BE SMART AND HOMESTEAD YOUR HOME

If you own a home it only make sense to protect your equity from others and it is amazing how few people actually take advantage of it. Most people I speak to don’t even know it exists. This is usually your largest investment and by simply completing a “Declaration of Homestead” form and recording it with the county recorder in the county where the home is located. The recorder charges a fee of usually around $14. In Washoe County, the recorder’s address is: Washoe County Recorder, 1009 East 9 th  street, Reno,  Nevada  89512

Nevada law permits you to protect up to $550,000 of equity in your home. Nevada is one of the most generous homestead exemptions in the country. If you aren’t protected, your home is in danger of being sold should collectors choose to. The Homestead Law does not protect you against debts secured by a mortgage or deed of trust, payment of taxes, IRS lien, mechanic’s lien, child support or alimony payments. Protecting your home with the homestead exemption will protect you from credit card judgments, accidents and personal loans. You can protect only your primary residence — the property in which you live the majority of the time.You can record your homestead at almost any time, even if you have already lost a lawsuit or had a judgment entered against you.

If you have already filed a Declaration of Homestead on your property remember that you will need to prepare and record a new one if you: Sell your home and buy another one, move your mobile home from one lot space to another, marry, divorce or become widowed, get a new loan.

It is always recommend that homeowner’s  seek competent legal counsel regarding the ramifications of filing a Declaration of Homestead.  Below is the Declaration of Homestead form for your to use.

homestead declaration form

“Think Locally” Promotes spending in Reno-Sparks

One does not realize how far-reaching local business has on a community.  Thinking Locally affects the entire Nevada population, Tax’s,  employment  and more.    Len Stevens, executive director of  The Chamber, said “Think Local” can benefit economic development as well. It’s not just about developing new jobs but showing camaraderie.  It shows togetherness.  That’s what attracts business,” he said.

The Reno-Sparks area is encouraging it’s local population to support local business’s which will then create more jobs locally and benefit the entire area.  Studies have shown that by spending 10 percent more locally  can create as many as 2,500 jobs and have a $350 million impact annually.  The chain re-action begins and  tax revenues grow. This is truly a win win situation.

Many of us have chosen to live in this area for a multitude of reasons, the weather, tax friendly, outdoor activities, clean air etc.  I think now is the time for us to give back a little and support our local community.  The gaming industry can no longer sustain the economy or Northern Nevada.   With Reno-Sparks excellent location to the West, our international  airport and our real estate prices becoming more realistic it is a great place to reside.

If each one of us makes the effort to spend more locally, I for instance support the Farmers Market’s each summer and only support the local farmers, it will create more jobs and an economy that will improve.

Nevada Drops to 3rd Place in Foreclosure Rates

RealtyTrac announced today that Nevada has now dropped to 3rd place in the foreclosure rate.  This would include foreclosure related filings such as, Bank repossessions, defaults and scheduled auctions.  Sadly, in May one in every 313 homes had a foreclosure related filing.  In total Nevada had 3,755 filings down from 11,039.  Washoe County had 421, down from 1,152 and Clark County 3,122, down from  9,203.

Assembly Bill 284 which was passed in October 2011 might be responsible for this as it required stricter documentation during  the forcelosure process and has slowed the number of distressed homes released on the market.  Unfortunately Nevada is more than likely going to see more short sales and auctions as lenders learn how to navigate through a Assembly Bill 284.   RealtyTrac CEO Brandon Moore said, “U.S. foreclosure activity has now decreased on a year-over-basis for 20 straight months including May, but the jump in May foreclosure starts shows that it’s  going to be a bumpy ride down to the bottom of this foreclosure cycle.”

If you are considering doing a short sale on your home please remember that it is not always necessary to use an Nevada Attorney,when short sales are free. Consider the following; will the attorney guarantee their services and pay you a full refund if they fail to perform? If you meet with an attorney who won’t agree to refund your money should they fail to get your short sale approved, you should move on. Keep your hard earned money. Why pay an attorney for a service that should not cost you a dime. Many banks are now waiving their right to pursue deficiency, and some banks are even offering “cash back” to homeowners as an incentive to short sell.  Remember there are many short sale agents that are specialists in this field.

