The Reno, Nevada housing market doesn’t remain even. There are constantly dips and surges. We’re past the bottom of the market, but there are still some great deals to be had and with the current market conditions, now is a great time to buy.
1. Housing Price Gains are Slowing. Yes, home prices have gone up. In August of 2014, home prices across the country increased by 4.8% over 2013. That was the 30th month of year-over-year gains. But it’s slowing down. In 2013, the increase was in the double digits.
2. The Job Market is Strengthening. You’ve heard about Amazon and Tesla coming to the Reno/Sparks area. That means there will be even more job opportunities. Not only does that mean more people will be comfortable purchasing a home, but there will be more people in the area potentially looking to buy. It’s a good time to be ahead of the curve.
3. Buy vs. Rent Favors Home Ownership. In September, 2014 rents rose 6.5% year over year. Housing is looking like it’s leveling off; at least for now.
4. Take Advantage of the Off-Season Home Sales. May through September are the most common months to sell a home. For sellers who have listed their home during the winter, they could NEED to move and there are likely to be fewer offers.
5. Mortgage Interest Rates Are Still Low. National averages are between about 4% and 5% for a 30 year, fixed rate loan. If you’re interested in more information about a home loan, give us a call at 775-453-0209 and we’d he happy to give you a few recommendations for local lenders.