Editorial: The housing market’s hills and valleys | TahoeDailyTribune.com

Editorial: The housing market’s hills and valleys

The wave that was Nevada real estate values has crested, and now homebuyers and sellers may have to spend a little bit of time in the trough.

What did we think would happen when tract homes selling for $200,000 two years ago hit $400,000? That somehow the market would magically lose all sense and continue to rocket upward without rhyme or reason?

At some point, people were going to get wise to the deal and start looking a little bit closer at the price of a house in Douglas County and decide that maybe it was better to wait out the high market.

As always, the ones hurt most are those who overpaid for a home, thinking they would be able to turn it around for a profit within a couple of years.

They are the last to purchase who find themselves paying a mortgage for a $500,000 home that is only worth $400,000.

As long as they are willing to stick around for a while, they’ll be fine.

Compared to some periods in Nevada’s history, this is only a minor pothole.

Look out into the desert, where fortunes were sought only to leave dilapidated ghost towns and tailing piles in their wake.

This state has seen more booms and busts than any other. Our economy has risen and fallen through history like the basin and range that covers most of the state.

This most recent trend is only a hiccup in a market that has consistently increased in value. Nevada real estate is still a great investment.

– From the Gardnerville Record-Courier.

Support Local Journalism

Support Local Journalism

Readers around the Lake Tahoe Basin and beyond make the Tahoe Tribune's work possible. Your financial contribution supports our efforts to deliver quality, locally relevant journalism.

Now more than ever, your support is critical to help us keep our community informed about the evolving coronavirus pandemic and the impact it is having locally. Every contribution, however large or small, will make a difference.

Your donation will help us continue to cover COVID-19 and our other vital local news.