Rick Lund of Ferrari-Lund Real Estate

May 2011 Market Condition Report

2011-06-22T14:19:00.000-07:00

The May 2011 Market Condition Report indicate both SFR and Condo supply are very constant in this period and showing a slight positive tendency. This illustrates that once properties are moved off the market either as a pending sale or a failure, these properties are replaced by new supply.

Notice in the graph to the right the pronounced nature of the slope of the trend line in the mid part of 2011. Beginning in May 2009, the market made an attempt to stabilize the price schedule.

However, the level of demand relative to supply appears to be insufficient to maintain the current price level or to cause an increase, result in a slumping curve in the graph. There is not way to determine how long this situation will continue. Even though there has been some degree of price stabilization in the condo price schedule, this may be short term.

 OVERVIEW: Both SFR and Condo supplyare very constant in the current range with slight positive propensity. This means that as properties are moved off the market by either becoming a sale pending or a failure, those properties are being replaced by new supply. At the same time, properties in escrow continue to build in a slow methodical way. This implies that the level of closed demand will be increasing in the near term in small steps (no big moves). Prices for SFR continue very weak and in decline; Condo has steadied in the current range.

 WEEKS SUPPLY GIVEN DEMAND (ABSORPTION RATE): The absorption rate has stabilized with a slight negative propensity for both types. Tightening absorption rates signal a tighter market. However, current changes in the absorption rate are small and not significant.

 MARKET SPEED INDEX: Market speed (the conversion of listings to closings) has remained relatively constant for the last several months. The pace of the Reno area market is slow and steady with no big variations from month to month.

 PRICES: SFR prices continue to decline while Condo has stabilized in the short run. Prices are erratic from month to month and seem to gyrate in a narrow range (see History of Median Sale Price Graph). Note in the price graph that the tail end of the trend lines shows a definite decline. Notice also that the above mentioned erratic nature of the price curve is more is less pronounced and more predictable in the latter time periods.

[Permission to distribute granted by First Centennial.]

Read the full May Market Condition Report.

For more information on the real estate market in the Reno-Sparks area of Nevada, please contact us.

Rick Lund

www.ricklund.com

www.ferrari-lund.com

April 2011 Market Condition Report

2011-05-25T14:14:00.000-07:00

The Market Conditions Report for April 2011 shows that both SFR and Condo supply are very constant in the current range like they were in March 2011. This would indicate that as properties are moved off the market either as a sale pending or a failure, these properties are being replaced by new supply.

An encouraging note is that properties in escrow continue to build, implying that the level of closed demand will be increasing in the near term. However, prices continue to be very weak for both SFR and Condo properties and these declines are somewhat more pronounced than other areas surveyed.

 OVERVIEW: Both SFR and Condo supply are very constant in the current range, as they were the month before. This means that as properties are moved off the market by either becoming a sale pending or a failure, those properties are being replaced by new supply. At the same time, properties in escrow continue to build. This implies that the level of closed demand will be increasing in the near term. Prices continue very weak for both types. These declines are somewhat more pronounced than other areas surveyed.

 PERCENT SELLING: Very constant in the current range.

 WEEKS SUPPLY GIVEN DEMAND (ABSORPTION RATE): The absorption rate is on the decline indicating that the market is tightening slightly—more so for SFR than Condo. This tightening effect needs to continue for sustained time in order to affect the current trajectory of prices.

 MARKET SPEED INDEX: The market is moving slowly but the pace is increasing in small steps from month to month. Expect this continue. This increase will be difficult to discern at the street level in the short run.

 PRICES: SFR and Condo price schedules continue to weaken but the pace of decline has increased. SFR has become more pronounced in the short run. Prices are erratic from month to month and seem to gyrate in a narrow range (see History of Median Sale Price Graph). Note in the price graph that the tail end of the trend.

[Permission to distribute granted by First Centennial.]

Read the full April Market Condition Report.

For more information on real estate in the Reno-Spark area of Nevada, contact us.

Rick Lund

www.ricklund.com

www.ferrari-lund.com

March 2011 Market Condition Report

2011-04-15T16:07:00.000-07:00

The March Market Condition Report for the Reno-Sparks area shows a slow increase in the real estate market in Reno-Sparks NV. The following overview is available in this report:

OVERVIEW: Both SFR and Condo supply are very constant. This means that as properties are moved off the market by either becoming a sale pending or a failure, those properties are being replaced by new supply. This implies that whatever price trend is currently in effect is likely to continue. Closed SFR demand increased significantly over last month while Condo demand was relatively unchanged. Properties in escrow are on the increase at a slow pace. Median price for both types is declining at a quicker pace. Prices are very weak.

 PERCENT SELLING: Increasing slowly—gained 5 points over last month. This is a reflection of an increase in closings and a decline in the rate of failure.

 WEEKS SUPPLY GIVEN DEMAND (ABSORPTION RATE): Absorption Rate is declining for SFR and steady for Condo. A declining rate signals a tightening market in terms of supply and demand. In order to affect prices, this tightening would need to continue over a prolonged period before prices would react.

 MARKET SPEED INDEX: The market is moving slowly but speed is increasing in small steps from month to month. Expect the pace of the market to increase slowly. This increase will be difficult to discern at the street level in the short run.

 PRICES: SFR and Condo price schedules continue to weaken but the pace of decline has increased. Condo has become more pronounced in the short run. Prices are erratic from month to month and seem to gyrate in a narrow range (see History of Median Sale Price Graph).

Read the full March 2011 MCR report.

[Permission to distribute granted by First Centennial.]

For more information on real estate in the Reno-Spark area of Nevada, contact us.

Rick Lund

www.ricklund.com

www.ferrari-lund.com

February 2011 Market Condition Report

2011-04-05T16:05:00.000-07:00

The February 2011 Market Condition Report for the Reno-Spark, NV real estate market indicates that the market is slowing slightly. To summarize:

 OVERVIEW: Both demand and supply very constant. This is a usual pattern at this time of the year. Properties in escrow are on the increase which signals an increase in closings in the next 30-45 days. SFR median price continues to weaken while Condo price, which was holding is now beginning to slip.

