Charlene Hamilton

The National Endowment For The Arts has named Reno's Artown Festival as the largest and one of the most diverse festivals in the nation. The Artown Festival has added a new day to the calendar. The Festival which began last Wednesday (July 1) will continue until July 32! On traditional calendars, July 32 is actually August 1st. For a full 32 days, the Festival will present over 400 events to celebrate cultural diversity and the arts in Reno.

The Artown Festival began in 1996 with an impressive 30,000 people in attendance. Over 350,000 are expected to attend the various events this year. Artists and visitors will come from around the world, across the nation and from the Reno-Sparks area to be a part of the celebration of the arts.

This year's event was opened with a free concert performed by Richie Havens. Richie opened the famous Woodstock Festival in 1969. The Funk Brothers will close the Festival with a free concert at 8:00 p.m. at Wingfield Park on July 32 (remember, that is August 1). The Funk Brothers helped to create the "Motown Sound".

Festival organizers have made this year's concert open to more people than ever. Over 60% of the Artown Festival events and exhibits are FREE! On average, there will be eight events per day that will be free to all ages. Whether it is live music, dance, theater, film or performing arts, you will find a free event to delight your artistic soul.

Weekly Free events:
Monday Night Music Series - 7:30 p.m. at the Robert Z. Hawkins Amphitheater
Monday Family Film Series - 7:00 p.m. at Wingfield Park
Wednesday Discover The Arts (Hands-on) Workshops -
Thursday Dancing In The Park - 8:00 p.m. at Wingfield Park
Friday Movies In The Park - Sunset at Wingfield Park
Friday Rollin' On The River Concert Series - Wingfield Park

Free Cultural Events:
July 18: Reno Art Fair
July 19: Gospel Fest
July 24 - 25: Pacific Island Festival
July 25 - 26: 30th Anniversary Basque Festival
July 25 - 26: Summer Arts Festival, a multicultural event

Free Art Exhibits:
Alexandratos Gallery Annex, 100 W. Liberty St., Suite 150
Artists Co-op of Reno Gallery, 627 Mill St.
Bartley Ranch Brick House, 6000 Bartley Ranch Rd.
RiverWalk Downtown Reno, Celtic Forest at Sierra St. and Island Ave.
Stremmel Gallery, 1400 S. Virginia St.
University of Nevada, Reno, Mathewson-IGT Knowledge Center, Room 310

The World Music Series will be held on Wednesday nights in Wingfield Park. The World Music Series is a multicultural event which will feature musical performances of all types: from Celtic to Reggae to Mariachi. Although, this event is not free, the small donation of $10 to help support Artown is almost the same as free.

There is not enough space in this little blog or enough time in my schedule today to tell you all about Reno's Artown Festival 2009. However, you can visit the Artown website for a complete schedule at www.RenoIsArtown.com.

Charlene Hamilton, your Reno relocation specialist!

Artown Festival 2009
Artown's Online Calendar
Artown Venues
Need more information? Call 775-322-1538.

Some of the best kayaking spots in the world are within a one or two hour drive of Reno. But you don't really have to drive that far to enjoy kayaking and the whitewater of the Truckee River. Now, you can traverse the whitewater of the Truckee River in downtown Reno and along the I-80 corridor in Sparks.

America's Adventure Place Whitewater Parks:

* Truckee River Whitewater Park at Wingfield Park in downtown Reno
* Whitewater Park at Rock Park in Sparks

Rock Park in Sparks has undergone an extreme makeover and the results are fantastic. The 4.49 acre park now features new landscaping, shade structures, barbecue areas, playground equipment, river trails, new restrooms and improved access for the disabled. The crowning glory of Rock Park is its new Whitewater Park, which spans 1,000 feet of the Truckee River.

Kayakers are now able to kayak from the Whitewater Park at Wingfield in Reno and end their water adventure at the Whitewater Park at Rock. The whitewater park features five drop pools and a recreational design with everyone in mind. No matter your skill level (expert or newbie), you can enjoy the whitewaters of the Truckee River in Sparks. So, come experience the whitewaters of the Truckee River whether you choose to tube, raft or kayak or whether you choose to whitewater in Reno or Sparks, you will have a fun and exciting time on the Truckee River in the heart of America's Adventure Place.

The Whitewater Park at Rock Park is located at 1515 S Rock Blvd, just south of Greg Street, between Mill Street and Glendale Avenue, just south of I-80. Parking is available in the city's public parking lot.

Charlene Hamilton, your Reno relocation expert

Buy now or pay later is where the real estate market is heading now. This is especially true in light of the rapid rise of interest rates in the past few weeks. According to a RealtyTimes.com report, sales in the Western Region show that prices are flat. David McCarthy, CEO of Research Services, says that, when a market goes flat, the bottom of the market has been reached. When the bottom of the market is reached, prices will then begin their upward climb.

* Interest rates are up and this has a much more dramatic affect on home buyers than the temporary loss of home values.
* Home prices are stabilizing. When the bottom of the market is reached, home values go up.

A mortgage interest fixed rate lasts for 30 years, meaning tens of thousands of dollars in interest paid over the life of a loan. The loss of a property's value is temporary. In the long term, a home will always have more value than the original purchase price. You may be able to buy a home for less than a few years ago. But, you cannot buy a Reno home for what it sold for in 1970.

