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How Does the Liquidity Crisis Effect Us Locally?
If you have read the paper or watched the news over the past year, then you are well aware of the national media coverage on the real estate bubble, the mortgage meltdown, the subprime crisis, foreclosures, and the liquidity crisis. The reports have discussed the condition of real estate and mortgage markets in particular states and major cities throughout the United States. As a homeowner or potential real estate consumer in Incline Village, you are probably wondering how this national issue affects you.
It would be nice to say that Nevada is immune to such national trends, but the fact remains that Nevada is currently ranked No. 1 in real estate foreclosures[1]. Again, this information is valid for major cities such as Las Vegas and Reno, but how accurately do the national news reports describe Incline Village real estate and mortgage markets?
Whether you own Incline Village real estate, or are considering purchasing property here, it is important to understand that Incline Village has been largely resistant to national and state-wide real estate trends. Reported mid-year statistics comparing 2006 and 2007 reveal a 20% increase in the number of single family home sales. The data also shows steadily increasing prices in the Incline Village real estate market[2].. Further statistics for July and August suggest that 3rd quarter sales prices will continue to rise.
Although Incline Village is not experiencing the direct impact of this volatile market, we are seeing some effects in the form of reduced loan programs and tightening underwriting requirements. Financing that is accessible to borrowers today may not be available tomorrow. The evidence of increasing sales prices in Incline Village coupled with the ever-changing mortgage market, means now is the time to take action. If you are considering a real estate purchase, I encourage you to contact me immediately. As a local mortgage professional with a financial planning background, I have the knowledge and resources to help you navigate through these turbulent times. For more information, please call 1.877.LakeLoan.
[1] According to RealyTrac™ U.S. Foreclosure Market Report
[2] Information gathered from Incline Village Board of Realtors MLS
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