"RENO, Nev. — Supply and demand is a fundamental concept of economics. Demand refers to how much of a product is desired by buyers at a certain price. Supply represents how much of a product there is in the marketplace.
Price is a reflection of the relationship between supply and demand. That pretty much explains what is going on in our housing market. In certain price ranges (up to $600,000), we have low supply but high demand, and therefore we are seeing prices rise.
In the higher price ranges, where there is more supply, we are seeing a longer time on the market and prices stabilizing and even being reduced to sell or in some cases, not selling at all.
Watching home prices rise has been a beautiful thing because as we all know, our home prices dropped by about 62 percent of their value in the downturn.
Before anyone talks “bubble,” remember we are seeing homes at the median price they were between 2004 and 2005, according to Shelley Specchio of the Northern Nevada Regional Multiple Listing Service."
Link to complete article: Reno-Tahoe real estate: Why you might consider selling your home now | SierraSun.com:
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