New Home Sales Rising in Reno - KTVN Channel 2 - Reno Tahoe Sparks News, Weather, Video

New Home Sales Rising in Reno

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Reno is listed as one of 242 U.S. cities that is showing continued improvement in the housing market, which is good news for one part of the job market too.

Home prices are going up and interest rates are still hovering around 3.5%.

But there aren't that many houses on the market, so more people are buying new homes.

Barbie Marcoe is a sales agent for KDH and Jenuane Communities and says they are expecting a big year.

"We are seeing incredibly increased traffic," Marcoe said. "We actually sold two houses, this weekend, alone. Out of town buyers are hitting us hard."

KDH and Jenuane Communities had 40 building permits, last year.

In 2013, they are expecting to get 100.

That's not just good for real estate, it's also giving a boost to Nevada's struggling construction industry.

"It's fantastic because it's not just the builder who is employing the people who work directly for him," Marcoe said. "It's the roofers, it's the city taxes that are being paid, it's the landscapers. There are so many entities. As you can see here, we have probably three different companies represented, right now."

Some of their homes are actually being built on a site that was left vacant by a different builder when the housing market crashed.

Now the company is just trying to keep up with demand.

"We're selling homes that won't be ready until April, just because that's what's available," Marcoe said.

The median home price in Reno is $182,500.

That is almost $50,000 more than just one year ago when it was the lowest since the recession hit.

That trend is expected to continue.

"I don't know that you could get a house, in Reno right now, for $185,000 because just about everything, in that price point, is already pending."

Marcoe says she thinks one of the reasons the market is stabilizing is because people are buying a home, rather than investing in a house.

"They're making sure that the floor plan fits what they're looking for," Marcoe said. "When we walk into a home, now, people are actually paying attention to what's in the kitchen and making sure it's fitting what their family needs."

Marcoe says the prices for new homes are close to what existing homes are going for.

She also says you can have a low payment because of low interest rates, and a lower power bill because most have high energy efficiency standards.

Written by Paul Nelson
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