Reno real estate has been so hot lately, it's difficult to have a conversation about homes for sale in Reno without mentioning home values. Some have even mentioned a concern over a possible bubble forming. However, home values in Reno can be attributed to a very simple principle: supply and demand.
Demand for homes in Reno has continued to increase as the economy slowly moves forward. Recent surveys have shown that over 80% of each generation still believes that home ownership is a part of the American Dream. And a recent Gallup survey showed that Americans believe that real estate is the best long-term investment.
Over the last several years, many homeowners were unable to put their homes on the market for an assortment of reasons (family finances, limited equity in the home). This led to a pent-up supply of sellers who have wanted to move but couldn't. As the economy improves and more families reach the point of significant equity (20%), we will see these homes come to the Reno real estate market. As supply then matches demand, the acceleration of home price increases will begin to slow.
What it means for you
If you have been chained to your current home over the last 5-7 years, now may be the time to break free and find the home of your dreams! Call Marshall Realty today (775) 787-7400. Our team of experienced local real estate agents can look over your situation to see if it's the right time for you to move.