 PERCENT SELLING: Increasing slowly in the short run. As a rule of thumb, a typical non-REOseller has about a 40-60% chance of closing in today’s market. REO has about a 70-80% chance of closing.

 WEEKS SUPPLY GIVEN DEMAND (ABSORPTION RATE): Absorption Rate is steady and hovering in the current range (give or take 3-4 weeks). No clear trend has emerged other than slightly up and down from month to month. A steady absorption rate signals that underlying demand/supply is not changing. This, in turn means that no big shifts in price are in the offing.

 MARKET SPEED INDEX: The market is slowing slightly. Expect the pace of the market to increase slowly as Spring approaches. However, in the near term listings are converting to closings in a slow and sluggish manner.

 PRICES: SFR and Condo price schedules continue to weaken, condo has become more pronounced in the short run. Prices are erratic from month to month and seem to gyrate in a narrow range (see History of Median Sale Price Graph). Lately, however, there is more of a tendency to decline than rise. Average Price for three counties can be reviewed in the table below. Peak values (SFR) and current values are highlighted.

Read the full Market Condition Report for the Reno-Sparks real estate market.

[Permission to distribute granted by First Centennial.]

Rick Lund

www.ricklund.com

www.ferrari-lund.com

January 2011 Market Condition Report

2011-03-31T15:35:00.000-07:00

The January 2011 Market Condition Report for the Reno-Sparks NV real estate market gives the following indications:

 OVERVIEW: The pace of the market has slowed from last month. Supply has increased slightly while demand has backed off marginally. This is a usual pattern at this time of the year. Properties in escrow are on the increase which signals an increase in closings in the next 30-45 days. SFR median price continues to weaken significantly while Condo price is holding at current levels.

 PERCENT SELLING: Increasing slowly in the short ru

n. As a rule of thumb, a typical non-REOseller has about a 40-60% chance of closing in today’s market. REO has about a 70-80% chance of closing.

 MARKET SPEED INDEX: The market is slowing slightly as is usual. Expect the pace of the market to increase slowly as Spring approaches.

 PRICES: SFR and Condo price schedules continue to weaken, but SFR is much more pronounced. Prices are erratic from month to month and seem to gyrate in a narrow range (see History of Median Sale Price Graph). Lately, however, there is more of a tendency to decline than rise. Average Price by city and year can be reviewed in the table below. Note the trend that estimates the dollar value of the declines per year.

Read the full Market Condition Report for the Reno-Sparks Nevada real estate area.

[Permission to distribute given by First Centennial.]

Rick Lund

www.ricklund.com

www.ferrari-lund.com

Sale of Pfizer Inc distribution center to Brightpoint in Reno

2011-03-08T14:41:00.000-08:00

A significant transaction -- more so than the $11.5 million sale amount -- brings Brightpoint, a third-party logistics provider for wireless communications companies, back to Reno. More than that, it brings 79 new jobs to Northern Nevada.

The sale of this 263,924-square-foot building makes this the largest transaction in two years in the Reno-Sparks area, and the economic impact is expected to generate $9.58 million in the region during the first year alone.

With one is every 131 homes in Reno-sparks being a foreclosure, how the economy performs is what will turn this market around according to the Center for Regional Studies at the University of Nevada, Reno.

While the sale of the Pfizer facility will not turn the economy around on its own; this is an important step in helping to positively affect the local economy.

Dear Friends and Clients,

2009-08-17T11:01:00.000-07:00

Recent economic events have left a lot of people with many questions about the state of the Reno/Sparks real estate market. I hope this brief update on the real estate market is useful to you.

First, however, I thought I should let you know that I have sold Ferrari-Lund Real Estate to my partners, Vince Rossi and David Graham. About three years ago, before the market tanked, Nancy and I (after much thought) began the process of selling the business we started back in 1988. I have been selling real estate for over 30 years and both selling and running the company for the last 20. It was time to simplify my life and go back to the thing I loved enough to never give up—just selling real estate.

I opened Ferrari-Lund hoping to build a company where real estate transactions were handled how I thought they should be. It has surpassed any of my dreams and expectations. I have loved and taken care of it for years. We started with six agents and two brokers. As of today, the company has 150 agents and 4 brokers.

Selling Ferrari-Lund allows me to concentrate full time on selling real estate. I have retained a minority share in the company until the buyout is complete, but Vince and David are now responsible for the day-to-day management of the company. This gives me more time to focus on helping my friends and clients. I have been blessed to find a career at an early age that I loved, and I still love it. I don’t see giving up selling real estate in any foreseeable future.

Despite the tumultuous economy, real estate is still a great investment. The market upheaval has left people with a lot of questions. Here are some great questions I am frequently asked. I hope these answers are helpful to you.

What should I do if I am upside down in my house?
Call me. I can explain your options. Some options include waiting it out, renting rather than selling, approaching lenders for loan modifications, negotiating a short sale, or letting the bank foreclose. There is also bankruptcy. I will refer you to an attorney or accountant if they are needed.

Is it a good time for me to buy?
Yes! There are so many good reasons to buy. Interest rates are low, prices haven’t been this low since October 2001, and there are special tax credits for first time buyers.

What is going to happen to the interest rates?
I wish I had a crystal ball. I recently refinanced one of my properties and did a 15 year loan at 4.375%. My previous loan had a 5.75% rate. I think there is a good chance that rates will rise in the future and that is why I refinanced.

What is the difference between a short sale and a foreclosure?
In a short sale you sell your home for less than you owe, and negotiate with your bank to accept the lesser amount. In a foreclosure, the bank forces the sale of your home at auction to recover what you owe the bank. If your home sells for less than the amount you owe the bank, it can file a court action against you seeking a judgment foe the remaining amount owed, known as a “deficiency judgment.” There is no difference between a short sale and a foreclosure as far as your credit is concerned, at least right now. This could change in the future. If a short sale is handled properly, however, it takes away the banks’ right to seek a deficiency judgment against you.

Are new loans harder to get now?
Yes, if you are looking for the old 100% loans with no down payment. Unless you are a veteran, down payments are required. On the other hand, if you have the 3.5% cash down payment (or a relative who will gift it to you) and a FICO score of 620 or higher loans are still easy to obtain. Further, I have negotiated many offers with the seller’s paying all of the buyer’s closing costs.

