More Than a House: The Emotional Benefits of Homeownership

Amber McDade • June 5, 2024

Why Buying a Home in Reno, NV, is More Than Just a Financial Investment

Buying a home in Reno, NV

With all the headlines about housing affordability, it's easy to focus solely on the financial aspects of buying a home. While it's crucial to ensure you can afford the home you purchase, it's equally important to remember why homeownership was so appealing in the first place. Buying a home in Reno, NV, is more than just a financial transaction. As the National Association of Realtors (NAR) highlights:


“The benefits of purchasing and owning your place of residence are both financial and emotional – pride in homeownership and the feeling of security are huge intangible benefits.”


Here are some of the emotional and lifestyle perks of homeownership that make it such a desirable goal, especially for first-time home buyers in Reno, NV.


A Sense of Satisfaction

Owning a home is often associated with better mental health and well-being. Achieving the milestone of buying a home provides a profound sense of satisfaction and pride. A recent article from the Mortgage Reports emphasizes this:


“By and large, homeownership brings more satisfaction than renting. . . Surveyees scored the overall happiness level of homeowners at 88% compared to 67% for renters.”


More Stability for Your Family

Homeownership offers the stability of putting down roots. If you're used to moving each time your lease renews and rent increases, owning a home allows you and your loved ones to stay put and build lasting relationships. The National Association of Realtors (NAR) explains:


“Families also benefit from homeownership, with studies proving that parents are able to spend less time in a stressed state, therefore spending more time with their children. The ability for parents to feel stable has a huge impact on children’s behavioral issues, educational success, and future economic success.”


A Stronger Feeling of Community

Homeownership fosters a sense of belonging. According to FinHabits:


“Homeowners tend to be more involved in their local communities, leading to a stronger sense of belonging . . .”


Your home connects you to your neighborhood and the broader community, giving you a stake in its future. This connection encourages you to become more involved and to build long-term relationships with your neighbors.


The Ability To Make the Space Your Own

Owning a home means you can customize it to your liking. Unlike renting, where you're often limited in making changes, homeownership allows you to express your style and make improvements. Whether it’s small home projects or full-scale renovations, your house can evolve with your tastes and lifestyle, providing a unique sense of ownership and personal satisfaction.


Bottom Line

If you want to experience the sense of accomplishment and pride that comes with buying a home in Reno, NV, let's discuss what steps you need to take to make this future a reality.


The Biggest Mistakes First-Time Home Buyers in Reno, NV Are Making Today


First-time home buyers in Reno, NV, face challenges in any market – and today’s is no different. With higher mortgage rates, rising prices, and limited home supply, there’s a lot to consider. Avoid these common mistakes by leaning on a real estate agent for the best possible advice.


Putting Off Pre-approval

A lender will assess your finances to determine what they’re willing to loan for your mortgage, giving you a clear idea of your borrowing capacity. As CNET explains:


“If you wait to get preapproved until the last minute, you might be scrambling to contact a lender and miss the opportunity to put a bid on a home.”


Holding Out for Perfection

While you may have a list of must-haves and nice-to-haves, it’s essential to be realistic. Inventory is still low, and finding a home that checks every box might be challenging. Investopedia notes:


“When you expect to find the perfect home, you could prolong the homebuying process by holding out for something better. Or you could end up paying more for a home just because it meets all your needs.”


Buying More House Than You Can Afford

With today’s mortgage rates and home prices, it’s tempting to stretch your finances to get the house you want. However, overextending your budget can lead to financial strain. Bankrate advises:


“Focus on what monthly payment you can afford rather than fixating on the maximum loan amount you qualify for.”


Not Working with a Local Real Estate Agent

Navigating the homebuying process alone can be overwhelming. A local real estate agent can provide professional guidance, market expertise, and support, making the process smoother and less stressful. As CNET explains:


“Attempting to buy a home without a real estate agent makes the process more arduous than it needs to be.”


Bottom Line

Avoiding common mistakes can save you time, frustration, and money. If you're buying a home in Reno, NV, connect with a real estate agent to help you navigate the process effectively.


How an Agent Helps Market Your House


When you're ready to sell your house in Reno, NV, you need an effective marketing strategy from your real estate agent. The National Association of Realtors (NAR) found that sellers highly value their agents' ability to market their homes. Here’s how an agent can help:


- Listing on the MLS: Ensures maximum visibility to other real estate agents and buyers, leading to increased traffic and offers.

- Using a Yard Sign: Attracts local interest and displays your agent’s contact information.

