Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

 

June 9, 2022

Assisted Living

The Cost of Assisted Living in Nevada

The average cost of assisted living care in the state is just $3,750, but despite the low cost of long-term care, Nevada ranked 50th overall on The 2022 Senior Living Report. Nevada’s low score is based on a number of factors, including the above-average crime rate, traffic congestion in urban areas and the fact that the state has only 57 physicians per 100,000 residents, 20 fewer than the nationwide average. Fortunately, assisted living facilities have around-the-clock staff and high-tech security systems to keep residents safe, and most senior living communities are located well away from the crowded streets of Nevada’s bustling cities.

According to Genworth’s 2021 Cost of Care Survey, Nevada’s average monthly assisted living rate is $3,750, which is $750 below the nationwide average. Median rates are much higher in neighboring California, where assisted living care costs an average of $5,250 per month. Just south of Nevada in Arizona, the same type of care costs around $4,000 per month, while in Utah, the median assisted living care rate is $3,500. Northwest of Nevada, fees are significantly higher in Oregon, where assisted living residents pay an average of $5,045 per month. 

Know Your Options

There are a number of long-term care options available to seniors in Nevada, ranging from community-based day programs to around-the-clock skilled nursing care. Adult day health care services are the least-expensive option, with rates running around $1,788 per month. Assisted living, which includes room and board, recreational programming and help with activities of daily living, costs an average of $3,750 per month. Seniors who opt to age in place in their own home can expect to pay around $5,148 for either home care or home health care, and this cost is in addition to their ongoing living expenses. As is typical in most states, nursing home care is the costliest senior care option in Nevada: A semiprivate room in a skilled nursing facility is about $9,216 per month, and a private room is approximately $10,007. 

For more information and resources related to the list below and MORE!

Visit https://www.caring.com/senior-living/assisted-living/nevada

 

 

Assisted Living Waiver Programs in Nevada

What Assisted Living Services Are Covered by Medicaid in Nevada? 

How To Know If You’re Eligible for Medicaid in Nevada

How To Apply for Medicaid in Nevada

Other Financial Assistance Options for Assisted Living in Nevada

Posted in Community News
May 30, 2022

2022 Rates

 

Are 2022 Rates Still at a Historic Low?

By Leslie Boatwright

 

They say rising interest rates are the sign of a good economy, but what does it mean for new home buyers? We all know prices are on the rise. Like many Americans, you’re likely feeling the impact on your wallet from the gas pump to the grocery aisle. Recent news stories would suggest the housing market seems to be no exception. If you’ve been thinking about purchasing a new home this year, these recent changes may have you questioning if now is the best time to buy or not. Recent federal policy changes may have us returning to our pre-pandemic interest rates, but don’t let the news fool you. Even with interest rates moving up a couple of percentage points from their all-time low in 2021, it’s important to remember that they’re still at a historic low. We’re here to break down the reason behind these rate changes and what you can expect moving forward.

Is Now Still a Good Time to Buy?

In a recent segment from Reno’s KRNV 4, local mortgage lender Shivani Peterson reported, “This rise in interest rates may be temporary, but its certainly having an impact on housing affordability right now, which whether you are looking to rent or buy, is a pretty big deal in Reno.” Peterson continued, “Even with the housing market red hot right now, mortgage advisors say buying is still a better deal than renting, with rent in Reno increasing at an average of 17% year over year.”

The reason some of these industry experts are calling for potential home buyers to “act quickly while market conditions are still favorable” is because they know that jumping on these rates while they remain historically low may potentially mean significant savings over the life of your home. This is also an avenue for you to build a long-term asset.

We’re Still experiencing Historically Low Rates

Historical 30 Year Mortgage Rates

Thanks to data provided by industry authority Freddie Mac we’re able to look back on mortgage rates from 1971 to the present. The chart shows the average American mortgage rate over the last 50 years has been just under 8%. That average is still significantly higher than the rates we’re seeing available today. Today’s rates are very much on par with the average rates before the start of the pandemic.

When talking about rising rates and record-setting lows, we must look to the national averages and patterns. Continuing to look at the above chart, we see the large spike in 1981 when mortgage rates skyrocketed as high as 18.63%, after falling to nearly half by the late 80s. Through the 90s and early 2000s, rates continued to trend down, averaging around 7 to 10%.

