So where is the Reno market right now? No empirical data in this post, just my gut reactions after following every sale for the last decade or so.
There was a sales blip early this Summer in the $400-600K range, particularly in new construction. Lots of out of area buyer. That momentum seems to be petering out rather quickly. I sense it was mostly speculation, with a fair number of tech relocates thrown in. Now, we are back in the seasonal market of jaded old homes hitting the market where the photos scream “dead people”.
If you are a 1st time buyer, be warned that credit standards are tight and you will be bidding up against the investor class. If you are the investor class, be warned that you are bidding up home prices way over any reasonable rent/own ratio. If you are a landlord, the above forces put you in the driver’s seat.
Where is the new product to house our expected new workforce requirements? There are some incremental developments moving up the development chain, but nothing of Regional significance. The developers with shovel ready projects are actually slowing down new product in anticipation of massive price appreciation in 2016.
What do you all sense?