In a survey released two weeks ago by Pulsenomics, real estate experts overwhelmingly said that low inventory is driving the growth in home prices. Other drivers were low mortgage rates and job growth. These factors have made the Reno real estate market a great time to sell your Reno home.
However, things could change soon..
The fortuitous situation sellers see themselves in may soon change for three reasons:
- As more homeowners realize their equity situation has dramatically improved over the last four years, they will be more likely to put their homes on the market.
- With the residential real estate sector outperforming a sluggish economy, more home builders will be looking to add new construction inventory to a depleted supply of housing stock.
- Many banks are just now foreclosing on loans that have been delinquent since the housing bust. These houses will also be coming to market.