Michael & Belinda Jackson

If you are looking to buy your primary home or investment property, You must know the numbers !! As you know from our previous posts we are real advocates for buying in this market. I do not believe that we will see home prices, rates and other factors this positive for buyers for MANY years to come and maybe not again in our life time. Having said that it's critical to really know your numbers before looking and placing an offer.

The Reno/Sparks Area MLS Numbers Jan-09:

Single Family Active Listings- 3,082 ( 971 Short Sale, 738 Bank Owned, 1,373 Regular Sales)

In Contract- 723 ( 326 Short Sale, 253 Bank Owned, 133 Regular Sales)

Sold Listings- 207 ( 28 Short Sales, 136 Bank Owned, 43 Regular Sales)

Total Months Inventory- 14 months, 27 days

* Notes: 21% of properties are in contract, 66% of sales were bank owned, 55% of listings are Short Sales or Bank Owned, 24% drop in Sales from Dec 08, 16% increase in sales from Jan 08

Have you been waiting for the right time to buy?? Are You a First Time Home Buyer?? It May Just Be The Perfect Time Now !! With interest rates around 5% and the new $8,000 first time home buyer tax credit ( Only good for 2009 Home Purchases, e-mail or call us for the details) Don't Miss Out !!

How About the Pricing You Ask?- We are seeing some areas in Reno/Sparks that are 50% or more below the high point of the market. Could it get better? Maybe but are you willing to take that chance?

Reno MLS stats- Single Family Residence- 2,565 listed, 222 sold, 339 expired/withdrawn, 116 pending, 11.6 months supply

Sparks MLS stats- Single Family Residence- 933 listed, 93 sold, 126 expired/withdrawn, 36 pending, 10 months supply

Overall: Sales are down a little from last month but pending sales are way up from last month. Yes we still have way to many listings for our market and the bank owned homes are not helping that number but as we come into fall we should see the listing numbers come down. The buyers that we are working with are VERY excited about all the great deals out there. These buyers would have never bought a few years ago at the crazy sales prices but now they are very excited.

Reno MLS stats- Single Family Residence- 2,647 listed, 251 sold, 248 expired/withdrawn, 95 pending, 10.6 months supply

Sparks MLS stats- Single Family Residence- 988 listed, 105 sold, 88 expired/withdrawn, 25 pending, 9.5 months supply

Overall: Who said were in a down market?? Sales are up ( yes down from 07 sales, but up from last month) the number of pending sales are up, A ton of new bank owned listings at GREAT prices, I will keep saying it... What a GREAT time for buyers !!

WOW- Everything you hear on the news says Nevada has one of the highest foreclosure rates in the nation. We'll it's true for Nevada as a whole but the numbers are REALLY skewed. Las Vegas has one home in foreclosure for every 48 homes. Reno has one home in foreclosure for every 331 homes.

Yes there are some great bank owned deals in the Reno market but the sky is not falling and you won't be able to get a home for 10 cents on the dollar by simply waiting. The fact is this is a great time to buy. Yes we are deep into a buyers market, Now is the time to buy, it will not last forever !!