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Savor Summer in the Sierra

by Jeffrey Corman
News and Happenings from Reno-Tahoe
 
Sierra Insider - August 2018
Compliments of Jeffrey Corman and Kirstin Burbank- Corman
SAVOR SUMMER IN THE SIERRA
Don't let summer slip away without a dip in the Lake, a quite hike in the woods or a day with
friends and family in the great outdoors. 
 
In The News 

 

 
Sierra Sotheby's International Realty takes pride in matching extraordinary buyers and sellers. Here's a look at some spectacular pairings that took place during the first half of 2018 (January through June)
including historic transactions and record breaking sales. 
 
 
Featured Happenings
Below are a few suggestions to help you make the most of summer in the Sierra.  
 
Lake Tahoe Concours d'Elegance
Aug 10-11 | Homewood 


This year’s 46th annual Concours will again be staged at the historic Obexer’s Boat Company in
Homewood, CA., on Lake Tahoe’s beautiful West Shore with the two-day show open to the public on
Friday and Saturday.
 
Hot August Nights
Aug 6-11 | Reno


Experience the largest classic car show in the world with events throughout Reno and Sparks including  concerts, auctions, classic car cruises, show and shines, parties and so much more... 
 
Lake Tahoe Shakespeare Festival
July 6- Aug 26, Sand Harbor

This year's playbook features both Shakespeare's Macbeth or the off-broadway hit Beehive. Call 800.74.SHOWS and mention Sierra Sotheby's for $5 off.
 
Parasol Foundation Community Table Dinner
September 7 | Shakepeare Ranch, Glenbrook


Sierra Sotheby's International Realty is honored to once again sponsor this culinary fundraiser.  This year's featured chef is Chef Dustin Valette of Healdsburg's award winning Valette.
Jeffrey Corman and Kirstin Burbank- Corman
BlogFacebookLinkedIn
 
775.339.1144
 

For the week of August 13, 2018

>> Market Update

QUOTATION OF THE WEEK..."Don't talk about yourself; it will be done when you leave." --Wilson Mizner, American playwright

INFO THAT HITS US WHERE WE LIVE...The National Association of Realtors (NAR) reports the median single-family home price edged up to $269,000 in Q2, a 5.3% gain year-over-year. The median family income also rose, to $75,106, though we'd like to see it up some more. 

Tight supply at certain price points is a drag on home sales in certain markets. But overall, the NAR notes Q2 saw a 0.5% year-over-year spike in available homes, to 1.95 million units. So reports of a housing market slowdown seem a bit premature.

About 40% of Americans feel buying a home is the most stressful event in modern life, according to homes.com. Their senior content manager says "they are looking for guidance and assistance," which of course is where we all come in.

BUSINESS TIP OF THE WEEK... A great time to get a referral is when you're wrapping up business with clients. If they're happy with what you delivered, ask if they know anyone else who might need your services.

>> Review of Last Week

TURKEY... A drop in the Turkish lira made the week a turkey for investors. Worries over how the lira's dive would impact European banks with Turkish exposure sent the Dow and S&P 500 south for the week, though the tech-y Nasdaq headed up. 

The Consumer Price Index (CPI) pegged inflation at 0.2% in July. Core CPI, excluding volatile food and energy prices, is up 2.4% the past 12 months. Many think this could mean two more rate hikes from the Fed this year.

Initial jobless claims sank to 213,000, while continuing claims remain in 1.7 million territory.Economists say these numbers point to a healthy rate of job creation--key to the health of the real estate market.

The week ended with the Dow down 0.6%, to 25313; the S&P 500 down 0.2%, to 2833, and the Nasdaq UP 0.3%, to 7839.

Bonds benefited from the flight to safety after Turkey's currency probs. The 30YR FNMA 4.0% bond ended up .14, to $101.81. Freddie Mac's latest Primary Mortgage Market Survey showed the national average 30-year fixed mortgage rate inched lower. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.

DID YOU KNOW?... Realtor.com says smoking in a home can reduce its resale value up to 29%. For more on this, including tips to get of cigarette odor, click here.

>> This Week's Forecast

HOME BUILDING, RETAIL SALES, MANUFACTURING ALL GROW... The big economic reports this week all forecast continued growth. Housing Starts and Building Permits should show nice gains. Retail Sales are predicted up a tad overall and more than a tad excluding volatile auto sales. The Philadelphia Fed Index is expected to indicate solid expansion of factory activity in that key region

>> The Week's Economic Indicator Calendar 

Weaker than expected economic data tends to send bond prices up and interest rates down, while positive data points to lower bond prices and rising loan rates.