- Having an Open House: Generates interest and competition among buyers, potentially leading to better offers.

- Showcasing on the Agent’s Website: Reaches serious buyers ready to make a move.

- Social Networking: Expands the audience through the agent's social media presence.

- Providing Virtual Tours: Convenient for buyers, especially those relocating, showing the agent’s use of the latest technology.


Bottom Line

Marketing your house effectively involves various strategies. Working with a local real estate agent in Reno, NV, ensures you maximize your home's exposure and attract the right buyers. If you're ready to sell, let's chat about how to get started.


How Climate Risks Affect Your Next Home in Reno, NV


Climate change is an important consideration when buying a home in Reno, NV. As the National Association of Realtors (NAR) explains:


“Sixty-three percent of people who have moved since the pandemic began say they believe climate change is—or will be—an issue in the place they currently live.”


To ensure your investment is safe from environmental hazards, work with a local real estate agent who understands the area's risks, including wind, floods, and wildfires. Consider the quality of the home and the insurance needed to protect it.


- A Home Built to Last:

Ensure the home can withstand environmental hazards by incorporating building and remodeling techniques that protect against climate change effects.


- Insurance To Protect It:

Factor in the cost and availability of insurance, especially in areas where climate risks are significant,


Bottom Line

Climate change impacts real estate decisions. By planning ahead and seeking expert advice from a local real estate agent in Reno, NV, you can find a home that is both a safe and smart investment. Let’s connect to find the perfect home for you.


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The Five-Year Rule for Home Price Perspective

By KCM • June 25, 2025
The Five-Year Rule for Home Price Perspective Headlines are saying home prices are starting to dip in some markets. And if you’re beginning to second guess your plans based on what you’re hearing in the media, here’s what you need to know. It's true that a few metros are seeing slight price drops. But don't let that overshadow this simple truth. Home values almost always go up over time (see graph below): While everyone remembers what happened around the housing crash of 2008, that was the exception – not the rule. It hadn’t happened before, and hasn’t since. There were many market dynamics that were drastically different back then, too. From relaxed lending standards to a lack of homeowner equity, and even a large oversupply of homes, it was very different from where the national housing market is today. So, every headline about prices slowing down, normalizing, or even dipping doesn’t need to trigger fear that another big crash is coming. Here’s something that explains why short-term dips usually aren’t a long-term deal-breaker. What’s the Five-Year Rule? In real estate, you might hear talk about the five-year rule. The idea is that if you plan to own your home for at least five years, short-term dips in prices usually don’t hurt you much. That’s because home values almost always go up in the long run. Even if prices drop a bit for a year or two, they tend to bounce back (and then some) over time. Take it from Lance Lambert, Co-Founder of ResiClub: “. . . there’s the ‘five-year rule of thumb’ in real estate—which suggests that most buyers can buffer themselves from mild short-term declines if they plan to own a property for at least that amount of time.” What’s Happening in Today’s Market? Here’s something else to put your mind at ease. Right now, most housing markets are still seeing home prices rise – just not as fast as they were a few years ago. But in the major metros where prices are starting to cool off a little (the red bars in the graph below), the average drop is only about -2.9% since April 2024. That’s not a major decline like we saw back in 2008. And when you look at the graph below, it’s clear that prices in most of those markets are up significantly compared to where they were five years ago (the blue bars). So, those homeowners are still ahead if they’ve been in their house for a few years or more (see graph below): The Big Picture Over the past 5 years, home prices have risen a staggering 55% , according to the Federal Housing Finance Agency (FHFA). So, a small short-term dip isn’t a significant loss. Even if your city is one where they’re down 2% or so, you’re still up far more than that. And if you break those 5-year gains down even further, using data from the FHFA, you’ll see home values are up in every single state over the last five years (see map below): That’s why it’s important not to stress too much about what’s happening this month, or even this year. If you’re in it for the long haul (and most homeowners are) your home is likely to grow in value over time. Bottom Line Yes, prices can shift in the short term. But history shows that home values almost always go up – especially if you live there for at least five years. So, whether you’re thinking of buying or selling, remember the five-year rule, and take comfort in the long view. When you think about where you want to be in five years, how does owning a home fit into that picture? Let’s connect to get you there.

