Yesterday we checked in on Reno's real estate market.
Now, let's see what's happening in the Sparks real estate market. Sparks has been growing fast--residentially and commercially.
Though it wasn't spared from the real estate meltdown I won't undermine this area. What I noticed with this city is that through the ups and down of the real estate market, Sparks continuous to shine brightly. One of my favorite things about Sparks is the community works hard to gather the people through Summer sports leagues.
They just completed Sparks Crossing. And hopes to finish the Legends at Sparks Marina by next year.
One of my friends used to brag that, "whatever you can find in Reno, we have here in Sparks."
Similar to what's happening in Reno. Prices of homes continue to slide. There's a lot of new homes in the area which can partly explain for the falling prices.
Builders have deeper pockets and are able to afford steep discounts on their inventory. One thing sellers need to learn from builders is that they are quick to respond to the market-- cutting their losses short if needed.
As one may suspect, homes sold are still on a downward trend. Buyers are looking for the best deal. The average home sold in Sparks is nearing the $200,000 mark.
And banks, with all financial turmoil happening in their industry, are not making it easy to lend above $250,000.
But this won't go on forever, I suspect that dark clouds are soon to pass us by. And Sparks, with all her positive Spirit, will be one of the cities to lead Northern Nevada to positive territory once again.
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If you have more questions regarding the Sparks real estate market, you can reach Joe at 775-338-7653.
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