Interest rates remain low, in the mid to low 3% range for qualified buyers. The trick is finding a home to purchase given a very low inventory of homes for sale. At the end of May 2020 there were 836 active single family homes listed in the Reno-Sparks market. This is down 38.9% from this same time last year. We typically see many more sellers list in the Spring months but due to the Covid outbreak many sellers have decided to wait.
So buyers looking to take advantage of great, low mortgage rates may be a bit frustrated with the lack of available homes to consider. Here are a couple of pointers that can help you find the home of your dreams:
- Get pre-qualified in advance of starting your home search.
- Know your price range and make a list of your must haves, should haves and would like to haves.
- Partner with an experienced agent who knows the market.
- Have your agent set you up on an MLS direct search to get notifications of new listings right as they enter the market.
- Act quickly. Look at online photos and tours and be prepared to get out to see the home in person as quickly as possible.
- A good agent will discuss offer strategies with you upfront and help you to employ strategies that can win you the home.
The Shocket Team works with 17 years of experience in the Reno-Sparks market to help our clients. Contact us today.