Reno real estate: "232 out of the 270 homes sold were under $350,000 (86% of total)."
'smart man' by davepayne.com.au
270 homes were sold in Reno April of this year. 141 were under $200,000 at a median price of $143,000.
Fifty percent of homes sold in Reno are under $200,000.
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232 out of the 270 homes sold were under $350,000 (86% of total).
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Reno Home Sellers: If your home is under $350,000 a little more patience and you might find the right buyer soon.
Make sure your home is in good condition and is priced right.
$400,000 home sellers you might like to go down at or below $350,000 to attract more showings. Every seller has different goals and situations but this is a good way to determine what buyers are doing.
Investors: If you are in the market for starter homes ($200,000 and below) know that median price may still go down but if cash flow is solid (mortgage is lower than rent) then it might be a good idea to start looking for prized investments.
Buyers: If you're still trying to low ball $250,000 and below homes don't be surprised if you get rejected. Inventory of homes is at 3.1 months.
If you really really like a house and you know in our gut that it's a great deal, I think you should pay what they're asking for (and even more).
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The "and even more" part has me worried. I'm a first time home buyer and looking at relatively inexpensive houses and my agent is talking about bidding more than asking price if I really want a particular house.
That seems very weird to me. They are asking $125,000 (for example) - shouldn't an offer of $125k be a slam dunk? I wouldn't go to a car dealer and say "you're asking $20,000 - let me offer you $25,000."
Ivanna,
The reason why you are offering more than the asking price is because you are encountering a "Multiple Offer" situation which should be in writing. In an event you are in this situation then you are asked to come in with your highest and best offer.
Please don't compare your home purchase to a car purchase because on a car dealership, unless that is the only Toyota Corolla in the lot where 2 or 3 of you wants then yes you don't have to offer more but if that is the case then believe me you will be asked to come in with your highest and best offer.
The thing is every time you get countered to do this (which should be in writing), then you have a choice to do it or not- No one is being forced to do it. If you are being forced then I would highly suggest to look for a different agent. We agents can only tell you what the situation is and educate you about the market but you and you alone makes the decision on what to write in that offer so long as it's legal.
Good Luck on your search.
Joe
Thank you for taking the time to reply Joe. I don't think my agent is trying to screw me over - I'm sure she is giving me the real deal. I just feel really frustrated that when I decided to buy a house it was supposed to be a buyer's market and now I'm told that I need to offer more than asking price and that it will take months to close the deal if it closes at all.
Sorry to sound whiney, but I have money and am pre-approved and a mortgage at asking price would be hundreds of dollars a month less than my current rent. AND I CANT BUY A HOUSE?
Has the market recovered that much that fast?
Ivanna,
No you don't sound whiney. You are just expressing everyone else's feeling with the Market.
I myself wrote two offers this weekend which both has come back with a Request of "HIGHEST AND BEST OFFER."
The market has not recovered that fast base on price but the inventory has gone so low that two, three WELL QUALIFIED BUYERS like yourself are writing an offer on the same house with a low MONTHLY PAYMENT, lower or maybe the same payment they are making on rent since the government is making sure that people like you buys.
The fact that the banks are holding up on their "BANK-OWNED PROPERTIES" (FORECLOSED HOMES THAT NOBODY BOUGHT IN COURT.) and not wanting to flood the market with them is helping the stability that we are in a way experiencing.
Good luck on your search and thanks for reading!
Cordially,
Joe Salcedo