Our tax law has recently changed. Here’s what you need to know. Here are a few of the recent changes to the tax code that could have a big impact on Nevada homeowners in the days, months, and years to come. It’s important that you know about these changes now so that you don’t make any missteps: 1. The standard deduction has increased. For single filers, it’s up to $12,000. For joint filers, it’s $24,000. For those of you who have been itemizing deductions, it might make more sense for you to just take the standard deduction now. 2. The mortgage interest write-off is capped at $750,000. If you purchased a home before December 14, however, you will be grandfathered in at the $1 million cap. Moving forward, however, you can only deduct mortgage interest up to $750,000. "A first-time homebuyer with good credit can still get a really good rate right now." 3. State and local taxes will be capped at $10,000. You won’t be able to claim more than that. 4. Capital gains fees. For joint filers, that’s $500,000. For single filers, it’s $250,000. Remember, you have to have lived in the home for two of the last five years to claim this deduction. If you have any questions for us about these changes or about anything else relating to real estate, give us a call or send us an email. We look forward to hearing from you.

Interest rates, the new tax plan, inventory levels, and rate increases for both vacancies and rentals will all have a significant impact on our market in 2018.

Loan limits are being increased in Washoe County, which is good news for both buyers and sellers. Here’s why.

Today, I’ll be talking about things move-up buyers will need to know when undergoing the process of selling their house in order to buy a new one. The topic I’d like to discuss today is about selling a home in order to buy a home. Realtors call this kind of buyer a move-up buyer. There are a lot of reasons why someone would want to sell their home and immediately buy a new one: growing families, switching school districts, downsizing, and more. You’ll need a real estate professional to assist you in this process because there are a lot of moving parts in the transaction. The first step you should take is getting an evaluation of your house—how much is your current property worth? What are you going to do with the profit from the sale of your home? Are you going to get financing, or are you going to take the profit and pay cash? Once you know whether or not you’ll take the financing or cash route, then we can get your house on the market. "The first step you should take is getting an evaluation of your house—how much is your current property worth?" In our current market here in Reno, nobody is going to take a look at an offer from someone who’s current home isn’t on the market. You have to be on the MLS for another seller to take a contingent offer. Once you get your home on the market and you’ve found a home you want to purchase, then there are timelines, contingencies, and home inspections (both for your own property and the one you want) to consider. You really will need a real estate professional to help manage that process for you. There are a lot of moving parts that a professional will be equipped to handle. If you’re thinking about moving up, moving down, or changing school districts, please reach out to me and I’d love to help you with the process.

oday, I’ll be talking about things move-up buyers will need to know when undergoing the process of selling their house in order to buy a new one.

When buying a new construction home, don’t let the builder’s agent automatically talk you into letting them represent you and using their lender.

Here’s what you can expect from the Reno market this fall whether you’re buying or selling.

It’s time for a market update. But, what do these numbers mean for you? It’s time to take a look at what’s going on in our local market.  To start, Reno/Sparks has about 895 homes for sale right now. This number has closely to do with months of supply, which can greatly influence the market. Last December, 523 homes sold in our area—which translates to about a 1.7 months of supply. Months of supply are important because they signify the amount of time it would take for the market’s supply to totally deplete if no new homes were to come on the market within that time frame.  In order for a market to be well-balanced in terms of months of supply, the number should sit between four to six months. To put this in perspective, that’s about 2,000 to 3,000 homes for sale. "Buyers should be prepared to seize opportunities." Median sales price has also risen. In December of 2015 it was $291,000 and last year it was $307,000—roughly a five to 6% increase.  Smaller increases like this one are a good sign for the health of the market. These numbers also indicate less competition for sellers, since buyers have fewer choices.  Conversely, buyers should expect a degree of competition. With less to choose from on the market, buyers should be prepared to seize opportunities. It’s important to be pre-approved and ready to write an offer. If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

New American Funding has just announced an amazing new home loan option designed for first-time homebuyers in the Reno area who don't have as much money for a down payment as they'd like. New American Funding has a new home buying program hot off the press that we wanted to share with you today. This program is designed for first-time homebuyers and those who need some help with a down payment.  The program is a 1% down option for first-time homebuyers here in the Reno area.  Fannie Mae requires a 3% minimum, so what we love about this program is that New American Funding is actually offering a 2% grant to offset the requirement. "New American Funding offers a 2% grant to offset Fannie Mae's requirement." This is an amazing option for first-time homebuyers who don't have the savings for a down payment currently or don't qualify in a home buying threshold that they want to. It's also a great opportunity for those who want to take advantage of this great market and are excited to buy a home. There are some income limitations so that they can assure the program is tailored to those who truly need the assistance.  If you're interested or just want to learn a little bit more about this loan option, give us a call or send us an email. We'd love to tell you more!