I received a call from someone answering my advertisement reminding first time home buyers about the fast approaching deadline for the Federal Tax Credit. As I started running searches for him based on what he was looking for, I discovered something strange had happened in the Reno Housing market. We are actually low on some inventory!!
Yes that sounds strange to say in THIS market. Sure there are plenty of "Pending Short Sales" out there, but of course anyone wanting to close escrow on any of those by the end of November better be a betting person. While this is Nevada, original home of betting on anything, that is not a bet I advise my clients to make.
Is it a sign that the end of "the bottom" is here? Well not necessarily. First of all, I am talking about entry level pricing here. The prices have been sooooo low, that investors have been gobbling up some "screaming deals". Second, with all the new notices of default piling up in the area (following a moratorium period), I have to believe that there is inventory that the banks are holding back, only "trickling out" a few homes at a time so as not to deflate prices even more.
None the less, seeing any kind of inventory shortages (even some bidding wars on a few REO's), is a fascinating new development for our Northern Nevada Real Estate market.
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