The craziness continues as Buyer’s Fever spreads across the Reno Sparks area faster than the swine flu at a Mexican kissing booth.  Some areas and price points under 200 Reno bank owned/foreclosure homes are at the highest pandemic rating of 6.  I, and just about every other Reno agent are writing 1 to 10 offers a day and showing property up until dark to try and get Buyers in as the door is slamming shut and we are seeing 10% appreciation a month under 200K and increasing rates forcing panic buying.  Keep in mind, I am a listing agent and don’t normally show homes except to friends and VIPs but both of my buyer’s agents have been trying to keep their buyer’s fever down (with their dozens of buyers).

For those of you that have laughed at my model creating a buy signal the last 6 months; just keep waiting it out, hopefully in our lifetime you may get lucky and get another chance at homes 50 to 70% off in the most dynamic tech, job, retiree, active sport and recreation gateway town in the world but I doubt it.

 With this said, the over 522,000. market (jumbo) has plenty of time (3 years inventory) and is actually still in a buyers market, I am seeing some million plus reductions that look fairly tempting and they are getting bought up finally.

 Second home market is toast for 1 to 3 more years as it is hammered by a credit crunch in the jumbo/2nd home mortgage availability, lack of HELOC loans for people to  obtain their down payments from and the old “2nd home is the 1st to go” scenario. 

 Anyhow, shoot, I have to go meet more buyer’s at a home and hope it does not already have 10 offers on it.  Tonight were going to party like it is 2004.  (Prince music in the background).

Careful not to get caught in the hysteria but don’t miss out.  Remember, if I see too much overbuying/speculation, it could change my model rapidly.  California Investors are dog-piling in with the first time buyer’s so I am a little concerned.  I will keep you posted.

Filed under: LOCAL MARKET