Top ten reasons why it’s a great time to buy real estate

1. Selection, selection, selection. There are homes for sale in Reno/Tahoe in every price range, style, and size right now. Just a few years ago the resale inventory was much lower. A buyer was forced to make compromises if they were going to locate the home of their dreams. There is a great selection of single family homes, condos and townhouses. You can find large lots, small lots and a lot that will easily accommodate a boat or RV. The options are plentiful. 

2. No bidding wars. In 2005, we had clients who made offers on multiple homes, sometimes 5 or more. The clients would lose about 90 percent due to the feeding frenzy that existed at the time. Other buyers bid the properties up substantially from the original listing price. There were escalation clauses where buyers authorized their agents to outbid other offers by thousands of dollars. There is little to no bidding in this buyer’s market.

3. You can make an offer. A few years ago when you made an offer, the only question was how high above the list price could the buyer reach in hopes of the best offer on the table. Today the sell price list vs. price ration is about 90 percent or less. A seller will not be insulted if you make them an offer they can’t refuse.

4. Patience is tolerated. In the hot seller’s market that existed, everything was rushed. Find a house before other buyers did. Hurry up and make an offer, also make the offer as high as possible to forstall being outbid. Today a buyer can take more time. A buyer may look at several homes and think about their decision for a day or two.

5. Due diligence is welcomed. In this market a buyer is encouraged to obtain a home inspection, termite inspection and appraisal. In 2005, many buyers waived these contingencies in order to gain an advantage over multiple offers.

6. There are plenty of new or nearly new homes. In the not too distant past buyers has to play games if they wanted a new home. There were lotteries and waiting lists in order to obtain a new construction. Some buyers slept in their cards in order to get to the head of the lines. Now, it would benefit a buyer immensely to have a Realtor represent them in buying a new home because a Realtor will represent your interests and get you the best deal possible on a new home.

7. Repair Requests are welcomed. After a buyer completes a home inspection, they are allowed to submit a repair request to the seller. In the past, a seller might insist the home was sold as is. Many times, there were back-up buyers waiting for the primary buyer to upset the seller whose home was increasing in value almost daily. Short Sales however, are still primarily sold as is. To get the distressed price 99% of the time you will still need to waive the repair request.

8. Location, location, location. Today’s buyers can find homes closer to work, school or ideal shopping locations. In the past, buyers flocked to the outskirts in order to find affordable homes. This meant a longer commutes and the possibility of being in less desirable neighborhoods. In this market, reasonably priced homes are within biking or walking distance to schools, major highways and friends.

9. Fewer investors. It is estimated that one-third of all sales in 2005 were to investors. These non-owner occupied buyers caused the market to inflate and the affordability to decline. Mortgage fraud became commonplace. It’s a great time to buy without having to compete with hundreds of prospective land-lords.

Welcome to my Blog

Welcome to my blog. My team and I are committed to providing you with the finest Real Estate services in the Lake Tahoe/Reno region. I would like to invite you to come back in the near future to find useful tips on buying or selling a home, updates on the local real estate market, and other real estate/ business news that I think you will find insightful and helpful.

Also, you can find the most current information on available properties at the following link: 

http://www.renotahoerealtyblog.com/search-properties/

If you can’t find a particular property, please give us a call and we would be more than happy to customize a search for you. We can help with securing difficult financing and also are experienced with short sales and foreclosures. If you just want to know what homes are selling for your neighborhood please give our office a call and we can provide you with a free market snapshot of any specific area.

 Tahoe/Truckee Office number 530-550-7500

Reno Office number 775-787-7600

 Thank you for visiting my blog I look forward to having the opportunity to assist you in the future.

 Best Regards,

 Roger Rempfer