The Reno Nevada Real Estate Market is Changing!

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

 

We’re experiencing a VERY strong sellers market for now… After spending the last 4+ years as one of the hardest hit states in the nation for housing and foreclosures, Nevada may be on the road to recovery. The million dollar question is, will it last or is this just another bubble?? Belinda and I listed a property for one of our clients last month, and listed it on the high side of the sold comps given the buyer demand and shortage of inventory in our market. The home was only on the market for 2 days and our client received 3 offers and 2 of the offers came in all cash, $10,000+ above list price. Another recent listing in South Reno was only on the market 1 day and had over 20 showings and 5 offers by the end of the day. The prices are still not close to what they were back in the height of the market before the housing crash, but are making a strong comeback. Our feeling is that we could still be on a bit of a roller coaster ride in regards to pricing and overall demand in the next year or so, but if you’re looking to sell in the Reno/Sparks area, NOW is the time!!

Comments (2)

Kathy Stoltman
Balboa Real Estate - Ventura, CA
Ventura County Real Estate Consultant 805-746-1793

Do you know if these homes are being bought up by investors or folks that want to actually live in the property?  

Mar 04, 2013 06:52 AM
Michael & Belinda Jackson
Keller Williams Group One, Inc. - Reno, NV

This listing was bought by a buyer relocating to our area but we are seeing a large number of investors in our market for sure !

Mar 04, 2013 07:03 AM