2008 Q1 Real Estate Update.

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

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

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

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!!!

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?

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

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

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!

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.

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

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!

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

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

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

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

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

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

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.

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

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.