Some potential home buyers in Reno think home prices have maxed out, and many believe prices will drop substantially “soon.” Others are convinced the companies bringing jobs to the region will fail or pull up stakes and leave “soon.” Some have said this for the past five years, yet and the data has proven theses scenarios wrong time after time.
Experts in the economic development sector predict robust growth in Northern Nevada for years to come, with national companies continuing to migrate here, creating more jobs and putting more pressure on home prices. National commercial and home builders seem to agree — investing millions in land development, infrastructure and housing projects. Business people running these companies do their homework and focus on profits. Their investments speak to Reno’s future.
What does that mean to the average resident? To me, it signals that home prices likely won’t drop significantly anytime “soon.”
The graphic below outlines the cost of waiting based on data from home sales across the nation. In Northern Nevada, very little sells below $200,000 — so add about $100,000 to these numbers. Waiting to buy a home could — and quite likely will — cost more in 2020.
What is your perspective? For more insights on and data on home sales in Northern Nevada, please email/contact me directly.
Holly O’Driscoll is a freelance journalist and Realtor at Chase International Real Estate in Reno, NV. (NV lic: s.176271) Email her at [email protected] phone: 775-850-5900.