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A FREE workshop offered by Alexandra and Stephen Musser, Team Musser, Chase International Real Estate, in partnership with Nevada Matters, Larry Bigler CPA, Patti Boorman with Movement Mortgage,Ticor Title, and The Kidder law group. Workshop will be recorded live from 10:00AM to Noon, Saturday March 2nd, at Nevada Matters recording studio, Reno Town Mall. Please reserve your space, seats are limited. Refreshments provided.
A “Perfect Storm” is a once in a century occurrence of nonreplicable events resulting in a unique set of circumstances.
Why is this a real estate “Perfect Storm”?
- Unsustainably low rates in the 3% range. The Fed can’t continue to buy billions of dollars of treasuries forever!
- Low home prices and high rents equal great affordability index.
- Low inventory, in some areas .6 homes for two qualified buyers!
- 11,000+ shadow inventory properties or a 17 month supply ready to enter the market and compete with the 600 or so residential listings that sell each month.
- Mass California exodus
- Increase in NV jobs, no state income tax, business friendly environment
- Luxury home opportunities - $350/sq. ft. cost to build resells at $150 per sq. ft.
- 20%+ appreciation year to date in median price parallels 2004 and 2005, a new “Bubble*”.
- More short sales and bank owned properties pending because AB284 issues are being resolved, increasing notices of default and notices of sale
- Mortgage relief debt forgiveness act extended only to 12/31/2012
Who benefits from this “Perfect Storm”?
Buyers – benefit from low interest rates, 100% financing, first time home buyer programs, grants and down payment assistance programs. Consider:
$180,000 loan amount @ 3.5% = $808.28/mo., principal and interest
$180,000 loan amount @ 4.5% = $912.00/mo., principal and interest
$203,200 loan amount @ 3.5% = $912.46/mo., principal and interest
Conventional Equity Sellers – benefit from increase in median price and low inventory before shadow inventory comes on market
Short Sellers - benefit from Mortgage Relief Debt Forgiveness through the end of this year, plus take advantage of up to $45,000 in lender paid relocation incentives.
*Bubble is also defined as a “Protected, isolated, or exempted area”. It can be a good thing, if understood for what it is, how it works, and used it to its’ best advantage!