Several months ago, I predicted that our local market would eventually experience a strong recovery. I was close, but I didn’t see this coming. At least for the moment, demand for Reno and Sparks real estate is about as high as I have ever seen. If the home is priced right, we’re seeing multiple offers in virtually every price range.
As you can see in the infographic above, the available inventory is historically low, but it would be too easy to attribute this boom to that factor alone. The reasons vary but in general I’m finding that those who were considering a purchase 3 – 4 months ago seem to be even more motivated now. So, who buys and sells real estate in the midst of a pandemic while entering a potentially serious recession?
Well, we need to start with the Californians of course. Post lock-down they are appearing in droves and rather than seeking out second homes, they’re trying to find “home”. Many have discovered that they can work remotely in an effective manner and I’m currently assisting several folks that are contemplating the relocation of their entire business model.
I’m also seeing a lot of movement within the local population. Numerous people have the sense that we may be dealing with this virus for some time to come and they are viewing their home in a new light. Through the years I’ve helped hundreds of local people exchange houses and typically it’s for something larger or smaller or newer and nicer. It feels different this time around as a great number of owners are viewing their house as the foundation in their hierarchy of needs. They’re looking for home too.
Who’s to say how long this wave will last. Some experts are predicting a drop in demand and prices sometime next year. If you believe that, now would be the time to get out from under that “too-large” home or underperforming investment. Of course, I can help. Meanwhile best wishes and stay safe, dan@nvhomeconnections.com