RENO HOME PRICES STABILIZING

In February prices in homes rose showing a slow recovery in the area’s real estate market.  The median sales price in the Reno market went up by 2 percent compared to the same time period in 2011.  With low inventory in the market the prices of homes for sale have increased.

509 homes sold last month which is a 17% increase from last year. This is what we need for a sustained recovery; monthly increases coupled with improving annual rates of change. Once we see this on a broader level we will be able to say the market has turned around.

The housing situation in the Reno area, while certainly not booming, is seeing some stability and possibly some gains. Inventories of unsold homes are declining, and the average time a house spends on the market is shrinking.

Reno, Nevada…Great Outdoor Activities All Year Round

Yes… only 15 minutes from Reno/Tahoe International Airport and 25 minutes to Lake Tahoe, the South West Reno real estate area provides YOU and your family year round outdoor experiences and NO STATE TAX.

Recently I had the pleasure of attending a great lecture by Jim Walberg, a top luxury real estate agent in the Bay area. He was most inspiring and so generous with his information. I was surprised to learn that the average age of buyers today is 35 and the average age of realtor’s 52.

The Mount Rose Corridor,or Mount Rose highway, route 431 which is the area on either side, takes you over the pass and down to Incline Village. Between the two starting and ending points we have some of the best outdoor living in the Reno/Tahoe area. From your home you can ride your bike to Toiybe National Forest, the largest in the USA. All 4 seasons offer you different outdoor activities to enjoy. Whether you are a skier, biker, hiker, hang glider, fisherman, bird watcher or golfer we have it all.  The Truckee River which flows from Lake Tahoe thru Reno to Pyramid lake is one of the few that flows away from the coast. Great fishing can be enjoyed in both places and rafting is one of my favorite things to do during the summer months.

Reno is a mere 4 hours from San Francisco by car and  less than an hour by plane. We have a great Museum of Modern Art and the Reno Philharmonic Orchestra.

When looking for a place to buy a home, don’t forget Reno!

March Home sales up in Washoe

Good news!  It has been reported by the Reno/Sparks Association of Realtors, that March sales of existing single family homes in Washoe have increased by 3% from the same period last year.  Not only that, it is also 13% up from the previous month and the sales number fell short of setting a record for the month and is just short of sales of March 2005 which was part of the real estate boom in our area.  Foreclosure inventory have decrease  because of stricter foreclosing laws.  For theses reasons, non-distressed sellers have an opportunity to now sell their homes.

We might even see an increase in prices in home values if fewer distressed properties come on the market.  With banks having to deal with stricter foreclosure filing requirements by streamlining the short-sale process.  Some banks have new systems that can reduce the time of a short sale from a few months to a few weeks.  This is all good news however until the job market improves and our unemployment decrease in Nevada will we really be able to say we are once again in a good market.

Nevada Museum of Art – Tiffany Exhibition

I had the pleasure of going to see the Tiffany Exhibition yesterday at our own Nevada Museum of Art.  How lucky we are to have this first class Museum in Reno.  In collaboration with the University of Nevada, Reno School of the Arts, the Museum presents a music performance series interpreting and responding musically to the 3 Tiffany era exhibitions on view through May 20th.

I saw 20 exquisite lamps  by Tiffany Studios and other lamp manufacturers of the Art Nouveau era. They are all from the collection of Dr. Byron Vreeland.  The colors are fantastic and the entire display is shown on a huge dragon fly  built with oak counter tops to show the lamps at their best. In Company with Angels; 7 rediscovered Tiffany Window are magnificent.  Found in an old barn after being stored there for years they were salvaged, cleaned and once again can be seen and enjoyed. The arms from the Robert M. Lee collection features the finest-known collection of privately owned Tiffany & Co. arms.

Ticket for the show can be purchased at  www.nevadaarat.org

Your Rights as a Propane user

Did you know that if you use Propane in areas like: Many part of rural Nevada, Galena Forest Estates, Scotch Pines and higher up the Mount Rose Highway, you have the ability of using varies different companies.  You have a few rights that you might not know about.