For the week of August 6, 2018

>> Market Update

QUOTATION OF THE WEEK..."Housework can't kill you, but why take a chance." --Phyllis Diller, American comedian

INFO THAT HITS US WHERE WE LIVE... After dipping two months in a row, Pending Home Sales went up 0.9% in June--in all four U.S. regions. This National Association of Realtors (NAR) index of signed contracts on existing homes points to higher sales for July. 

The NAR's chief economist believes the worst of the supply crunch has possibly passed. And Realtor.com's chief economist noted, "markets on both coasts and in the South reported inventory increases in July."

The latest Case-Shiller Home Price Index stayed at a 6.4% annual gain for the second month in a row. So the rate at which home prices are rising seems to have stabilized for now.

BUSINESS TIP OF THE WEEK... Experts say the one trait that will set you apart from the competition is to over-deliver on value. Exceed the expectations of your customers, vendors, partners, employees and community, and you'll give yourself a distinct competitive edge.

>> Review of Last Week

EARNINGS AND DATA SPIKE STOCKS... Hot on the heels of solid corporate earnings and decent economic data, the Dow and the S&P 500 scored their fifth weekly gain in a row, while the Nasdaq followed two weeks of losses with the biggest boost of the three.

July jobs was the key economic report, and although we got a less-than-expected 157,000 new Nonfarm Payrolls, upward revs to May and June yielded a net gain of 216,000. Unemployment ticked down to 3.9%, pretty impressive, since the labor force is up by 1.5 million the past year

The Fed met and left rates alone, as predicted. Even better, their policy statement said recent economic activity is rising at a "strong" rate, upgraded from the "solid" rate they observed in June. ISM reads showed manufacturing and services sectors staying well into expansion territory.

The week ended with the Dow UP 0.1%, to 25463; the S&P 500 UP 0.8%, to 2840, and the Nasdaq UP 1.0%, to 7812.

Treasuries finished the week higher, helping mortgage bonds post modest gains. The 30YR FNMA 4.0% bond ended up .11, to $101.67. The national average 30-year fixed mortgage rate drifted up for the second week in a row according to Freddie Mac's latest Primary Mortgage Market Survey. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.


For the week of July 23, 2018 — Vol. 16, Issue 30

>> Market Update

QUOTATION OF THE WEEK..."Insanity is hereditary. You get it from your children." --Sam Levenson, American humorist

INFO THAT HITS US WHERE WE LIVE... After rising in May at their fastest pace in 11 yearsHousing Starts fell 12.3% in June, to a 1.173 million annual rate. Yet the National Association of Home Builders reports strong buyer demand keeps builder optimism historically high. 

The fact is, housing starts data is quite volatile month to month. To allow for this, compare the first six months of 2018 with the same period in 2017 and you'll find starts are up 7.4% versus a year ago.

Similarly, building permits were down 2.2% in June, to a 1.273 million annual rate. Yet the three-month average is close to its highest level since 2007. Also, Q2 saw builders completing units at the fastest quarterly pace since the recession.

BUSINESS TIP OF THE WEEK... Four great lead sources: present clients; past clients; prospects you haven't contacted in a while; and cold called prospects who like your pitch but don't need you now--ask if they can refer you to someone who might.

>> Review of Last Week

HEADLINES, SHMEDLINES... Headlines screamed tariff and interest rate warnings, but investors took them in stride, as climbing corporate profits and steady economic data left the three major stock indexes little changed for the week.

Retail Sales rose in June for the fifth month in a row, a strong 0.5%. Economists linked this to lower taxes and higher employment, as weekly jobless claims fell to their lowest level in more than 48 years.

And let's remember, the Fed only hikes short-term interest rates. Long-term mortgage rates don't necessarily rise by the same amount as the Fed Funds Rate, or at the same time. 

The week ended with the Dow UP 0.2%, to 25058; the S&P 500 UP 0.52, to 2802; and the Nasdaq down 0.1%, to 7820.

After outperforming for weeks, longer dated Treasuries and mortgage bonds finished a bit lower on Friday. The 30YR FNMA 4.0% bond ended down .17, to $101.81. The national average 30-year fixed mortgage rate inched backward in Freddie Mac's latest Primary Mortgage Market Survey. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.

DID YOU KNOW?... Freddie Mac's chief economist says the lack of movement in mortgage rates is "good news for price sensitive home shoppers, given that this stability in borrowing costs gives them a little extra time to find the right home."