Is it better for me to rent for the time being?
It depends on your situation. We are back to the old rules of real estate. With a normal market appreciation of 2-3% annually, you must plan on staying in your property for 3-5 years just to break even. So if you are expecting a job transfer in the near future, then renting may be your best move.

On the other hand, if you have no plans to leave this area any time soon and your housing needs are not going to change much in the coming years, then, of course you should buy and not rent.

Market inventories are shrinking again. The less expensive end of the market will soon see prices going up again. It will start with the sellers no longer agreeing to pay buyer’s fees and then you will see prices begin to edge upwards.

I’m sorry I can’t say this about our exclusive home market. In homes that are $500,000. and up, there may still be some painful times ahead, and unless you can get a great buy, renting might be a better option.

How is the rental market?
At Ferrari-Lund Real Estate we have really expanded our property management services. We are successfully renting the homes, but owners need to be willing to make repairs or be prepared to possibly lower the rent. It is a renter’s market. Tenants have plenty of homes to choose from.

There are so many more things we could talk about, so please contact me. Every situation is different. If you have a good job and good credit – this may be your time.

I can be reached at my office 775-850-7033 or on my cell 775-742-6537;
email is great too: sold@ricklund.com

I would love to speak with you and answer any questions you may have.

Sincerely,
Rick Lund

Get Ready for Change!!!

2009-02-06T16:08:00.000-08:00

“It will come” says our new President Barack Obama.

The biggest change since the last time I updated you has been the number of homes for sale and the total months of inventory of available homes.

In January 2008 we had 19 to 18 months at the end of December 2008, there is presently 10 to 9 months in the Reno - Sparks real estate market respectively.

What does this mean?
We are still in a buyers market. It also could be telling us that the bottom is getting closer. It better be getting closer as prices are lower than they have been in many neighborhoods since 2001.

Don’t believe all of the bad news about Nevada being the state leading the nation in foreclosures per households as the numbers were recently found to have been in error. The database was counting the total number of notices filed and it was learned that many of the homes had multiple filings. So it isn’t as bad as it sounds.

Is it bad?
If you are a property owner now, then yes it is bad. If you have a need or a desire to buy your first home or wanting to upgrade your home then this is great news.

Interest rates are as low as they have been in years.
The number of great properties to choose from is numerous.
Also, don’t let the rumors that there isn’t money to lend get you down.
The banks no longer have Non-or Limited Qualifying loans, but there are exceptions to this rule.

If you have ever wanted to buy additional properties now is the time. There are investor loans readily available as long as you don’t already have 4 or more unpaid real estate loans.

I still don’t have a crystal ball so I can’t tell you what is going to happen with the national economy. When it does show signs that will improve the consumer confidence, it might be too late to catch the bottom.

What's next?
Right now we are about to see another wave of California buyers who will be looking to buy in other states. Nevada has a Governor who is trying not to raise taxes and California’s Governor is hoping to pass some of the largest tax increases in history.

Once our builders start building again, construction workers who were laid off will be headed back here again when building does start up again.

I don’t know if this will happen in 2009 or 2010, but when it happens things will start hopping in a hurry.

Meanwhile, this is the first time in years that with the combination of low interest rates and low housing prices where an investor can do a 20%-25% down payment and have a positive cash flow without depending on market appreciation and after tax benefits.

There is so much I would like to talk to you about. There is so much that I can’t explain in a blog posting. I may have said something that you don’t agree with or understand. Please don’t get mad or brush this off. I can explain and discuss these issues with you. Just call me at 775-850-7033 or email me at sold@RickLund.com.

If you know of anyone who should be buying but they don’t know the process, please have them call me or just give me their contact information and I will contact them and help them out.

Many homes are being purchased with just 3.5% cash down payment and we are able to get the seller’s to pay the buyer’s closing costs. The buyer’s payments are some times lower than the rent for similar homes.

Remember “Nothing Ventured, Nothing Gained.” One thing I’ve learned from my hunting and fishing experiences, if you don’t go out and try, you are guaranteed to get nothing. My wife will say, "But think of all the gas you would have saved." When we look at homes I buy the gas, you don’t pay the commission so give me a call.

And one more thing: If you have a need to sell I can give you the best service available. I am an expert in negotiating short sales and saving you from foreclosure. Call me for details. My general answer for people thinking of selling is: If you don’t have to sell, then please don’t, as the prices are at record lows. If finances or relocation forces your need to sell, then give me a call and I’ll do the best job available in this market.

Rick Lund
www.ricklund.com
www.ferrari-lund.com

Real Estate Market Update for Reno-Sparks, Nevada (September 2008)

2008-09-13T21:12:00.000-07:00

It has been awhile since I gave some of my favorite and most important people a market update.

The only real sure thing in this market is that real estate values have declined.

AND, important to those who want to make a real estate investment, NOW could be the time. If it weren’t for the world and national uncertainties, it could be said that all of the indicators would be pointing to BUY NOW.

The unknown factor is - who knows what will happen with the elections, the war in Iraq and conflicts in Iran, Russia, etc. or the price of oil and will we drill in new places, build new refineries or build more nuclear power plants or will we go GREEN?

I am not an expert in these areas and I will not even try to guess what will happen in those arenas. I am an expert in real estate in Reno-Sparks, Nevada. I have had a track record for all of these 30 years of being one of the most active in dollar volume in sales and units sold. I read and analyze way too much on this subject and I will share a few figures with you.

One of the biggest reasons for this down market we are in is because so many major builders came to Reno at the same time. Did they not check with their competitors before they came and figure out that if six large builders come to the same market at the same time that there could be an over built situation? Did each of these builders just hear that their competitors were going there and they didn’t want to miss out? Did each of them really think that they could build a better product for less money or that their marketing was so good that they could outsell any of their competitors?

The only thing I will say is that the old saying is still true, “The only thing we learn from history is that we don’t learn from history”. Wherever you have a California type peak market you have to expect we might see a California type valley.

The big question most of us have is, will the Reno-Sparks market improve and will prices ever go up again. The only thing I know for sure is that our local market is in a position to only go up. The only thing that will keep our local market from going up is if some of the world and national items I mentioned above really get out of control.

