Reno and Sparks are still seeing a high median home price and limited inventory in April 2017…not so good for buyers if they are shopping for a home with mortgage financing that is being backed by the average area wage, or salary. If you look below at MSI (a number representing months of inventory available at the current sales rate), you can see that it is very low and decreasing at a fast rate.
The Reno Gazette Journal offers a recent story with some valuable tips for home buyers here. It suggest ways to spot flippers, flood zones, un-permitted remodels, and area crime. The one thing that I would suggest that you do differently is skip the trip to Zillow and Redfin and engage a Realtor right away – a Realtor can give you real time market information and filter the stale information that most publicly accessible real estate market websites are crippled with. Connect with me for a direct feed to the MLS, or if you like your phone, check this out.
Have a great weekend!
Reprinted with permission by the Reno/Sparks Association of REALTORS®.