Selling Reno And Sparks Real Estate Blog

Now Is A Good Time To Buy A Reno Home And Here's Why:

Now Is A Good Time To Buy A Reno Home And Here's Why:

Short Sale and Foreclosure Single Family Homes make up nearly 65% of the Nevada real estate market. A recent report by CoreLogic says almost 56% of all Reno and Sparks residents with a mortgage owe more than what their home is worth.Clip Art Gloom

Nevada residents can't go a day without reading about the current housing crisis in the newspaper,  or watch about it in a news program on T.V.,  or talk to their neighbors with out the subject popping into the conversation. 

 So with all the doom and gloom hovering over our heads, why would anyone be willing to take such a big a risk and buy a home in this area with so many distressed properties that currently exhist and continue to enter the market on a regular basis?

 Many reports and blogs have published the  numerous reasons  on why "THE TIME TO BUY IS NOW." Back in September 2010, Brett Arends wrote an article in The Wall Street Jounal about all the great reasons to buy a home.

 A few reasons he listed were: 1) it's a buyers market ~ you have the opportunity to offer lower prices and negotiate with sellers, 2) Low Interest Rates ~ who knows how long this will last, rates could go up at any time, 3) you get a better, bigger home ~ pick and choose location, size and price, 4) savings on taxes and rent ~ who doesn't appreciate a few extra bucks in their pocket? And those are just a few of the reason's listed in the article, there are plenty other valid reasons to buy a home in today's market.

Clip Art Puzzle PieceYet another article posted today at RISMedia  discusses ways  to help First Time Home Buyers prepare for a home purchase. This article says low home selling prices, low interest rates, plenty of inventory available are just a few of the reasons the current market appears to be enticing first time buyers into buying.

The Reno/Sparks Association of REALTORS reported sales of existing homes in Reno and Sparks broke an industry record last month, February 2011, with 383 sales in Washoe County.

 The same time period last year, February 2010, the month ended with only 313 single family homes sold. The medium sales price in February 2010 was $169,990 while prices sold in February 2011 were slightly lower with medium sales price of $161,000. With medium sales prices staying fairly level for over 12 months indicates a good sign for Northern Nevada housing markets. Have we hit the bottom of the market? There is not way to really know for sure but with a trend of slower declining prices and increasing sales, we could be on our way to a stabilized real estate market!clip art question

With so many Short Sales and Foreclosures in Nevada, how can we be on our way to a stabilized real estate market? If we knew how many people were planning to walk away from their mortgage and how many would stay and keep paying, we might be able to answer that question. Not  being able to predict the future is what makes investing in Nevada Real Estate risky. But does that mean you should not buy?

Fortunately, many home buyers are starting to feel purchasing a home in this area might be worth the risk. Statistics like the record number of home sales in Northern Nevada for February, 2011 and positive reports indicating First Time Home Buyers are now preparing for a home purchase, tells us NOW JUST MIGHT BClip Art House HeartE THE RIGHT TIME TO BUY A HOME in Nevada!!!

So what's next? After you have weighed all the reasons why THE TIME TO BUY IS NOW, give me a call, 775-846-5424,  so we can start to prepare you for your Reno / Sparks Nevada home search and  purchase. With so many short sale and foreclosure properties on listed for sale, I can assist you with your purchase of any type of single family residence in Northern Nevada!

Now Is A Good Time To Buy A Reno Home And Here's Why:

__________________________________________________________________________________________________

REALTOR®

Certified Distressed Property Expert (CDPE)
Certified Default Resolution Specialist (CDRS)
Short Sales & Foreclosure Resource ~ Certified (SFR)
NAR's Green Disignation ~ Certified Green
Certifed Negotiation Expert (CNE)

Ferrari-Lund Real Estate

775.846.5424

 

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6 commentsTerrie Leighton • March 18 2011 11:46PM
Now Is A Good Time To Buy A Reno Home And Here's Why:
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Now Is A Good Time To Buy A Reno Home And Here's Why: Short Sale and Foreclosure Single Family Homes make up nearly 65% of the Nevada real estate market A recent report by CoreLogic says almost 56% of all Reno and Sparks residents with a… more