Short Sales in the Reno/Sparks area make up a large part of the real estate market. Here are three important reasons to short sell your home now.
- Legislation that has stalled foreclosures might not keep banks at bay for much longer.
- The Mortgage Debt Relief Act has been extended another year to provide important benefits that help you in a short sale.
- Prices for short sales are rising, so your home could be worth more than you think.
Let’s take a closer look at what’s going on in the short sale market:
Short sales increased in 2012 to 36.96% of the properties sold, which is up from 30.38% in 2011.
Short sales in just the Reno area increased 26.2% from 2011 to 2012 and were up 13.29% in Sparks/Spanish Springs.
Short Sales in certain price ranges are seeing a greater increase in sales. In the $300,000 to $400,000 price range we saw the biggest increase from 2011 to 2012 – a 40.96% increase, and sales that were at $100,000 and under we saw a 30.82% increase as well.
Given current market conditions all property types, especially in the under $200,000 price range, we are seeing competition and upward pressure on pricing. Many properties will receive multiple offers. We have seen a 22.5% increase in the median price from November 2011 to November 2012. This basically indicates that we have hit bottom and are starting in an upward trend. Buyers looking for deep discounts will not find many given current market conditions.
Short sales will continue to be good part of our inventory into 2013. With the extension of the Mortgage Debt Forgiveness Act for another year coupled with the bank’s looking to short sales more preferably than foreclosure we will continue to see short sales. Current market conditions which have prices increasing in our market may help some homeowners who were underwater move to equity positions. Working with an experienced REALTOR® will be key in the year to come.
If you’re thinking about doing a short sale, or purchasing one, call an experienced Dickson agent. Our agents at Dickson have the training and expertise to make your transaction as smooth and problem free as possible.