Reno/Sparks Homes for Sale
Oct 10th 2010
If you’re looking for real estate in the Reno/Sparks area you’ve come to the right place. Our website will provide you with real estate information, and a home search for all of Washoe County including, Reno, Sparks, Cold Springs, Gerlach, Incline Village, Lemmon Valley, Golden Valley, Nixon, Spanish Springs, Sun Valley, Sutcliffe, Verdi-Mogul, and Wadsworth. These homes for sale in Washoe County will include all types and sizes of houses, from single family homes, condos, and townhouses, to duplexes, twin homes and multi-family properties.
Start looking for homes for sale in Washoe County, Nevada now. Make your house hunting easier, faster and more enjoyable. Or to find other Washoe County Nevada Real Estate Information and Resources simply, use the google search form below to search through this site and other quality Washoe County Real Estate websites.
Real Estate in Washoe County Nevada
There are few areas in the country where the real estate market was hit as hard as in Washoe County Nevada. From 2003-2005, the housing market boomed. Housings starts, and new construction hit all time highs all while home prices sky rocketed. For a time Real Estate Values in the Reno area rose faster than anywhere in the nation. During this time, homes for sale went under contract in a matter of days and usually had multiple offers. Realtors advised their clients to wait a few months before listing because home prices would soon be going up, and they could get more for their house if they just waited another month.
However, much of this boom was artificial. Homes were being purchased by investors and speculators who had no intention of ever occupying them. When there is a boom there is also usually a bust. Starting summer of 2005 the overly hot market started to cool. Houses no longer sold in a matter of days. Since 2006 real estate values in Washoe County have drastically declined. The price of real estate now is at levels we saw during the 1990′s. People who bought homes at the height of the housing market have houses that are worth less than half of what they are now.
Foreclosures and Distressed Housing
With so many people purchasing real estate at the height of the market, and with home prices declining so matter, Washoe County has a very large inventory of distressed property and foreclosures. For many home owners, the only way they can sell their home through a “short sale.” If no buyers come at a short sale approved price, the sellers have no choice but to foreclose. For a time, more than half of the listings in Reno were distressed properties.
Homes for Sale in Washoe County Nevada
The nice thing about the crash of the Reno housing market is that it has made real estate in Washoe County very affordable. However, in recent months we have begun to see the list price of homes start to rise, and it appears that the housing market bottom is clearly over. Mortgage interest rates are still at all time lows, making the option of buying real estate in Washoe County less expensive than renting equivalent sized homes. Right now, Reno has small lofts and townhomes that can be purchased for less than $30,000.
While affordable housing is abundant in Washoe County, there is also a good selection of high end and luxury properties available as well. There are more than 20 properties listed with price tags of more than 2 Million.
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