Lisa and Jim's Northern Nevada Real Estate Blog: October 2008

It Isn't A "Bad" Market For Everyone!

One man's fortune is another man's loss.  That describes today's real estate market.  Unfortunately, we've noticed that many people are getting locked up and not taking action.  This is most interesting since the market has swung dramatically and there are opportunities for Buyers that were non-existent just a few months ago.  They will not be beneficial to Buyers, however, if Buyers don't buy.  It's just like Sellers that didn't sell at the height of the market ... they bemoan their "losses", but they never had the gain because they didn't sell when the market was high.  Buyers that don't buy now may bemoan their lost opportunities. 

Here's a classic example of shopping this market and finding the golden opportunity.  We were working with a young family, first time buyers.  Their price point directed us to certain types of homes.  When we met to look at the first home the homeowner's daughter met us with, "my daddy is shampooing the carpet where the dog threw up."  It went downhill from there including the third bedroom being an extra large laundry room with a bed in it.  They were discouraged and stopped looking, but they continued to follow the market. 

Roll it forward a couple of months.  With the information about the USDA Rural Development 100% loans that we shared with you some time back, they were able to raise their price point just a bit, about $30,000 to the mid-$170's.  At the same time, the prices dropped to the point where the homes we were looking at were newer and bigger.  We made a few offers to no avail.  We kept pursuing the market and ‘lo and behold, we were able to achieve unthinkable.  Large home, vaulted ceilings,      newer, great condition, corner lot, across from school, great views, many, many outstanding amenities ... a lifestyle they earlier could only have hoped to upgrade to in five, or more, years. 

Compared to the initial rundown, dirty, discouraging offerings, the home they are going to raise their family in is a jewel that will serve them wonderfully for many years.  Their payment is unchanged, but their lifestyle is dramatically changed.  That opportunity is available in every market segment right now for those that are in a position, financially and mentally, to move forward with their life and live their life as they choose. 

Our advice: Sellers are very realistic today.  If one isn't realistic, the next one will be...or the next one...or the next.  Work closely with your agent.  Define what you want to achieve, what is truly important to you.  Be patient, be active, and then be proactive in your approach to achieving your dreams.  There are diamonds out there, and they aren't all laying on the ground.  You might have to do a little mining to find your precious jewel, but be assured that the Northern Nevada real estate gem field is a mother lode ripe for the picking.  In the spirit of Nevada mining, be aware of the Tommyknockers.  Are you listening to the good, or the bad Tommyknocker?  Don't let ‘em getcha and cause you to miss out! 

Opportunity abounds in every market and this one is no exception!  Be bold and you will enjoy the fruits of your action.  Don't watch and wonder what happened.  Experience is Priceless!  Lisa Wetzel & Jim Valentine, RE/MAX Realty Affiliates, 775-781-5472,,

Comment balloon 2 commentsLisa Wetzel • October 29 2008 07:00PM
It Isn't A "Bad" Market For Everyone!
One man's fortune is another man's loss. That describes today's real estate market. Unfortunately, we've noticed that many people are getting locked up and not taking action. This is most interesting since the market has swung dramatically and… more
The Buyer Gave Me A Repair Request List.. Do I Really Need To Do…
It depends on your Sale Agreement, the nature of the items you are being asked to repair, and your motivation to close your escrow. Here's what we mean. Your contract likely has several paragraphs that address inspections, repairs and the… more