Reno had 660 Reno real estate single family sales in August.  The lower priced end on the market is very hot with 433 of the Reno real estate sales being sold at $300,000 or less.  Reno had real estate sales of 277 single family properties above $300,000.

Bank owned or REO properties accounted for 264 sales with Short Sales accounting for 142 sales and regular sales were 254 properties.

Reno August 2009 Sales Percentages by Category:

Bank Owned (REO) - 40%

Short Sales           - 22%

Regular Sales       - 38%

Reno August Sales Percentages by Price Range:

$100,000 & Below    - 14%

$100K to $200K       - 45%

$200K to $300K       - 22%

Over $300,000        - 19%

These statistics indicate that the Reno real estate market is hot with 81% of total sales below $300,000.

If you are a first time home buyer the clock is ticking.  You will need to close the purchase of your home before November 30, 2009 in order to take advantage of the first time home buyer tax credit.  That means that you need to identify your property, enter into contract for purchase of the property and close on your property prior to November 30,2009.

If you are financing your purchase with a bank or mortgage company you will probably need 4  to 6 weeks to be able to obtain financing and close on your property.  In other words to be safe you need  to be in contract on your new home by October 15, 2009.  Tic-Toc-Tic-Toc.

Please let us know if we can help you find your new Reno home.