Why Were Rates So Low?

In the early days of the pandemic, the Federal Reserve took emergency action to stimulate the economy. As a result of these urgent measures, rates fell to 3% on 30-year fixed mortgages by July 2020. These rates continued to fall until finally making history in January of 2021 when we saw the lowest rates in history coming in at 2.65%.

So Why Are Rates Increasing Now, and Will They Continue to Rise?

The motive behind these rate hikes is what the fed is calling a battle against stubbornly high inflation. Currently, the inflation rate is higher than we’ve seen in four decades, and experts expect a 6% increase by the end of 2022. The combination of the economy recovering to its pre-pandemic state and recent policy changes mean continued increases are inevitable. It also means there’s still time for homebuyers to take advantage of current financing.

April 8, 2022

Fun Easter Craft Ideas!

Easter is approaching and with April 15th being World Art Day, what a great excuse to get creative. Check out the link below for some fun easter craft ideas. Our personal favorite is the Happy Hoppy Paper Bunny found HERE

Easter Craft Ideas HERE

 

Other great craft ideas for World Art Day can be found below..

Kids

Teens & Tweens

Adults

 

Posted in Community News
March 13, 2022

A FIRST-TIME HOME BUYER’S SIMPLE GUIDE TO SUCCESS

Let’s get started! You have decided you are ready to buy your first home. It’s an exciting time that can also be daunting. Maybe you’ve been wondering how to begin, how to make sure you don’t get taken advantage of, and how to prepare for one of life’s most significant investments. Here to help you is our First-Time Home Buyer’s Guide to Success to get you ready to find the home of your dreams:

Money Talks

First things first. You can’t start searching for your first home until you’ve determined three critical financial factors:

  1. How much debt do you currently have (tip: pay off as many loans as possible and have 3-6 months of living expenses saved before beginning your home-buying process)

  2. Your current credit score – the better the score, the better chance you have of getting approved for a loan; a higher score may also make you eligible for a lower interest rate

  3. How much house you can afford – Contact us to get in touch with one of our preferred lending partners who can help you determine your future house payments.

Find an Expert Realtor

Now that your finances are in order, it’s time to find a professional Realtor to help begin your search. Our agents at Caskey & Caskey and Associates are the best in the business with a proven track record that defines their expertise. Get to know them here – simply click on a photo to learn more about each agent and see why we are proud to call them one of our own. Then contact us to make an appointment to meet in person. Ask questions and get to know each other – your partnership will best succeed when you communicate your desires and trust your new agent to guide you in the process of finding your first home.

Location, Location, Location

Begin your search by getting to know your potential new neighborhood. Now that you’ve partnered with one of our agents, be sure to ask them questions about lifestyle, history, and resale value. Visit the area in the daytime and at night and meet some of the residents to get a feel for your prospective future neighborhood. 

Make An Offer

Your expert agent will guide you step-by-step as you begin the process of homeownership. Once your offer is accepted, you will enter into the contract phase, followed by an inspection and appraisal, loan approval, and finally – the close of escrow. Welcome home!

 

Posted in Buying a Home
March 9, 2022

WHAT TO AVOID WHEN BUYING A HOME

A new season is upon us –  A change of season often brings about a transformation in our lives, prompting us to move forward with plans formerly shelved and hoping to make a change or check things off our list before the holidays arrive. So if you’ve been toying with the idea of buying a home and finally making that move, we’d like to offer a few common mistakes and pitfalls to avoid during the process:

 

1. One of the most common mistakes homebuyers make is getting caught up in the emotion of buying a home. “Falling in love” with a place doesn’t always make it right, so it’s best to take a step back and consider these essential factors when you find a home you “love”:

 

• Price – Is this home within our budget? Is there any wiggle room? Don’t overextend yourself, or you may regret it before you’ve even had time to unpack.

• Location – Is this where we want to live? How is the neighborhood? What are the people like? Is there an HOA that will limit my creativity?

• Investment – Remember, buying a home is one of the most significant investments you’ll make, so be sure your “must-haves” line up with this type of purchase.

