To Sparks' First-Time Homebuyers: Do not miss this opportunity

Last week I had a big 'aha' moment. 

It was when we came up with the term 'hyper local'.  The concept of within market is another market.  Understanding  the Reno real estate environment is good.  But there is more.  You can dig deeper into price ranges ($200,000 - $300,000) or by area (South Reno vs North Reno).  And by getting acquainted with these data you can significantly cut down the avoidable financial risks in buying a home.  This is not rocket science and it's actually not hard to do this.

Last week we talked about a price range in Reno that I think have already bottomed.  In this post we'll see if it's the same case for Sparks' real estate market.

Sparks real estate:

Price range: $150,000 - $190,000

Time period: Two years (July 2006 - July 2008)

Median Price (sold)
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Number of homes for sale in Sparks
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Number of homes sold in Sparks
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As you have probably noticed both Reno and Sparks' reports looked very similar.

Bottom line: $150,000 - $190,000 price range has been stable the past two years.   Supply and demand has been going up (a very good sign esp. with the 2-year time span)

This is awesome news for first  time home buyers in Sparks.  One last piece of advice when buying in the $150k - $190k range.  Knowing that this market has a ton of demand it may be wise not to play it safe when making offers.  Make full price offers, even higher if needed.  You can be sure that competition will be present.

Comments

[Jeffrey wiser]

Hey Joe, Thanks for the report. Hows the upper end of the sparks market?

[Joe Salcedo]

Jeffrey,

Unfortunately, not as good. If you're planning on making offers on homes above $300,000 you can still be aggressive in making offers lower than asking price. But it would also be nice if you can do an in-depth research on the specific area you desire. in that way you know exactly how the market is moving.