Reno-Sparks, Nevada was recently named by RealtyTrac as one of the nation’s “Top 20 Markets Leading the Real Estate Recovery”. Check out the RealtyTrac report here: RealtyTrac Housing Market Recovery Index Identifies Markets Leading and Lagging the Housing Recovery.
According to the report, Reno/Sparks “Total Recovery Index” is 145; compared to a U.S. average index of 100
Anna
I am in south reno and it appears as if nothing is selling here. On top of that, the value of my house has been dropping again, according to zillow. Brian Lebo out of Las Vegas is predicting another sizable downturn and, from my vantage point, he seems to be correct. I could be completely off base. These are just my mildly-educated observations. I wonder if you see a downturn coming or are things still looking strong from where you sit?
Guy Johnson
Anna,
Thank you for your comment. The sense I get from the current market is that momentum is slowing a bit. I can see prices leveling off; but a “sizable downturn”?…I don’t see that in the near future. We’re still in a seller’s market.
Zen
I think what we’ve seen is a big bounce off of the bottom. I hope we now see a leveling off. If prices keep rising at the rate we’ve seen for the last year, we will eventually see that “sizable downturn” Anna mentioned. This market needs stability and affordability. Prices need to be at a place where incomes can reasonably afford housing, but not so inexpensive that cash buying investors are gobbling everything up. Maybe we are finally getting there, maybe not.
Scott
I really believe it’s location based, out here in the north west Reno area, specifically Red Rock 89506, I am seeing homes rise in cost, I am also seeing a lot of investment company activity, where they are buying the homes before they hit the public market and being turned into rentals, which is very sad, just on my street alone there are 15 rentals now, many banks are just putting the homes up for auction and not allowing families to purchase a home at a reasonable price, I’m one of the lucky ones and bought my home just over a year ago out here and was able to buy it from the bank, but it was listed publicly on the market and I feel I got a fair price, based on Washoe County public property records. I also still see a lot of empty homes that are not up for sale, I suspect the banks etc… are holding onto these properties as the market rises to get to a higher price point, but thats just my 2 cents.
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I am in south reno and it appears as if nothing is selling here. On top of that, the value of my house has been dropping again, according to zillow.