Reno Real Estate 101: The state of the market

Ok folks, here it is.  Right now in the greater Reno Sparks and outlying areas there are currently 2817 homes on the market. Of those 18%, or 505, are foreclosures and 33%, or 923, are short sales. Short sales are where the sellers are trying to sell their homes for less than they owe and the bank has to agree to this, which in about 80% of the time, they cannot come to an agreement and the bank ends up foreclosing on the seller anyway (stay away from these whenever possible).

So far this year there have been 2670 homes that have sold and of that number 748 have been foreclosures, 219 have been short sales. So can see there are a lot more foreclosures that are actually closing escrow over the number of short sales that are actually closing. The other surprising statistic is that of the foreclosures that have closed this year, they are closing at 97% of the asking price. Which is telling me the agents that are listing these bank owned homes are doing a good job of getting the banks to listen to them and get the homes priced where they should be so they will sell in a reasonable amount of time and at a good price.

If you are a buyer for a foreclosure keep those stats in mind when making your offers.  The sellers (Banks) are not going to consider ridiculously low offers. Bottom line is, if you really want the house you are looking at, listen to your agent and make a reasonable offer that works for you and will get you into the home.

If you are looking for stats on a particular area of Reno or Sparks go to my website at Homes-Reno.com and let me know what you are looking for.

 

dhughes@dicksonrealty.com

www.Homes-Reno.com

1-800-692-1193

 

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