Supply and demand was out of balance. Once buyers and investors heard the news they panicked and they became sellers. Many builders slashed prices in neighborhoods by as much as $70,000. This happened in areas where people had just closed their loans at the higher prices and many times with zero to only five percent down payment. This is why we started having foreclosures and yes, we all learned about “short sales”.

We still have builders and developers who own land that they need to sell or build on. Everything I am about to tell you will require that these parties have learned from recent mistakes and they go back to the old rules of real estate. These are 1) location does matter and 2) supply and demand does matter.

If builders see a little bit of sunny skies and think this is our chance and start all of their projects at the same time we could have a problem, because there is a huge backlog of approved and pending projects to be built in all areas of town and the suburbs.

Some figures that will help you understand where we are now and where we might be heading. When our market was crazy with multiple and frantic offers and when people were sleeping in lines to be the lucky buyers to get the next release of homes we were down to as little as 1.5 months supply of inventory of homes to buy. The only homes that didn’t sell were where sellers had a very unreal expectation of the market. This was also when only a very few wise builders were letting Realtors in the MLS sell their homes.

It is many times said that 0-3 months supply is a seller’s market, 3-6 months supply is a normal market and more than 6 months supply is a buyer’s market. We have been in a buyer’s market for sometime now.

We now have (July 2008) Reno with 10.6 and Sparks with 9.5 months supply of homes. In January 2008 Sparks had 15.9 months supply. In February 2008 Reno had 19.6 months supply of homes.

The market is improving. Earlier this year we had builders giving up to $50,000 in free upgrades and loan incentives to get people to buy standing inventory homes. It is now difficult to find builders with standing inventory homes.

If you know you still want that larger, newer, or just a different home, now is the time to call me so I can show you what your options might be.

Call Rick Lund today at 775-850-7033 or 775-742-6537 or email at sold@ricklund.com

Rick Lund is a lifelong resident of Reno-Sparks, Nevada. There are few Nevada natives that can teach you about the area like Rick can.

www.ricklund.com
www.ferrari-lund.com

2008 Q1 Real Estate Update.

2008-04-23T14:01:00.000-07:00

Many people are wondering what is happening with the Reno-Sparks, Nevada real estate market? Some are asking whether it will ever get better.

There have been some improvements in the market recently. In preparing a report for my agents at Ferrari-Lund Real Estate, I learned that listing agents and sellers have a 1-for-every-2.87-residential-properties-listed-chance of selling in the $200,000-or-less list price range. In the $1,000,000-or-higher range they have a 1-for-every-17.33-residential-properties-listed chance of selling. In the $500,000- $750,000 range there is 1 for every 8.16 chance of selling.

The good news is that we have seen an increase in the number of sales.

The bad news is that most of these sales are either bank owned or short sales approved by the banks. The prices of these homes have dropped to levels that our normal resale sellers don't want to compete with.

Here are some things you should consider if you have been trying to sell or are thinking about selling a property in Reno-Sparks, Nevada.

1. If you don't have to sell, then why would you try now?

2. If you've had your property on the market and no one has come to look in the last 30 days or if you haven't even recieved a low offer, take your property off of the market if you are not ready to lower the price or make needed improvements.

3. It may still be a good time to sell if you are selling to buy up in the market. In most parts of town the lower priced homes have not been hit as hard with declining values as the higher priced homes.

4. If you must relocate and you don't want to hurt your credit, then consider renting. The loss you take month after month may not be as large as the loss you will suffer by selling and taking your loss all at one time now. This would be in hopes that the market would improve in a 12-24 month period of time.

5. If you walk away from your property by way of foreclosure or short sale you could ruin your chances of purchasing again for 3-5 years. Fannie Mae just released these new guidelines and there will be more clarification in the near future.

Last and most important, now is a great time to buy!

You have more homes to choose from, interest rates are very affordable and prices in many areas are nearing 2001 levels.

For more information on the market or short sales, contact Rick Lund at Ferrari-Lund Real Estate Phone 775-850-7033 or Email: sold@ricklund.com

Suka the Gyr-Pergrine Falcon

2007-10-09T21:00:00.000-07:00

When you are on your way to the Damonte Ranch High School and you see the dark helium balloon in the air, be sure to look around and you might see my falcon getting her exercise nearby. Thanks to friends like Steve, Dave, Martin and Gary I have recieved enough good pointers to get Suka flying and almost ready for Sagehen and Duck hunting. When it gets colder and most of the rifle and shotgun hunters have decided to watch football games instead of hunt, then she will get her chance. She is up to approximately 1000 feet and getting stronger. Wish us luck. Everyday is an adventure with her.

Salmon Run in 2007 is a bust

2007-10-09T20:33:00.000-07:00

The friends who have fished with me this year will all agree that it's nice to have Rick on the boat to take the photos and net the salmon. The fish have all made me a good host and chose to bite on their poles and not mine.

Dan Ripple with 15 lb. , Mike Radcliffe with 30 lb. ,Bob Livinston with 27 lb King Salmon

The fishing has been slow at best. The guides are even having a hard time catching many fish this year. We are lucky to catch what we have caught. We can hope for a better winter run on the Sacramento River if not we hope for a better 2008.

Rick Goes to Big 10 Football

2007-10-09T16:01:00.000-07:00

Ohio State has some serious fans.

My son told me two years ago that he wanted a different experience for his graduate school. I asked "why would you want to experience anything east of the Rockies?" He is now finishing his last year of his MBA program at Purdue University. When he first called me to tell me he had been accepted to Purdue I said "now you can get me into the Notre Dame football game I've always wanted to see." While discussing the schedule it was determined I would have to go out the weekend of the Ohio State game. I have season tickets to UNR and love to catch a tailgate party when I can. Steven assured me that what goes on the day of a Big 10 game is nothing like UNR. He was right. Starting at 9:00 AM they have the breakfast club. I am so glad none of my kids are part of this breakfast club. They dress up and drink their breakfast. They restricted the tailgate parking so it could not start until 1:00 PM because this game was going to be a late ESPN 8:00 PM. In the Big 10 the people drink all they can before the game as they don't allow beer sales in the stadium. UNR fans are complaining that they stop selling beer after half time. I have great seats at the UNR games, we are almost on the 50 yard line and we only stand up for kick offs and big plays. At this game we only sat down during half time. Unless you like seeing lower portion of bodies and getting no fresh air, sitting is not an option. The electricity is felt before you're in the stadium and it never stops. The band is huge and when they go on the field, they fill the entire field. The volume of noise vibrates your ears at times. There are the usual beach balls being hit around the stadium and a few other objects that you just don't want to touch let alone hit. You know you have had a great experience when your team loses 23-7, you get a phone call that your UNR lost 49-41, the crowd is huge and never ending when you leave and still you think to your self, that was a fun night. My thanks go to my son for being brave and smart enough to get accepted so that he could go east. Because he did this,I got to experience something new and yes it was exciting.

