6 Things Everyone Gets Wrong About Buying in Reno – And What Actually Matters

Written by:

Rudi Davis

Date:

09 Jan 2026

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Many buyers still view Reno as the affordable alternative to California, as it was a decade ago, or believe they need to rush before prices collapse. But if you’re considering a move or investment in Northern Nevada, relying on outdated assumptions could cost you time, money, or the right property.

Ted Stoever, Executive Vice President at Colliers in Reno, has spent years guiding buyers through the city’s evolving real estate landscape. Here, he addresses the six most common misconceptions – and what buyers should actually prioritize.

1. Reno Is Still a Bargain Compared to California

The reality is that Reno’s days as a low-cost escape are essentially over. The city’s population surged by 110,000 over the past decade—a 20% increase—driving home prices up in tandem. “A small trickle of immigration from San Francisco is a tidal wave for us,” Stoever said. While Reno homes are still less expensive than those in the Bay Area, the deep discounts of five or ten years ago are no longer available.

What to do instead: Calculate your total cost of living, not just the price of a home. Nevada’s lack of state income tax is a financial advantage, but higher costs for groceries, utilities, and everyday expenses can offset housing savings. Compare your full budget before making assumptions about affordability.

2. You Should Wait for Prices to Drop

There is little evidence that significant price declines are imminent. Reno faces a persistent housing shortage, and commercial building permits have fallen 80%. High construction costs are keeping new supply in check. “With the slowdown in construction, costs are going to have to come down, and deals will start making sense,” Stoever said. However, those conditions are not present today.

What to do instead: Focus on what you can afford in the current market. If you find a home that fits your needs and budget, don’t wait for a downturn that may never arrive. Lock in your financing and move forward.

3. There Are Tons of Distressed Properties Available

Distressed sales are rare in Reno’s current market. “There isn’t a lot of opportunity for distressed sales,” Stoever said. Owners who bought before prices climbed are not under pressure to sell, so foreclosures, short sales, and highly negotiable listings are uncommon.

What to do instead: If you’re seeking a deal, look for properties that have been listed for over 30 days or need cosmetic improvements. These homes are more likely to offer negotiation room than actual distressed sales.

4. Reno Is Just Casinos and Desert

Reno’s reputation is still shaped by its downtown casino district, which Stoever acknowledges “is not great.” But the region offers much more: Lake Tahoe, the Truckee River, expansive desert scenery, and year-round outdoor activities. “Once people come here and see everything we have to offer, they get it,” he said.

What to do instead: Visit Reno before buying. Spend time in neighborhoods outside the downtown core, such as Midtown, South Reno, or Sparks. This will give you a realistic sense of daily life and amenities beyond the casino corridor.

5. You Can Finance Any Deal If the Numbers Work

Financing is less accessible than it was a few years ago. “You can’t find debt or equity to finance deals,” Stoever said. Lenders are cautious, and equity investors are selective. Even if a property appears attractive on paper, securing financing is more difficult today.

What to do instead: Get pre-approved before you begin your search. If you’re an investor, arrange financing in advance or be prepared to offer cash. “If I can show people the fundamentals of the area, I get stuff done,” Stoever said. Be ready to demonstrate that your deal is solid.

6. New Construction Will Solve the Housing Shortage

The new supply is not arriving soon. Building permits have dropped 80%, and construction costs remain too high for most developers to reach their target returns. “It’s tough to hit minimum returns,” Stoever said. As a result, new inventory will remain limited.

What to do instead: Don’t wait for a surge in new construction. Focus on existing homes and be prepared for competition. Inventory is tight and unlikely to improve significantly in the next year or two.

What Actually Matters When Buying in Reno

Rather than chasing outdated myths, buyers should concentrate on three key priorities:

Understand Your Real Budget: Look beyond home prices—factor in property taxes, HOA fees, insurance, and maintenance. While Nevada’s lack of state income tax is a benefit, other costs can add up quickly. Make sure you have a clear picture of your total expenses.

Assess the Supply Situation: Reno’s housing shortage is real and unlikely to ease soon. Multifamily vacancies are incredibly low, and little new supply is coming online. Renters will find limited options, and buyers should expect competition for well-priced properties.

Be Ready to Act: The best properties move fast. “If there’s a way, there’s a will,” Stoever said. If you find a home that fits your criteria and budget, act quickly. Waiting for the perfect deal often means missing out.

The Bottom Line

Reno’s market is strong but very different from a decade ago. Home prices are higher, inventory is scarce, and securing financing is more challenging. However, buyers who research thoroughly and act decisively can still find good opportunities.

“This market is pretty good because it’s just a lack of supply,” Stoever said. “What’s in place is pretty strong.”

Let go of outdated assumptions. Focus on the facts, and you’ll be far better positioned to secure the right home or investment in Reno.

This article provides insights into the Reno real estate market and does not constitute legal, financial, or investment advice.