Do all of the home buyers currently looking in the Northern Nevada area, realize the amazing values right now?

Asked by Laurie Bethell, 89511 Fri Sep 7, 2007

Great Buys in Reno, Nevada

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Robin Coons…, , Phoenix, AZ
Sun Mar 7, 2010
Not only are the values so great but the interest rates are still great, there are some amazing loan programs including Nevada Housing loans for 1st time home buyers and the FHA 203 streamline for homes in need of repairs. If that weren't enough you can put real estate in a self directed IRA..
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Lexi Cerretti, , Incline Village, NV
Mon Jun 9, 2008
Good point, Myke. I grew up sailing, and we have a boat up at Lake Tahoe. I wouldn't want to tow it down to the valley, either, when we have great beaches and places to explore, especially on the Eastern Shore of Tahoe. It is disappointing that there are not more places to moor a boat or public storage areas to keep boats near the water. Back in New England, everyone on the coast who boats has fairly easy (and inexpensive) access to the water- even for small sailing dinghies and motor boats. There is nothing comparable to that in Tahoe, sad. But the Lake is so crystalline clear and so many great places to swim and be by yourself, I feel lucky we can keep our boat at our house and launch it at the Incline boat ramp without much hassle.
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Brad, , 95630
Mon Jun 9, 2008
I'm in the valley and have been a boater for years. With oil now at $140 a barrel and gas hitting in mid-4s before summer, I think that you'll be hard pressed to find a boater who would rather tow their boat all of the way up to Tahoe instead of Clear Lake, Berryessa or Lake Folsom. All 3 are wonderful lakes and IMHO/past experiences, much more relaxed and family friendly places to ski and wakeboard. Plus those lakes don't require a full wetsuit as those are nice warm comfortable lakes! As for airfares, I can fly from SFO to DEN for $189 (RT on United), SFO to SLC for $184 (RT on Delta) around the Christmas holiday ... Jackson Hole if flying directly in JAC is a bit harder. I'd have to agree with Lexi... wait for the homes to be priced right!
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Lexi Cerretti, , Incline Village, NV
Fri Jun 6, 2008
In reponse to Myke, Tahoe is not only a winter destination- we see many more visitors up here in the summer- beaches and boating make a great escape from the heat in the Valley! I'd also argue that it is a lot cheaper to make a 3 hour car trip from the Bay Area to Tahoe than it is to fly to Aspen or Jackson Hole! Have you seen airline ticket prices lately? Higher gas prices and economic woes make Tahoe an easy and viable escape for weekend visitors. We are seeing motivated sellers, especially in the $1 Million and under market (the lower end)- many homes in this category are being bought up after only a few weeks ont he market. View some of these quick sales and an updated list of Daily Best Buys on my site and go to "Best Buys". Many homeowners own their homes outright in Tahoe, those that don't and need to sell are succoming to pricing pressure making good opportunities for buyers. You have to be familiar with the market to know which homes are priced right, and which sellers are motivated.
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Brad, , 95630
Mon Jun 2, 2008
i'd have to agree that prices haven't come down as much as they will in the Tahoe Basin. With the California and Nevada real estate markets having gone down by 10-30% in many areas due to speculation, I haven't seen that decline in Incline Village yet (some areas in the Tahoe Basin are down a little).
A majority of Tahoe properties are investment properties (I've read as high as 70%), many used as rentals to help pay off the mortgages. With ARMs coming due, many are finding their primary rates increase (and potentially their vacation homes too!), and more people are willing to part with their vacation home than their primary home (esp. if their primary home is down 10-30% and their vacation home hasn't come down as much).
Add that to warmer winters causing shorter ski seasons and Tahoe historically being a winter attraction for those coming by car from the Bay Area and the Sacramento Area (have you seen gas prices recently?! ... And I doubt that the price of gas is going to be better this winter!).... there's definitely going to be a lower occupancy rate causing these mortgages payments to be coming out of pockets of the property owners (e.g. negative cash flow instead of that once positive cash flow).
Other destinations that are reached by flight are becoming more affordable in comparison esp. for the younger crowd that might not have been packing in 5 to a car. Why party in Tahoe when you can party in Aspen, Jackson Hole, Whistler Blackcomb, etc.
Of course those that live there will continue to live there and those that have been in the market for 10+ years have enough in the house (assuming that they didn't finance money out of the house) to keep them as profitable rentals for some time to come. If you plan on buying, definitely wait out this winter!
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Lexi Cerretti, , Incline Village, NV
Fri May 23, 2008
View my "best buy" list for Incline Village homes- we are seeing an increase in sales in the below $1 million range, with quality homes selling. I keep an updated list of the top deals with links to each listing and distinctive features that make each a great value in all price ranges.
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Peyoteboy, , Reno, NV
Tue May 20, 2008
Well, considering that the home prices are on average twice what they are compared to where i am moving from, and that area is one of the lightest hit by the turndown, I would say that none sees the amazing values because there is no value in buying in an inflated market.
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Myke, Home Buyer, 89449
Mon May 19, 2008
if by "amazing value" you mean prices that are still overly inflated - yes.
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