Newly Built Homes May Be Less Expensive Than You Think

By KCM • June 25, 2025
Newly Built Homes May Be Less Expensive Than You Think Do you think a brand-new home means a bigger price tag? Think again. Right now, something unique is happening in the housing market. According to the Census and the National Association of Realtors (NAR), the median price of newly built homes is actually lower than the median price for existing homes (ones that have already been lived in): You read that right. That brand new, never-been-lived-in house may cost less than the one built 20 years ago in a neighborhood just down the street. So, if you wrote off a new build because you assumed they’d be financially out of reach, here’s what you should know. You could be missing out on some of the best options in today’s housing market. Why Are Newly Built Homes Less Expensive Right Now? 1. Builders Are Building Smaller Homes Builders know that buyers are struggling with affordability today. So, instead of building big houses that may not sell, they’re building smaller ones that will. According to the Census, the average size of a newly built single-family home has dropped considerably over the past few years (see graph below): And as size goes down, the price often does too. Smaller homes use fewer materials, which makes them less expensive to build. That helps builders keep prices lower so more people can afford them. 2. Builders Are Offering Price Cuts and Incentives In May, according to the National Association of Home Builders (NAHB), 34% of builders lowered their prices, with an average price drop of 5% . That’s because they want to be sure they’re selling the inventory they have before they build more. On top of that, 61% of builders also offered sales incentives – like helping with closing costs or buying down your mortgage rate. These are all ways builders are making their homes more affordable, so these homes sell in today’s market. Your Next Step? Ask Your Agent What's Available Near You If you're trying to buy a home right now, be sure to talk to your agent to find out what builders are doing in and around your area. They can find new home communities, as well as builders who are offering incentives or discounts, and hidden gems you might not uncover on your own. Plus, buying a newly built home often means there are different steps in the process than if you purchase a home that’s been lived in before. That’s why it’s so important to have your own agent who can explain the fine print. You want a pro in your corner to advocate for you, negotiate on your behalf, and make sure your best interests come first. Bottom Line You could get a home that’s brand new, with modern features, at a price that’s even lower than some older homes. Let’s talk about what you’re looking for and see if a newly built home is the right fit for you. If buying a home is on your to-do list, what would stop you from exploring newly built options?

Why Would I Move with a 3% Mortgage Rate?

By KCM • June 18, 2025
Why Would I Move with a 3% Mortgage Rate? If you have a 3% mortgage rate, you’re probably pretty hesitant to let that go. And even if you’ve toyed with the idea of moving, this nagging thought may be holding you back: “why would I give that up?” But when you ask that question, you may be putting your needs on the back burner without realizing it. Most people don’t move because of their mortgage rate. They move because they want or need to. So, let’s flip the script and ask this instead: What are the chances you’ll still be in your current house 5 years from now? Think about your life for a moment. Picture what the next few years will hold. Are you planning on growing your family? Do you have adult children about to move out? Is retirement on the horizon? Are you already bursting at the seams? If nothing’s going to change, and you love where you are, staying put might make perfect sense. But if there’s even a slight chance a move is coming, even if it’s not immediate, it’s worth thinking about your timeline. Because even a year or two can make a big difference in what your next home might cost you. What the Experts Say About Home Prices over the Next 5 Years Each quarter, Fannie Mae asks more than 100 housing market experts to weigh in on where they project home prices are headed. And the consensus is clear. Home prices are expected to rise through at least 2029 (see graph below): While those projections aren’t calling for big increases each year, it's still an increase. And sure, some markets may see flatter prices or slower growth, or even slight dips in the short term. But look further out. In the long run, prices almost always rise. And over the next 5 years, the anticipated increase – however slight – will add up fast. Here’s an example. Let's say you'll be looking to buy a roughly $400,000 house when you move. If you wait and move 5 years from now, based on these expert projections, it could cost nearly $80,000 more than it would now (see graph below): That means the longer you wait, the more your future home will cost you. If you know a move is likely in your future, it may make sense to really think about your timeline. You certainly don't have to move now. But financially, it may still be worth having a conversation about your options before prices inch higher. Because while rates are expected to come down, it’s not by much. And if you’re holding out in hopes we’ll see the return of 3% rates, experts agree it’s just not in the cards (see graph below): So, the question really isn’t: “why would I move?” It’s: “when should I?” – because when you see the real numbers, waiting may not be the savings strategy you thought it was. And that’s the best conversation you can have with your trusted agent right now. Bottom Line Keeping that low mortgage rate is smart – until it starts holding you back. If a move is likely on the horizon for you, even if it’s a few years down the line, it’s worth thinking through the numbers now, so you can plan ahead. What other price point do you want to see these numbers for? Let’s have that conversation, so I can show you how the math adds up. That way, you can make an informed decision about your timeline.
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