Of course visiting his family and seeing the grandson would have been enough without the game.

Now is the time to buy!!!

2007-10-09T14:52:00.000-07:00

It is a slow afternoon here in the office. I just read that gas prices maybe going up again. This morning stocks were well over 14,000. Gold is over $700. per ounce and interest rates for home loans are holding steady at just over 6%.
I have been going over market statistics for the Reno/Sparks, Nevada market and they really have some bright spots that people are letting the media dull.
Now is a great market for buying that larger, newer home you've been wanting for so long.
You can make a super buy in the next 4 months and motivated sellers are going to welcome you to make it. You won't be competing with multiple offers like we had in previous years. If you buy your new home through Rick Lund you will get contributions towards your closing costs and negotiated prices that you've never seen in the past. Even the lender might be willing to throw something in to get your business. There are still plenty of great loan programs available for either owner occupied or investor's.
Don't let the media scare you away. The loan programs that have been cancelled by lender's and now outlawed by the State of Nevada in SB 440 shouldn't have been available anyway.
What you don't realize about the Reno/Sparks real estate market is that the prices have only dropped by approx. 5-15% depending on the price range and location.
RENTS HAVE NOT COME DOWN....
Many people were buying rentals like we were going to run out of them soon when the prices were high and now I can show you the same home for substantially less money and the same amount of gross income and you've let the press scare you away.
We are now in a great buyer's market. Probably the best I've seen in my 29 years of selling real estate and people are afraid to buy. I have seen times where we had as equally motivated seller's in the early 1980's but the interest rates were so high no one could afford to buy. This market is different because prices have dropped and interest rates are affordable and many seller's would even pay to buy down the buyer's interest rate if they were asked to.
If I represent you,"I am not afraid to ask"! If you have a smaller home and want to buy a larger home you have an option of selling your existing home at a small loss to buy a larger home at a huge savings. I have all of the documentation to prove what I've just said, so why not call me.

Looking For A New Construction Home?

2007-04-30T18:21:00.000-07:00

Let me remind you that before you head out to look at the model homes, call Rick Lund to take you.

Now you are asking why do we need you to tag along with us?

The market is very competitive between the new home builders. These builders are willing to pay me to represent you and you need my representation.

I know what questions to ask the salesperson to help you in your negotiations. I know how to help you get builder incentives that you may not be aware are available.

When you go to the builder's models, the nice sales agent works for and represents the builder. They have no responsibility to let you know of available builder concessions unless they need to.

Most new home builders will not accept a contingent sale. If you need to sell your existing home please call me. I can help you know how much equity you will have to work with and the different types of financing that are available to help you with a new home purchase.

I have been selling homes in Reno/Sparks since 1978. I was the seventh highest volume agent in 2006 and Ferrari-Lund Real Estate has been the second highest volume company since 2003 in the Reno/Sparks area.

Call me Toll Free at 1-800-622-1777 or 775-850-7033 or 775-742-6537
Email me sold@ricklund.com

Market Update May 2007

2007-04-30T17:53:00.000-07:00

I wanted to give you an update on what Rick Lund is up to and what is happening with Ferrari-Lund Real Estate. Since 2003, Ferrari-Lund Real Estate has been the second highest volume company in the Reno/Sparks market. Not bad for a company that I co-opened in 1988 with 6 agents total. We opened with no goal of being a market leader but rather a company that was needed to take care of my client’s real estate needs the way I knew they should be handled. I can also say thanks to all of you who let me help you with your real estate needs. I was the seventh highest volume agent in the Reno/Sparks market in 2006. Considering there are over 2500 agents in our market, I feel grateful for your support.

Ferrari-Lund has also been able to build ownership relationships with First Centennial Title Company and Lakeside Lending. With four convenient office locations and with escrow and lenders nearby, a one-stop hassle free real estate transaction is available for you.

What I really want to inform you about today is a service I have been providing for a few years now. I am aware of a private pension that purchases real estate notes, loans on hard to finance real estate and private loans to buyers that might be credit challenged.

If you are refinancing your existing loan or buying a home please consider Lakeside Lending and ask to use First Centennial Title Company for your escrow service.
If you need cash, or need to sell a note or need a loan to buy rural land, please call me.

I am often asked if the rumors are true:

1) The value of real estate in our area has dropped - Yes
2) The lenders who use to be available for 100% loans with limited qualifying are leaving the market. - Yes
3) Interest rates like gas prices may be headed up? It seems possible

Please call me if you have any questions or would like to discuss any real estate issue.

For all of your real estates needs or questions call me, Rick Lund
850-7033 or 742-6537 or email me at sold@ricklund.com

Sincerely,
Rick Lund
www.ricklund.com

Striped Bass Season 2007

2007-04-30T17:40:00.000-07:00

The Striped Bass season for 2007 for me has ended. It was the best I've ever had and it's too bad I have to quit when it is still red hot. My boat had days where we caught zero fish but the day we caught 53 fish was a record for me. The Sacramento River and Delta were great depending on wind, rain and water color.

My personal biggest fish were 11, 10,10, 8 1/2 and 8 pounds with most fish in the 18-25 inch range.

Now, I can't wait for the Salmon coming in August. Now it's time to sell real estate.

There are new homes with great views!

2007-01-17T21:40:00.000-08:00

Just when many people thought the best lots for new homes were all gone, some of the best views in Reno-Sparks have been found at Skyridge. TMB Builders has them and the quality and setting can't be beat. You can meet Ryan Flynn who is very knowledgeable about these homes and the Skyridge Community Thursday-Monday 11:00am to 5:00pm.

