December 2015 Market Report for Reno/Sparks

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2 December 2015 Market Report for Reno/Sparks November 2015 weather and holiday distractions didn t keep prospective homebuyers and home sellers from being busy. There was activity on both the buying and selling fronts for November Let s take a look at how real estate in the Reno/Sparks area faired during November Median Sales Prices for Reno/Sparks The November 2015 median sales price stood at $292,000, which is a jump of 4% over the October 2015 number of $279,850. Additionally, the November 2015 sales price of $292,000 marks a jump of 12% over the November 2014 numbers.

3 Unit Sales for November 2015 November 2015 unit sales stood at 419, which is a drop of 22% from October 2015 s number of 536 unit sales. Also, the November 2015 unit sales number of 419 is a drop of 12% from November 2014 s number of 473. In short, the median sales price jumped in November but unit sales saw a decline. New Listings

4 In terms of new listings for November 2015 the number was 394, which is a 29% drop from October 2015 (556). However, the November 2015 number of new listings (394) marks a 2% increase over the November 2014 number of 385. The Reno Market Still Remains a Seller s Market For November 2015 the Reno market remained a seller s market. Currently, there is 3.8 months supply of inventory available. In October 2015, the MSI stood at 3.5 and in September 2015, the MSI was 3.6. MSI indicates the number of months it would take to exhaust the supply of available active and pending properties on the market. Data Sourced from NNRMLS

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6 Tips for Turning 2016 Into the Year You Buy Your Home Buying a home, especially over the long term, is one of the best and safest ways to build one s overall wealth. A home can be an excellent asset, as a home provides a boost in quality of life while at the same time serving as a solid investment. In this article, we ll explore a few financial tips that can help you turn 2016 into the year that you buy your dream home. Tip One-Finding Creative Ways to Save More Money For most would-be homebuyers, especially first time homebuyers, getting the money together for that all-important down payment can seem like a major a hurdle. At first, the task might seem overwhelming. But with the right strategies, you can save more than you might have initially expected. The first step is to stop and evaluate how you were really spending your money in If money just seemed to flow out, it s time to pause and examine your spending habit. Then evaluate your spending habits for new ways to save. The easiest way to begin is to make a list of your expenses and then ask, Do I really need this? and Can I find a way to spend less? Some answers might be obvious and others may take some time to figure out, but remember this is an investment in you and your financial goals! Tip Two-Create a Budget, But Don t Forget Your Emergency Fund A lot of attention is given to the importance of creating a budget and sticking to it in order to save for a home, pay down debts and to reach a range of other important financial goals. However, what usually doesn t receive as much attention is saving for an emergency fund.

7 Even before saving for a home, it makes sense to have at least a small emergency fund. The reason is that without an emergency fund, your finances can be sent into chaos and that can undermine your efforts to save for a home. Tip Three-Write Down Your Financial Goals and Place Them Where You Can See Them Establishing goals for your career, your personal life and your finances is only the beginning. After you establish those goals, you must hold yourself accountable. Writing down your goals and then stuffing that paperwork in a drawer somewhere is not the optimal path. Writing down your goals will help you clarify your thinking but then putting those goals in a location where you will see them daily makes a great deal more sense. If you want to save for a home, then remind yourself of why that goal is important daily. Then take the concrete steps necessary to turn that goal into a reality! Your future self will thank you. Tip Four-Nothing Happens in Isolation, Saving for a Home Means Investing in You The happier and healthier you are the more likely you are to achieve your goals, including buying a home. You can invest in you, your well-being and your future in many ways. Time management is critical as it allows you to pursue all of your goals from your personal and professional goals to your financial goals, getting in shape, finding the love your life and more. The better you become at managing your time, the more likely you are to achieve some or all of your New Year s Resolutions and, of course, buy a home. Together these four tips can supercharge your New Year s Resolutions, and these activities can work whether you are looking to buy a new home or your first home has just begun and you have an opportunity to start this year off in a different direction. So go for it and don t look back!