The Reality of Real Estate: Reno’s Current Real Estate Market – The Answers You’ve Been Looking For
Questions are looming in everyone’s minds, and conversations continue to focus on how the economy will bounce back, how to keep families safe and healthy, and if it’s ok to buy or sell a home in the current market. We’re here to give you the answers you’ve been looking for.
Can You Sell Your Home Today? YES!
COVID-19 has changed our lives in more ways than we even know today, and now, new questions are cropping up like: has it changed your home’s value? Are there buyers interested in your home? Can you even sell your home today? The answer is, yes!
Did you know that inventory is expected to significantly increase by mid-June? Right now, the market is starved for good homes to buy, and prices are holding very well.
Since you have been living in your home under a stay-at-home order, is this where you want to live when the next one is announced? If not, what are you looking for in your next home? We never thought the question of, “would you want to be quarantined here,” would ever be a consideration, but now it’s a necessity — how times have changed.
What is inventory like? LOW!
We are currently flooded with motivated buyers looking for their next home. The rates are outstanding, buyers are focused, and these buyers want to be settled into their homes as soon as possible. Inventory is very, very low, so buyers are hungry for new homes to be listed.
What is the market like for homes valued under $600,000? HOT!
As of this week for homes under $600,000 — 141 homes are pending sale out of 179 that are available in all of Reno/Sparks*. Close to 80% of homes are selling in less than 30 days!
We’re experts at understanding the Reno real estate market and how it changes, and we’re here to help our community in these uncertain times. It’s more important than ever to work with a team that can predict changes, give you honest answers, and navigate the market for buyers and sellers. If you have any questions, please don’t hesitate to give the David Morris Group a call at 775-828-3292. We’re wishing you all good health.
*Data provided is for homes listed since March 15th, 2020, the start of the stay-at-home order. Inventory changes daily as well as values, interest rates, and absorption rates.*
