Not a lot to talk about this month…except that the real estate market in Reno just broke a sales volume record last month. And the median price, a shade under $340,000, is only 7% off the market peak of January 2006. There is about 1.4 months of inventory in the Reno area. And if you are a seller, then the calculated odds of selling is about 81%. Homes are also selling faster now than they were last month.
Buyers, before we can start looking for your home, ensure that you are preapproved for a mortgage (if you don’t have other financing arranged). This will be critical, since sellers will not look at your offer on their home if you are not preapproved. A major concern is typically the lack of enough cash reserves to provide a down payment – this doesn’t always have to be a concern. There are scores of down payment assistance programs available, ask your lender for options. Nevada’s Home is Possible program is a great option for down payment assistance. Also, the Financial Guidance Center is a great resource for getting your credit score back on track to qualify for a loan.
If you, or someone you care about, can benefit from my services, contact me today.