Bottom In? Wealthy Are Indicators

Mark Buergin

High-end properties are garnering more interest in Incline Village this past week. Many agents are reporting a brisk interest in their higher priced listings. So called “low ball offers” have been followed with much more realistic offers. This may portend a renewed interest in luxury properties at Incline Village.  This all seems to follow the feds pro-active role in getting the lending market back on track with a half point cut in interest rates last week, in combination with recent gains in the stock market. If we see a follow-through in more luxury home purchases in the coming months along with further rate cuts by the fed, renewed confidence could spark more home sales in our local market. Historically, down cycles are very short lived when the rest of the economy is faring well with unemployment and other economic indicators pointing to expansion. Quarterly home sales statistics will be coming out in a week, indicating whether Incline Village continues to hold strong defying the downward trend in other areas around the Lake, Reno and Truckee.