Christianne Gordon, REALTOR®, e-PRO CDPE Carson Valley Real Estate Specialist

Welcome to the fifth post in a series of 7 posts covering the more important issues about buying a home in Northern Nevada.

In the first post, we covered the topics "Why Should I Own A Home?" and "Why Should I Use a REALTOR®?".

In the second post, we covered "Real Estate Commissions Explained" and "7 Steps to Prepare for Home Ownership".

In the third post, we covered "Your New Northern Nevada Home Wish List" and "Tips for Finding the Perfect Neighborhood".

In the fourth post, we covered "Get Your Finances In Order" and "Think Like a Lender: Let's Do The Math".

Whether you've owned a Northern Nevada home before, or you are a first time Northern Nevada home buyer, having a Buyer's Guide can be a very helpful tool before, during, and even after the homebuying process.

Since most people don't buy and sell homes every month, let alone every year, we have put together a fantastic 36-page "Just For Buyers" Guide courtesy of GreatNevadaHomes.com.

In this post, we'll be covering "What to Expect When Writing the Offer" and "What Your Home Inspection Should Cover".

What To Expect When Writing The Offer

This particular step is crucial in the process and ensuring you have not just any agent, but the right agent, can make all the difference.

1. Ask your agent for a Competitive Market Analysis. By analyzing what Northern Nevada neighborhood homes have recently sold for, and what homes haven’t sold, your agent can help you determine the best price and the true value of the home.

2. Confirm the maximum amount you can afford. This will prevent you from getting overly excited or too emotional, causing you to make too high an offer. Often, very desirable Northern Nevada homes have more than one buyer making an offer at the same time, regardless of how many properties may be on the market. Those homes that show well, have a good location, are close to public transportation, and are priced well, will receive more than one offer at a time. Over-bidding on a home will cause you financial strain later and will take much of the pleasure out of owning your dream home.

3. Include a pre-approval letter from your lender. This will add strength to your offer, and to differentiate yourself from other offers.

4. Have your checkbook handy. Be ready to include a deposit with your offer, which will be part of the down payment and closing fees if the offer is accepted.

5. Be prepared to wait – and negotiate. The seller may accept, reject, or counter your offer within hours or days, depending on the quality of your offer and the seller’s desire to sell. You can then accept the counter-offer or “counter the counter”. Once you both accept, the contract is “ratified”. Then, you will move ahead with inspections. Ultimately, a third party (usually an Northern Nevada escrow or title company) completes the transaction with your lender, you, and the seller.

6. I bought a home – Why am I anxious? It’s a completely natural feeling to be nervous after buying a new home. After all, a home is the biggest investment an individual or couple will make in their lives. The flutters in your stomach will pass as you begin to plan for the move to your new home.

What Your Northern Nevada Home Inspection Should Cover

• Siding: Look for dents or buckling

• Foundations: Look for cracks or water seepage

• Exterior Masonry: Look for cracked bricks or mortar pulling away from bricks

• Crawlspace: Look for leaks or evidence of mildew/mold

• Insulation: Look for condition, adequate rating or climate

• Doors and Windows: Look for loose or tight fits, condition of locks, condition of weatherstripping

• Roof: Look for age, conditions of flashing, pooling water, buckled shingles, or loose gutters and downspouts

• Ceilings, walls and moldings: Look for loose pieces, drywall that is pulling away

• Porch/Deck: Loose railings or steps, rot

• Electrical: Look for condition of fuse box/circuit breakers, number of outlets in each room

• Plumbing: Look for poor water pressure, banging pipes, rust spots or corrosion that indicate leaks, sufficient insulation

• Water Heater: Look for age, size adequate for house, speed of recovery, energy rating

• Furnace/Air Conditioner: Look for age, energy rating. Furnaces are rated by annual fuel utilization efficiency – the higher the rating, the lower your fuel costs. However, other factors such as payback period and other operating costs, such as electricity to operate motors.

• Garage: Look for exterior in good repair, condition of floor – cracks, stains, etc.

