2015 Reno/Spark Residential Real Estate Forecast
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The author has drilled down into the neighborhoods of Reno and Sparks Nevada to provide insight into the affordability of different zip codes and relate this to the local medium income. The report also deals with the increase in new industries coming to this area
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2015 Reno/Spark Residential Real Estate Forecast
- 1. The 2015 Reno/Sparks Residential Resale Market Report Dave Hansen President Reno/Sparks Association of REALTORS® Coldwell Banker Select Real Estate www.rsar.net
- 2. I thought this was interesting On February 2, Punxsutawney Phil, the weather- predicting groundhog from Pennsylvania, regrettably saw his shadow. This means winter will last six more long weeks. But don't give up hope. Since 1887, Punxsutawney Phil has seen his shadow 80% of the time; he likes it cold. Perhaps because of this, his predictions are accurate just 44% of time. Poor compared to other meteorologists but good compared to most economists. • Elliot F. Eisenberg, Ph.D.
- 3. A Little History First • Let’s look at the NAR data and then • Let’s look at the local data • Some charts will be similar, but there are differences
- 4. Homeowner Households from 2010 (Decreased by 1 million) In thousands
- 5. Renter Households from 2010 (Increased by 4 million) In thousands
- 6. Nationwide Home Price Recovery (Almost Doubled over 20 years) FHFA Home Price Index
- 7. Local Home Price Recovery 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 14.0 15.0 16.0 17.0 18.0 19.0 20.0 ABSORPTION: MONTHS OF UNSOLD INVENTORY BALANCED MARKET
- 10. Value Is Again Supported By Sales 0 100 200 300 400 500 600 700 800 $0 $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 # Listings Sold Median Price
- 11. Is It a Seller or Buyer Market? 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 14.0 15.0 16.0 17.0 18.0 19.0 20.0 ABSORPTION: MONTHS OF UNSOLD INVENTORY BALANCED MARKET
- 12. “As first offers are usually unrealistic, I would prefer it if you submit the second offer first.”
- 13. Market Rate Steady, Price Changes 0 100 200 300 400 500 600 700 $0 $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 # Listings Sold Median Price
- 14. Almost Constant Sales Appetite 0 200 400 600 800 1000 1200 1400 1600 1800 2000 2200 Sales TOTALS Net Active TOTALS SALES VS ACTIVE INVENTORY
- 15. Reno/Sparks Median Prices $100,000 $120,000 $140,000 $160,000 $180,000 $200,000 $220,000 $240,000 $260,000 $280,000 $300,000 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Recent Median Price Trending Single Family Homes
- 20. New Listings Are Bouncing Back 100 200 300 400 500 600 700 800 900 1000 New Listing TOTALS
- 21. New Pendings Are Down 0 100 200 300 400 500 600 700 800 900 New Pending TOTALS
- 22. Active Listings 0 250 500 750 1000 1250 1500 1750 2000 2250 2500 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Net Active Listings TOTALS
- 23. Just who are these buyers? • The National Association of REALTORS (NAR) creates a survey of buyers and sellers every year and we have pulled some interesting details out of these reports
- 24. Reason for New vs. Resale Home 2013 2014 New Home 16% 16% Avoid renovations or problems with plumbing or electricity 32 40 Ability to choose and customize design features 25 24 Amenities of new home construction communities 14 17 Lack of inventory of previously owned homes 10 10 Green/energy efficiency 6 9 Previously Owned Home 84% Better price 30% 32 Better overall value 28 32 More charm and character 17 19 Lack of inventory of new homes 9 9
- 26. Distressed Sales Disappearing 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 NONE % SHORT SALES % REO % The Sales Mix - 2013 - 2014
- 27. Shrinking Shadow Inventory (but not in CT, NY, NJ)
- 28. “Congratulations. After years of struggling, you’ve finally achieved the American Dream. You sold your home.”