>> This Week's Forecast

EXISTING HOME SALES UP, NEW HOMES OFF, AS THE ECONOMY SPIKES... Economists predict Existing Home Sales to recover in June, New Home Sales to slip a bit, and economic growth to hit 4.1% in the GDP-Advanced read for Q2.

INFO THAT HITS US WHERE WE LIVE... First American, a provider of services for real estate transactions, said their latest Real Estate Sentiment Index found nearly 87% of first-time buyers were 26-35 years old--aka millennials!

Their chief economist also said, "This month's increase by nearly 4,000 residential construction jobs...sends a positive message,...as it indicates further increases in housing starts are likely and more housing supply may be on the way."

Freddie Mac's chief economist noted, "A record number of people quit their job last month, most likely for...higher wages and better benefits. This positive trend, along with these lower mortgage rates, should increasingly give...homebuyers the financial wherewithal to resume their home search."

BUSINESS TIP OF THE WEEK... Describe your ideal prospects, then target your marketing to them. When you know who you're looking for, it's way easier to find them--and speak to their needs.

>> Review of Last Week

BRING ON THOSE Q2 EARNINGS!... Stocks rallied for another week, driven by investor optimism about Q2 corporate earnings. The S&P 500 hit its highest level since February, the Dow zoomed back over 25,000 and the Nasdaq reached a new record.

Q1 saw S&P 500 earnings almost 25% above last year. Wall Street expects another quarter of double-digit earnings growth, thanks to tax cuts and a healthy economy with surprisingly strong job growth, averaging 215,000 new jobs a month during the first half.  

July's preliminary University of Michigan Consumer Sentiment index dipped to 97.1, but that's still pretty high. The index average since inception is 85.4--87.6 in non-recessionary years, 69.3 in recessions. CPI inflation rose a mild 0.1% in June.

The week ended with the Dow UP 2.3%, to 25019; the S&P 500 UP 1.5%, to 2801; and the Nasdaq UP 1.8%, to 7826.

Bond prices hung in there by and large, despite soaring stocks. The 30YR FNMA 4.0% bond ended down just .08, to $101.98. In Freddie Mac's latest Primary Mortgage Market Survey, the national average 30-year fixed mortgage rate ticked up slightly. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.

Mid Year Real Estate Market Data Released
 
Market confidence continued to flourish during the second quarter of 2018.  

 Pricing and activity trends can vary dramatically from one community to another, therefore, Sierra Sotheby’s International Realty compiles quarterly market data from Reno, Truckee, Lake Tahoe and surrounding area multiple listing services and breaks it all down by neighborhood to help you better understand values, market trends, identify opportunities and make informed real estate decisions.
 
CLICK ON THE LINKS BELOW TO REVIEW DATA BY NEIGHBORHOOD 
 
 
2018 Q2 Real Estate Data

For the week of July 9, 2018 — Vol. 16, Issue 28

>> Market Update

QUOTATION OF THE WEEK..."If you call failures experiments, you can put them in your resume and claim them as achievements." --Mason Cooley, American aphorist

INFO THAT HITS US WHERE WE LIVE... Freddie Mac's chief economist says "mortgage rates may have a little more room to decline over the very short term." And with "millennials reaching the peak age to buy their first home, the housing market should have some room to grow going forward."  

The Census Bureau's latest data shows strong gains in single-family construction, up 8.2% year-over-year, with multi-family projects up 4.2%. Good signs for a much-needed boost in supply.

The Minutes of the Fed's June meeting reported on page 5: "Residential mortgage financing conditions remained accommodative for most borrowers. For borrowers with low credit scores, conditions stayed tight but continued to ease."

BUSINESS TIP OF THE WEEK... Experts say the single biggest factor in attracting clients is delivering something unique that sets you apart. Ask yourself what makes you different from everyone else you compete with.

>> Review of Last Week

PLENTY OF FIREWORKS... The July 4th holiday shortened the trading week, but there was still time for lots of Wall Street fireworks. For a finale, the three major indexes ended the week solidly ahead, following earlier fireworks set off by a better-than-expected jobs report.

June saw 213,000 new nonfarm payrolls, with upward revisions to April and May sending the total to 250,000. The Unemployment Rate went back up to 4.0%, but that was from a growing labor participation rate, a good thing.

This calmed ongoing trade war concerns, especially after both ISM Manufacturing and ISM Services set off their own fireworks, hitting levels indicating strong expansion. Plus, the trade deficit in May fell to a 19-month low. Boom!

The week ended with the Dow UP 1.0%, to 24456; the S&P 500 UP 1.5%, to 2760; and the Nasdaq UP 2.4%, to 7688.

