For Buyers: The Reno real estate market in the last 6 months
What's been happening in our market in the last six months?
I usually check2-year graphs of recent real estate activities in the Reno area. But I also found that 6-month graphs tell a clearer story on where the market will be headed.
So hope this helps:
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Homes under contract(Reno) Mar 3-Aug 4 2008
(graph is no longer available,sorry)
Number of homes sold (Reno) Mar 3-Aug 4 2008
(graph is no longer available,sorry)
As you can see demand has gone up since March and even before that. Yet home prices seem to continue to go down:
(graph is no longer available,sorry)
Why is that?
Homes in foreclosures being sold by banks are priced way below what normal sellers can sell their house for. And because of that more people can afford to buy a house now than ever before(explaining the rise in demand).
What will put a stop to these price declines? One is when foreclosed homes gets sold out and buyers flock to 'normal' sale homes that are priced right. Thus, more buyers compete for these homes putting stability in the prices. Home prices stabilize then goes up again.
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Your thoughts? (2)
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I'm Javier Laiz from the Philippines.
I agree, now is certainly the time to buy more than ever, it is a buyer's market there in the States. The scenario is a niche for people who don't have a home, but can own for even less than the value the house was constructed or acquired. To potential buyers, I'm sure Joe and Ian can guide you properly on how to amortize wisely because there's a proper way to do that.
With all due respect to the nature of business of the blog moderators, I'll comment about the value scenario. As opposed to the scenario here in Asia where prices of houses crazily appreciates in spite of threats to security, terrorism, you name it, there in America is the opposite. There's just too many houses up for sale plus given the foreclosure crisis. In an investment stand point, I suggest to ponder on your decision ten times over. I personally don't suggest buying now in order to sell later, I suggest to buy a house now in order for you to live in.
On another note, I'm wondering if the real estate broker moderating this blog have considered doing a reverse, offering houses to buyers abroad like India, China and Philippines? Do state laws of Nevada allow foreigners to own houses? People here are just so hot to buy in America especially there's an increase of people jumping up to the middle class here.
Hello Javier,
A very detailed and well written comment! thanks for posting it.
You raised some good points regarding our real estate market and the Philippine's.
I'm wondering too!: "...As opposed to the scenario here in Asia where prices of houses crazily appreciates in spite of threats to security, terrorism, you name it"
This makes sense: " I personally don't suggest buying now in order to sell later, I suggest to buy a house now in order for you to live in"
Actually A friend of mine already raised the idea of selling properties outside the U.S.. and very fascinating concept if you ask me. I need to research further on it though.