Home Prices Rise 26% in Reno-Sparks - KTVN Channel 2 - Reno Tahoe News Weather, Video -

Home Prices Rise 26% in Reno-Sparks

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New numbers show some big improvements for the housing market in the Reno-Sparks area.

According to Corelogic, home prices in our area rose by 26% in April of this year compared to the same time last year.

Licensed broker and salesperson Alexandra Musser says one of the reasons is lack of inventory. Our area normally operates on three thousand available homes. Right now, there are just 550 active listings.

"So it's the shortage of inventory, it's the pent up demand, the first time home buyers, the people who have cycled through the unfortunate foreclosures and the short sales and so on," she says.

Musser and others anticipate rates will rise, which is why people are trying to buy now. Homes on the market are each receiving multiple offers.

"We're to a point now that if something hasn't sold in two weeks, if it's a nice property and priced correctly, all of us in the business go in and analyze, why," says Musser.

However, times are still tough for some. Just ask Rick Nickerson. He lost his home to a short sale last November.

He bought it back in 1994 for $89,000. It sold for just $70,000.

"My wife lost her job and they deducted my pay," says Nickerson. "And basically couldn't afford the payments on my own, and bills and everything."

Nickerson says soon he wants to become a homeowner again. And Musser says it's a great time to buy. Her advice to potential buyers is to keep your head up and don't get hung up on the little things.

"Forget the little stuff, keep your eye on the big picture, get pre-approved at a low interest rate and make it happen," she says.

The 26% increase in home prices in our area is well above the average of 12% nationally. However, that's the biggest year-over-year increase across the country since early 2006.

Written by Adam Rasmussen

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