estate background including custom home sales, construction, land acquisition, strategic marketing and consultation. www.RenoRealEstateLogic.com Real estate You love to visit Reno and Tahoe. Now you're ready to live here. • Reno real estate • Tahoe real estate Looking to buy, rent or sell in Reno or Tahoe? • Check out the classifieds     500 Double Eagle Ct. | Reno, NV 89521 | info@TahoeRenoOnline.com