Nevada Real Estate Market Trends Vary

By Karen Lawson
Local Lender Columnist
Apr 29, 2008
The housing boom in Las Vegas, Nevada has made numerous headlines over the past few years. First, the booming growth, and more recently, word of record foreclosures and stagnant home sales has dominated news reports about Nevada. Although unchecked development can lead to an oversupply of housing, some areas of Nevada continue to enjoy increases in average home sale prices.

There's More to Nevada than Vegas, Baby

Residents of prime northern Nevada cities such as Reno, Sparks, and Carson City can attest to the growth in their areas. In spite of growing availability of new homes, property values continue to increase in many sections of the greater Reno/Sparks area. And despite an overall trend of falling prices, the average home price increased in 5 out of 12 neighborhoods in Reno and Sparks between September and December of 2007. The area's temperate climate, expanding commerce, and proximity to Lake Tahoe and world class outdoor recreational venues draw new residents from many locales and lifestyles.

Rapid increases in home values in recent years have provided many Reno and Sparks homeowners with significant amounts of home equity. It's important for homeowners to be aware of real estate market trends because home equity financing can provide a useful source of funds for debt consolidation, home improvement, and business ventures. Northern Nevada real estate professionals and mortgage lenders can provide the latest information about home values in your neighborhood. Home equity financing options can be tailored to meet specific needs and goals. Consult your financial advisor to develop an overall financial strategy and to learn how home equity financing can work for you.

Source:
Reno Real Estate Matters

About the Author
Karen Lawson is a freelance writer with more than fifteen years of experience in mortgage banking. She holds a Master's degree in English from the University of Nevada, Reno.