2 Days on The Market- 19 Offers !! CRAZY....

By
Real Estate Agent with Keller Williams Group One, Inc.


 Yes, our market has changed this quick. Our client looked at a home in NW Reno the first day on the market, it was listed under $125k. It looked nice, he wrote an offer ( over asking price, all cash) and we just got the call from the listing agent, Sorry, we had 19 offers and your buyer did not get the home. The severe lack of inventory is really heating our market up. All this is due to the horrible foreclosure law that passed in Nevada at the end of 2011. Foreclosure filings in Nevada almost came to a stop after the law went into effect. The banks MUST start listing their shadow inventory right away, this is just crazy and NOT a healthy recovery for long term !!

Comments (2)

Li Read
Sea to Sky Premier Properties (Salt Spring) - Salt Spring Island, BC
Caring expertise...knowledge for you!

Aha...that is the marker of a true shift...thinning inventory.   Great news!

Apr 05, 2012 03:29 AM
Rob Ernst
Certified Structure Inspector - Reno, NV
Reno, NV-775-410-4286 Inspector & Energy Auditor

I have friends that are trying to buy and are running into the same situation. You have to admit it's a way for the banks to get higher prices and sell homes that might not be in the best condition. Supply and demand. One thing I do know is that you always need a good Home Inspection.

Apr 05, 2012 02:01 PM