Realtor Looks at 2020 Market

Realtors are looking forward to what the market will bring in the coming year. The economy is on the up, but there’s a shortage of housing in the Truckee Meadows.

“We’re at an official full recovery; our market is strong, it’s thriving, the jobs are continuing to come to the area and interest rates are low,” said Tayona Tate, Global Real Estate Advisor with Sierra Sotheby’s. “It is still a sellers’ market. However, there are still homes available if you are a buyer, so don’t be discouraged if you are a buyer. With interest rates the way they are, there are still options to choose from.”

She says there are a few trends they’re seeing in a lot of new homes.

Commuter traffic has helped grow areas along Reno’s I-80 corridor.

“If you’re working close to USA Parkway, you’re looking at homes further East,” Tate said. “If you’re commuting from Truckee you may look towards Northwest Reno, so the area helps accommodate whatever you need.”

Homes in the area are still hovering near record-high prices, but Tate says that’s not necessarily a deterrent for buyers this year.

“It’s still a great time,” Tate said. “I do get people that get nervous about it being an election season, but interest rates are not expected to go up much and homes are still relatively affordable – especially compared to our neighbors to the West – so don’t delay. A lot of people want to wait, we some of those Doomsday preppers that hope the market crashes, but you’re in a lot better position owning your home, especially with rent prices going up. We talk about driving you car off the lot – you can lose value immediately – but when you invest in your own home, you have that appreciation not only by making payments but also by the neighborhoods and growth