Some people have talked about Reno home prices and if local real estate values are accelerating too quickly. We have seen some areas of Reno, Sparks, Fernley, and Carson City homes for sale cannot keep up with the number of buyers out looking for a home, which has caused prices to rise.
According to CoreLogic’s latest US Economic Outlook, this rise in real estate prices is a great thing! The average American household gained over $11,000 in equity over the course of the last year, largely due to home value increases.
For those that are worried that we are doomed to repeat 2006 all over again, it is important to note that homeowners are investing their new found equity in their homes and themselves, not in depreciating assets.
The added equity is helping families put their children through college, and even invest in starting small businesses, allowing them to pay off their mortgage sooner or move up to the home that will better suit their needs now.
CoreLogic predicts that home prices will appreciate by another 5% by this time next year. If you are a homeowner and want to know how much equity your home has Marshall Realty’s team of expert real estate agents can help.
If you are interested in buying a home or selling your house, contact Marshall Realty today at (775) 787-7400. We will look over current market conditions to see if this is the right time for you to make a move!