• Attic: Look for adequate ventilation, water leaks from roof

• Septic Tanks (if applicable): Adequate absorption field capacity for the percolation rate in your area and the size of your family

• Wells (if applicable): Check for proper well flow and water quality

• Driveways/Sidewalks: Look for cracks, heaving pavement, crumbling near edges, stains

In the sixth post in this series, we'll discuss "Things You Should Know About Homeowner's Insurance" and "What Exactly Is Title Insurance, Anyway?". If you'd like a FREE copy of our complete 36 page Northern Nevada "Just for Buyers Guide" just let us know. We're happy to provide you with one to assist you on your road to home ownership.

(Pen and paper image courtesy of Kristian D - Flickr.com. )

Posted By: Christianne Gordon - Northern Nevada Real Estate Agent - Realtor
with RE/MAX Realty Affiliates, specializing in Carson Valley Real Estate and Northern Nevada Real Estate.

Welcome to the fourth post in a series of 7 posts covering the more important issues about buying a home in Northern Nevada.

In the first post, we covered the topics "Why Should I Own A Home?" and "Why Should I Use a REALTOR®?".

In the second post, we covered "Real Estate Commissions Explained" and "7 Steps to Prepare for Home Ownership".

In the third post, we covered 'Your New Northern Nevada Home Wish List" and "Tips for Finding the Perfect Neighborhood".

Whether you've owned a Northern Nevada home before, or you are a first time Northern Nevada home buyer, having a Buyer's Guide can be a very helpful tool before, during, and even after the homebuying process.

Since most people don't buy and sell homes every month, let alone every year, we have put together a fantastic 36-page "Just For Buyers" Guide courtesy of GreatNevadaHomes.com.

In this post, we're going to discuss "Get Your Finances In Order" and "Think Like a Lender: Let's Do The Math".

Get Your Finances In Order

Unless you're independently wealthy, it's likely you'll need a loan from a bank in order to purchase a home. Since you're going to need a loan, it's a good idea to get your finances in order when you need them to approve you, they will.

• Develop a family budget. Instead of budgeting what you’d like to spend, use receipts to create a budget for what you actually spent over the last six months. One advantage of this approach is that it factors in unexpected expenses, such as car repairs, illnesses, etc., as well as predictable costs such as rent.

• Reduce your debt. Lenders typically look for a total debt load of no more than 36% of income. This figure includes your mortgage, which usually ranges between 25-28%. You need to get the rest of installment debt – car loans, student loans, credit cards – down to 8-10% of your total income.

• Get a handle on expenses. You probably know how much you spend on rent and utilities, but little expenses add up. Try writing down everything you spend for one month. You’ll probably see some great ways to save.

• Increase your income. It may be necessary to take on a second, part-time job to get your income at a high-enough level to qualify for the home you want.

• Save for a down payment. Although it’s possible to get a mortgage with only 5% down – or even less in some cases – you can usually get a better rate and a lower overall cost if you put down more. Shoot for a 10-20% down payment.

• Create a Northern Nevada house fund. Don’t just plan on saving whatever’s left toward a down payment. Instead decide on a certain amount a month you want to save, then put it away as you pay your monthly bills.

• Keep your job. While you don’t need to be in the same job forever to qualify, having a job for less than 2 years may mean you’ll have a higher interest rate.

• Establish a good credit history. Get a credit card and make payments by the due date. Do the same for all your other bills. Pay off balances promptly.

Think Like A Lender: Let's Do The Math

There are specific math formulas that your lender will use to assure you are qualified to purchase the home that you want. Here’s how to figure them for yourself:

1. GDS……also known as your Gross Debt Service ratio.

GDS = Annual Mortgage Payments + Property Taxes
Gross Family Income

2. TDS……also known as your Total Debt Service ratio.

TDS = Annual Mortgage Pmts+Property Taxes+Other Debt Pmts
Gross Family Income

3. 28/36? …………… Calculate your maximum monthly mortgage payment (MMMP). These guidelines are conservative and sometimes can be stretched to 29/41 and are multipliers. The first refers to income only and the second refers to income less debt.

