About Lyon County, NV

Dayton Nevada - Homes Sold in January 2010

Only 10 homes closed escrow in the Dayton Valley in January 2010, compared to 12 sales in January 2009. January historically is a slow month for home sales, so this is not altogether surprising, and certainly nothing to be alarmed over. Most escrows take 45 days to close and that means home buyers would need to be out shopping for homes in December. Instead, people were enjoying their Winter Holidays.

Here are the statistics for Dayton Nevada Homes Sold in January:

• 10 homes sold
  
• Median asking price is $144,500
• Median selling price is $142,000
• Median days on market is 88
  

So what is the absorption rate for the Dayton Valley?

• There are 114 homes on the market as of 2/4/10
• 10 homes sold in October
  
• 114/10 = 11.4 months of inventory

Of the 114 homes on the market, 25 are bank owned and 34 are short sales. The number of homes on the market continues to hold steady, however over 51% of the market is distressed. So, the message with Dayton continues to be loud and clear: If you're looking to buy in Dayton, it's likely a distress sale and will either be a while to get escrow closed, or may have deferred maintenance and you'll need to do some repairs if it's bank-owned. However, the market has never been lower and you can buy a fabulous home for less than it costs to build.

(Data provided courtesy of the Northern Nevada Regional Multiple Listing Service and excludes manufactured and shared ownership housing for Areas 420, 416, 414, 412, 410, 402, and 403 known as the Dayton Valley and the outlying areas.)

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About The Author

Christianne Gordon, REALTOR®, CDPE, SFR is a Northern Nevada Real Estate Specialist that can assist you with the purchase or sale of real estate in Gardnerville, Minden, Genoa, Carson City, Dayton, and Reno/Sparks.

To search all available homes for sale in the Northern Nevada area, please visit GreatNevadaHomes.com or contact us for a FREE ListingBook account!

Dayton NV Homes - Homes Sold in December 2009

Only 16 homes closed escrow in the Dayton Valley in December 2009, compared to 27 sales in November, and 13 sales in December 2008.

The Dayton Valley Nevada real estate market ended the year with 308 sales for all of 2009, substantially higher than the 176 sales in all of 2008. Indicators show that our market has definitively moved through the low point in sales volume. Basic economic models tell us that when sales volume improves and supply diminishes, price appreciation typically follows. We'll continue to watch 2010 trends closely to see if this indeed is the case in the Dayton Valley.

Here are the statistics for Dayton Nevada Homes Sold in December 2009:

• 16 homes sold
  
• Median asking price is $129,900
• Median selling price is $127,450
• Median days on market is 92
  

While volume may have been lower than in previous months, that's not too particularly surprising. The real estate market often enters a 'quiet period' between Thanksgiving and Superbowl Sunday when people focusing their attention on the holidays and traveling to see family over winter break.

So what is the absorption rate for the Dayton Valley?

• There are 109 homes on the market as of 1/8/10
• 16 homes sold in October
  
• 109/16 = 6.8 months of inventory

The absorption rate fluctuated this cycle because of the decrease in the number of closed escrows during December. Look to the absorption rate to start trending back down in January and be back below 4 months in February if inventory levels remain constant. Dayton's enduring affordability over neighboring Carson City, Reno, Sparks or the Carson Valley continues to be a big draw for homebuyers.

Of the 109 homes on the market, 27 are bank owned and 35 are short sales. The number of homes on the market continues to hold steady, however over 56% of the market is distressed. So, the message with Dayton is loud and clear: If you're looking to buy in Dayton, it's likely a distress sale and will either be a while to get escrow closed, or may have deferred maintenance and you'll need to do some repairs if it's bank-owned. However, the market has never been lower and you can buy a fabulous home for less than it costs to build.

(Data provided courtesy of the Northern Nevada Regional Multiple Listing Service and excludes manufactured and shared ownership housing for Areas 420, 416, 414, 412, 410, 402, and 403 known as the Dayton Valley and the outlying areas.)

_________________________________________________________________________________________________________

If you enjoyed my blog post, I invite you to connect with me on social networks, subscribe to my blog, and watch my videos?

_________________________________________________________________________________________________________

About The Author

Christianne Gordon, REALTOR®, CDPE, SFR is a Northern Nevada Real Estate Specialist that can assist you with the purchase or sale of real estate in Gardnerville, Minden, Genoa, Carson City, Dayton, and Reno/Sparks.

To search all available homes for sale in the Northern Nevada area, please visit GreatNevadaHomes.com or contact us for a FREE ListingBook account!

Dayton NV Homes - REDUCED - 804 Ballybunion Drive - NOW $179,900

This home was previously under contract but financing fell through, so now it's back on the market! Better yet, the price was just reduced by the bank today to $179,900!!!

Enjoy this lovely home on the Dayton Valley Golf course, featuring an expansive Great Room with Kitchen, Dining Area, Ceiling Fan and Fireplace. The home features 3 bedrooms, 2 baths and a 2 car garage. The rear yard opens up onto the fairway of the golf course, providing exquisite views. The Master Bedroom incudes an alcove ideal for a library, study, office or just to enjoy a private living zone. The Kitchen features an island with breakfast bar, gas range, built in microwave and dishwasher.

If you're interested in homes in Dayton, please call Christy at (775) 881-8223 or Steve at (775) 690-0685.

_________________________________________________________________________________________________________

If you enjoyed my blog post, I invite you to connect with me on social networks, subscribe to my blog, and watch my videos?

