This is definitely a buyer's market! Your negotiating power in this market is greater than at any point in the last several years. If you are interested in buying a home for the long-term, this is a great time to do so. The Reno/Sparks area is saturated with vacant homes and motivated sellers. According to data provided on this blog approximately 5,000 are currently on the market which represents an 11 month inventory.
However, if you are a novice looking to speculate in the real estate markets, now is an extremely dangerous time. Only the truly savvy investors will be able to navigate the market today, but they need to act quickly. There is so much panic selling in the marketplace right now that the deals that are available today will not likely be around in the future. Of course, there will always be deals available, but the types of deals available today are not going to last forever. Martin Barrett of MacLean Financial Group said, "Now is the best time to buy Real Estate in Reno....everything is on SALE." This is easy to say because everyone talks about buying low and selling high, but hardly anyone actually does it! Once the market stabilizes, everyone will want to jump in again and the best deals will have disappeared.
As long as your time frame is greater than two years, now is probably the best real estate buying opportunity in over two decades.
The best thing for you to do is work with a team of professionals to help you structure your home purchase transaction in ways where you could save the most money. Strategies for you to consider include seller-paid closing costs, maximizing acquisition indebtedness to create tax benefits and structuring the down payment in the proper way are a couple of issues to address.
Jason Norris, MBA, CMPS, President MFG Mortgage Services, LLC 1.775.322.0496
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