High Prices and Low Appraisals… Welcome To Reno

I hesitated in writing this post because I’m quoted in the RGJ article (read through links below) and didn’t want to toot my own horn. I though better of it because this is the heart of what’s happening in the Reno/Sparks Real Estate market.

Simple Math: A + B = C

Reno/Sparks Home Prices Rise 20% + Low Appraisals Stall Purchases = C(ash)

Rising home prices hit with low appraisals creates a cash market. Either the whole purchase is cash or the buyer may have to pony up cash for the difference between the appraisal and contract value.

Sellers know it’s happening and buyers need to be prepared. If the buyer can’t cover the difference, in cash, then the seller may put it back on the market to find someone who can.

If you’re looking to cash in on a good seller’s market or are a buyer needing helping navigating contact Broker Kristopher Kent at (775) 870-4280 or Kris@Reno-Realty.com