RENO, NV (KRNV & MyNews4.com)-- Local real estate brokers say this year is shaping up to be a year of dramatic recovery for Northern Nevada.
"It's like a perfect storm, you've got interest rates as low as they've ever been you've got price points that are lower than construction so for this aspect I mean for a buyer it's a phenomenal time," real estate agent for Marshall Realty Marshall Carrasco.
News 4 sat down with realtors from Chase International to go over the numbers.
Real estate agent Megan Lowe says there are less homes on the market right now than there's been in years and she says that's a sign of recovery.
"We usually have about 3,000 homes active on the market which means there's no offer on the table. Right now we have 462 active homes to date in every price point," Lowe says.
Those numbers are not including the some 1,000 homes where the sales are pending.
"What it's showing is that the market is recovering dramatically and our market right now is on such a burning pace that there really is almost no inventory," Carrasco says. "It creates this frenzy and that's what we're seeing right now."
A frenzy in that sense is not necessarily good for buyers, but low interest rates Lowe says are key for buyers.
For the first time in five years the sold to asking price ratio sits at 103%.
Lowe says before you head out on the purchasing path find a broker and learn about programs you're eligible for.
She says there are government programs out there that will help even those who were hit by the down economy.
"You have to patient as much as it's hard and you don't want to be you have to be patient," Lowe says.
Chase International is offering seminars at My Wedding Library at The Summit for those who want to learn more about buying a home.
The seminar is taking place Wednesday March 6th and 20th from 6 to 7 p.m.