- 29. 2013 Distressed Sales None, 3943 Short Sales, 1498 REO, 402 0 500 1000 1500 2000 2500 3000 3500 4000 4500 None Short Sales REO 2013 Special Conditions Home Sales Mix
- 30. 2014 Distressed Sales None, 4711 Short Sale, 569 REO, 333 -500 500 1500 2500 3500 4500 5500 None Short Sales REO 2014
- 31. Where is our Shadow Inventory • NOD = Notice of Default – Prospect for a short sale • NOS = Notice of Sale – Going to Auction • REO = Bank Owned – Sale at discretion of “Asset Managers”
- 32. 383 Bank Owned Properties Not Currently For Sale Greater Reno/Sparks Data is from RealtyTrac January 2015
- 33. 577 Pre-Foreclosure Properties Not Currently For Sale Greater Reno/Sparks Data is from RealtyTrac January 2015
- 34. 150 Properties Going to Auction Not Currently For Sale Greater Reno/Sparks Data is from RealtyTrac January 2015
- 35. New Jobs Are On Coming!
- 36. Jobs are coming to our area • EDAWN brings over 2000 jobs in 2014 • Tesla will bring 6500 primary jobs – And up to 10,000 secondary jobs • Defeat of Margin Tax removes stumbling block • Unemployment falls to close to 6% • Nevada Governor’s Economic Development – GOED is bringing more jobs to our area
- 37. NV Jobs in Tourism & Gaming Data from GOED
- 38. NV Jobs in Aerospace & Defense Data from GOED
- 39. Nevada Jobs in Energy Data from GOED
- 40. NV Jobs in Information Technology Data from GOED
- 41. NV Jobs in Logistics & Operations Data from GOED
- 42. NV Jobs in Manufacturing Data from GOED
- 47. It pays to be different • In the past we have evaluated affordability for the entire region. • Home owners with different incomes are attracted to different areas. • Here are some areas selected for continued population growth.
- 48. Affordable House Defined • Used the median income for each Zip Code • Used PITI and 28% Mortgage Debt to Gross Income • Interest was increased by 1% for end of 2015 • The Washoe medium income in 2014 was $53,994.
- 49. Population 25,400 25,700 Homes Sales in 2014 = 370 Est. Shadow Inventory = 198
- 50. 89434 Sparks East and Foothills 2014 2015 est. • Median Home Value $199,000 $208,600 • Median Household Income $55,788 • Affordable House Value $267,668 $238,309 • January 2015 Inventory 30 • Homes below $267,668 11 • Homes below $259,000* 9 *Washoe County Affordable Home
- 51. Population 37,400 39,500 Homes Sales in 2014 = 886 Est. Shadow Inventory = 70
- 52. 89436 Sparks Suburban & Spanish Springs 2014 2015 est. • Median Home Value $260,000 $270,000 • Median Household Income $79,216 • Affordable House Value $380,074 $338,309 • January 2015 Inventory 104 • Homes below $380,074 87 • Homes below $259,000* 22 *Washoe County Affordable Home
- 53. Population 42,400 43,800 Homes Sales in 2014 = 652 Est. Shadow Inventory = 10
- 54. 89506 Reno North Valleys & Stead 2014 2015 est. • Median Home Value $172,000 $181,400 • Median Household Income $57,496 • Affordable House Value $275,862 $245,605 • January 2015 Inventory 43 • Homes below $275,862 29 • Homes below $259,000* 27 *Washoe County Affordable Home
- 55. Population 25,900 26,400 Homes Sales in 2014 = 434 Est. Shadow Inventory = 9
- 56. 89511 Old Southwest Suburban 2014 2015 est. • Median Home Value $475,000 $489,100 • Median Household Income $92,166 • Affordable House Value $442,207 $393,705 • January 2015 Inventory 153 • Homes below $442,207 11 • Homes below $259,000* 2 *Washoe County Affordable Home
- 57. Population 24,400 26,200 Homes Sales in 2014 = 620 Est. Shadow Inventory = 21
- 58. 89521 Reno South Meadows 2014 2015 est. • Median Home Value $286,000 $294,000 • Median Household Income $72,900 • Affordable House Value $349,770 $311,406 • January 2015 Inventory 93 • Homes below $349,770 49 • Homes below $259,000* 10 *Washoe County Affordable Home
- 59. Population 33,400 34,300 Population 33,400 34,300 Homes Sales in 2014 = 545 Est. Shadow Inventory = 24
- 60. 89523 Reno Northwest Suburban 2014 2015 est. • Median Home Value $280,000 $289,500 • Median Household Income $67,952 • Affordable House Value $326,030 $290,270 • January 2015 Inventory 90 • Homes below $326,030 14 • Homes below $259,000* 8 *Washoe County Affordable Home
