TRUCKEE REAL ESTATE TODAY
The way real estate health is described is confusing, since the current reports are generally based upon the national markets. The truth is that real estate health is area sensitive. Reno, Nevada’s real estate health is quite different than Truckee’s while only 30 miles apart.
According to the Reno MLS approximately 60% of closed escrows from the first of the year are made up of REO’s, short sales and foreclosures while the Truckee escrows are made up of only 23% of distressed properties for the same period.
This doesn’t mean the Truckee has scooted through the recent troubling times unscathed but, it does mean that compared to the bulk of other areas, Truckee has come out better than most with current thinking being that we have reached the bottom and showing signs of property values moving up.
A boost seems to be coming to all real estate in the form of a tax break supported by Majority Leader Senator Harry Reid of Nevada, who is supporting extending the current $8,000 tax credit for first time home buyers for 4 months. Other bills would raise the tax deduction to $15,000 and making it available to all new home buyers including the higher tax bracketed tax payers. Also being suggested is a 20 month extension of unemployment payments, Judging by the response that the present bailout has had, this will be an added boost to property sales.
My concern is, what will be the ultimate impact of so much money being drained from our nation’s monetary value? One thing is startlingly clear, there never has been, nor will there ever be, a free ride.
Don Schaller
Broker/Owner
Schaller Family Realtors
Dickson Realty, Truckee
