Local Realtors ride the wave of a hot market!

Here is an article from the local paper. The problem is that there is usually a offer on the property before the house goes on the market. Maybe once the new housing here gets built it will get better, but I doubt it. By the time that happens interest rates will be higher making housing un affordable unless you have $50,000 or more to put down on the house. Also because much of the well water here, unless you have city water, is not up to EPA standards, you can not buy VA. So much for the buying a house here. I did come from the Mid West and it looks like people retiring from California will Ruin the housing Market in Nevada much like they did in Oregon.

Local Realtors ride the wave of a hot market
JOSH JOHNSON, jjohnson@lahontanvalleynews.com
April 16, 2005

Smokin', red hot. That's how Fallon-area Realtors describe the real estate market during the first quarter of 2005.But along with brisk home sales, potential home buyers are facing rising costs and a limited inventory of available property.
"It is so hot that there is nothing to sell," said Bobbi McDonald, a realtor for LL Realty.
The day-to-day housing inventory is so tight there's often very few home available, she said. McDonald has placed houses on a computer database and within an hour and a half offers have started to pour in.
Local real estate statistics reflect an active market with rising prices.
Between Jan. 1 and March 18, the 78 local Realtors completed 47 residential transactions of stick-built homes on 1.99 acres or less, according to information provided by Bob Getto, the Fallon-area multiple listing service director.
The average price of those homes was $163,659.
The most expensive home sold for $335,000, while the least expensive was $50,000.
Potential home buyers should watch the market closely and jump on property which suits their needs, McDonald said. "If they see something they want, they can't wait, they can't hesitate," she said. "If not, there's three or four people behind them." The first quarter of the year could've been even busier if not for cold, wet weather hampering construction of area subdivisions during the winter months, said Mike Berney, owner of Berney Realty, Ltd. Rental costs may also be on the rise, he said. Investment properties like apartment complexes are a hot local commodity, which are selling for more recently than in the past, he said. The expense could be passed on to the renter. Local home buyers seem unfazed by higher home costs, but it's a different story for out-of-area customers, he said." People coming in sometimes are amazed at what are prices are," Berney said. "But they're usually not from the West, but often the Midwest. For them, it's a sticker shock. "There's no sign of stopping for the Fallon real estate market, said Getto, a realtor with Prudential Ferguson and Getto, Inc. "I don't see any relief at all for buyers coming to Fallon in 2005," he said. "It looks like for a buyer needing affordable housing in Fallon, it's not going to be any better."The bulk of the buyers are from California or the Las Vegas area, Getto said, where higher prices make Fallon's market look appealing.
Market demand is creating inflation with selling prices of 1 to 2 percent over appraisal not uncommon, he said. Home seekers should seek prequalification for financing before placing an offer, which puts them on par with cash buyers. "You need to pay attention to the market daily," Getto said. "If something's on the market that fits your needs, you don't have time to think. You'd better buy."