Local Real Estate Market Heating Up - KTVN Channel 2 - Reno Tahoe News Weather, Video -

Local Real Estate Market Heating Up

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Brian Jensen and Jeromy Manke are looking to buy their first home in the Midtown area. But they're finding out just how competitive the market is - with each listing getting between six and ten offers. "We expected this process to be maybe three months and now we're sitting here. I think it's about six months later, two offers later, we're still kind of waiting," says Jensen.

They even offered $25,000 more than the asking price for one home -- losing out to another offer. "The next morning, we got a phone call that something came in, literally at the last minute with all cash, kind of just blowing us out of the water."

From 2011 to 2012 Northern Nevada saw about a 30% increase in value. Today, the median home price is about $240,000 increasing each of the last three months. "Our inventory remains low. And while that inventory remains low, then pricing continues to kind of creep up on us," says Mark Ashworth, President of Reno-Sparks Association of Realtors.

Nearly 750 new local listings came out last month and less than 10% of those were short sales or bank-owned properties. "Typically, any homes priced at $250,000 and below are just flying off the shelves. Especially, if they're in really good condition," says Claire Kirby of Myer Realty.
The high demand and low inventory is pricing some first-time buyers out of many homes. "Interest rates and prices go up, and then all of the sudden they have to look at different homes or not at all because they can no longer afford to purchase."

Only about a quarter of sales are to first-time buyers who typically offer more financial support because they usually have to buy furniture and appliances. Still -- experts say the market is strong and should continue to grow. "It's certainly a seller's market but that doesn't mean that you can't find a home," says Ashworth.

Ashworth says many are having to expand their search into some of the outlying areas where housing is less expensive. He also says rentals are strong - and should stay that way.
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