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

July 2009 Carson City Nevada Real Estate Market Report

We had 57 home sales in Carson City in July 2009, a 36% volume increase year over year when 42 homes sold in July 2008.

Hereis a quick look at the Carson City market for July:

• 57 homes sold
  
• Average asking price is $221,178
• Average selling price is $212,315
• Average days on market is 147

So what is the absorption rate for Carson City?

• There are 289 homes on the market as of 8/5/09
• 57 homes sold in July
  
• 119/29 = 5.07 months of inventory

The absorption rate for the Carson City ontinues to be strong and is within 5-7 months considered a normal supply. This is a huge turnaround from the 15+ months of inventory we had on the market in February.

Of the 289 homes on the market, 23 are bank owned and 45 are short sales. That means that 24% of the Carson City Nevada market is distressed. This percentage has held steady and is within just a few percentage points of February when it was 27.7%.

With the first time homebuyer credit expiring on December 1, 2008, there's a big incentive for homebuyers to get out there and buy a home. Will it be extended? Who knows??? If you're a buyer debating buying a home right now in Northern Nevada, don't wait for these statistics to continue to trend upward. It may just cost you the house of your dreams.

(Data provided courtesy of the Northern Nevada Regional Multiple Listing Service and excludes manufactured and shared ownership housing for Area 200, known as Carson City. Carson City Nevada photograph courtesy of hanneorla - Flickr.com)

July 2009 Dayton Valley Nevada Real Estate Market Report

We had 29 home sales in the Dayton Valley in July 2009, a 21% volume increase year over year when 24 homes sold in July 2008.

Here is a snapshot of our market indicators for July:

• 29 homes sold
  
• Average asking price is $177,596
• Average selling price is $174,472
• Average days on market is 114

So what is the absorption rate for the Dayton Valley?

• There are 119 homes on the market as of 8/4/09
• 29 homes sold in July
  
• 119/29 = 4.10 months of inventory

The absorption rate for the Dayton Valley continues to be strong and under the 5-7 months considered a normal supply. This is a huge turnaround from the 30+ months of inventory we had at the beginning of the year. Dayton's affordability continue to be a big attraction over the higher priced areas of Reno, Carson City and the Carson Valley.

Of the 119 homes on the market, 14 are bank owned and 33 are short sales. That means that 39% of the Dayton Valley Nevada market is distressed. That's a really high percentage. Our suspicion from seeing these properties in person when showing properties to clients tells us that these properties will need to drop their prices even further to get them sold due to overall condition. For every short sale or bank owned property, there is another property priced just a bit higher in much better condition that is selling faster.With a historically low amount of inventory in Dayton, we are anticipating the remaining properties in decent condition will see even more fierce competition, This will include multiple offers and sales prices above asking prices as we get closer to the December 1st deadline for the $8,000 first time homebuyer tax credit.

With the first time homebuyer credit expiring on December 1, 2008, there's a big incentive for homebuyers to get out there and buy a home. Will it be extended? Who knows??? If you're a buyer debating buying a home right now in Northern Nevada, don't wait for these statistics to continue to trend upward. It may just cost you the house of your dreams.

(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, known as the Dayton Valley and the outlying areas. Dayton Valley photograph courtesy of JeffMoser - Flickr.com)

July 2009 Carson Valley Nevada Real Estate Market Report

We had 58 home sales in the Carson Valley in July 2009, a 26% volume increase year over year when 46 homes sold in July 2008.

Here is a snapshot of our market indicators for July:

• 58 homes sold
  
• Average asking price is $374,596
• Average selling price is $347,528
• Average days on market is 182

So what is the absorption rate for the Carson Valley?

• There are 479 homes on the market as of 8/4/09
• 58 homes sold in July
  
• 479/58 = 8.4 months of inventory

The absorption rate for the Carson Valley continues to hold steady after tightening up in June. I had predicted we wouldn't see single digit absorption rates until the third quarter but the market improved in June and continues to stand strong in July.

Of the 479 homes on the market, 28 are bank owned and 56 are short sales. That means that 18% of our market is distressed. With everything that we've heard in our market, we are seeing more REO properties hit the market, but the good news is that we are seeing multiple offers on every one of them. When priced below $175,000, the competition is stiff and sold prices are above listing prices. This is a good sign for our market, and we suspect that the competition will become even more fierce as we get closer to the December 1st deadline for the $8,000 first time homebuyer tax credit.