 

2. Don’t take shortcuts. In today’s marketplace, you want to make sure you don’t buy a house sight unseen or skip any crucial inspections. Going the extra mile by hiring your own plumbing company to ensure the pipes are in good condition or having your contractor or interior designer do a walk-through with you are some ideas to ensure the home you’re buying is ready for move-in. Despite the lower inventory in today’s marketplace, skipping any steps can only lead to future headaches, so take your time to get it right!

 

3. Don’t move too quickly. As we’ve mentioned before*, make sure you know your financial status, that you’re pre-approved for a loan, and that you’ve met with your realtor so s/he knows your wants, needs, and expectations. If you’re searching for a new agent, connect with one of our team members here to get started. Making sure you’ve got everything lined up before you begin your search will go a long way to ensuring a smooth transaction once you’ve found your dream home. Check out our current listings and happy hunting!

Posted in Buying a Home
March 8, 2022

2022 Experts Predict The market will remain with Sellers

1. Low Inventory

Scarcity is far and away from the number one reason 2022 will continue to be a seller’s market. Homes are selling before they hit the market, going into escrow weeks after they’re available. Redfin reported 10 Housing Records that were broken in 2021, one of them being the lack of homes for sale. There were just 1.38 million homes available in America in June (down 23% from the previous year). The typical home sold in just 15 days. There were countless stories of homes sold over list price, all-cash offers, and homes sold off-market. Bidding wars became the norm, with 75% seeing multiple potential buyers compete against each other. It has become a tiresome process for buyers, but sellers enjoy the spoils.

2. Selling prices are at an all-time high.

According to the National Association of Realtors, the median home selling price increased to an all-time high of $358,000  in June 2021 (up 24% over a year). In addition, the affluent are looking for second homes at an all-time high. Redfin also reported that luxury homes sold 26% more than 2020 (likely thanks to the booming stock market). Second homes are often of the luxury variety - a vacation home offering oasis and subtle opulence. Sellers in desirable locations with beautiful homes and breathtaking lake or mountain views have an excellent opportunity to sell to a second home.

3. Mortgage Rates are at an all-time low.

Mortgage rates hit their lowest ever - just an average of 2.65% 30-year fixed rate. This fact is favorable for both buyer and seller. With low mortgage rates, the pool of potential increases. For buyers, this opens up opportunities for a new home, but it also saturates the market. For sellers, low mortgage rates are purely a good thing.

****DISCLAIMER: All the information is provided from multiple real estate sources, including but not limited to licensed real estate agents. The information is not verified for authenticity and is not guaranteed. This website and blog are not liable or responsible in any manner for the content herein or in connection with other services. Information is not guaranteed and must be confirmed by the end-user.

 

March 7, 2022

Hello Spring!

Springtime is quickly approaching. It is time to spring clean and start planting your flowers or vegetable garden. Below we have some great tips for both.

Get Organized

2

When and WHAT you should plant.

Spring garden calendar: When to plant fruits and vegetables in Wisconsin |  Vegetable garden planning, Garden calendar, Planting calendar

 

March 7, 2022

Low But Rising Interest Rates

Buyers and sellers have been enjoying low-interest rates for a couple of years now. But with an increase at the end of December 2021 (up to 3.11%), the low rates are rising. 

 

The economy is stabilizing, and the Omicron strain isn’t as dire as was initially predicted. Though the ultra-contagious pressure is still more severe, symptoms are milder, and people are recovering better. But this is a blog about real estate, not another piece on Coronavirus. 

 

The economy is evening out, but inflation is at an all-time high and still rising. Sam Khater, Freddie Mac’s Chief Economist, says, “Data suggests that the economy remains on firm ground, particularly cyclical industries like manufacturing and housing.” We’re in this sweet spot where the economy stabilizes, but interest rates are still low. NOW is the perfect time to take advantage of low rates to boost your real estate investments. 

 

Many economic and personal factors go into finding your best available rate. Unfortunately, we don’t have control over the strength of today’s economy or employment numbers. Still, you can ensure that your credit history is in line and determine the size of your down payment. Comparing rates from different sources takes some legwork, but it’s worth it if you can finally buy your dream home.

 

July 31, 2017

Curious About Local Real Estate?

Receive the Latest Local Market Stats

Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

Get Local Market Reports Sent Directly to You

You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.

We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.

Posted in Market Updates