Many people are wondering what is happening with the Reno-Sparks, Nevada real estate market? Some are asking whether it will ever get better.
There have been some improvements in the market recently. In preparing a report for my agents at Ferrari-Lund Real Estate, I learned that listing agents and sellers have a 1-for-every-2.87-residential-properties-listed-chance of selling in the $200,000-or-less list price range. In the $1,000,000-or-higher range they have a 1-for-every-17.33-residential-properties-listed chance of selling. In the $500,000- $750,000 range there is 1 for every 8.16 chance of selling.
The good news is that we have seen an increase in the number of sales.
The bad news is that most of these sales are either bank owned or short sales approved by the banks. The prices of these homes have dropped to levels that our normal resale sellers don't want to compete with.
Here are some things you should consider if you have been trying to sell or are thinking about selling a property in Reno-Sparks, Nevada.
1. If you don't have to sell, then why would you try now?
2. If you've had your property on the market and no one has come to look in the last 30 days or if you haven't even recieved a low offer, take your property off of the market if you are not ready to lower the price or make needed improvements.
3. It may still be a good time to sell if you are selling to buy up in the market. In most parts of town the lower priced homes have not been hit as hard with declining values as the higher priced homes.
4. If you must relocate and you don't want to hurt your credit, then consider renting. The loss you take month after month may not be as large as the loss you will suffer by selling and taking your loss all at one time now. This would be in hopes that the market would improve in a 12-24 month period of time.
5. If you walk away from your property by way of foreclosure or short sale you could ruin your chances of purchasing again for 3-5 years. Fannie Mae just released these new guidelines and there will be more clarification in the near future.
Last and most important, now is a great time to buy!
You have more homes to choose from, interest rates are very affordable and prices in many areas are nearing 2001 levels.
For more information on the market or short sales, contact Rick Lund at Ferrari-Lund Real Estate Phone 775-850-7033 or Email: sold@ricklund.com
