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Winter 2012 Market Update
With interest rates at historic lows and looking to remain low through the Summer, and prices at their current level it is a great time to consider Reno for retirement, or a second home.
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| Average Home Price | $300,000 - View Graph Trend |
| Average Price Compared to Last Year | Down 15-20% |
| Average Time on Market | More than 120 days |
| Best Selling Price Range | $200,000 - $249,000 |
| Worst Selling Price Range | $800,000 - $849,000 |
| Prices As % of Asking Price | 90-95% |
| Existing Home Prices for the past 90 days are? | Decreasing |
| Market Trend | Decreasing |
| Buyers’ or Sellers’ Market | More sellers than buyers |
| Buyer Activity for the past 90 days in Reno South is | Decreasing |
| Seller Activity for the past 90 days in Reno South is? | Increasing |
| Multiple Offers? | Yes |
| Multiple Offers Commentary | Homes in good condition and price at the market price or below are receiving multiple offers. |
| What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? | More than 50% |
| Is Financing Available For Qualified Buyers? | Yes |
| Comments on Financing For Qualified Buyers | Financing is available with higher down payment and credit score requirements. |
| Housing Inventory | Good supply - Some Prices |
| Inventory Comments | There were more homes listed in the second quarter of this year than the first quarter, short sales still make up a significant portion of the inventory but less so over $500,000. Price are continuing to decline but the pace of decline is slowing, appraisals are coming in at sales price a higher percentage of the time. |
| Greatest Activity | Repeat Buyers |
| Reason to Buy/Sell | Prices have declined to levels of 2000-2002 with many great opportunities, still a great place to live, close to Lake Tahoe. A nice community that is focused on quality of life. No state income tax. |
| Nearest Metro Area | Reno |
| Housing Hot Spots | Double Diamond and Damonte Ranch Arrowcreek, Montreux, Saddlehorn |
| Average Sold Price | $300,000 - View Graph Trend |
Reno South Local News
Sluggish housing market in line for a better 2012, according to quarterly survey
The figures are still flat-lining, but there appears to be signs of life out there for a housing market that's dying for an upward tick of good news.
The up-and-down ride for real estate the past few years was seen again in the fourth quarter of 2011, according to a survey of HouseHunt real estate agents across the country. There are pockets of good news offset by bad, with home values and prices basically bumping along the bottom of the grid on a perceived never-ending rocky road.
Click here for full article...
The figures are still flat-lining, but there appears to be signs of life out there for a housing market that's dying for an upward tick of good news.
The up-and-down ride for real estate the past few years was seen again in the fourth quarter of 2011, according to a survey of HouseHunt real estate agents across the country. There are pockets of good news offset by bad, with home values and prices basically bumping along the bottom of the grid on a perceived never-ending rocky road.
Click here for full article...
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Mortgage Rates
– Feb 9th, 2012 –
---------------------------------
30 yr. fixed rate: 3.89%---------------------------------
15 yr. fixed rate: 3.21%
30 yr. jumbo rate: 4.66%
15 yr. jumbo rate: 3.99%
Home Values
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