- 61. Population 19,011 20,200 Homes Sales in 2014 = 457 Est. Shadow Inventory = 79
- 62. 89408 Fernley 2014 2015 est. • Median Home Value $144,000 $150,000 • Median Household Income $50,213 • Affordable House Value $240,919 $214,494 • January 2015 Inventory 63 • Homes below $240,919 49 • Homes below $259,000* 53 *Washoe County Affordable Home
- 63. The January Numbers Are In • The Median Price is down 4% to $252,000 • 3 months over previous months up 3.3% • 12 months over previous 12 months up 14.4% • Unit sales at 360 down 29% from December • January inventory at 1314 down 5%
- 64. $0 $40,000 $80,000 $120,000 $160,000 $200,000 $240,000 $280,000 $320,000 $360,000 $400,000 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Area 100 Median Price through January 2015
- 67. December Numbers from Washoe County • New Home Sales 106 • NODs 103 • NOS 76 • Trustee Deed 53 • New SFR/REO listings 21
- 68. The Take Away for 2015 • Median prices increase 5-6% in 2015 • Interest rates historically low until midyear – Should start rising to about 5% by years end • Job opportunities will continue to grow • Distressed sales will continue to fall off • Affordability will slowly decline • Underwriting controls in 2016
- 69. Look at “To the Point” monthly Reno/Sparks Association of REALTORS® 5650 Riggins Court, Reno, NV 775-823-8800 www.rsar.net
Editor's Notes
- I would like to thank you for attending this meeting to hear our forecast for 2015.
- An observation by Elliot Eisenberg, national economist.
- Those that don’t learn from the past are destined to repeat it. So let’s do a quick review.
- Nationally there has been a decrease in home ownership due to a large degree by the bursting of the housing bubble and people becoming either cautious or unable to reenter the housing market
- This is accompanied by an increase in rental households. This has caused a shortage in houses for rent and an increase in rents. Investors did jump in when the house prices were at the bottom and bought rental properties with cash.
- This is the national FHFA Home Price Index. Remember it is an index and not actual prices. It does bare a resemblance to our local price history
- These are actual median prices for the Reno/Sparks market. As REALTOR’S we refer to this as MLS Area 100. It is the basis for most of the data you will see. Notice that our ups and downs are much more pronounced than national index graph. The national price peak occurred at the beginning of 2007. Our peak occurred in the middle of 2005 and our drop was much more precipitous reaching 2000 levels. Nationally the index was closer to 2004 levels.
- Anyway, it looks like we are over the HUMP.
- The FED has been supporting a recovery of the housing market by keeping interest levels low. All indications are that this will continue through the first half of 2015 and then an increase is possible with 30 year fixed rate mortgages rising to perhaps 5% by years end.
- Some have pointed out that our Reno Sparks market for stick built single family homes has a fairly steady appetite for about 400 to 500 homes a month. This rate and the median price are not necessarily related. Someone said this graph in 2005 looks like Willy Coyote chasing the Road Runner off a cliff and hanging in mid air for a little while before the # of listings reacts to the rapid decline in prices and plunges downward.
- This chart shows the months of inventory that is available. If this is between a 5 to 7 months supply it is called a balanced market. A low supply means that sellers have a completive advantage and above 7 months there is glut of properties and buyers have the advantage and can be picky. In a sellers market, buyers can get frustrated by making offer after offer on houses and getting out bid. That is where we have been for some time now.
- In a buyers market when there are many homes available, buyers may try to low ball an offer. This is usually not a good idea because you will miss the house you really want.
