RENO -- Local realtors believe the current housing market is an exciting time for buyers, sellers, and builders for the first time in a while, but there could be a problem that will set it all back.

“They have to move kind of fast right now because believe it or not, every house that’s priced right, in good condition is going in 24 to 48 hours,” said Remax realtor Mike Smith.

 Broker salesperson, Alexandra Musser agrees, saying there are currently about 600 homes available for sale in our area, instead of the usual 3500 available.  But she also sees a problem on the horizon. “So right now things are getting bit up and bit up and prices are escalating because there’s seemingly little inventory,” said Musser. “But we know that’s not the case.”

Broker salesman, Stephen Musser, says there are about 12,000 shadow inventory homes in the Washoe County area. “Those are homes that are either occupied or vacant and the bank has chosen to not do anything with those,” said Musser. “So they are off the radar.”

We found several neglected homes in the Sparks area that are declared abandoned.  And there seem to be dozens of homes in Washoe County that could also affect our market. So the experts say it’s up to the banks to protect the future of our biggest investment.

“Now we’re hoping it’s in the interest of the banks to release them in an orderly manner,” said Smith. “So we can absorb it.”

Lawmakers are also working on revising legislation to allow the foreclose process to play out properly.

Chase International Real Estate is offering a free workshop for home buyers and sellers in the Reno area. It will be recorded live from 10:00AM to Noon, Saturday March 2nd, at the Reno Town Mall.  Please reserve your space by calling 775-233-2707. Seats are limited. Refreshments will be provided.