Reno Single Family Residence Sales: 2006 VS 2007

Source: Washoe County Assessor

Highlights: 

The Reno single family residence sales was  down on average  -26.48% (add the 5 months together divide by 5) comparing Jan-May of 2006 VS Jan-May  of 2007. A very significant drop. The Reno area is experiencing fewer sales of homes.

Observations/comments

• Buyers have more leverage in negotiations. Use it. Be patient.  Check your numbers. Set up a concrete plan (based from the budget) before shopping for homes. Stick to it.

• When visiting brand new homes, don't go there without your trusted Realtor. Builders will tell you that you will save money by not having Realtor fees. Nothing can be farther from the truth in this kind of market. But be sure that your Realtor knows what he's doing(market stats,standing inventory of the builders etc..)                                           
• We had a client who was strolling in one of the neighborhoods he wanted to live in. Turns out that he could afford  the new house if he sold  his current home( he had $100,000+ in equity ) the builders gave him $25,000 worth of upgrades but did not give a discount on the purchase price. After selling their current home Joe and I went to the builder to see if there was room to negotiate on the purchase price on the new home, by this time that same house was $10,000 less than the original price. We wanted to negotiate that $10,000 on top of the $25,000 worth of upgrades. There was no way. He was already in contract.