Incline Village Real Estate and Community News

July 16, 2018

REAL ESTATE AND MORTGAGE RATES - LAST WEEK IN REVIEW AND FORECAST FOR THIS WEEK

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.

Posted in Real Estate News
July 11, 2018

MID YEAR REAL ESTATE MARKET DATA RELEASED FOR NORTHERN NEVADA AND LAKE TAHOE

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

EAST SHORE

INCLINE VILLAGE

NORTH & WEST SHORE

RENO / SPARKS

SOUTH LAKE

TRUCKEE

SIERRA / PLUMAS COUNTY

CARSON VALLEY

SIERRA FOOTHILLS

Posted in Market Updates
July 9, 2018

Real Estate and Mortgage Rates - Last Week in Review and Forecast for this Week

>> 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.

Posted in Real Estate News
May 21, 2018

REAL ESTATE AND MORTGAGE RATES - LAST WEEK IN REVIEW AND FORECAST FOR THIS WEEK

>> 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.

Posted in Real Estate News
May 16, 2018

TRIFECTA SEASON IN LAKE TAHOE

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. 

 

 2018 Farmers' Market Schedule 

Save the Date

Opening Day at the Lake

May 25-27

Opening Day at the Lake

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

Property Details >

573 Valley Drive Incline Village

Property Details >

536 Fairview Blvd Incline Village

Property Details >

 

Posted in Community News
April 17, 2018

NORTH LAKE TAHOE REAL ESTATE FOR 2018 STARTS STRONG, AND EXPECTED TO KEEP ON

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."

Posted in Market Updates
April 16, 2018

REAL ESTATE AND MORTGAGE RATES - LAST WEEK IN REVIEW AND FORECAST FOR THIS WEEK

>> Market Update

INFO THAT HITS US WHERE WE LIVE... Fannie Mae's latest Home Purchase Sentiment Index reports more people say now is a good time to buy--and more also say now is a good time to sell. Happy Spring!

Pew Research Center reports the number of multigenerational households hit an all-time high in 2016. Homes with two or more adult generations grew to 20% of the population--64 million people--according to Census Bureau data.

It's terrific to see the Department of Housing and Urban Development (HUD) award a record $28 billion to help nine states, Puerto Rico and the U.S. Virgin Islands recover from last year's disasters.

BUSINESS TIP OF THE WEEK... When prospects give you their contacts, get back to them as soon as you can. Studies show response time is the biggest factor determining whether a contact becomes a workable lead or a missed opportunity.

>> Review of Last Week

ROLLER COASTER UP... After two years of calm growth, the stock market went volatile in 2018. The S&P 500 has moved up or down more than 1% six weeks in a row. Last week the ol' Wall Street roller coaster climbed back up.

Trade war worries eased as Chinese President Xi Jinping said he plans to "significantly" cut tariffs on imported automobiles, reduce duties on other goods and improve foreign firms' intellectual property rights. Welcome to The Art of the Deal, Mr. Xi.

The Mideast got tense, but nothing happened by market close on Friday. Analysts say Q1 corporate earnings will be solid and inflation is trending up, so economic strength should keep the Fed on track for two more rate hikes this year.

The week ended with the Dow UP 1.8%, to 24360; the S&P 500 UP 2.0%, to 2656; and the Nasdaq UP 2.8%, to 7107.

Bonds were held down by surging stocks and rate hike concerns. The 30YR FNMA 4.0%, bond we watch ended the week down .32, at $102.27. National average 30-year fixed mortgage rates held steady 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?... More than a million cars were flooded in last year's hurricanes. When buying a used vehicle, be sure to have it checked for water damage.

>> This Week's Forecast

RETAIL SALES HEAD UP, SO DOES HOME BUILDING... Analysts expect healthy Retail Sales growth again in March. Likewise, home building should come in with higher Housing Starts and Building Permits. We'll also check the Beige Book's take on economic conditions in each Fed District.

Posted in Real Estate News
April 9, 2018

REAL ESTATE AND MORTGAGE RATES - LAST WEEK IN REVIEW AND FORECAST FOR THIS WEEK

>> Market Update

INFO THAT HITS US WHERE WE LIVE... Black Knight reports tappable equity hit $5.4 trillion in February, 10% higher than its 2005 all-time high. This is the amount a homeowner can borrow against before reaching an 80% loan-to-value ratio.

First mortgage balances climbed to $8.8 billion, close to their pre-recession peak. But the report's economist noted, "the market...is in a much healthier place than in 2008, with low interest rates and normalized home prices."

The corporate strategy head for the Ellie Mae mortgage platform says, "Millennials are now officially the largest group of homebuyers...they represent 45% of total closed purchase loans in February."

BUSINESS TIP OF THE WEEK... A marketing piece should drive to a single point. Gear the message to the one action you want the reader or viewer to take--forget about accomplishing a bunch of other goals.

