HOUSINGNEWS REPORT
NEVADA HOUSING SPOTLIGHT
SI LVER LINING FOR SPECULATORS IN LAS VEGAS
Q2 2017 HOME FLIPS HOME FLIPPING RATE (SHARE OF SALES)
8.9%
6.7%
1,207
174
LAS VEGAS, NV
RENO, NV
the CBER. “In the situation in Reno, I would say that speculators are driving up prices today, which will stimulate construction so that employment and population grow. Prices will not be as high tomorrow because of the speculation today.” Dark Side of a White-Hot Market The highly speculative seller’s market in Reno does have a dark side, according to local experts. What is making it particularly tough on the buyer’s side is that sellers are being very greedy, according to Foster, the sales agent with Sierra Nevada Properties. “Sellers are saying I want more and I want to do less and give less,” she said. “If you want help with the closing costs you have to build it into the offer.”
“Sellers are saying I want more and I want to do less and give less ... If you want help with the closing costs you have to build it into the offer.”
MICHELLE FOSTER SALES AGENT, SIERRA NEVADA PROPERTIES, RENO
not get a second opportunity to up their offer, so they need to decide up front how important a particular house is to them. If they absolutely have to have it, then they need to bring in a good offer. The red-hot real estate market in Reno is also forcing real estate investors to shift strategies, according to Foster. “What I notice is that flippers are moving to manufactured homes and mobile homes and fixing those up because they are still very affordable,” she said.
Banker Select Real Estate in Reno, Ron Bell is also keenly aware that it’s a tough market for investors. Given current market conditions, Bell said he’s advising many of his investors to get out of their properties and sit on the sidelines with the cash for now. “The challenge is finding anything because the inventory is so tight,” said Bell, who is also president of the Reno Real Estate Investors Club. Still, he is bullish on the market when it comes to buying in the outlying areas like Fernley and Elko.
Reno Ripple Effects An investor and broker with Coldwell
Foster tries to educate her clients about the market, warning them that they may
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NOVEMBER 2017 | ATTOM DATA SOLUTIONS
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