In the Reno-Sparks area, the median price home was $615,000 in May and dropped $95,000 to $519,950 in December - just seven months later.
Interest rates are considerably higher than we’ve seen in recent years, but interest rates are always changing. In a higher rate market, buy the home with the understanding that you can always refinance later if the rates come down.
On the flip side, if you buy now and the rates wind up going up, you are the clear winner in that scenario.
Buyers are in a stronger position than they have been in the last two years, with sellers open to taking lower prices, and offering seller concessions that many buyers are using to help buy down their mortgage rate.