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Where is Real Estate in Reno Headed? and when is the Right time to buy or sell in Reno.

Posted by Jeff Sallan on Saturday, December 10th, 2016 at 2:04pm.

When is the right time to buy a home in Reno??  With almost every client at some point they ask my opinion of where we are headed and what is my expectation for our market.   I always reply the in much the same way wishing I had a crystal ball to predict what the market will do.   I gave up predicting what is possible in our market when the great recession smashed our market to a steaming pulp of foreclosures, and short sales.   In my opinion we have over past 4 years entered into a healthier condition.  Property values have gone up significantly and in some cases returning to pre- Boom levels.   It is important to note that I do not view steep increases in property values more than 10% to be sustainable and healthy.   The best case we should hope for in my opinion is a STABLE and predictable market.  This will allow us focus on what the the market is doing now without the back noise of  "what is going to happen".    We do have many great indicators pointing to stability.   Technical, manufacturing, and the development of tertiary markets are certainly driving strong job creation.   The university of Nevada is growing rapidly and with intention to create a skilled workforce.   Our physical location and size make Reno appealing on many levels for quality of life.  Nevada is tax and business friendly.  We have  outstanding organizations with regard to economic development such as EDAWN lead by Mike Kazmierski.   These organization are pointing to an inventory shortages in the prices ranges of 200K-350K for homes.  

So when is the right time to purchase really boils down when you as the consumer want to buy or sell.  It is a personal choice based upon your personal set up circumstances.   I always advise people if they are uncertain, nervous, or confused to not purchase or sell.  If the background noise in your head has moved on then most likely you are ready.  And I think being ready is the by far and away the most profound indicator of being a "savvy" buyer or seller.   

 

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