Reno Hasn't Hit Bottom
Posted in Reno Real Estate- By Diane Cohn, Tuesday, March 4, 2008.Reno is like a less-worse version of Stockton-Sacramento-Modesto. We have not yet hit bottom and neither have they. Thoughts?
Diane Cohn, Realtor
www.renorealtyblog.com
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Submitted by Ryan Elliott on March 5, 2008 - 5:03pm.
I don't know that I agree. It is much like the recession talk you hear everywhere. You don't know that you are in a recession until it has past. When does a market hit bottom? Hard to tell. It's like calling the top of the market, nobody knew we hit the top until we were on the downside. If Reno has not hit bottom it is very close. The numbers are skewed because the only houses that seem to be selling are bank owned homes, and new construction. Both are discounting left and right. Once that inventory gets absorbed (it is getting close) the market will level out.
I think the overall economy is holding the market down. Gas prices, food prices, slump stock market, etc..
Ryan Elliott
ryanassist@gmail.com