_________________________________________________________________________________________________________

About The Author

Christianne Gordon, REALTOR®, CDPE, SFR is a Northern Nevada Real Estate Specialist that can assist you with the purchase or sale of real estate in Gardnerville, Minden, Genoa, Carson City, Dayton, and Reno/Sparks.

To search all available homes for sale in the Northern Nevada area, please visit GreatNevadaHomes.com or contact us for a FREE ListingBook account!

The economic downturn of the last 12-18 months has left many businesses and homeowners struggling to stay afloat. For those with real estate holdings, home sales have largely slumped across the United States, where an abundance of unsold properties continue to dot the landscape.

The Housing and Economic Recovery Act of 2008 established a tax credit for first-time homebuyers that can be worth up to $7,500, in an effort to revitalize the housing market.

The tax credit has since been increased and extended through The Worker, Homeownership and Business Assistance Act of 2009, signed into law on November 6, 2009. The Act extends and expands the tax credit allowed by previous acts.

The new Act extends the deadline for qualifying home purchases from Nov. 30, 2009 to April 30, 2010. Additionally, if a buyer enters into a binding contract by April 30, the buyer has until June 30 to settle on the purchase.

The maximum credit amount remains at $8,000 for a first-time homebuyer, that is, a buyer who has not owned a primary residence during the three years up to the date of purchase.

The Act also extends to homeowners who have been in a primary residence for five years or more and are looking to purchase a different primary residence. This is a "long-time resident" credit of up to $6,500. To qualify this way, a buyer must have owned and used the same home as a principal or primary residence for at least five consecutive years of the eight year period ending the date of purchase of a new home as a primary residence.

The new law also raises the income limits for people who purchase homes after November 6, 2009. the full credit will be available to taxpayers with modified adjusted gross incomes (MAGI) up to $125,000 or $225,000 for joint filers. Those with MAGI between $125,000 and $145,000 or $225,000 and $245,000 for joint filers, are eligible for a reduced credit. Those with higher incomes do not qualify.

For those who have been on the fence about purchasing a home, these tax credits could be the incentive needed. Buyers with qualifying purchases in 2010 have the option of claiming the credit on either their 2009 or 2010 tax returns.

Do Not Let Your Northern Nevada Home Go To Foreclosure Without Taking Every Step To Prevent It.

If you owe more than your Dayton, Nevada Home is worth, you have as a Distressed Property. Until recently, working with Distressed Properties was fraught with peril for agents, and owners were often told to "let it go", ie.- stop making payments and let the lender foreclose. We'll spare you the horrific Short Sale experiences as well as our speculation as to why the lending industry was so slow to adapt to the need to cooperate with home owners and their agents. Times have changed and Short Sales are now viable and should be given serious consideration.

Unknown to most of us until about 18 months ago, Short Sales are now very common, and it is very important to understand their benefit to the homeowner. Consider some of the following differences between the effects of a Foreclosure versus a Short Sale:

•· Credit Score: A Foreclosure will lower your credit score 250 to over 300 points for over 3 years. A Short Sale will show late payments, but the score will be lowered as little as 50 points, and the affect can be as brief as 12-18 months.

•· Credit History: Foreclosure will remain on credit history for 10 years or more. Short Sale is not reported on a credit history as there is no specific reporting item for "Short Sale". Foreclosure remains on public record forever as it is recorded.

•· Employment: Employers often actively check credit of employees in sensitive positions - especially security clearances (Military, Police, Public Communication, Public Utilities, etc). Foreclosure can result in immediate reassignment or termination if employed, or can prevent you from being hired if you are looking for work. A Short Sale is not reported on credit report ... is not a challenge to employment.

•· Deficiency Judgment: In a Foreclosure the bank has the right to a deficiency judgment. Some successful Short Sales provide for the lender to give up the right to a deficiency judgment. If a deficiency judgment is pursued the Short Sale's higher yield from the sale results in a lower potential judgment amount.

•· Future Fannie Mae Loan: After Foreclosure you'll be ineligible for a Fannie Mae backed loan for 5 years. Short Sale - 2 years.

•· Future Loans: For 7 years you will be asked on your application if you have had a foreclosure, but there is no similar declaration regarding a Short Sale.

Our Advice: There is now a designation known as Certified Distressed Property Expert that has been earned by local real estate agents to help Sellers and Buyers of Distressed properties. Also Look For Agents who have completed the SFR Certification.

If you have cash flow or moving issues, we suggest you get professional help to assess your situation, determine alternative options, and make an action plan. The world of Short Sales and Foreclosures has changed from the frustrating mass confusion that it was to today's smoother processes with positive results. Though there is still frustration and emotion, help is available to you that can help you establish and achieve your goals through the confusing maze.

Whether getting the financial elephant off your back, moving to put the family together, or other bona fide reason for selling ... if you have a Distressed Property get with a Certified Distressed Property Expert and take control of your future. Foreclosure is the last option...do what you can to avoid it.

When it comes to choosing professionals to assist you with your real estate needs ... Experience is Priceless! Lisa Wetzel, CDPE SFR Certified & Jim Valentine, RE/MAX Realty Affiliates, 775-781-5472, carsonvalleyland@hotmail.com, www.carsonvalleyland.com

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Lisa Wetzel and Jim Valentine are the authors of this blog. Lisa, Jim and Jessie are experts in Carson Valley , Carson City and the tri-county area of Douglas County , Carson City and Lyon County. Call our team anytime at 775-781-5472 or 775-781-3704. To Search for Homes go to: Carson Valley Listing Book or visit our website at www.CarsonValleyLand.com