Join me along with my co-host Brian Cushing with American Financial Network, as we delve into the intricacies of the November 2023 real estate market in the Reno Sparks area. In this podcast, we tackle the burning question of why interest rates have reached 8%, even as home prices continue to rise.
We attribute this phenomenon to a noticeable shortage of available homes for sale, resulting in a significant 6.5% year-over-year and 1.8% month-over-month increase in the median home price, now standing at $575,000.
💡 In our discussion, we shed light on the concept of seller concessions, where sellers are stepping up to cover parts of the buyer's closing costs or offer other enticing incentives to facilitate sales. We offer practical advice to potential buyers, encouraging them to explore options with new home builders and stressing the importance of having a realtor during negotiations.
🤝 Additionally, we break down various loan programs, providing insights into their limits concerning seller concessions. It's crucial information that can guide you in making informed decisions in today's competitive real estate environment.
🔮 Stick around until the end to hear Brian's prediction that interest rates may see a slight decrease in the future, offering a glimpse into what lies ahead for the Reno Sparks housing market.
Looking for an experienced Real Estate Team in Reno/Sparks and Northern Nevada? Look no further than Ken Angst and his team! With a demonstrated history of success working with buyers, sellers, and investors, we are the top authority in the area. Stay up-to-date on the latest trends and topics in the Reno/Sparks real estate market with our weekly podcast, designed to provide you with the information you need to make informed decisions. Whether you're looking to buy, sell, or invest in property, we have the expertise you need to achieve your goals. Contact us today to learn more! 775-525-0309
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00:00 Introduction 02:05 Median Home Price 03:40 What are the 3 Ds Death, Divorce, Debt? 04:34 Closed Sales 05:25 Median Days to Contract 06:10 Median Home Price per sq-ft 06:46 New Listings 07:28 Active Listings 08:30 Months Supply of Inventory 10:50 What are seller concessions? 12:33 New Builder seller concessions 14:08 What is the difference between reoccurring vs non-reoccurring costings costs? 16:10 What are government back loans? 16:50 Seller concessions limits for conventional loans with greater than 10% down payment 17:25 Seller concession limits for FHA loans 17:55 Seller concessions limits for conventional loans with less than 10% down payment 18:25 Seller concessions limits for VA loans 19:25 How to negotiate seller concessions if you are the buyer 20:35 How sellers can use seller concessions to get their home sold. 23:18 Where are mortgage rates going in the future?
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By: Ken Angst Title: 📈 Why 8% Interest Rates & Rising Prices? Reno/Sparks November 2023 Market Report 💲 Sourced From: www.youtube.com/watch?v=0Uls48koPU4