28% MMMP … Total Monthly Gross Income x 0.28 = _________

36% MMMP… (Total Monthly Gross Income - Debt Pmts) x 0.36 = ________

4. Maximum Mortgage Amount……this is the maximum amount of mortgage you will qualify for from a lender (MMA).

MMA = (MMMP x 152) = ___________________

5. Add Down Payment……what is the total amount of money you plan to put down?

MMA + Down Payment = _____________________________
Maximum Purchase Price

In the fifth post in this series, we'll discuss "What to Expect When Writing the Offer" and "What Your Northern Nevada Home Inspection Should Cover". If you'd like a FREE copy of our complete 36 page Northern Nevada "Just for Buyers Guide" just let us know. We're happy to provide you with one to assist you on your road to home ownership.

Posted By: Christianne Gordon - Northern Nevada Real Estate Agent - Realtor
with RE/MAX Realty Affiliates, specializing in Carson Valley Real Estate and Northern Nevada Real Estate.

Lake Tahoe real estate offers a variety of home choices for those seeking to live in the Lake Tahoe area. On the Eastern shore of Lake Tahoe, Nevada, there are many communities from which to choose your desired home:

• Zephyr Cove
• Stateline
• Roundhill
• Cave Rock
• Glenbrook
• Incline Village

Lake Tahoe homes in each of these areas is unique and varies in conveniences, scenic views, and housing costs. Most of the homes on the East side of Lake Tahoe are larger in size and are located among strands of Pines, Cottonwoods, Stark Granite outcroppings. Many homes in Lake Tahoe have absolutely spectacular views.

Lake Tahoe Area

Lake Tahoe, the “Jewel of the Sierra,” is the highest lake of its size in the United States and the largest alpine lake in North America. Lake Tahoe’s water is 99.9% pure. The water is so clear that a 10-inch white dinner plate would be visible at 75 feet below the surface. There are 63 tributaries draining into Lake Tahoe with only one outlet at the Truckee River. Lake Tahoe never freezes due to the constant mass movement of water from the bottom to the surface. In February 1989, Emerald Bay froze over for the first time since 1952.

Facts about Lake Tahoe

• Maximum depth: 1,645 feet (second deepest in the U.S.)
• Average depth: 1,000 ft.
• Maximum diameter: 22 miles (north-south)
• Minimum diameter: 12 miles (east-west)
• Surface area: 191 square miles
• Average surface elevation: 6,225 ft. (above sea level)
• Highest peak: 10,891 ft. (Freel Peak)

More Information About Lake Tahoe

• South Lake Tahoe Chamber of Commerce
• Tahoe’s Best, Guide to Lake Tahoe
• Lake Tahoe Visitors Authority
• Lake Tahoe Frequently Asked Questions
• Facts about Lake Tahoe

Posted By: Christianne Gordon - Northern Nevada Real Estate Agent - Realtor
with RE/MAX Realty Affiliates, specializing in Carson Valley Real Estate and Northern Nevada Real Estate.

Welcome to the third post in a series of 7 posts covering the more important issues about buying a home in Northern Nevada.

In the first post, we covered the topics "Why Should I Own A Home?" and "Why Should I Use a REALTOR®?". In the second post, we covered "Real Estate Commissions Explained" and "7 Steps to Prepare for Home Ownership".

Whether you've owned a Northern Nevada home before, or you are a first time Northern Nevada home buyer, having a Buyer's Guide can be a very helpful tool before, during, and even after the homebuying process.

Since most people don't buy and sell homes every month, let alone every year, we have put together a fantastic 36-page Northern Nevada "Just For Buyers" Guide courtesy of GreatNevadaHomes.com.

In this post, we'll be covering "Your New Northern Nevada Home Wish List" and "Tips to Finding the Perfect Neighborhood".

Your New Northern Nevada Home Wish List

While opinions on the type of home you want to own may change during the home buying process, use this easy checklist to help you prioritize and make the shopping process less time consuming.

How close do you need to be to:

• Public transportation

• Schools

• Airports

• Freeways

• Neighborhood shopping

• Recreational pursuits

• Other?______________________________________________

Other questions to Consider:

• What neighborhoods would you prefer?