>> Review of Last Week

TRADE DEFICIT... Investors on Wall Street live with risk, so they prefer certainty everywhere else. There isn't much certainty with global trade, as the U.S. seeks better deals from China and others, so trade worries helped drive a weekly deficit in the major stock indexes.

Rising interest rates are also a worry, though the Fed is hiking thanks to the strengthening economy. First quarter corporate earnings growth should be the strongest in seven years, while the ISM manufacturing and services indexes showed solid expansion.

The March jobs report delivered a less-than-expected 103,000 new Nonfarm Payrolls, but Hourly Earnings jumped 0.3%, to a 2.7% annual gain, and the first three months of 2018 saw a very healthy average of 201,000 jobs created. Good stuff.

The week ended with the Dow down 0.7%, to 23933; the S&P 500 down 1.4%, to 2604; and the Nasdaq down 2.1%, to 6915.

Bonds finished on a stronger note as stocks suffered aggressive selling. The 30YR FNMA 4.0%, bond we watch ended the week UP .04, at $102.59. Now two weeks in a row, national average 30-year fixed mortgage rates fell in Freddie Mac's 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 reports that as Millennials and Generation Z age, "they will add around 20 million households to the U.S. economy, driving housing demand over the next decade."

>> This Week's Forecast

INFLATION GROWS SLOWLY; WE LISTEN IN ON THE FED'S LAST MEET... The key read will be on inflation, and the consensus expects the Consumer Price Index (CPI) to show slow price growth in March. Analysts will scrutinize FOMC Minutes from the Fed's last meet to glean how many more rate hikes we'll see this year.

Posted in Real Estate News
April 8, 2018

MARKET CONFIDENCE REMAINS HIGH IN 2018

Market Confidence Remains High in First Quarter 2018

 

Despite challenging inventory, a nominal increase in interest rates and a slow start to winter, market confidence continued to flourish region-wide in 2018.

The trends can vary dramatically from one community to another, therefore, Sierra Sotheby’s International Realty compiles quarterly micro market data from Reno, Truckee and Lake Tahoe's four different 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

EAST SHORE | INCLINE VILLAGE | NORTH & WEST SHORE | RENO | SOUTH LAKE | TRUCKEE

If your community of interest is not listed or you’re unsure what the data means for your situation, please don't hesitate to contact me. Data is current as of April 5, 2018. Information is deemed reliable but not guaranteed.

Need a current home valuation for your 2018 financial planning or want see what your home might be worth in today's active market? I'm happy to assist.

CONTACT ME

Posted in Market Updates
April 3, 2018

REAL ESTATE AND MORTGAGE RATES - LAST WEEK IN REVIEW AND FORECAST FOR THIS WEEK

>> Market Update

INFO THAT HITS US WHERE WE LIVE... The spring buying season started off nicely, as Pending Home Sales reversed course and went up 3.1% in February. This measure of contracts on existing homes indicates more closed sales ahead.

The National Association of Realtors (NAR) chief economist noted, "the expanding economy and healthy job market are generating sizable homebuyer demand." But supply is tight and prices are up in many markets.

Those higher prices have given homeowners record amounts of home equity, according to Freddie Mac's Outlook. And that may help supply, as the NAR HOME Survey found that more homeowners believe now is a good time to sell!

BUSINESS TIP OF THE WEEK... The vendors you work with can be great sources of referrals. Cultivate those relationships, and don't forget to send business their way too.

>> Review of Last Week

LET'S TRY THE OTHER DIRECTION... After two down weeks, the three major market indexes ended UP strongly for the week. The volatility stems from investors' up and down reactions to the latest news on global trade, the Fed and tech firms.

But stock prices over the long term are driven by growth in the economy and corporate earnings, and many analysts say those look positive. Final Q4 GDP came in at 2.9%, pegging economic growth near 3% for the third month running.

Personal Income rose for the second month in a row and Initial Unemployment Claims fell to their lowest level since 1973. No wonder University of Michigan Consumer Sentiment remains at its highest level in 14 years.

The week ended with the Dow UP 2.7%, to 24143; the S&P 500 UP 2.1%, to 2642; and the Nasdaq UP 1.0%, to 7063.

For bonds, the week also ended with solid gains, as the safe haven play continued. The 30YR FNMA 4.0%, bond we watch ended the week UP .19, at $102.55. When bond prices rise, yields and rates fall, and national average 30-year fixed mortgage rates dipped 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 new study reveals Millennials are the most rent burdened generation, spending about 45% of income and paying close to $100,000 on rent before they reach 30.

>> This Week's Forecast

BUZZING FACTORIES, MORE JOBS, HIGHER WAGES... The ISM Index should stay well above the growth threshold of 50, indicating U.S. factories kept humming in March. The jobs market is getting healthier too. Analysts see new Nonfarm Payrolls just below 200,000, and wages up 0.2% by the Hourly Earnings measure.

>> 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.

Posted in Real Estate News