You can change dealers if you are dissatisfied with either the price your dealer is charging or the service you are receiving.

Obtain the current posted price for propane and any additional charges that may apply to its delivery. Know at the beginning of the day that a price change might take effect.

Know the annual tank rental fee and you can own your own tank and regulator.

48 hours prior to disconnection of service you have to be notified.

The person working on your tank has to be LP-Gas licensed by the LP- Gas board.

If you decide to change dealers they have to remove their tank  within 30 days, after you have notified them in writing. What ever propane is left in your tank after being measured is refundable to you as is the remaining rental fee. This should be refunded to you within 15 days at the price you paid for it.

Here are a few questions to ask before you choose a dealer:  Are there written descriptions of services that will be provided, is there a charge to install/service  tank, are you to be on a schedule or do you have to call first, will it cost extra if you call for service outside of your normal schedule, how am I priced… on annual use, area, quantity or other criteria, does the dealer offer discounts that apply to you,  and does he offer equal payment plans.

The following agencies can provide you with help if you are a low -income household.

Federal Low-Income Home Energy Assistance Program (LIHEAP) 866-674-6327 or The Nevada Energy Connection 866-846-2009

For more information please call Nevada Board for the  Regulation of Liquefied Petroleum Gas at 775-687-4890 or email them at lpgasbd@lpg.nv.gov  Web site is www.lpg.nv.gov

If you or anyone you may know have real estate questions or inquiries in the Montreux, Galena Forest, ArrowCreek, Saddlehorn, St. James or Scotch Pines areas, please contact Louise Simpson by email at louise@montreuxgolf.com or by cell at (775) -750-1901.

Dickson Realty update, Adam Stern and Lon Welsh

On Friday I went to the annual Dickson Realty Update.  Nancy Fennell , Broker/Owner was pleased to inform us that once again we are the market leader in sales for 2011 at 20.81%.  They are looking for new agents so here is your chance to join the best real estate company in Northern Nevada.   She was pleased to inform that Dickson Realty is debt free besides the  buildings they own and that they are in the process of  installing  a new teckknowledge  platform for all the agents to use, should be up and running by Spring.

Lon Welsh author of “How to thrive in a down market” gave us a 1  hour lecture on how to market ourselves better.   We then had the pleasure of Adam Stern of Own America… a  Real estate investing course for aspiring investors or agents . They understand a few key fundamentals:
• Buy low and sell high by timing your buys when the market is down and selling when it is up.
• The American economy will come roaring back at some point.
• People who own a bunch of houses are rich.

If you or anyone you may know have real estate questions or inquiries in the Montreux, Galena Forest, ArrowCreek, Saddlehorn, St. James or Scotch Pines areas, please contact Louise Simpson by email at louise@montreuxgolf.com or by cell at (775) -750-1901.

Auction of Cottage at Montreux Golf and Country Club, Reno Nevada.

Today, January 25th, I went to the first live auction at Montreux. The property was a small cottage on Wetzel Court, 2,250 sq feet.

I was surprised to see many home owners were there to watch the process and a few ready to bid.  One could bid one line as well. Of course we had all done our due diligence, had the place inspected for any structural problems or pest issues.  The property was last sold for $900,000 and the opening bid was going to be $50,000.

Most people where not ready to go higher than $400,000 dollars.  I would say the place needs about $15,000 put into it to make it a good rental or 2nd home.  I know for certain that one could not build this cottage for the price it sold for.  It is extremely high end  with top appliances, great hardware,  tiled and carpeted floors and  has the 11 inch thick walls, built out of Arxx.  Added to this one has to remember that is is  in the private gated community of Montruex Golf and Country Club  with its Jack Nicklaus Signature golf course.

It sold for $425,000 dollars to a bidder on line.  Now the seller still has to accept the offer.

If you or anyone you may know have real estate questions or inquiries in the Montreux, Galena Forest, ArrowCreek, Saddlehorn, St. James or Scotch Pines areas, please contact Louise Simpson by email at louise@montreuxgolf.com or by cell at (775) -750-1901.