With the onset of COVID-19, many that were thinking of selling their home may now be re-thinking that decision? Some will decide to wait due to job furlough or other income loss, others will shelf a move based on general uncertainty in the economy. The result is that those homeowner that want to sell or need to move, will face less competition in the marketplace. There will be a new reality when it comes to showings and walking buyer’s through properties. Virtual tours, video walk-throughs and online meetings and signings will be come the norm for a while. Vacant homes are likely to become the preferred state of physically showing a home to a Buyer for the time being. Buyers who were able to continue working from home during the period of restrictions, will be the most qualified buyers, while those that have been furloughed may need some time to save up deposits and be ready again to buy. Interest rates are very low, and are likely to stay low for some time. (update April 2020).
Five Reasons Why You Should Consider Selling Your Reno or Sparks Home Now.
- Low housing supply. With less than 2 months supply of home inventory in Reno Sparks (1.3 months February 2020). A balanced market is considered 6.0 months supply of inventory. This means most of our region is in a strong Seller’s market, and we have been for some time. There is no doubt that Seller’s are in the drivers seat right now in most of our neighborhoods. (see Is this a Buyer’s or Seller’s Market? for more information)
- Interest rates are at record lows. The result of low interest rates, is that higher priced homes becomes more affordable. As rates rise, Buyers have to lower their maximum price in order to qualify for a loan.
- Rising rents. Nationwide rents have risen over the last few years according to NAR, and the same has occurred here in the Reno Sparks area. As tenants rents rise and become less affordable they move into home ownership. Currently we have areas of Reno/Sparks with 99% occupancy rates.
- New jobs and companies moving into the area. Tesla, Switch, Amazon, eBay, Apple. We have large and small companies still moving into our region. These companies are bringing jobs and employees! New workers to the region need housing, and new construction is not enough to supply the demand. (see Apple, Tesla, Switch. They are all coming.)
- Homeowner equity is back. Most homeowners are in equity positions on their primary residences. The Center for Regional Studies at UNR reports that we are now well above a valuation where we would be had the housing bubble never occurred (see Home Value Bubble Chart).
If you are thinking about selling your home or would like to discuss how to sell your home please…call or text me personally at 775-453-4737 or click here to send me message.
Sell your Home with Robert Range, Sierra Nevada Properties.
To learn more about what I do, my marketing plan, how I’ll make sure your home gets maximum exposure and sells for the highest possible price, visit Selling Your Home in Reno/Sparks.
For an estimate on your home value in just a few minutes, visit Your Home Value.