Bank Owned Homes No Longer Dominating the Reno/Sparks Nevada Market!!

Over the past several years, our local market has been flooded with bank owned properties. Throughout 2010 and 2011 our market had an endless supply of REO listings hitting the market daily. If we had a buyer looking for a certain area/floor plan, there would be several bank owned homes to pick from. 2012 is turning out to be a very different story. Looking at our local MLS today tells it all by the numbers. Looking at all active listings available in our area there are only 243 bank owned homes available, BUT 1298 active regular or traditional sales. WOW… The first question is why? We all know that there is plenty of bank owned homes out there but they are not up for sale. Just drive a few neighborhoods and you will see several vacant homes with bank notices posted but NO for sale sign will be posted for months if not a year or more. Yes, the wonderful “shadow inventory" We all know the banks are holding thousands of homes across the county not wanting to “flood” the market or show the loss on their books. But now most agents have a list of buyers actively looking for a home in a certain area, certain price range and they just can’t find it. The banks MUST start releasing some of their shadow inventory. Our market needs it, buyers are looking, rates are GREAT, now is the time!! If the banks don’t release inventory soon, who would have thought, but 2012 could very well be a great year for new home builders and traditional sales!!