Real Estate Information Archive

If you are interested in getting a list of distressed properties (REO and Short Sale) available for sale you can go to our website at www.RealEstateByGraham.com, hover over the buyer link and then select either the REO or Short Sale button.  This will take you to a page where you can click and see the list.  If you would like any more information regardings these properties, pelase feel free to contact us at 775-530-8397 or tahoejg@netzero.com

Follow this link to view charts on the status of the Reno Real Estate market statistics for October, 2009.  There are statistics on Reno Bank Owned (REO), Reno Short Sales, and Reno Regular sales.

Please let us know if you have any questions regarding this information  A special thanks to the Northern Nevada MLS for providing this data.

The sales trends in Reno real estate may be changing.  Follow this link to a chart with Reno Area 2009 Sales by the categories of Regular Sales by month (non Bank Owned or (REO) or Short Sales).  Bank Owned Sales (REO) by month and Short Sales by month.

My observations are that total overall sales are trending up, Short Sales are trending up, Regular sales are trending up and Bank Owned or (REO) sales are trending flat.

Following are the total sales percentages for Reno real estate from January 2009 thru October 2009.

Percent of Total Sales

Regular Sales - 37%

Short Sales   - 21%

Bank Owned  - 42%

Compared to 2008 regular sales and short sales are moving up while bank sales are moving downward.

Please let me know if you have any questions.

Is it just me or are we seeing a decline in the number of Bank Owned (REO) properties available for sale in Reno and maybe the US?  Is the decline a seasonal issue as we move into winter or is something going on behind the scenes?

In April of this year the Financial Accounting and Standards Board (FASB) changed the method in which financial institutions (banks) could value their toxic assets.  Up until April, 2009, the banks had to value their toxic assets using a rule called mark to market.  This meant that if a property that was on their books for a $200K mortgage and is now selling for $100K then the bank had to show a value of $100K for this asset on it's books.  Makes sense right? 

With the change in the Mark to Market Rule (FASB 157), the banks can now future value their toxic assets which allows for a higher book value and can provide the opportunity for a more orderly sale of these toxic assets.  Instead of having to dump these assets onto a declining market, they can now elect to hold the asset at a higher book value (not impacting their balance sheet, capital requirements, and bonuses) and then determine when it makes sense for them to sell the assets over time.  Could this be contributing to a decline in REO properties available for sale?  How all of this will play out in regard to Real Estate is anyone's guess. 

Comments and questions are always welcome at www.RealEsateByGraham.com

Thanks

Are home buyer's expectations real?  If you are looking at a property that is priced to sell, don't expect to get an additional large price reduction.  A survey by Campbell Communications indicates the following statistics.

Average Sales Price to List Price Survey - September 2009

Move-In Ready Bank Owned (REO) Properties - 99% of List Price

Damaged Bank Owned (REO) Properties - 95% of List Price

Regular Sales (not Bank Owned or Short Sales - 94% of List Price

Short Sales (Pre-Foreclosure) - 93% of List Price

You can see from these statistics that the list of sales price range is in the 93% to 99% range.  Real Estate is a local market and these statistics will vary from region to region however buyers that still expect to see major reductions are probably in for disappointment.

Multiple offers are once again becoming more prevalent.  If you are looking for property that is priced below the current market you can expect to see multiple offers for the property.  Following are the September, 2009 statistics for multiple offers per category:

Average Number of Offers:

Move-In Ready Bank Owned (REO) Properties - 4 Offers

Damaged Bank Owned (REO) Properties - 3.7 Offers

Regular Sales (Not Bank Owned or Short Sales) - 2.8 Offers

Short Sales (Pre-Foreclosure) - 1.8 Offers

For further information regarding the statistics in your local market you should contract a local real estate professional.

Short Sale and Bank Owned (REO) properties continue to come to market in Reno, NV..  We publish a weekly active property Bank Owned (REO) and pre-foreclosure (short sale) list of properties on our website each Wednesday at www.RealEstateByGraham.com.  Highlight the Buyer tab on the home page and then click on the link to either Bank Owned (REO) properties or Short Sale properties.  There is also a list of multiple listing service areas along with a map of the multiple listing service areas for your reference.

This list of Reno available REO & Short Sale Properties may help you in your search for a new home in Reno or help with your investment opportunity research.

We would be happy to help you with any additional information or research that you may require.

According to the Reno Multiple Listing Service there were 685 sales in Reno during the month of September, 2009.  Following is a breakdown by sales category:

Bank Owned (REO) - 40%

Short Sales           - 24%

Regular Sales         - 36%

Following is a breakdown by sales price range:

$0      -   $200K     - 59%

$201K -   $400K     - 32%

$401K -   $700K     -   7%

$701K -    Up         -   2%

The total of bank (REO) and short sales are still the majority of sales this month.  Sales in the $400K and below price range account for over 90% of sales in September.

Please let us know if you have any questions regarding Reno real estate.   

If you are interested in keeping up to date or researching Bank Owned (REO) or Short Sale properties in Reno you can go to our Website to get a list of properties that are available as of Wednesday each week.  The list is updated on Wednesday each week.  

Just go to our website at www.RealEstateByGraham.com, select the Buyer Drop down menu on the left of your screen and scroll down to either the Bank Owned (REO) or Short Sale properties link.  When you select a link you will go to a page with a highlighted link.  Click on the highlighted and underlined link and it will take you to the latest report.

Please let us know if you have any questions.