Where Have All the Homes Gone For First Time Home Buyers in Reno?

The past couple weeks have been a bit of a struggle for many of my first time home buyers. An increase in the numbers of buyer’s coming into the market and the passing of AB284 in 2011 have created pretty fierce competition. Many homes that are priced right and in good condition are procuring multiple offers and selling for more than list price.

Where does that leave us…?

In a market with a lack of inventory that is bordering a seller’s market.

The last RSAR figure was that our market has 5.9 months of inventory or about an equal share of seller’s market and buyer’s market. This is the second lowest number since 2005. Click on the graph below to see the historical inventory level for Reno/Sparks.

When we crunch the numbers (as of 2/28/2012) we see that there are 215 available single family homes from $75,000-$150,000 in Reno and Sparks that are not pending and available for offers. The reason I chose $75,000-$150,000 is because this price range is most compatible with FHA first time home buyers or investors. Buying in this price range generally means that your monthly mortgage amount would be near or below the market rent. To view the number of homes available in each area click on the graph below. For those unfamiliar with our areas please follow the links for outlined maps. Reno MLS Areas Sparks MLS Areas

For more information on buying a home in Reno or Sparks, NV feel free to contact me at (775) 870-4280 or Kris@Reno-Realty.com.

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