There is an interesting trend happening now in our housing market. The number of foreclosures was way down in 2012, but the number of short sales has skyrocketed.
According to Ken Amundson, former president of the Reno/Sparks Association of Realtors, one big reason for this shift is a set of laws that is slowing down the foreclosure process. Many people are short-selling their homes instead.
Real estate data website RealtyTrac released a report Thursday that short sales in Nevada went up by 86 percent in 2012. They accounted for about one third of all Nevada home sales last year. Meanwhile, foreclosures were down 36 percent from 2011.
At the same time, experts say traditional sales (non-distressed properties) are on the rise in the Reno/Sparks area.
"The distressed sales in general are down about 7.5 percent over last year," Amundson said. "We have had an increase in the number of traditional sales, or normal sales."
Amundson said that interest rates are still very low, and home prices are low as well compared to the market six or eight years ago.
Overall though, he said there is actually a shortage of homes on the market in our area. This means it is a good time to sell, but not necessarily the best time to buy, if buyers are looking to get a deal in the most popular price ranges.
"Buyers are struggling to find a property that they can buy right now, and they're competing," Amundson said. "So there are often five or six or even 10 offers for a given piece of property."
RealtyTrac reports that foreclosures and short sales combined made up about 43 percent of all home sales nationally in 2012.
Saturday, May 25 2013 2:16 AM EDT2013-05-25 06:16:04 GMT
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