Stephen Connolly SFR

I do not believe the housing market is going to get much better this year in Reno than last year. But that statement could be interpreted to say that ITs a GREAT market for BUYERS. Prices are still coming down here, short sales are common and more and more banks are choosing to sell their REO's on the MLS instead of laying them on the Courthouse steps. I have been down to the Court at least three times on Wednesday mornings to watch and see if anyone is BUYING these foreclosures for CASH. THe truth is NO--the BAnks or serviciers with a 2nd come and try to salvage their losses on some days BUT aside from that everyone is sitting waiting for the big drops on the prices. I say if you have to have CASH or a HELOC in place the day of bidding that you should be able to get one heck of a deal. Otherwise I am seeing some great prices on REO;s come about recently on the MLS. I have a client now in a deal for about 180k for a 2005 home that once was priced in the 270's. THe interest rates are running 5.375% for FHA 30 year which is a great deal. Now is a great time to pick out a home and make an offer. Sellers are listening and multiple offers are not common anymore unless its a steal. Call me if you need a Fun agent who will get you a great deal...