Reno-Tahoe Market Update | April 2020

 

At its core, real estate is about community. Market conditions will vary between hot and cold but times like these reveal the bonds that tie our area together. While real estate activity has slowed to a trickle, our community has shown tremendous resolve as we shelter in place; doing our part as individuals and collectively to keep ourselves healthy.

 

When this moment has passed, we have every confidence that Reno will continue on the path to prosperity that we’ve been fortunate to enjoy. While employment is a tremendous challenge in the current economy, the fundamentals that created the fastest rate of job creation in the nation will remain; a beautiful place with countless recreation opportunities and easy regional and national transportation with a cost of living of a fraction of what our neighbors in California experience. As we find new metrics to measure interest in real estate, we are already seeing expressions of interest from Northern Californians seeking a higher quality of life as they sequester in high-cost, high-density cities. It would not be surprising to see Reno at the forefront of our national recovery.

 

Our community, while being mindful of appropriate social distancing, has created a network of support for those most in need.

 

• Nevada businesses partner with the United Way.
  
  
• Local distillery pivots to make hand sanitizer.
  
  
• Community Foundation of Western Nevada announces an emergency relief fund.
  
  
• Nevada Energy extends a special assistance program.
  
  
• Governor Sisolak has suspended evictions and foreclosures for 90 days.
  
  
• Western Nevada Development District is extending the deadline for micro-loans.
  
  
• A resource guide for those in need.
  
  
• A resource guide for takeout dining.
  
  
• A group of locals are sewing facemasks for healthcare providers.
  
  
• Local food banks keep on serving. Local schools also.
  
  
• Washoe County Sheriffs are sponsoring a sidewalk chalk challenge.
  
  
• Social scientists are studying the behavior that led us to this moment and how we can avoid it in the future.
  
  
• Drive-up coffee and comics
  
  
• Optimism abounds
  
  
• Silver lining: Virginia Street road construction is being accelerated while businesses are closed.
  
  
• Finally, from the pages of Tiger King, two new cubs at Animal Ark.