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Reno’s Real Estate Market Is Red Hot. Here’s Why

Reno home prices are going up, and the short-term prediction is that this will continue for the foreseeable future, However, some factors could stop increasing prices in the longer term. In the meantime, buyers should expect tight supply and multiple bids on each property.

Low Rates and Supply Mean High Prices

The story in Reno is much the same as the rest of the country. Historically low interest rates and short supply are combining to light a fire under the real estate market. The few homes that are on the market are available only to the bidders who manage to beat out everyone else. This freezes some potential buyers out of the market. 

Many homeowners have stayed put because of the pandemic. Some people have put off moves because of the uncertainty of how their lives will unfold in the future. Others need to relocate, but there is not an available supply of homes. Even as the pandemic begins to recede, the housing market still seems in flux.

The low interest rates mean that buyers can afford more houses for their money. Currently, mortgage rates are just above record lows, stretching homebuyers’ budgets. This often emboldens them in a bidding war. The result is that prices keep running away from the average buyer. This may stop when mortgage rates invariably head higher, so buyers need to be cautious, lest they end up in a repeat of the Great Recession housing bust.

Portable Jobs Increase Competition for Homes

The pandemic’s housing effects are far more magnified in Reno. Some buyers can move practically anywhere in the country and still keep their jobs, and Reno is one of the most desirable destinations. Housing prices are up over 20% year-over-year. While Reno has become expensive and has priced out many buyers, it is still less expensive than some metro areas in the neighboring state of California. Families from California may be able to cut their housing expenses by moving to Reno, leaving some locals priced out of the market. 

People are coming to Reno from all over the country, and that has put the market into a frenzy.  In fact, there appears to be a great migration of people from large cities to more rural areas. While buyers need to be careful about paying too much, they must be prepared to pay up if they want a home in Reno. In the meantime, there is little relief from high prices for prospective buyers in the real estate market.

What Our Clients Say

My family and I are thankful to Maddox, Segerblom and Canepa for their assistance during a three year case regarding construction defects to our home. We are truly appreciative of their knowledge, determination and assistance during this process. They were always courteous, and available to answer any and all of our concerns and questions. Thank you for the wonderful resolution. Many thanks to you and your staff.

Frances Castelli

We used Maddox, Segerblom & Canepa to represent us in a legal suit re problems in construction on new properties that we purchased from a developer.

We were very pleased with the representation provided by this law firm. They were fully communicative, responsive to our questions and were very knowledgeable about the issues that required resolution. Even after we reached a resolution, they have been responsive in making sure to point us in the right direction for help with repairs that are required.

We would recommend them to others with similar issues that require legal help.

Atam & Margo Lalchandani

Maddox, Segerblom & Canepa did a FANTASTIC job in our construction defects case. I interacted with several people from their office throughout our 2 year litigation. Their staff is friendly, knowledgeable and always prompt about getting back to you when you have questions/comments/concerns. I especially enjoyed working with Darcy, Ardea, Eva, and Sandra. Being part of a lawsuit is no fun for anyone, but if you have to be a part of one, I can’t say enough positive things about this firm!

Victoria Fox

The law firm of Maddox, Segerblom, and Canepa were amazing to work with. They were thorough and always available for any questions we had. We worked a lot with Sandy who was always professional, friendly, always on time for appointments and just a great person to represent this firm. We have never been involved in a law suit before and they made it comfortable for us. We appreciate the hard work the lawyers and people who work for the firm did and would recommend them.

Becky Loudenburg
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