This just in from the Northern Nevada Business Weekly: "Home prices in Reno will fall by 17.2 percent during this downturn, projects Moody’s Economy.com. The fall, the second biggest in the nation (only Cape Coral, Fla., is projected to fall farther), will reach its bottom in the fourth quarter of 2008, the analysts project. Carson City prices are projected to fall by nearly 10 percent."
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gotlots
Gee, you say it appears Moody’s agrees with me and Reno Ignoramus that now might not be the best time to buy?
If prices are projected to drop 17% by the end of 2008, might it be fair to suggest that if one seeks to lock in declining value on a house in Reno, there has never been a better time to buy than right now?
Jim Turner
Let me know when it hits bottom!
Perry
Depending on what price range I was in I think would determine my buying or waiting right now. If I were shopping for a home over $275k I’d be cautious.
Keep watching those pendings. Prices in east Sparks have been dropping and the 3,2’s under $250k are moving. It looks like there are 6 homes fitting this criteria, of those 6, 4 are pending. Once you go above $250k things drop off quickly.
gotlots
Perry:
In the summer of 2004, the only listings in Reno/Sparks under $275K were wrecks. Places that needed serious work. Places with cracked windows and holes in the sheetrock and the bathroom cabinets hanging off the hinges. Back then EVERYBODY said Reno/Sparks had passed the point where there would EVER be anything decent under $300K. Maybe not under $350K. It was the “new paradigm” you know. Back then the word was anybody looking to buy under $300K had to go to Fernley.
The fact that you are talking about buying a decent house in the $250K price range is very very telling. In the middle of 2004 if you had said you wanted to buy for $250K you would have been laughed out of town……to Fernley.