- This is another view of how there seems to be a fairly constant demand for 400 to 500 stick built homes per month in Reno/Sparks. Most of our data that follows will focus on a shorter timeframe beginning in 2010.
- This graph shows how the data can look really funny sometimes, but has an explanation. At one point in 2013 it looked like we Sold more homes than we had in inventory. In fact, the pending sales that closed totaled more than the active homes we had inventory. A sale is counted when a pending sale closes and the sale is recorded. Remember that we were in a distressed housing market and we had some good deals.
- Median prices in Reno/Sparks have been on a steady increase since the beginning of 2012. The NAR predicts that Nevada will be in the middle of price increase nationally with a 5 to 6% rise over the 12 months period in 2015. The big question will be whether locally we follow the national prediction.
- The mix of financing has been changing as the market changes. Pay attention to the FHA at 27%, Conventional at 37% and Cash at 28 % in 2012
- In 2013 FHA drops to 20%, conventional increases to 42% and cash is still fairly constant at 30%
- In the past year, conventional financing has continued increasing to 46%, FHA has dropped to 21% and cash buyers have dropped to 23 % as investors are losing interest. We look for some increase in FHA financing in 2015 with new 3% down payment programs starting in January 2015.
- Getting a loan approved is a little more difficult these days. You really need to show you can pay the mortgage. Underwriting standards are tougher and we are expecting changes in rules for appraisers.
- There is a cyclic annual fluctuation in new listings with a low point each year occurring in December. However, December 2014 turned out to be one of the lowest points of new inventory coming on the market in some time. They will come bouncing back in the spring. Later in this presentation we will look at why we will need more homes to sell, whether they are resale homes or new homes.
- When the buyer and seller come to an agreement on the terms of sale, the property goes “pending”. It is not yet sold (recorded) but we have a pretty good idea of the future. Closing could occur in less than 30 days on cash deals, in 45 to 60 days for equity sales that have financing and may take 120 days to 6 months for short sales. Fortunately we don’t have many of those any more. Prices have increased to the point where less people are underwater on their mortgages and the distressed inventory has been reduced.
- We have some categories of “pending” that show up as active, but are not available. For example while waiting for a loan approval, or waiting for the sale of another home or waiting for bank (lien holder) approval of a short sale. When we remove these categories we have the real available inventory. We refer to this as Net Active Listings.
- The young sellers are buying more expensive houses and moving up as their families and their incomes grow. As the children leave the nest we see older sellers downsizing and acquiring less expensive properties. The one statistic I don’t have an explanation for is 88 and older again spending more on the next property. Maybe you have an answer for that.
- Where do buyers get the money for a down payment? Savings is always a significant source across all ages. The 32 and younger buyers are getting funds from friends and relatives. The older buyers are more likely to get money from the sale of a previous residence.
- In 2014 the NAR study looked at all buyers, first time buyers and repeat buyers. 81 % of first time buyers got the down payment from savings, while 47% of repeat buyers got the down payment from the sale of their previous residence.
- This should be of interest to you, the NAR study looked at what reason buyers had in choosing between buying a NEW home versus buying a RESALE home. If they were worried about the mechanical features of an existing home purchase it pushed them to a new home. The new home also allowed the buyer to customize the features and they also may like the amenities of the new home communities. We do have an inventory shortage of resale homes and this can be an influence on choosing a new home as well. Price and better value were cited as reasons to buy a resale home.
- Yes we still have home owners that are underwater because of the price drop after the bubble, but the good news is:
- Thank goodness. As the economy improves the distress sales are disappearing. Date from Washoe County shows that there are still Notices of Default, Notices of Sale and Foreclosures, but at a much reduced but fairly steady rate. We believe the so called shadow inventory is disappearing.
- This is the national view of the shadow inventory from NAR. The shadow inventory is defined here as the % of mortgages in foreclosure process or seriously delinquent. Why there is an exception for 3 Eastern states I do not know (or even care).
- Some of the short sales took a LONG time and this was frustrating to both buyers who wanted to move in and the upside down sellers that wanted to move on with their lives.
