I just got off of the phone with an anxious seller regarding the consequence of the Reno earthquakes and home values in the Reno, Tahoe area.  We had another earthquake in Reno early this morning, it didn’t feel like much from my home in Arrowcreek but I have yet to talk to my Verdi earthquake source.

Since this was uncharted waters for me, I told him I didn’t believe it would be but I would contact a fellow Coldwell Banker Agent in Northern California.  After speaking with Colly Baird about earthquakes and his experience with the psychology of buyers, we came to the conclusion that as long as they aren’t catastrophic, it wasn’t a big deal. 

This is not to say that a paranoid buyer; the mold, asbestos, lead, formaldehyde, PVC, emf, bacteria testing hypochondriac buyer wouldn’t be spooked (about earthquakes) as these kind generally waste every-ones time anyhow. They also tend to be the first to call a construction defect attorney when they get his bulk letter in the mail.  I try to keep my radar up for these types and generally give them away.  Of course, I can see having an issue with some of the above mentioned, but within reason.

If Homeowners think they can waltz down and buy earthquake insurance currently, they may have a surprise as many carriers put a one month moratorium on earthquake insurance for one month after a 4.0 or larger as experienced last Thursday.

I did use the Reno earthquake as an opportunity to ask for another price reduction (with the seller).  I need to be stern with my sellers on their prices going into this summer selling season. 

It was a good weekend, we had groups of 5 or more of the 7 open houses I had open this weekend.  We received 4 leads and we have already followed up with e mails and answered some questions for them. They will remain in the data base and contacted regularly until they buy or die.

A recent check of Reno movers in the area confirms that business is picking up and as usual, way more inbound movers than outbound.  It is nice selling real estate in the most job, retiree and action sports oriented town in the United States. 

If only the buyers knew what I know about this town and not the headlines. Similar to the lone wolf who called the top in April of o4, I am a stand alone Realtor/statistician calling the bottom in South Reno 89511 area for the middle of June of 2008.

Have a good quake day!

Ron Bell

Your Reno Realtor selling Reno Real Estate

Filed under: 2008 STATISTICS