Good news, everyone. Reno is now only 34% overpriced, down from 38%, according to CNN money magazine. Sellers, this means that any offer you’re lucky enough to get will probably be aggressive. My advice? Be thankful, play nice, take the money and run. Buyers, if you need to buy now, don’t be afraid to offer less as this is your best chance to preserve equity going forward. read it
And here’s a fun one… the national housing bubble map! Though they haven’t yet mapped the bubble in Reno, I’m sure it won’t be long as we did make the city list. This site is a wiki and invites user participation, so feel free to contribute. see it
gotlots
Speaking about overpriced. Back on January 30, you blogged that “man, do we have a lot of inventory” in Somersett. You lamented that there were 60 listings that day.
Now that we have gone through the Spring and Summer selling seasons, surely that inventory must be down, right?
Well, uh, no.
As of today, 114 listings in Somersett.
If one seeks to lock in declining value on a house in Somersett, there has never been a better time to buy than now.
Kevin
“…lock in declining value…”
gotlots, you’ve posted the same thing in several entries as well as the aforementioned/linked Carson blog. Do you think you’ve made your point yet?
Reno Ignoramus
Harpers magazine makes the same point.
” A modern equivalent of peonage, a lifetime spent working to pay off debt on an asset of dwindling value.”
…………….Harpers, May 2006
Reno Ignoramus
“Speculative buyers who spurred demand in 2004 and 2005 are now sellers; builders that built speculative homes must now move their specs, and nervous buyers are cancelling contracts for homes already under construction.”
Robert Toll, CEO Toll Brothers Homebuilders
August 8, 2006