What I really want to address is the rapid rise in interest rates. Interest rates have gone up dramatically in the past three weeks. Rates are up a full percent over last month's rates. In the beginning of May, the interest rate was 4.91%. Today, interest rates are as high as 6.25%. No one is sure how high they will go. Even if interest rates do drop in the future, the days of historical low interest rates are gone.

Fears of inflation caused by the massive stimulus spending has caused investors to get the jitters. Long term Treasury Bonds, which is what interest rates are tied to, are up and so are the interest rates.

Nobody likes paying higher interest rates, but few home buyers realize how much even a slight increase can affect them.

Higher interest rates means:

* Less Buying Power
* Affects Qualification
* Higher Mortgage Payments

For the value-conscious buyer, now is the time to buy in Reno.

Charlene Hamilton, your Reno relocation specialist

First-time buyers considering a home purchase in the Greater Reno-Tahoe area would be wise to consider FHA financing. There are many good reasons why FHA financing is a good option when purchasing a home in Reno and its surrounding communities. FHA home loans are directed at first-time home buyers. However, the definition for a first-time home owner under FHA guidelines includes anyone that has not owned a home within the past three years.

Advantages of FHA Home Loans

* Competitive Interest Rates
* Controlled Closing Costs
* Low Down Payment
* Gifted Funds Allowed
* Tax Credit
* Easy Qualification

Competitive Interest Rates

* FHA offers very competitive interest rates. Usually, borrowers cannot find a better interest rate than FHA.
* It is important to note here that interest rates are on the rise for all home purchase loans. Last month, interest rates were 4.75%. Today's interest rates are 5.39%. There is no indication at this time that interest rates will fall back below 5%. Some experts believe that an interest rate of 6% is not too far off in the distance.

Controlled Closing Costs

* FHA home loans have a 1% origination fee cap while conventional loans do not.
* FHA has a strict policy on what closing costs can be charged to the borrower while conventional loans do not.
* FHA closing costs are about 3%.

Low Down Payment

* FHA down payment is 3.5% - 5%.

Gifted Funds

* FHA will allow up to 6% in gift funds to the borrower from other sources.
* FHA allows parents to gift you funds to be applied to the down payment or closing costs.
* FHA will allow employers to gift funds which can be applied to the down payment or closing costs.
* FHA allows state housing finance agencies and certain non-profits to help the borrower with funds for a down payment or closing costs.

Tax Credit

* FHA is the only loan program in which the tax credit can be monetized.
* The full 2009 First-Time Buyer Tax Credit can be used as an addition to FHA's required 3.5% down payment.
* The 2009 First-time Buyer Tax Credit can be applied to closing costs.

Easy Qualification

* FHA is a fully documented loan, but has been designed to see each borrower's credit history.
* FHA does not have a credit score requirement. A good repayment history is required.
* FHA will allow credit substitutions such as a letter of credit from a landlord or utility statements.
* FHA allows higher qualifying ratios.
* Bankruptcy History: Chapter 13 where payments are being made as agreed; Chapter 7 has been discharged for two years or more.
* Foreclosure History: The foreclosure must be at least 3 years old.

FHA is certainly a great option when considering your various loan options when buying a home. Is it your best option? That very much depends on your particular circumstances. However, If you don't have 10-20% down payment or a credit score of 720 (or above), then FHA would probably work for you.

Remember that the tax credit will soon be disappearing and interest rates are on the rise. So buying now at today's low prices may be a very good move, indeed.

Charlene Hamilton, your Reno relocation specialist

Good news everyone! It appears that the Reno real estate market is in recovery. Real estate has seen bad markets before, as has the Greater Reno-Tahoe area. The real estate market was not a bottomless pit at that time and it is not a bottomless pit now. As a matter of fact, things are looking better with each passing month.

In my March blog post Reno Near the Bottom of the Market, I made the statement that "there are indications locally and nationally that the housing market is on the mend and the bottom of the market is in sight". I also stated in that blog that "how potential buyers perceive the market and their confidence in their own personal finances is the new determining factor affecting the Reno housing market." Recent data locally and nationally seem to be proving both of these statements as correct.

Here is the good news:

* Good news for sellers is that home sales are increasing both locally and nationally (based on April figures).
* Good news for buyers is that homes have not been this affordable in 7 years.
* Good news for businesses is that consumer confidence is way up.
* Good news for the economy is that economic gurus like Mark Zandi at Moody's Economy.com expects that the economy will reach bottom in the fourth quarter.
* Good news for real estate is that real estate professionals are also predicting that the bottom of the market will be reached this year.
* Good news for property values is that some areas have already bottomed out, with property values stabilizing and, in some cases, increasing slightly.
* Good news for jobs is that both HUD and the Census Bureau are reporting (based on April figures) that single-family construction is seeing an increase in activity.
* Good news for the real estate industry is that the National Association of Realtors reports that more repeat buyers are entering the market (repeat buyers are buyers that are not considered first-time buyers).

All of this good news about the economy and the real estate market has been reported in the last two weeks.

Reno real estate is in recovery. Recovery will be slow and happen over an extended period of time. The exact time of a turn around cannot be determined until at least six months after the fact because the data must be gathered from various sources and analyzed. But indicators to a turn around can be seen in advance, which is why I believe Reno real estate is in recovery.

Charlene Hamilton, your Reno relocation specialist