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By John Graham | Broker in Reno, NV
  • Lack Of Inventory Issue in Reno/Sparks

    Posted Under: Home Buying in Reno, Home Selling in Reno, Investment Properties in Reno  |  April 5, 2013 9:47 AM  |  192 views  |  No comments

    Low Inventory Causing Issues For Buyers

    Inventory in Nevada is down considerably and the real estate community is concerned about the lack of inventory available in the 2nd and 3rd Quarter. According to some numbers provided, new listings on MLS have increased in the non-conditioned sales area and these are properties that are not Short Sale or REO, but regular or equity properties. Short Sale and REO new listings decreased in March compared to February. There are hundreds of qualified buyers ready to purchase but are getting beat out by cash buyers and investors. This trend is starting to look very similar to the BUBBLE we experienced in the 2004-2006 timeframe. It is hoped that Homeowners who want to sell take advantage of the market conditions and Banks who are holding assets will release a healthy amount of inventory, at an affordable price, to assist in our backlog of buyers waiting.

    Need help finding your new home or selling your current property? We can help. Contact Helen Graham or John Graham at RenoRealEstateByGraham.com. You can follow this link to get your current properties value: www.RenoAreaHomeValues.com

  • The Investors Are Coming - Sorry I Mean Here

    Posted Under: Investment Properties in Reno  |  April 5, 2013 6:37 AM  |  90 views  |  No comments
    Investors Pile Into Housing, This Time as Landlords
    According to the WSJ - Investors are continuing to pile into housing. How does this effect your property? You can contact Helen Graham or John Graham at www.RenoRealEstateByGraham.com for a review of your property or to answer any questions that you may have.

    Governement Rental Program(WSJ) — Jeff Pintar had buyer’s remorse as he purchased 12 foreclosed homes in five Southern California counties on a single day. His regret: that he didn’t buy more homes a year earlier.

    “Things have turned around faster than anyone anticipated,” said Mr. Pintar, who first began buying properties here four years ago and now owns or manages 1,700 homes, which he rents out for between $1,000 and $3,800 a month. Here in Orange County, nearly every home listed for less than $400,000 “is being pursued by institutional investor capital,” he said.

    U.S. housing recoveries almost always have been ignited by rising demand from families and individuals looking for a place to live. This recovery is different. Investors—including some big Wall Street players—are leading the way, say industry executives and analysts. Their role is noteworthy given that flippers and speculators were blamed for helping to inflate the housing bubble of the past decade.

    Today’s investors are mostly buying with the intention of holding on to the homes and renting them out. As they pile into the housing market, they have set off a chain reaction that has stabilized prices and changed market psychology, industry executives and analysts say. Fear of buying homes when prices are dropping has been replaced by the fear of missing out on cheap homes.

    “Whether they knew it or not, investors helped set a floor. They warmed up the market, and it brought buyers back,” said Lanny Baker, chief executive of real-estate brokerage ZipRealty.

    Investors have always played a role in the housing market, but their presence was often small. Currently, cash buyers—largely investors—make up about 32% of sales nationally, according to the National Association of Realtors. In Southern California, a favorite target for investors, absentee buyers accounted for 31.4% of purchases last month, up from an average of less than 17% between 2000 and 2010, according to DataQuick MDA, a real-estate research firm.

    While some firms have focused only on Sunbelt markets with newer housing stock, others are branching out. American Residential Properties Inc., which began amassing hundreds of homes in Phoenix four years ago, earlier this month bought 93 homes in Chicago’s southern suburbs, bringing its total there to around 300. On Friday, the company said it planned to raise $300 million in an initial public offering, according to a regulatory filing.

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