- Here are recorded sales of stick built homes in Reno Sparks that were sold as not distressed (3943) or Short Sales (1498) or Banked Owned or as sometimes called REO (402) in 2013
- In 2014, non-distressed homes moved up to 4711 while short sales dropped to 569. REO’s did drop a little to 333.
- We used the national data source REALTYTRAC to pinpoint where the distressed properties are within Reno Sparks and what type they are. When a Notice of Default occurs and the property is not on the market, it is called Pre-Foreclosure. REO means Real Estate Owned and we call these Bank Owned. When an NOS (Notice of Sale) is filed the property is headed for Auction
- There are currently 383 identified bank owned properties that are being held by asset managers. Asset managers typically have BPO’s down on these to assess market value and property conditions. They may have a local party engaged to oversee condition, security and repairs. Laws passed in the last session requires such parties to be licensed just like property managers are licensed. In the past asset managers have used a chosen few REO listing agents to put these back on the market.
- Here are the properties in Reno/Sparks that have received at least one (or more) Notices of Default. Typically you will see these posted on the front door if the property is vacant. Banks would prefer the properties remain occupied for upkeep and safety. The banks may be negotiating with these owners and these homes are targets for REALTORS interested in doing short sales. Many REALTORS have been engaging specialists to negotiate these short sales. Such specialists must also be licensed in the State of Nevada.
- These properties have gone through the State prescribed process for foreclosure and now the bank has posted a Notice of Sale with an auction date. You can buy such properties when they are sold on the court house steps in Reno, but you need to bring a bag of cash for the entire amount you will be paying. Usually the bank acquires these at the auction and they become REO or bank owned properties. Although time is short, some have been able to negotiate deals before the auction, but chances are slim. The total shadow inventory is now about 1000 homes down from a peak of about 14,000
- Some may even be delivered by DRONES. Thanks to the promotional efforts of organizations like the City of Reno, the City of Sparks, EDAWN, NNDA and the Nevada Governor’s Office of Economic Development, many new jobs are already here or are in the pipeline for Northern Nevada. Let’s take a look at some specifics. This data is from GOED and EDAWN.
- Most of the country knows Nevada for Tourism and Gaming and it continues to grow as an employment sector. We know because we live here that Nevada is so much more than Tourism and Gaming. This job sector employs 398,000 workers and average annual incomes of $31,600.
- Over 13,000 are employed in Nevada in Aerospace and Defense and earnings average $78,000. Drone America in Reno and Sierra Nevada Corporation in Sparks are employers in this sector. Ashima Devices will be bringing 400 new jobs averaging about $70,000 each to Reno by 2018.
- In Nevada Over 24,000 are employed in the Energy sector with wages averaging above $64,000. In our area, Ormat is developing geothermal energy for NV Energy and also exporting power to California. Fulcrum is coming to our area to build a refinery to convert landfill waste into power.
- Nevada has over 55,000 employed in IT with average earnings of $45,700. Anyone with an iPad, an iPhone or a Mac has heard of the iCloud. Where is it? Most users point to the sky. Soon you will be able to point east because the giant iCloud data center will be in the Tahoe-Reno Industrial Center east of Sparks.
- 66,735 workers are employed statewide in Logistics and Operations with average earnings of $55,800. Northern Nevada is home to more than 65 trucking companies and national logistics company. A number of retail distribution companies like Amazon and Barnes & Noble are located here.
- 42,000 are currently employed in our state in manufacturing with average earnings of $53,300. What can I say, the biggest news in Reno this year is Tesla is coming. What a boon this will be for our area. Zloop Computer is an electronic recycling company that is moving its headquarters to our area. Other companies coming are Ardagh Metal Packaging (140 jobs), Torchmate-Lincoln Cutting ((40 jobs), and Garlock Printing (175 jobs),
- Where are some of these companies. Here is an over all map of Reno-Sparks and Fernley. Since it is a little hard to see, lets zoom in.
- Coming to the Stead area are Amazon.com, Performance Pipe, Vera, Sierra Packaging and Wasco Skylights
- Companies with new jobs coming to Reno Sparks are VGT, first tracks publishing, ORMAT, Coupa, Greatcall, Blackhawk and all the others you can see in this view.
