This has been a very tough market. The home prices in Reno NV are back to 2002 pricing and the interest rates have never been better. If you are a buyer, now is the time to buy plus if you are a first time buyer take advantage of the first time $8000 tax credit (must close by December 1st, 2009).
Trying to sell in this market is not easy, in Washoe County 78% of the pending sales are either bank owned or short sales. A short sale is when the lending institute is willing to take less than what is owed on the loan. The paperwork is long, the closing can take months and the Seller must have a hardship. In todays market with so many unemployed and loss in portfolios we are starting to see a surge in the Luxury home market. Most recently I sold a $2.8 million home for $1 million, short sale. There is very little jumbo financing. The good thing is that a short sale has less credit impact as a foreclosure.
http://www.youtube.com/watch?v=uUFqzY1I2O0
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