Reno Real Estate

Washoe County Real Estate

Reno home prices still falling!

Best call Millie and Jerry Claes (CRS, GRI Realtors) of First Choice Realty 500 at (775)771-3708 because Reno Real Estate prices have dropped dramatically, some by as much as 50%! Short sales, foreclosures and reposessions are abundant! Reno, the biggest little city in the world has lots of affordable houses.

June 2010 Housing News

What's the shape of the market in Reno / Sparks? A lot to report. The median selling price of a home in Reno / Sparks continues to drop and is $187,000 and $167,000 respectively which is below the price as it was in July 2002, up fractionally in Reno in the last month! A drop of prices in Sparks was a surprise. In Washoe county that value is $180,000, the same as last month. The price per square foot is $182 in Reno, $165 in Sparks. This is way below the trendline of $220,000+. Only 65% of the homes that were listed are sold! Real estate are bargains in Reno! Obviously lower cost real estate is selling better than luxury homes. Not a surprise, but we have both low cost real estate and luxury homes to show you. There is an increasing number of homes in the $150,000 range selling now. That is, the number of sold homes in this price range are continuing to rise. And there a few closings over $450,000. In the over $450,000 price range, less than 10 closings were short sales and a few were Bank Owned. So if you’re looking for a bargain over $450,000, we can show that to you too. Apparently there are many luxury properties available waiting to be seen. THE place to live is Galena Forest on the way to Tahoe.

LOOK at this townhome!

The median sales price of existing condominium/townhomes in Washoe in May 2010 was $63,000, down 28 percent from 2009. Here is an example of one beautiful townhome, priced to sell at $164.17 per square foot. This is gorgeous/perfect!

Want to see more?

There are 7.8 months of unsold inventory in Reno (8.3 nationally), 6.4 in Sparks. Sellers are motivated to sell at reduced prices. Buy now? Well, interest rates are very low (4's) and prices are very low. Perfect combination to buy.

What does all this mean? It means it remains a buyers market! High inventory, slow sales rate, lower prices and still very low interest rates and going lower. Sellers are anxious and willing to bargain --- for you that means lower sales prices. And to add to the future value of homes in Reno / Sparks, the census bureau expects Washoe county to grow 37% in the next 20 years. That means the value of your new home will grow at an even higher rate! Most owners not able to hang on will sell at reduced prices. Call Millie today. 775 771 3708 --- actually do it now.

Here in Reno, the question is; will the bottom be seen soon, have we seen it, or will there be a further glut of homes on the market bringing down the price of existing homes when the alt-a home rates reset? Sales of homes in the $250,000 area are indeed picking up some but those in the $150,000 range, and less, are outselling everything else. So if that's what you're looking for, Reno real estate has your dream home available today at rock bottom prices.

People are out and looking and realizing there are values in the marketplace, and with the primary interest rates still very affordable, no, very low interest rates, people with adjustable-rate loans with higher interest rates don't want to miss out on the option because there's no guarantee how long the rates will continue to be low, so this is a very good time to look at refinancing. BTW, the rates are rising some now - no wait - that was 2 minutes ago. The FEDs are going to keep rates low to quell inflation so expect them to stay very affordable. That can change so watch and act like there are higher rates to come.

Is the real estate market hot in Reno again? For buyers ... on fire. Call Millie at 775 771 3708 to buy or sell. With population slowing here's some info on what it's like here because there's lots to know about Reno. This website is a little slow loading but jam packed with information that's useful.

If you are in the market for a bargain in Reno, and are currently renting,

• Save for a down payment,
• Stop lining your landlord's pockets, and
• Stop wasting thousands needlessly.

Foreclosures are up and there are particularly distressed sales ... "short sales" in Reno as prices have fallen and owners are underwater with their investment. Have Millie and Jerry look to the banks for "short sale" properties and find a dream home at a bargain price.

Call Millie and Jerry Claes at (775)771-3708 now for the information that will move you into your dream. Millie and Jerry have been in Reno for 25 years with a stellar reputation for finding dreams in Reno.

Demographics

There's roughly 310,000 happy folks living in the Reno/Sparks area. Population growth in Reno has dropped over the last year but as we said earlier will grow by 38% in the next 20 years. Fewer people are moving this direction right now for all kinds of reasons: jobs, can't sell their current home and the list goes on. That will change. Real estate in Reno has dropped in value which would normally attract buyers. But with fewer jobs, job losses in the gaming industry mainly, fewer people can afford to buy. And with fewer new residents, less buyers make the cost to own even lower.

So you will find more homes for sale, lower prices, fewer buyers, more sellers and real estate becomes more affordable and desirable. Retirees find Reno perfect because of climate, golf, overall cost of living and good health care facilities.

Reno Neighborhoods and Communities.

Thank you for your search in TheRealEstateOfAmerica.com for Reno Nevada real estate. Contact one of the real estate agents above for access to the local MLS to find your dream home for sale.

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Common Related Misspellings: Realestate, reel estate, Caldwell Banker, Weichart, Reichart, Century21, relator