Though the average Northern Nevada home costs $545,000 and mortgages are at a 23-year high, buyers are still shopping, albeit at a slower pace.
“We are not at a complete dead stop,” Christie Fernquest, president of Sierra Nevada Realtors (SNR), told 2 News. “There are some price reductions coming up, definitely buyers trying to be a little bit more creative. And the lenders definitely are getting creative with helping to get the buyers into homes.”
In their September market report, SNR said home sales are down, especially in rural counties, while median home prices are up. Jorge Montoya, a branch manager for Guild Mortgages in Reno, said the market is in a “brutal” transitory cycle, but sales haven’t come to a halt.
“Real estate generally always sells because life events happen,” said Montoya, speaking on behalf of Sierra Nevada Realtors.
That’s true for the Myers family, who collected the keys to their new home in Dayton on Thursday.
“It’s absolutely a scary market, and definitely a time to think twice, but I think that we put ourselves in a position to, whatever happens moving forward, we’ll be able to weather the storm,” said Marcus Myers.
He and his wife Rosy said they’ve been planning since 2018 to purchase a home, and they’ve worked hard to build a financial foundation to weather tough market conditions. With an 8-month-old son and dreams of a home in a cul-de-sac, they decided to buy in with plans to refinance later.
”I can already picture him running around and being in the backyard with our dogs, and it’s definitely exciting,” Rosy said, looking at her son, MJ.
