A bullish real estate market is lead by a strong demand and strong supply.
For months now Joe has experienced multiple offers in the first-time home buyer price range, specifically in the $150,000- $200,000 mark. However intriguing, this was not a big surprise.
Our train of thought was that all this 'sudden' increase in demand was just seasonal and due to the bank owned properties (priced significantly lower than normal sale homes). Thus, buyers have been very aggressive in making offers.
Then I came across this:
(graph is no longer available,sorry)
Price range: $150,000 - $190,000
Before I inadvertently confuse anyone, I want to be clear that this is not for the whole of Reno and Sparks. Just Reno. I hope this is clear for I wouldn't want to mislead anyone in saying that the Reno-Sparks real estate market has already reached a bottom. I wish. Unfortunately-- like you my dear reader--I'm still waiting for that to happen.
But with confidence I can say that if you're buying in the Reno area in the price range of $150,000 - $190,000 the market is stronger than ever-- as you can see in the above graph--the median home price has been steady in the last two years.
Here's the supply and demand in the same area. This will shed light to some of your other questions.
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