A year of unprecented real estate growth in home values in Reno-Sparks.
A year of unprecented real estate growth in Reno-Sparks ENDS, followed by a free fall.
Each cateogry is divided into different price points that will instantly give you a clear picture on the activity in your specific market.
I've seen sellers who lost tens of thousands of dollars simpy by not knowing when to sell. Back in 2007, a client of mine could've sold her home at a decent profit ( About $20,000), but she decided to wait 'till the market goes back up again. The data clearly showed that the Reno real estate market was still going down. But her price point ($235,000), at that time, had lots of activity making it possible to still net a profit. She decided to hold on to her house for another year or so. The result was she lost her home completely (negative equity).
For buyers, knowing which price points are active and stale gives you an advantage on how to position your offer. For example, if you look at the numbers below, the $100,000 to $200,000 price range, contrary to popular belief, has healthy activity. If you find a really nice house in that price range (top 3 in the market in price and condition), know that chances are you will have other buyers interested in that home. Be more cautious in making a low ball offer.Hope it helps....
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