Realtors notice ‘buyer fatigue’ in Reno housing market
RENO, Nev. (KOLO) - It’s definitely not news to point out that buying a home in Reno is expensive, and now some potential buyers are tired of trying.
“When it comes to buyer demand we are seeing some fatigue for sure”
And that fatigue is now noticeable, with mortgage applications at an 18 month low.
At Dickson Realty, Kayla Dalton says that with the median home price still close to $530,000 many have stopped looking.
“People are getting discouraged” she remarked. “That is the number one thing.”
Over at Sierra Sotheby’s International Realty, Dave Johnson says homes are still selling for more than what is being initially asked for.
“Properties are still selling for 102% of asked price,” he explained. Adding it used to be 104%.
Recent wildfires are also impacting our housing market, as Forbes recently showcased.
“That will affect people moving there and then have the effect of people moving here,” Dalton said.
Johnson also says simply getting fire insurance has been difficult for many, making closing on properties that much tougher.
Still, despite prices high, and inventory low, interest rates are still advantageous for buyers, something that many expect to change a bit next year.
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