Real Estate Market in Summer of 2006

So, the market has changed from the boom it was last year. What now?

Because of the current marketplace, and the competitiveness of the properties, if you have a property that needs landscaping, carpeting or painting, spend the money and do the work now. If your property is on the market but is not getting enough showings, start making the price adjustments now.

If your current broker/agent is not doing the marketing methods that Rick Lund is doing at Ferrari-Lund Real Estate then it's time to make a change. With Rick Lund you can be sure that your current agent starts doing now what is needed to procure a sale before a real winter market hits Reno and Sparks.

The sellers have had their way from 2002 through 2005. It is now time for the buyers to have their way. This means very few homes will be selling at list price or near list price. Being flexible and market-smart is the way to get what you want in this market.

Rick Lund
www.RickLund.com
www.Ferrari-Lund.com

Reno Real Estate Market

What happened to the real estate market in Reno, NV?!!

The Reno-Sparks, Nevada real estate market is worse than the statistics say -- for sellers, that is. The problem is:

1. too many properties for sale; and
   
2. the interest rates have gone up
   

Lets compare what is happening in 2006 vs. what happened in 2005.

• Total number of residential properties listed for sale from Jan. 1 2005 to June 30, 2005 = 6,206
  
• Total number of residential properties listed for sale from Jan. 1 2006 to June 30, 2006 = 9,103
  
• Total number sold YTD from Jan. 1, 2005 to June 30, 2005 = 3,954
  
• Total number sold YTD from Jan. 1, 2006 to June 30, 2006 = 2,564
  
• Days on Market on those property that sold 2005 = 76
  
• Days on Market on those property that sold 2006 = 96
  
• Properties listed for sale that did not sell before they expire 2005 = 5.8%
  
• Properties listed for sale that did not sell before they expire 2006 = 16%
  

With the numbers of first time buyers, investors, and move-up buyers decreasing due to rising interest rates, the number of listings is increasing the probability of up to 50% of all listings for sale will not sell after Oct. of 2006. This is not a good position to be in if you are a seller who has to sell in the next 6 months.

But to look at this situation with a positive spin: the Reno real estate market is definitely a buyer's market. So if you are ready to buy or relocate to Reno, NV, now is the time. Ferrarri-Lund Real Estate will find the perfect home for you and you can join our Reno-Sparks community where the air is clean and the opportunities are many.

Rick Lund
www.RickLund.com
www.Ferrari-Lund.com