For more information about these affordable and beautiful homes call Rick Lund at 775-850-7033 or 775-742-6537 or 1-800-622-1777. Ferrari-Lund Real Estate is the listing broker for these homes.

2006-12-29T23:37:00.000-08:00

This Christmas was as good as they get. Nancy and I had all four children, four spouses and two grandchildren at our home for the holidays. We were able to have all of the family together with a lot of friends to welcome Erin into our family. She is Robbie's wife since Oct. 7 and she finally got to meet many of our friends in Reno and Sparks. Special thanks to our friends John and Karen Rand for letting us use their home to have many friends and family gather. The new addition to their home on Rimrock Drive in the Virginia Foothills has made this one of the nicest homes in town. The family is leaving Saturday so we can all get started with the new year.

The California Salmon season was slow in 2006

2006-11-26T06:36:00.000-08:00

Now that I haven't been able to archery hunt as much, I have tried my luck at Salmon fishing on the Sacramento River. I have a 19' Jetcraft boat. I caught four salmon total so far in 2006. The fish that were caught were all very bright quality fish ranging 14, 22, 26 and 30 lbs. As long as I had help from friends like Mike Radcliffe, Dan Ripple, Dick Stockman, Bob Sparre and Felton Hickman, I was able to get the boat in and out of the river with my recovering arm. I have great hopes for a better 2007 salmon season. The spring Striped Bass season was red hot as soon as the water dropped from the huge rains we had in January and during spring time. There are few things that can excite you like a big "Fish On."

Yosemite is so close to Reno!

2006-11-26T05:49:00.000-08:00

Yosemite Valley is only 3 1/2 hours from Reno. Having lived in Reno for 50 years and having driven through Yosemite a few times to get to other parts of California we finally drove into Yosemite Valley last year. I saw many things driving through without stopping that made me know I had to come back and camp to see more of the park. Thanks to our friends Jim and Judy Elsmore we finally got camping reservations for the Upper Pines Camp Grounds for the Nevada Day Holiday. These were the first dates available and even though it was colder at night and there was no water in the water falls the park was beautiful. The fall colors were brilliant. There were no crowds like when we drove through in the summer. We were able to ride our tandem bike on every bike trail in the valley. We saw bears, deer, coyotes, birds and other widlife. The rock climbers gave us something to watch on the huge rock faces.

2005 and 2006 have been recovery years

2006-11-25T14:50:00.000-08:00

Rick has had both shoulders operated on in the past two years. When they say you pay for your previous sins, Rick knows this is true. After years of wrestling, racing motorcycles and shooting archery and having had injuries that appeared to have healed, both left and right shoulders fell apart. Dr. Norm Young has now done both the left and right shoulders. Karen Cottinger has helped Rick through his physical therapy and he is almost mended. With a few screws and many stitches, he is looking forward to 2007 and hoping that there will be no surgeries or therapy to mess up his work and play schedule.

First grandchild came on Dec. 23, 2005

2006-11-25T14:10:00.000-08:00

Rick and Nancy have been able to enjoy watching their first grandson grow up with all of the photos and video clips that Meagan and Todd email to them. Meagan is working as an escrow officer and Todd is preparing for dental school in Louisville Kentucky. Rick and Nancy were able to travel to Kentucky and be there for Fisher's birth. Rick always thought that what ever happened east of the Rockies had no interest to him and now half of his kids live east of the Mississippi.

2006 was a big year for Nancy and Rick

2006-11-25T13:47:00.000-08:00

This was the year that Rick and Nancy both turned 50 years old and the year they celebrate 30 years of marriage. Nancy got to choose where they would spend their anniversary and she chose Singapore. Their friends Mike and Chris Kelly hosted them and they enjoyed personal tours and local knowledge, making this a great vacation. Going from dry mild tempatures to 90 degrees with 90% humidity was hard on Rick.
Rick and Nancy took a short trip to Phuket, Thailand to celebrate their anniversary.

Our youngest son Weds in Richland, Washington

2006-11-25T13:31:00.000-08:00

Robbie, who has been attending BYU Idaho, married Erin Winks on Oct. 7, 2006. Nancy and Rick are now empty nesters. Robbie has been a great help at home. He has helped with mechanical and construction projects for years. It will be harder to get jobs done without him. Robbie and Erin are living in Rexburg Idaho and they are both attending BYU Idaho with hopes of careers in Construction Management and counseling.

A short visit to Indy Speedway

2006-11-25T13:14:00.000-08:00

With a few extra minutes we stopped off at the speedway that hosts races that we have seen on TV and probably will never see in person. We took the entire tour and found it amazing how much is really involved in such a big race venue. The Indy 500, Brickyard 400 and a Formula 1 race all take place here.

My oldest son graduates and passes Nevada Bar

2006-11-25T06:43:00.000-08:00

Ken graduated from University of Utah Law School in 2006 after graduating from BYU in 2002 and has since passed the Nevada Bar Exam. Ken took a job clerking for Judge John Iroz in Winnemucca, NV. He hopes to learn about the different areas of law to decide which area of law to specialize in.

After 25 years, Falconry is back in Rick's life.

2006-11-24T19:58:00.000-08:00

From the age of 14 until getting busy in real estate Rick had falconry in his life. At the age of 50 he decided it was time to get back into a sport he loves. Rick having bad knees and shoulders may have been another reason. Rick is with "Mag" a male Harris Hawk and with "Suka" a male Gyr Falcon.

A Visit to Purdue University

2006-11-24T19:54:00.000-08:00

Steven is doing his graduate MBA work at Purdue University. We got to visit Steven and his wife Katrina over Thanksgiving and we couldn't have had nicer weather. The campus is nice. Thanksgiving dinner couldn't have been better.

You are asking why we should buy now?

2006-09-28T14:07:00.000-07:00

Why would Rick want us to buy when real estate isn’t booming?

I have been selling real estate for 28 years and this is the best buyer’s market we’ve ever had! Consider the reasons that make this a good time to buy:

1) Interest rates are low. Now you’re wondering how I can say that 6.5% rates are low, when a year ago you could get 5.5%? In the early 80’s we were selling homes with rates of 12%-18%. There were times I even believed we may never see interest rates as low as 10% again. 6.5% is a low and affordable interest rate.

