Why Home Affordability Is Slipping in Northern Nevada

    A top real estate agent in Reno affords you someone with the knowledge and experience to shepherd you through the increasingly costly Northern Nevada housing market.

    Most available homes carry a price tag of at least $285,000. According to Realtor.com, houses cost on average about $300,000.00 in the Reno area.

    A local Reno real estate agent can tell you that’s good news if you want to sell your home in Reno, but may not if you’re buying.

    An “affordable home” in Reno means that it’s priced no higher than $225,000. As of early 2016, only 200 homes. Finding a real estate agent in Reno can lead you to one of these or other affordable homes.

    Lots of People Are in Need of Homes

    Real Estate agent in Reno | Mike Wood Realty As a local Reno real estate agent can tell you, supply and demand applies to the housing market. Prices climb when there is less supply of or more demand for homes.

    Estimates put the number of needed new homes in Northern Nevada at about 5,000 per year.

    Job growth in the region is a significant driver of this demand. The Economic Development Authority of Western Nevada – which includes Reno – anticipates 10,000 new jobs per year. Overall, Nevada as a whole may have 40,000 new jobs a year. Many of these jobs will come from tech stalwarts Tesla and Apple.

    These high-tech and other jobs could draw 50,000 new people to Reno by 2020 — many potential owners or renters competing for limited living quarters. If your one of these new residents, finding a real estate agent in Reno can lead you to someone who knows where to find you a home to buy or rent.

    Where Are the Foreclosures?

    When the housing market crumbled due to the Great Recession, approximately 60 to 65 percent of the housing inventory came from foreclosures and distressed sales. Now, only one in 10 homes in Northern Nevada are distressed.

    Drops in foreclosure rates mean fewer houses that lenders having to dump houses in a hurry. If you sell your home in Reno, you’ll find fewer foreclosures competing with you and you can command and wait on higher prices. Find a top real estate agent in Reno who can negotiate a great deal for you.

    While foreclosures and other bank-owned homes have decreased in number, they have not disappeared. With a local real Reno real estate agent, you can locate those affordable deals if you need to buy low.

    Where Are the Homes — and the Land?

    Northern Nevada presently has enough inventory to last just under three months.

    If you sell your home in Reno, potential buyers have fewer choices. If you’re one of those buyers, however, finding a real estate agent in Reno could help you find some bargaining leverage even in this sellers’ market.

    The low supply of house-ready lots can frustrate the growth of inventory:
    *In Washoe County, there are enough finished and vacant single-family lots to last 14 months
    *Reno has a 26-month supply of builder-ready lots. That level is down from a 14-year supply just three years prior.

    Additionally, the United States Government owns 85 percent of the land in Nevada. According to the Nevada Office of the U.S. Bureau of Land Management, as of December 2015, the federal government owned 78.8 percent of Washoe County’s 4,188,232 acres.
    If you’re buying vacant land to build upon, a local Reno real estate agent can help you snatch that increasingly difficult to find land. If you sell your home in Reno, find out how a top real estate agent in Reno can take advantage of the low stock of homes on your behalf.

    The Houses Are Larger

    Luxury Homes in Reno | Mike Wood Realty A top real estate agent in Reno can help you if you’re in the market for — and have the ability to buy — a high-end home.

    “luxury home” typically has high-end furniture, appliances, materials and finishes for floors and counter-tops. Amenities may include game rooms, vaulted ceilings and even elevators.

    In 2014, Northern Nevada had less than 100 new luxury homes constructed. The range of median prices in the first three months of 2015 ran from $1 million to $1,900,000.

    With scarcity in land, subdivisions are not the norm here. This means builders have targeted their efforts to these larger homes and executives or those between 50 and 60 years old who have built enough wealth to afford them.

    Finding a Real Estate Agent in Reno to Tread Through the Market

    The prospect of new jobs and more residents spells good news for Reno’s economy, but challenges if you need affordable housing. Turn to a local Reno real estate agent who knows the area, market and how you can overcome the challenges of finding a home.

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