With the first time homebuyer credit expiring on December 1, 2008, there's a big incentive for homebuyers to get out there and buy a home. Will it be extended? I believe it will be, but don't bet on it! If you're a buyer debating buying a home right now in Northern Nevada, don't wait for these statistics to continue to trend upward. It may just cost you the house of your dreams.

(Data provided courtesy of the Northern Nevada Regional Multiple Listing Service and excludes manufactured and shared ownership housing for Area 300, known as the Carson Valley and outlying areas. Carson Valley photograph courtesy of ScottSchrantz - Flickr.com)

Most Northern Nevada first time homebuyers think they are automatically eligible for the $8,000 tax credit due to expire on December 1, 2009. Most media outlets, loan officers, and real estate related professionals will ask one question:

• Are you a first time homebuyer?

Answer Yes, and you will probably be told - Hey, you get $8,000 from the government! But does that really cover it? No, it doesn't. In fact, there is a very specific series of questions that need to be answered to ensure you are actually eligible for the tax credit.

Here's the entire decision tree that we use to help homebuyers determine whether they are likely eligible for the credit:

1. Are you a first time Northern Nevada homebuyer? (Or have you not owned a home for the past 3 years?)

If Yes, continue to Question #2. If No, sorry - you are not eligible.

2. Are you a Non-Resident Alien?

If No, continue to Question #3. If Yes, sorry - you are not eligible.

3. Is the price of the home you are purchasing in Northern Nevada $80,000 or higher?

If Yes, continue to Question #4. If No, your tax credit is limited to 10% of the purchase price.

4. Is the home your purchasing in Northern Nevada going to be your Principal Residence?

If Yes, continue to Question #5. If No, sorry - you are not eligible. Only owner-occupied homes are eligible.

5. Did you acquire the home from a family member, gift, or inheritance?

If No, continue to Question #6. If No, sorry - you are not eligible. You cannot buy a home from a relative or any related person and qualify for this tax credit. It must be an "arms-length" transaction.

6. Are you going to close escrow and transfer title to the Northern Nevada home before to December 1, 2009?

If Yes, continue to Question #7. If No, sorry - you are not eligible. For new construction, you must take occupancy of the home before December 1, 2009 to be eligible.

7. Is your Adjusted Gross Income (AGI) under $75,000 for a single person or under $150,000 for a married couple filing a joint return?

If Yes, YOU ARE ELIGIBLE! BUT! (Yes, there's always a 'but', isn't there?) If you sell this home within 3 years of buying it, you have to repay the tax credit. There are certain exceptions to this rule such as divorce, death, natural disaster, etc.)

This list is not meant to be an exhaustive list of conditions. There may be other specific factors that are unique to your situation that could change your eligibility. We are not tax professionals and recommend you speak with one if you have additional questions.

If you are looking to buy a home in Northern Nevada and you meet the criteria listed above, call us. Don't let this fantastic opportunity of an $8,000 tax credit pass you by.

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 welcomes the Bravo Cafe & Bakery to town!

The Bravo Cafe & Bakery is a new bakery and breakfast/lunch spot in our little town. When I say little town - I mean it. Minden and Gardnerville have 5 stoplights altogether!

At the Bravo Cafe & Bakery, you'll find fabulous breakfast items, fantastic lunch salads, soups and sandwiches, and to-die-for desserts! There are a couple of salads I love to have when I go there for lunch. On Friday, I had the Pear & Blue Cheese salad featuring spring mix greens, sliced pears, carmelized pecans, cranberries, and crumbled bleu cheese.

I couldn't resist having a dessert so I had a Strawberry Shortcake. It had lemon zest in the handmade biscuit that made for the most refreshing contrast with the strawberries and whipped cream. And as you can see, the presentation was delightful too.

The inside of the cafe is light and cheery - and the baked goods case is a focal point. They have all different sorts of delectable delights but one you wouldn't expect is handbaked challah! My husband is Jewish and one thing he misses from the East Coast besides great bagels is challah. It just so happens that the Bravo Cafe & Bakery has a Jewish baker who makes challah every Friday. So - if you want a fresh baked loaf set aside especially for you, all you have to do is call Joanna, the owner, and she'll make sure they have one just for you! And by the way, they do have great bagels, too!

If you haven't stopped in to give the Bravo Cafe & Bakery a try yet, stop in today!

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 .