For bonds, the abbreviated trading week ended with Treasuries broadly higher. The 30YR FNMA 4.0% bond ended UP .14, to $102.06. The national average 30-year fixed mortgage rate continued its recent retreat in Freddie Mac's latest Primary Mortgage Market Survey, down now five of the last six weeks. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.

DID YOU KNOW?... A recent survey of prospective homebuyers revealed only 5% would call off their searches if rates hit 5%, while 24% said that increase would have no impact on their plans.

>> This Week's Forecast

INFLATION SHOULD STAY IN A HEALTHY RANGE... The Fed believes that inflation in the 2% target range signals economic strength, as it's also an indicator of wage growth. This week's Consumer Price Index (CPI) and Core CPI reads are expected to put inflation in that territory.

>> The Week's Economic Indicator Calendar

Weaker than expected economic data tends to send bond prices up and interest rates down, while positive data points to lower bond prices and rising loan rates.


For the week of May 21, 2018

>> Market Update

INFO THAT HITS US WHERE WE LIVE... In home building, the overall upward trend remains, as April Housing Starts were 10.5% ahead of a year ago, at a 1.287 million annual rate.Single-family starts were up 0.1% for the month, though overall starts declined 3.7%. 

Single-family permits were up 0.9% in April, which bodes well for the future, and the number of single-family units now under construction is at the highest pace since 2008.

First American's chief economist also noted an uptrend in housing completions--"a 14.8% increase from the April 2017 figure...a modest step toward producing enough housing to meet market demand."

BUSINESS TIP OF THE WEEK... Take breaks. A short walk, a quick bike ride, lunch away from your desk, all can renew your focus and make you more productive, not less.

>> Review of Last Week

A STUMBLE NOT A TUMBLE... Investors shifted their focus from solid corporate earnings to the less certain macroeconomic environment. Equities stumbled for the week, tripped up by worries over trade talks and rate hikes.

The typical response to risk is caution. So as China and NAFTA trade agreements remained up in the air, no one on Wall Street was wildly bidding up stocks, while the strengthening economy fueled concerns about more rate hikes.

Positive labor market conditions and high consumer confidence drove April's Retail Sales gain. Additionally, the Leading Economic Index (LEI) of 10 key economic trends headed up for the seventh month in a row.

The week ended with the Dow down 0.5%, to 24715; the S&P down 0.5%, to 2713; and the Nasdaq down 0.7%, to 7354.

Bonds saw some gains Friday, but not enough to erase earlier losses. The 30YR FNMA 4.0% bond ended down .39, at $101.27. The national average 30-year fixed mortgage rate edged up to a level last seen in 2011 in Freddie Mac's latest Primary Mortgage Market Survey. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.

DID YOU KNOW?... A recent survey of mobile app users found that 31% use their financial services app the most, a usage result that only trails weather apps, at 33%, and social media apps, at 55%.

>> This Week's Forecast

HOME SALES TAKE A BREATHER, WE EAVESDROP ON THE FED... Analysts forecast a slower pace for New Home Sales and Existing Home Sales in April. But new homes sold should stay near 700K, with existing homes comfortably north of 5.5M. FOMC Minutes give us a peek at what was said at the Fed's last meet. Could be useful. 

TRIFECTA SEASON IN LAKE TAHOE

by Jeffrey Corman
 
Tahoe Insider May 2018
Compliments of Jeffrey and Kirstin Corman
TRIFECTA SEASON IN LAKE TAHOE
As we transition from winter to summer, springtime in Lake Tahoe is famous for multi-sport days that start in ski boots and end in flip flops, board shorts or golf shoes. Where else can you ski in the morning, golf in the afternoon and then boat to your favorite lakeside 
restaurant for happy hour complimented by a world famous Alpenglow sunset?
 
SKI
 
Squaw Valley is still open daily through May 28. Now is the time to also take advantage of early bird 2019 season pass discounts at all of Lake Tahoe's resorts.
 GOLF 
 
Enjoy early season rates on courses throughout Tahoe, Truckee and Reno. For a complete guide to Reno-Tahoe Golf Courses
Click here>>>
FLOAT / BOAT
 
Cool off after a round of golf or a morning on the slopes with an afternoon
paddle board or waterski session on Lake Tahoe's  calm, clear, spring water. 
The Markets Are Open
 
Farmers' Market season is a highly anticipated time of year in and around the Reno / 
Tahoe region. We've compiled a complete list of where to find farm fresh fruits, 
vegetables, artisan cheeses and breads and quality meats everywhere from 
Truckee to Carson Valley to Nevada City. 
 
