With approximately 23% of the population of Washoe County fully vaccinated (nv.healthresponse.nv.gov) and businesses opening up to great capacity in the coming months we are seeing much to be optimistic about in the coming year. The pandemic has seen many homeowners who perhaps had considered selling sitting on the sidelines with concerns about having potential buyers coming into their homes. So is it safe for homeowners to begin thinking about making a move now? How is the real estate market responding to the pandemic.
As you may have heard inventory in the Reno-Sparks market is at all time lows. Experts are contributing this to many homeowners facing uncertainty and fears from the pandemic, stalls in new construction and many changing locations during the pandemic due to working from home.
These low inventory conditions have lead to an increase in home prices caused by more buyers wanting to purchase homes than supply. There has been multiple offers and overbidding which has led to close to 60% of all homes sold in March selling for over asking and almost 28% of all home being purchased with cash. (Source: data from NNRMLS). The median home price jumped in March to $485,000. This is an increase of 16.9% over the median price last March. This increase is driven by the low inventory. The Shocket Team is available to show you the current market value of your home. You may be surprised how much values have gone up.
Sellers that are selling now have been able to maximize their proceeds due to these low inventory conditions. If you have considered selling NOW is a great time. If you have continued concerns about Covid there are many precautions we can employ to limit the risk of exposure while you home is being shown. These include screening buyers entering the property, requiring masks and shoe covers, providing sanitizing wipes at the property, and more.
Contact the Shocket Team today and we can help you maximize your proceeds in the safest way possible this Spring.