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Legacy Pointe Statistics: Jan 1, 2025 to Apr 6, 2025
- Average Days on Market: 90
- Median Sold Price: $497,500
- Active Listings as of 4/5/2025: 2
Click here to view detailed info & photos on Active Listings - Under-Contract Listings as of 4/5/2025: 1
Click here to view detailed info and photos on Under-Contract Listings - Sold Listings from 1/1/2025 to 4/5/2025: 8
Click here to view detailed info and photos on Sold Listings
All Reno/Sparks Market Update – 4/7/2025
30-Year Mortgage Interest Rates: 6.375% (6.409% APR)
What does this all mean?
The short answer is:
Prices on homes in Reno/Sparks will probably continue to increase at a rate of 5%-7% year over year. However, the volatility presently happening in the US and world economies could create a shift of major proportions. For interest rates, there are so many factors that can move the Conventional 30-Year Mortgage rates, and with the volatility of our economy, it would be difficult to predict with any certainty what will happen in the near future. However, I can confirm that Donald Trump is very big on the real estate market. He is very much in favor of lowering interest rates and if he is successful, we should be under 5% in late 2025, or early 2026.
Here’s an examples of what could happen:
In March of 2020, the World Health Organization declared the coronavirus as a pandemic. As it spread throughout the world, many countries (including the US), shutdown all non-essential businesses and services in an effort to control the spread of the pandemic. This caused a catastrophic economic collapse and in an effort to help the economy and citizens of the US to sustain their families, the Feds reduced the Fed Funds Rate to zero (btw – as of 4/5/2025 the Fed Funds Rate is 4.33%). This brought the Conventional 30-year Mortgage Interest Rate down to 3% and for a few weeks a bit lower (today the conventional 30-year mortgage rate is 6.375%). Anyway, in 2021 and 2022 Home buying skyrocketed, yes amazingly, there were lots of people that could qualify for a home purchase and investors also added to the large number of buyers thereby increasing demand. So in 2021 and 2022, we saw price increases of upto 20% over the prior year.
What has that got to do with today?
Many finance experts predict that the upcoming tariffs will cause prices to increase dramatically. The stock market is already reacting to the predicted economic times ahead with a decrease in value of over 10% in just 2 days. In fact, the last time we saw this type of movement in the stock market was in 2020 as the Pandemic caused the shutdown of all non-essential businesses and services in the US.
So what will happen next?
Just by the stock market reduction in value (sell-off) many investors will move their money to bonds and as the 10-year treasury bond buying takes off, the treasury yield will go down. So we should see another drop in the Conventional 30-year Mortgage Rates in the next few days/weeks. Rates will probably be in the 5’s. That will cause the first wave/increase of buyer activity, in fact we’re already seeing it now. If the Feds follow with decreases in the Fed Funds Rate, Mortgage Rates could continue to decrease. Maybe the low 5’s. If Mortgage rates go below 5%, buyers & investors will flock into the market in large numbers and prices of homes will increase. How much? I predict 10-15%, possibly more.
How high is the confidence that this will all happen?
Unlike the pandemic, a simple stroke of the pen can reverse or decrease the tariffs, thereby reducing or eliminating the economic catastrophe. And we all get to go back to life as normal…hopefully. Oh, btw – yes, if things continue as they are, this is what we call a trigger event!
Disclaimer: This article/website contains forward-looking statements which are predictions and opinion based on data and information at a particular point of time. As data and information is updated and changes, the predictions and opinions can and will change. It is recommended that you always conduct your own research and base any of your investments and decisions on your finances on your own conclusions.