Save the Date
Opening Day at the Lake
May 25-27
 
Heavenly Village Concert
Series 
May 25-27
 
Made in Tahoe Festival
May 26-27
 
Reno Lantern Festival
May 26
 
Cuisine Corks & Crafts 
May 25-27
 
Best of Tahoe Chefs
June 1
 
Featured Properties
 
557 Lakeshore Blvd #107 Incline Village
 
 
573 Valley Drive Incline Village
 
 
536 Fairview Blvd Incline Village
 
 
638 Fairview Blvd Incline Village
 
Jeffrey and Kirstin Corman
Top Producer / Certified Luxury Home Specialist / Certified Residential Specialist
 
775.339.1144
BlogFacebookLinkedIn

Lake Tahoe's real estate market is starting strong this year, a fact that real estate representatives around the lake attribute to continued economic improvement and limited improvement.

Lakewide there's been a 68 percent rise in homes sold for over $1 million, and the median home price has increased 25 percent to $665,000, according to a quarterly report. The numbers compare all MLS home sales from Jan. 1 through March 31 to the same timeframe of 2017.

"I think Tahoe has seen a jump in million dollar homes across the board. I think this next quarter will follow the same trend," said the Incline Village Board of Realtors. "There will be an increase in purchases, the same as the national trend, which is a 3-4 percent increase. Tahoe's market isn't a whole lot different from any other market. We're all seeing an uptick."

In North Lake Tahoe/Truckee, with houses under $500,000, only 11 homes are on the market as of today, which is hardly a surprise in a market where 60 percent of the local workforce does not live in the area. Interest rates continue to be favorable, but the national economic situation is always somewhat uncertain and volatile.

                                     

"The real estate market in North Lake Tahoe/Truckee is painfully under-supplied, something we haven't seen since pre-recession," said Lil Shaller, president of the Tahoe Sierra Board of Realtors. "There are approximately 10 times as many buyers on an annual basis than we currently have homes to sell. We do anticipate more inventory coming on the market as the winter season draws to a close, but the long-term projections are mixed. However, since our market is primarily vacation homes, affluent buyers look to our area to provide escapes to the magic of the mountains, year-round."

The median price of a home in Truckee dropped 1 percent to $705,000. Homes sold for more than $1 million were up 70 percent while homes sold for under a million were down 5 percent. There was a 188 percent leap in the sale of Truckee condos priced over $500,000, while those sold for less than that were down 33 percent.

"The amazing thing about North Lake Tahoe is that one third of all the sales for single family homes that took place in the first quarter were luxury homes. That's not something we see very often," said Dave Westall, president of North Lake Tahoe Real Estate. "We are also seeing minimal inventory in the lower price points which is making that segment of the market difficult for sales. We're seeing a pretty strong market regardless this first quarter. I think the snow got people to say, 'Hey we really want to be in Tahoe.'"

The Incline Village/Crystal Bay real estate market currently has relatively low inventory with 159 active listings for the area — a number that is typically over 200. The average sold price of a home is $1.2 million. Incline Village saw the biggest jump in the sale of million-dollar homes with a 121 percent increase, while the East Shore was the only area to see a jump in homes sold for under a million with 83 percent. Incline also experienced a 29 percent increase in the median home price while the East Shore was the only area to see a dip of in median price to $830,000, an 11 percent decrease.

"Sometimes in Tahoe's market, there will be a couple big sales, upwards of $10 million, that can skew the data and change the outlook of the market, but that's not anything out of the ordinary. As for Incline Village, a lot of people are moving to Nevada instead of California for the price point."

The sale of condos priced over $500,000 was up 37 percent around the lake, while those priced under that were down 11 percent. The median price of condos were up 15 percent, to $430,000.

The current median listing price in South Lake Tahoe is $572,000, and median days on the market are 72, which is lower than past months. There are currently 258 current active listing in the region.

"Our economy in general is getting better, and so people want to buy their second homes in Lake Tahoe"

"Real Estate prime is in spring and summer, and for Tahoe, this is even more true. Now that the snow is melted, we're gonna see the market continue to pick up. I hope we keep that local home price lower, and that the $500,000 and under stay there, for people who really want to live here."

Displaying blog entries 1-10 of 153

Contact Information

Photo of Jeffrey Corman Real Estate
Jeffrey Corman
Sierra Sotheby's International Realty
570 Lakeshore Blvd.
Incline Village NV 89451
775-339-1144
775-832-4900 ext. 330