Home sales in the Reno area are on an upward trend. Statistics show the number of homes sold is in increasing month by month since January. Meanwhile, the inventory of homes for sale is shrinking. That could mean you’ll soon see home prices starting to rise again.
Realtor Dana Collins of Dickson Realty says there are a number of factors encouraging first time homebuyers. The median home price is the lowest it has been in years. Interest rates are still hovering below 5%, and the government has approved a tax credit for first-time home buyers of up to $8,000.
First-time buyers Michael and Laina Choate toured seven homes in Reno’s South Meadows area. Six of the properties were bank owned. They know that foreclosed properties can have some defects that will only be caught by a thorough inspection, but they say they don’t mind investing a little elbow grease to get a good deal. “I was kind of scared at first of foreclosures,” said Laina Choate. “But I looked at foreclosure houses today and I was pretty impressed.”
Foreclosed properties can have defects that will only be caught by inspection. The paperwork can also be a little tricky; so many people advise using a knowledgeable agent for that type of purchase. The glut of low-cost bank owned properties has also changed the bidding process according to Dana Collins. She says the days of making a low offer and negotiating up are gone. “You come in with your highest and best offer and they take it or they leave it,” said Collins.
According to housingtracker.net the median home price for Reno in April was $275,000. That’s down more than $62,000 from the same time last year. For more information, check out the links below.