Holiday News from Soni's Corner - Reno | Tahoe | Overall & Hamilton Group

“There's no place like home for the Holidays."

Hi dear Friends, Clients, and Colleagues,

I wanted to sincerely wish you all the warmest of holidays this season! It has been quite the year, and I am excited to share some personal news with you all. During the Thanksgiving weekend this year, Jake and I got married in a private exchange of vows with immediate family nearby. We are ecstatic to bring our families together (legally) and make an "honest baby" out of our daughter, Nell. ;)

With this news, I wanted to share I will be changing my last name, so don't feel confused if you start to see "Soni Jackson" moving forward. To share my daughter's last name and my husband's family name is an honor.

Now on to the juicy (or maybe not so juicy) Real Estate thoughts from this corner of the world! The winter time historically has been known to be busy with shopping and family get togethers, our first snow falls, and skiers' excitement begin to spike. With it sometimes comes a slow down in our transactions, however when we get solid snow for skiing, it brings more showings and a flurry of interested "winter buyers".

Many listings that have sat for awhile on the market have been withdrawn for the holidays, however we do expect quite an increase in inventory in the new year. Many buyers have been patiently watching the market and waiting on the sidelines, but we don't anticipate that for much longer. With interest rates peaking into the 8's last month and now slowly on a downward trend over the past few weeks, please see our Lender Update below for some expertise in what could be on the horizon.

For those coming to the area or already having arrived, our Relocation Buyer Guides are linked below with plenty of information on what to do in Reno-Tahoe and benefits of calling this place "home", so please reach out to me should you like a print copy.

Rates Drop – Is Now the Ideal Time to Buy?

In the past six weeks the average 30 year fixed mortgage peaked at 8% and has now come down to 7.1% This is great news for buyers that have been sitting on the sidelines, waiting for rates to come down. But the Federal Reserve hasn’t lowered rates or even said they were going to lower rates, how can mortgage rates come down? Because inflation is continuing to slowly come down and this has the financial markets anticipating the Fed will lower rates in 2024, maybe as soon as the second quarter.

So there may be a window of opportunity to engage your realtor and lender and be ready to jump when the right property comes along. Simple math, as rates come down, more buyers enter the market, which can drive up home prices. If we assume rates will continue to go lower in 2024, acting sooner on your home purchase may avoid having to compete with multiple other buyers on the same property.

Many economists predict rates will come down over the next 2 years, not to 3%, but maybe high 4% range. So anyone who buys now will likely take advantage of a refinance in the next 2 years or sooner. So today’s rate is less important when rates are on the way down. Buying at a better price is key.

The cost of waiting to buy in this economy is real. Nationally, it looks like home prices will go up by roughly 5% this year. If this stays consistent for the next couple years a $500,000 home will cost $551,000 2 years from now and your mortgage payment will ultimately be higher because you are financing more. Buying a home isn’t for everyone, but if you can afford a payment today, with the confidence of refinancing in the next year or two, there are strong economic signals for getting serious about buying now!

Bryan Wallpe

Mortgage Advisor

NMLS 290807

775-690-9900

Cocktails for A Cause (a Poinsettia JLR Fundraiser)

is TOMORROW:

Thursday, December 7th 3PM-7PM

Last call for Tickets!

Poinsettia 2023 hosted by the Junior League of Reno to raise funds for the many different charity organizations throughout the local community the JLR helps. The entire family is welcomed to join us for a festive evening of holiday shopping showcasing top local vendors and cocktails, all in support of a wonderful cause! Kids can grab special discounted tickets and enjoy our complimentary hot cocoa station, plus a meet-and-greet with Santa—you won't want to miss out! If you would like more info, please reach out to me. See you there!

Each year 20,000 Santas join together for a night out in Downtown Reno for one of the most unique and spectacular Christmas celebrations in the world! Established in 2001, The world-famous Reno Santa Crawl is one of the largest and longest-running events of its kind.

Make sure to start the night under the Reno Arch for the “Santas Under the Arch” photo at 8 p.m. before crawling to 40 participating bars and businesses downtown.