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David Hughes

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Your Home as an Investment

11-21-08
David Hughes

1968 is the year they starting keeping records and existing home prices have risen in every year through 2006. Even in a balanced market, home values will usually rise the rate of inflation plus 1.7 percentage points. When you buy a home it should be approached as a long term investment, even when temporary corrections have occurred in markets that became overheated. Most of the country has never experienced a downturn since record keeping began.

Here's a thought, a buyers return on his down payment is usually substantial. While it represents a small portion of the purchase price, the total appreciation is based on the total value of the home. Buying a house should not be an in and out proposition. When held for the long term, real estate is one of the safest investments a buyer can make. The rate of return on your home will dramatically increase the longer you hold on to it. How about this, after only 3 years a typical home owner will earn a 90% return and after 10 years it will skyrocket to 625%.

In the past twenty years the stock market has had wide swings while the housing market has had a continual rise in values. A typical home owner versus a renter will accumulate a net wealth of about $172,000 compared to about $5000 for the renter.

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Reno Real Estate home sales percentage up

10-29-08
David Hughes

Biggest jump in 5 years according to the National Association of Realtors, buyers are taking advantage of the large inventory of homes on the market as well as the foreclosures. Single family homes including condos jumped 5.5% from August to September of this year. The current median price for a home in Reno is $288,000 compared to $309,000 this time last year and Sparks is even better at $250,000 compared to $285,000 last year. What this is telling me is that sales are starting to go up during a typically slow time of year heading into winter and the holidays. By spring if this continues we could hopefully see some sort of bottoming out of the downward spiral we have been in.

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Flying J denied in Northwest Reno

06-20-08
David Hughes
Wednesday, June 18, The Planning Commission denied Flying J's application for a master plan amendment to the McQueen Neighborhood Plan to rezone a parcel located at I-80 and Robb Drive from Single Family Residential (large lot residential) to Special Planning Area. I am not denying that the truckers need a place to stop, eat, sleep, etc. I just don't think Reno needs to have 4 truck stops. Currently there is Boomtown, Sierra Sids and the Alamo Truck Stop within a 15 mile radius. Reno does not need another and especially not in a residential area. The Planning Commission vote was as follows: Darrin Georgeson, Chair, voted to approve the Flying J master plan amendment. Jim Newberg, Vice-Chair, voted against, stating findings 1,2 and 5 could not be met. Douglas Coffman voted to approve the Flying J master plan amendment. Elizabeth Ford voted against, stating findings 2 and 4 could not be met. Kevin Wieske voted against, stating findings 1 and 5 could not be met. Dennis Romeo voted against, stating findings 1,2 and 5 could not be met. Lisa Foster was absent. This is just Round One! Flying J has 10 days to appeal the vote of the Planning Commission. Please stay tuned in and involved for the long haul!
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