Hot August Nights!
July 28, 2008
It will get real hot here in Reno beginning Thursday night (August 1) and remain hot for a full 10 days. I am not talking about the weather. I’m talking about one of the biggest events to be held in Reno each year.
The annual Hot August Nights event began 22 years ago in celebration of the rock-n-roll era (the 50’s and 60’s) and has developed into one of the biggest classic car shows in the world. It is estimated that over 800,000 will attend the 10 day event with over 5,000 cars registered as official participants. Another 5,000 classic cars will be seen in town, although not as official participants. Profits from many of the Hot August Nights events are donated to local charities.
Hot August Nights is a “sold out” event each year. Almost every hotel and motel in the Reno-Sparks area (anywhere within driving distance) is sold-out months in advance.
Rock-n-Roll music will resound throughout the streets. Music, food and events will be centered around the 50’s and 60’s theme. Included in the events are a Sock Hop, a Prom, Swap Meet and several Show-n-Shine car shows. The biggest event is the Hot August Nights Parade with over 2,000 cars riding two abreast through Downtown Reno (August 10 at 10 a.m.).
This week and next, Hot August Nights, Route 66, classic cars, hot rods, and rock-n-roll will be the subject of many newspaper, TV and radio features; it will be the talk of the town.
Hot August Nights is like the Fourth of July. It is something that must be experienced and always leaves you wanting just a little bit more and full of anticipation for next year.
Improving Reno’s Quality of Life
July 22, 2008
The Reno City Council recently approved funding for improvements in the city’s currently existing recreational facilities. This includes improvements in tennis courts, public pools, recreation centers, parks and public golf courses that will take place over the next two years. Most of this money will go towards repairing or replacing roofs, updating plumbing and electrical and upgrading the fire safety systems. Some of the money in this $7.5 million package is earmarked for making more noticeable improvements to users, such as improving the exterior as well as making the interiors more comfortable and aesthetically pleasing. The council is still working toward a longer-range plan of constructing additional recreational facilities to accommodate the growing Reno community by working with the University of Nevada and Washoe County as well as other non-profit organizations to acquire funding for more ball fields, tennis facilities, acquatic centers and other facilities over the next 5 to 20 years. For more information on what’s happening with this new funding package, please contact the City of Reno.
Recent Real Estate Happenings
July 14, 2008
The Feds have taken over IndyMac, one of the largest providers of mortgage loans. IndyMac provided loans to the in-between borrower. A borrower who was not considered prime but was not a sub-prime borrower either.
For you, the consumer, this means that if you are not a prime borrower, finding a loan product to match your financial situation will be a little more difficult. The mortgage credit crunch will be a little tighter. There are still loan products available and still financial institutions that will step into the gap to provide these types of loans but they will be fewer and farther between.
When considering a home purchase, pre-approval is more important than ever to both the buyer and the seller. Do not make the assumption that you cannot qualify for a home loan. Seek the advice of a mortgage broker. A mortgage broker, normally, has access to more loan products than bank lenders.
The government is considering backing Fannie Mae and Freddie Mac if funds are needed. Fannie Mae and Freddie Mac hold almost half of America’s mortgages. Actually, these institutions are stable but Wall Street and economists are very nervous and want the extra reassurance. A negative perception of these giants would have a very negative affect on Wall Street, the economy and consumer confidence.
Interest rates have declined slightly in the past few weeks due to investors moving their investment funds to the bond market. Interest rates may continue on this downward trend or may spike sharply in the coming weeks. This week there will be three key factors that will influence the future of interest rates: retail sales and consumer inflation data reports as well as Ben Bernanke’s report to Congress.
Interest rates will remain volatile until there is a clear picture regarding the direction of America’s economy. Presently, not even the experts are in agreement. Half are saying that we will still see a recession and the other half say the economy will go into an inflationary period. Until the economy stabilizes and a clearer economic picture is seen, the interest rate will be unpredictable. Changes in the interest rate will most likely be quick and sharp.
The good news on the economic forefront is that fewer Americans applied for unemployment benefits and consumer confidence was up according to reports last week.
You can wait and see but I believe the wisest choice, at this juncture in time, is to lock in your rate rather than gamble. Interest rates are still lower than last year and homes are more affordable. If you are considering a home purchase, it is an excellent time to buy.
Fuel Economy – The Next Factor
July 7, 2008
Even if fuel prices would reverse tomorrow, they are not likely to decline to what they were even a year ago.
The buzz in the various Real Estate news communities is what I am calling the “Next Factor”. Real Estate forecasters, economist, analysts, and home builders are all talking about fuel efficiency and it’s impact on all aspects of our lives. These experts believe that fuel economy will be the next factor influencing decision making in terms of home buying. Buyers are going to be very conscious of where their home is located in terms of their work location, shopping and entertainment. Homes that are within walking distance of work may become more attractive than a home with more square footage, bedrooms or baths.
Fuel economy will also be a factor in the decision making process in terms of what a home offers the buyer. Buyers will no longer be looking for the spa-tub master bath but instead will be looking for homes with dual-pane windows.
Reno is a city that offers easy commutes, affordable housing and recreational opportunities abound. I believe the Biggest Little City in the World is the Best Little City for living in the “Next Factor” world.
Our housing market is priced right
Commuting in Reno is easy, with less commute time
