Shortage of Inventory in Reno Housing Market??

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.

First Time Home Buyer's Tax Credit Dealine

The First Time Home Buyer Tax Credit deadline is November 30th. That means you have to close escrow by that date in order to qualify for your tax credit. Escrows in our area are taking an average of 45 days, so you should be in escrow by October 15th in order to really have the opportunity to ensure you can close in time.

Have you started a search but are sitting on the fence? This is the time! You can not wait any longer if you hope to qualify for the tax break.

Prices are quite low and interest rates are fantastic right now. If you have not made the first move because you don't know where to start, call a Realtor!

It is our job to guide you through this process. I have talked to clients that repeatedly told me...."I don't want to take up your time driving around". That's my job! Real Estate professional have the tools to narrow the search for you, so that you can pin point the price range, area and amenities that you are looking for. Your time is valuable too, but the only way to find your first home is to look! I think it's fun!!! Go in with the attitude that you will enjoy the hunt and it will be so.

If you need help looking for that dream house, please call me. I can help you find your first home and hopefully have some fun doing it!

Bobbi McKinnon
775-313-6637