• What are your future plans? (Growing the size of your family, kids moving out?)

• What school systems do you want to be near?

• What architectural style(s) of homes do you prefer?

• Do you want a one-story or a two-story house?

• How old a home would you consider?

• How much repair or renovation would you be willing to do?

• Do you have special facilities or needs that your home must meet?

• Do you require a fenced yard or other amenities for your pets?

Tips for Finding the Perfect Northern Nevada Neighborhood

The Northern Nevada neighborhood you choose can have a big impact on your lifestyle – safety, available amenities, and convenience all play their part.

1. Make a list of each of your Northern Nevada activities – your commute to work, health club, church – you engage in regularly and stores you visit frequently. See how far you would have to travel from each neighborhood you’re considering to engaging in your most common activities.
2. Want to know more about the school district? The Department of Education in your town can probably provide information on test scores, class size, percentage of students who attend college, and special enrichment programs. If you have school-age children, also consider paying a visit to schools in the neighborhoods you’re considering. Even if you don’t have children, a house in a good school district will be easier to sell in the future.
3. Have questions about crime? Ask the police department for neighborhood crime statistics. Consider not only the number of crimes but also the type – burglaries, armed robberies – and the trend of increasing or decreasing crime. Also, is crime centered in only one part of the neighborhood, such as near a retail area?
4. Determine if the neighborhood is economically stable. Check with your local city economic development office to see if income and property values in the neighborhood are stable or rising. What is the percentage of homes to apartments? Apartments don’t necessarily diminish value, but they do mean a more transient population. Do you see vacant businesses that have been for sale for months?
5. See for yourself. Once you’ve narrowed your focus to two or three neighborhoods, go there and walk around. Are homes tidy and well maintained? Are streets quiet? Pick a warm day if you can and chat with the people working or playing outside. Are they friendly? Are there children to play with your family? Visit the neighborhood at different times - daytime during the week, at night during the week, on weekends in the evenings, and at other times.
   

In the fourth post in this series, we'll discuss your "Get Your Finances In Order" and "Think Like a Lender: Let's Do The Math". If you'd like a FREE copy of our complete 36 page Northern Nevada "Just for Buyers Guide" just let us know. We're happy to provide you with one to assist you on your road to home ownership.

Posted By: Christianne Gordon - Northern Nevada Real Estate Agent - Realtor
with RE/MAX Realty Affiliates, specializing in Carson Valley Real Estate and Northern Nevada Real Estate.

Gardnerville Nevada Homes for Sale in the Carson Valley - Spotlight on the Gardnerville Ranchos

The Gardnerville Ranchos is located in the southeastern corner of the Carson Valley. The neighborhood is bordered by Highway 88 to the west and Highway 395 to the east. There are thousands of homes with two elementary schools and a middle school. The Ranchos can be further broken down into two distinct areas - the Ranchos and the Ranchos Estates. The Ranchos Estates is an older community with homes on larger parcels, at least a 1/2 acre and often an acre or more with room for horses. The Ranchos "proper" began development in the 1970's and feature homes on 1/5 to 1/3 of an acre. The buildout was complete in the mid-1990's.

Homes for Sale in the Gardnerville Ranchos

• 76 homes available for sale ranging in price from $127,900 to $619,000
  
• 69 homes have sold in 2009 ranging in price from $110,250 to $497,900

Gardnerville Ranchos Sales Price Information

• Average Sales Price: $189,021
  
• Sale Price to List Price Ratio: 96.8%
  

Days on Market

• Average Days on Market: 142

(Data courtesy of the Northern Nevada Regional Multiple Listing Service for Area 310 known as the Gardnerville Ranchos, Nevada.)

Popular Searches for Gardnerville Ranchos Homes:

• Gardnerville Ranchos Homes on at least 1 Acre

• Gardnerville Ranchos Homes under $200,000

• Gardnerville Ranchos Homes built in 1990 or newer

Posted By: Christianne Gordon - Northern Nevada Real Estate Agent - Realtor
with RE/MAX Realty Affiliates, specializing in Carson Valley Real Estate and Northern Nevada Real Estate.