Reno Home Market Update - June 2014

The Reno real estate market is currently favoring sellers.  With new listings increasing 2.4% in the last 30 days and the amount of homes continuing to be for sale increasing 8.4%, Reno home sellers are experiencing multiple offers which can result in price wars.  Here is a quick Reno home market update - June 2014.

For several years now, short sales have been the "topic du jour" across the country.  The Reno real estate market has not been immune to this.  However, there were only 432 short sales listed on the Reno market last month, which is a 16.3% decrease from the prior month.  This seems to indicate that the market may finally correcting itself from the overabundance of short sales saturating the market in the past.  Banks still seem to be holding onto "shadow inventory" (homes that are either currently in foreclosure but have not hit the market yet or homes that sellers are holding onto until prices go up).  There is no way to predict when these homes will hit the Reno real estate market.  

The best bit of advice I can give you is that, if you either want to buy or sell a Reno home now, do it.  Don't wait to see what the market may or may not do.  You could miss out on a great deal (for Buyers) or you may lose out on a higher price for your Reno home (for Sellers) by waiting.  Personally, I think the fact that there was an increase in homes that were still available for sale simply means that those homes were overpriced and will be snapped up as soon as they are reduced to a more realistic market value.

Reno home buyers need to make sure that they have a lender approval letter and earnest money ready to go before they start looking.  Make sure you look at anything and everything that catches your interest currently on the market so that you get there before someone else pounces.  If you need recommendations for a lender in the Reno area, please contact me.

Charlene Hamilton, Certified Distressed Property Expert, Helping Reno Homeowners Avoid Foreclosure

Originally posted on my Reno real estate blog here: http://renohappenings.com/reno-home-market-update-june-2014/.