- Jobs out in the Tahoe-Reno Industrial Center will be added by Swank, PPG Industries, Fulcrum, Purfoods, Zloop, Zulily and others in this view.
- This calculation is consistent with what has been used by RSAR in reporting the “affordability Index” with the exceptions that in the past we have grouped all of Reno Sparks together and not considered the geographic difference in income. We have also adjusted the Washoe medium income to the actual median for 2014 where in the past we have used a fixed $50,000 for an estimated median income. We have provided the “Washoe median house on the Zip Coded data for comparison. We used the median income for the Zip Code We used the FHFA Effective Rate for 30 year fixed Current rate is 4.16% To calculate payment we used PITI with Taxes at an annual 1% of value Insurance at an annual 0.38% of value And a 28% Mortgage Debt to Gross Income For 2015 Interest was increased to 5.16% The Washoe medium income in 2014 was $53,994.
- The source of some of the information on Zipcodes is the Realtor Property Resource commonly called RPR. The Zipcode 89434 actually extends almost to Fernley, but most does not have residences. It does include the Tahoe-Reno Industrial Center. Initial jobs brought by Tesla will be construction workers who will likely rent rather than buy. This area has a relatively high number of homes in the shadow inventory.
- There are only 30 houses available for sale in 89434 and only 11 are affordable below the $55,788 median household income for this zip code. Each of these slides will also show how many homes for sale are below the Washoe County median wage. The projected increase in median home value is a unique value based on value growth expected for this zip code.
- Suburban Sparks and Spanish Springs is growing in population and has a shadow inventory of 70 homes
- The inventory of homes in the Spanish Springs area is higher, about 104 and 87 of these are affordable by those earning the median income of $79,216.
- The Reno North Valleys and Stead is also growing in population but only has a shadow inventory of 10 homes according to RealtyTrac
- This area has a lower median income of $57,496 but still 29 of the 43 homes for sale are below the affordable house value of $275,862. Most of the houses sold last year are below this value.
- Old Southwest Suburban Reno includes Arrow Creek and Montreaux and has some of our most expensive homes. The shadow inventory is only 9 homes.
- The median income for 89511 is $92,166 and yet only 11 of the 153 homes currently for sale are affordable at this income level. It takes a long time to sell some of these more expensive homes and it is also difficult to put a market value on some of them.
- Southeast Reno and South Meadows area has 21 homes in the shadow inventory and this population is growing. New homes are being built here and in some of the other neighborhoods with growth potential.
- While only 10 of 93 homes currently for sale are affordable by the Washoe median wage, 49 of them are affordable to people earning the median of $72,900 for South Meadows.
- Northwest Suburban Reno includes the Somersett area and has 24 homes in the estimated shadow inventory.
- Of the 90 homes for sale, only 14 are affordable at the median household income of $67,952. And prices are expected to rise to a median of nearly $290,000 in 2015.
- Fernley has a shadow inventory of 79 homes and this area is expected to grow in population. One of the problems in Fernley will be the shortage of water rights for new homes.
- These homes are affordable. Of the 63 currently for sale, 49 are in the range that can be purchased with an annual income of $50,213.
- These numbers are down, but this should be only a seasonal trend. The biggest concern is the lack of inventory
- This is the price chart with the latest figure of $252,000
- You can see the season fluctuation in sales volume here
- This is the Net Active Listings which has the pendings removed to be a more realistic view of what you can actually sell.
- Here are some numbers from the monthly data Ticor gathers from the Washoe County. We do see lots of construction activity all over town. Builders have been hampered by difficulty getting building loans for more than a few houses at a time. Spec houses are selling quickly when they can get built.
- We heard Lawrence Yun, the chief economist for the National Association of Realtors last week in Las Vegas at the Region XI meeting and what he said agreed with what you have just heard. We should have a copy of his presentation shortly.
- Be sure to check out “To the Point” monthly for the latest information. You may download the written reports and even post the video or the reports on your personal website.