More Housing Options in Midtown?
Reno's Midtown area continues to grow. KTVN Chris Buckley has the story.
Reno's Midtown area continues to grow. Realtors say it's one of the most sought-after neighborhoods in town.
"It's one of the hottest areas in Reno," said Timothy O'Brien, a Realtor with Dickson Realty. "Everyone just wants to within walking distance to the river and close all the amenities Downtown, and just ease of life. And it's cool!"
More housing options have become available in recent weeks.
"It was a little slow for about a month, and now the last two weeks we've had a major uptick," O'Brien said. "So I've gone from just a couple of listings to about a dozen listings in just the last couple of weeks, so its gotten really hot. "You're seeing sellers come down a little bit, trying to stay competitive, and buyers are doing a lot better job of getting pre-qualified and being ready before we get started."
The area isn't cheap.
"Everything around here is going pretty much for $300 a square foot which is a lot," O'Brien said. "If you have the means of doing some work yourself you can buy something that needs work done to it - and we would love to find new home-buyers that want to do that - but it's a rare commodity."
A lot of the homes available there are older homes with a lot of charm and original details. There's one at 1114 S. Arlington Avenue that Dickson is currently showing.
"These houses are awesome," O'Brien said. "This one on Arlington was built in 1941. It's 1,900 square feet, and homes like this are just really hard to come by; you don't get the old brick homes that are built really well, very strong, hardwood floors, archways, its just a really cool place to be."
The price? $589,000.
"Prices have gone up a lot since 2012; probably about 140%," O'Brien said. So you're seeing massive increases but we're just kind of peaking back out, I think. I think we're going to see things steady up a little bit as more things come on the market."
He says the property taxes are lower in this neighborhood but the utility bills tend to be higher.
"I think it would be really cool to find some more affordability, but you're going to see a lot of it going to the outskirts of town," O'Brien said. "So I think we really need to work on our transportation issues, and how to get these people in here effectively and cheap so they can afford to come to their Downtown jobs without too much hassle. I think we need to protect our transportation more than anything."
Lenders typically see more buyers in the Summer months and mortgage rates are low right now.
"In the last month the floodgates have definitely opened with the Summer months and rates being so low," said Christopher Cunningham, a Senior Loan Officer with Guild Mortgage Company. "We've gone from a few contracts a week to a few contracts a day."
He says there are programs to help buyers, even in a tough housing market.
"Fannie Mae and Freddie Mac have gotten creative recently with higher debt-to-income ratios allowable," Cunningham said. "Guild offers a first-time homebuyer program. The State of Nevada and Rural Housing have tons of down payment programs that can help with down payments and closing costs. You see a lot of realtors asking the seller to cover closing costs these days, so the affordability is there if you can get creative. It's important to have a professional both on the buying and selling side because of course every seller wants top dollar for their sale and every buyer wants the best deal."
He says a lot of clients are surprised when they find out what they qualify for.
"Every day I find someone who is scared to even start the process leave my office and is ecstatic to look for homes," Cunningham said. "And who doesn't want to buy a home? It's so exciting!"