2) You have many homes to choose from, and many of the homes built in the past 10 years are better than the typical older home. How are they better? There is more light, better energy efficiency, better floor plans, and newer neighborhoods that historically appreciate faster.

3) Sellers ar more flexible than the have ever been!!! Sellers are coming off of their prices, paying buyers closing costs, financing and doing improvements to make the sale work that they wouldn’t do in the past. Sellers that are not doing these things aren’t selling their homes, they are simply putting up a sign that says: For Sale.

4) Prices in some areas have dropped by $50,000 from where they were selling in July of 2005. Do not try to wait for the very bottom, as the market can shift in the blink of an eye.

My desire for 28 years has been to serve your real estate needs. Call me so we can discuss ideas you may have had about upgrading from your own home, buying investment properties or helping the kids get into a home.

Rick Lund
www.ricklund.com
Ferrari-Lund Real Estate

Reno-Sparks Real Estate Market

2006-09-28T13:52:00.000-07:00

We know you are interested in a Reno-Sparks Real Estate Market Update, so here we go.

For the past 5 years we have been talking about the fast pace, rising prices and low interest rates that have driven the real estate market. Today the talk is more about how much lower do we have to go to get a sale. The buyers are asking us how much lower can we get the seller to go and stating that if they don’t like our offer, then let’s go look at some other homes. There are more than 6,000 homes for sale in this area now, so it is definitely a buyer's market.

Ferrari-Lund Real Estate is still the second highest volume company in Reno-Sparks. And we still know how to sell your home if you need or want to sell. In today’s market you have to ask yourself, “Do I Really Have To Sell or Do I Want To Sell?"

Many Stock Brokers have told me that when the market softens on a stock that you know is good, then buy it while the market is soft. Don’t panic and sell the stock unless you know something is terminal and it isn’t going to get better.

Real estate in Reno-Sparks is a good and highly desirable investment. It is not going to appreciate for a while and it may never appreciate again like we just experienced but real estate in the Reno-Sparks Nevada area is a good investment.

Give us a call if you need expert and experienced help of real estate professionals. Ferrari-Lund Real Estate and Rick Lund can help you meet your real estate needs now.

Rick Lund
www.ricklund.com
Ferrari-Lund Real Estate

Real Estate Market in Summer of 2006

2006-07-11T12:21:00.000-07:00

So, the market has changed from the boom it was last year. What now?

Because of the current marketplace, and the competitiveness of the properties, if you have a property that needs landscaping, carpeting or painting, spend the money and do the work now. If your property is on the market but is not getting enough showings, start making the price adjustments now.

If your current broker/agent is not doing the marketing methods that Rick Lund is doing at Ferrari-Lund Real Estate then it's time to make a change. With Rick Lund you can be sure that your current agent starts doing now what is needed to procure a sale before a real winter market hits Reno and Sparks.

The sellers have had their way from 2002 through 2005. It is now time for the buyers to have their way. This means very few homes will be selling at list price or near list price. Being flexible and market-smart is the way to get what you want in this market.

Rick Lund
www.RickLund.com
www.Ferrari-Lund.com

Reno Real Estate Market

2006-07-02T13:36:00.000-07:00

What happened to the real estate market in Reno, NV?!!

The Reno-Sparks, Nevada real estate market is worse than the statistics say -- for sellers, that is. The problem is:

too many properties for sale; and
the interest rates have gone up

Lets compare what is happening in 2006 vs. what happened in 2005.

Total number of residential properties listed for sale from Jan. 1 2005 to June 30, 2005 = 6,206
Total number of residential properties listed for sale from Jan. 1 2006 to June 30, 2006 = 9,103
Total number sold YTD from Jan. 1, 2005 to June 30, 2005 = 3,954
Total number sold YTD from Jan. 1, 2006 to June 30, 2006 = 2,564
Days on Market on those property that sold 2005 = 76
Days on Market on those property that sold 2006 = 96
Properties listed for sale that did not sell before they expire 2005 = 5.8%
Properties listed for sale that did not sell before they expire 2006 = 16%

With the numbers of first time buyers, investors, and move-up buyers decreasing due to rising interest rates, the number of listings is increasing the probability of up to 50% of all listings for sale will not sell after Oct. of 2006. This is not a good position to be in if you are a seller who has to sell in the next 6 months.

But to look at this situation with a positive spin: the Reno real estate market is definitely a buyer's market. So if you are ready to buy or relocate to Reno, NV, now is the time. Ferrarri-Lund Real Estate will find the perfect home for you and you can join our Reno-Sparks community where the air is clean and the opportunities are many.

Rick Lund
www.RickLund.com
www.Ferrari-Lund.com

Reno Real Estate Market

2006-02-02T14:35:00.000-08:00

The New Year is starting out great in Reno. We had some minor flooding and I guess you call it minor unless you were one of the unfortunate whos home or business was flooded. We did not have the huge amount of snow and freezing temps in town like in 2005. The Sierra Nevada Mountains are currently 120% of normal snow pack. Our Lakes are higher than last year so water storage is getting better.

We all of this talk of water and weather how does it affect our real estate market? The roads are mostly clear and we want our California neighbors to know this so they will come buy our real estate. This is the first year in three years that we have an inventory of homes to choose from. The waiting lists that seemed like they would never end are gone from many of the subdivisions. The multiple offers on properties and having to rush your decision in fear of missing out on the properties are gone. The agents, the lenders and the escrow officers have more spare time to talk and chat and help you be relaxed with your real estate transaction.

The real estate market in Reno-Sparks Nevada is back to a normal market. The interest rates are still holding steady in the lower 6% range.

Many of the neighborhoods that had appreciated too much due to lack of inventory have now adjusted in the buyers favor.

On Feb. 1, 2006 a national economist speaker with Stewart Title, Ted Jones gave his report on the national economy and the Reno-Sparks market.

Reno-Sparks markets are still expected to exceed the performance of most national regions in job creations and housing appreciation.

The quality of homes being built in this area over the past 10 years is amazing due to many national-type home builders coming in to do head-to-head competition for the buyers.

Dont miss out on a great area to live, play, raise a family or invest.

For more information, contact Rick Lund at (775) 688-4000.

Rick Lund
www.ricklund.com

Suporting Your Local Economy

2005-10-17T14:13:00.000-07:00

I was recently attended the NVAR Convention at Incline Village, NV for my continuing education hours. While in one of the classes being taught by a national teacher from Texas, I heard his opinion as to how so many family-owned businesses have been destroyed by Wal-Mart moving into small towns across the USA.

Of course you can argue forever on the pros and cons of the big companies versus the hometown businesses so I won't get into that argument. What I will let people know is that the profits from Ferrari-Lund Real Estate do go back into the Reno-Sparks economy. You may wonder why this matters so much with real estate?

When you buy real estate and the profits stay in the local economy, there is a better chance that the real estate investment you make will stay a better investment. Whether you are buying a new personal residence or an investment property, buying within your community will only help the community.

Many of the national franchises send the larger parts of the profits to their home offices out-of-state. The national franchises may pay for advertising in the local marketplace, but that same advertising is normally purchased through national advertising companies. And most of their printing is done by out-of-state printers. This is not true at Ferrari-Lund Real Estate. We do all of our advertising within the community and support local charities, schools, Little League, Pop Warner, etc.

Local companies do the largest volumes of real estate sales. In the Reno/Sparks area, the higher level of expertise and knowledge is found at the two highest volume companies in the Reno-Sparks market. At Ferrari-Lund our agents have an average of over 15 years experience. We fine-tune our agents so they can better serve their clients.

Our marketing plan is also fine-tuned to sell homes in Reno-Sparks, NV, not in New York or Washington DC. Our success in our local market proves this strategy to be good. Agents, Rick Lund and Vince Rossi, owners of Ferrari-Lund Real Estate pour their profits back into the local community.

Don't buy or sell a property without at least interviewing one of our 145+ agents from one of or four convenient locations. You won't know how much you could have saved or how much more you could have put in your pocket or how much easier your real estate experience could have been if you don't contact us.

Rick Lund
www.ricklund.com

Independent Realtors Have the Edge

2005-09-08T16:59:00.000-07:00

A little known fact about buying residential properties in Reno / Sparks Nevada that many people don't know. In the Reno/Sparks real estate market the two highest volume companies are not part of national franchises. Why do the independent companies have such a market domination? They are locally-owned companies that focus on serving this area and the profits stay in this area. This is attractive to the Nevadans who supports their state and trust the local realtors who understand this market.

When you want the best in experienced agents, knowledge of the local market and the personal touch that each buyer and seller deserves, you need to call the local market leaders. Ferrari-Lund Real Estate has only experienced agents. The average years in the real estate business is 15 years. You can sleep easy at night knowing your real estate transaction is being handled by experienced and knowledgeable agents. Local knowledge of people, business and quality of life is what you get at Ferrari-Lund Real Estate. The market data will show you that what I am saying is true, but why not find out first hand and call the agents at Ferrari-Lund Real Estate, (800) 622-1777. Or visit Rick Lund's website for additional information.

Rick Lund
www.ricklund.com

Reno / Sparks Nevada Real Estate Market Update - 8/31/05

2005-08-31T14:01:00.000-07:00

Many people really don’t understand the value of full-time professional real estate agents or Realtors. I hear people talk about all the driving they’ve done so they can see all the new subdivisions, but, in fact, they never see them all. A good agent will know where the new projects are, as well as the price ranges and the quality of the builders. When you are out traveling by yourself, you only get the sugar coated sales pitch.

Buyers who are new to an area especially need the experience of a professional real estate agent or broker to guide them through the process of determining which area is best for their investment, which builder they will want to work with and, most important, to be sure they are not overlooking unknown areas of town that would fit their price range, budget and personal needs. In Reno/Sparks Nevada there are over 100 new home projects and each of the builders has different product levels and communities from which to choose. No one has time to look at all of these. After a needs and wants evaluation, your real estate agent can help you determine where you need to look before you make this most important decision.

Reno/Sparks Nevada Real Estate Update 8/19/05

2005-08-19T12:59:00.000-07:00

Now more than ever, sellers need to consider using experienced agents who are committed to doing what needs to be done to sell homes. Active web sites, advertising in color magazines, local papers, and, yes, even open houses. The days of the agent just putting homes in the MLS and waiting for multiple offers are over -- for at least awhile. The new home market is still very strong with long waiting lists of buyer's.

Most of these buyers are from California. The large number of homes on the market is primarily due to the many homeowners who have held onto their homes for two years and are now able to take advantage of the tax laws.

For more information about the real estate trends and market in the Reno/Sparks Nevada area, visit Rick Lund's realty website or Ferrari-Lund Real Esate, Reno / Spark's premiere real estate broker.

Rick Lund
www.ricklund.com

2005-08-12T11:16:00.000-07:00

Rick Lund - about the Reno Sparks, Nevada realtor

Rick has over 1,000 satisfied customers

Extensive experience in residential sales, land acquisition from residential development, and income/commercial properties with over 1000 satisfied clients. Many of his clients are now referring their children !!!

Married with four children, Rick enjoys the outdoors whether riding his bike, camping, fishing, golfing or just working in the yard.

If you are relocating to Reno-Sparks Nevada you need Rick's services. He knows things about the area that will help you grow to love this area in a short period of time. Let his experience save you time and help you feel confident in your decision.

Broker and co-owner of Ferrari-Lund Real Estate. Ferrari-Lund Real Estate opened in 1988 and now has 3 office locations with 100 plus agents.

Rick Lund
www.ricklund.com

2005-08-11T09:55:00.000-07:00

Reno / Sparks Nevada Real Estate market update.

Inventory of existing homes is building rapidly in the market place. The papers will be months behind reporting this change. The summer of 2004 saw no available inventory and multiple offers on most properties put on the market. The summer of 2005 is starting with many more homes available for buyers to choose from, there is no longer the urgency for the buyer’s to write an offer as they know there are many homes to choose from and the homes are staying on the market for many days. For the first time in at least two years we are seeing homes expiring without selling.

For more information on the Reno/Sparks/Tahoe real estate market, contact Rick Lund, 800-622-1777.

Rick Lund
www.ricklund.com