Angst Real Estate Team's May 2020 Real Estate Market update for the Reno & Sparks areas.

Dated: June 22 2020

Views: 356

Here is the Angst Real Estate Team's May 2020 Real Estate Market update for the Reno/Sparks area. The takeaway points are: #1 The overall market remains a seller's market with the Median Home Price for May 2020 at $399,900 up 2.5% over May 2019. #2 The reluctance of sellers to list their homes for sale during the COVID-19 outbreak as well as the Governor's directive that doesn't allow tenant-occupied rentals to be shown has caused a 38% drop in year over year new listings. This has caused a supply and demand issue, which is keeping the market restricted. #3 Buyers remain motivated to buy because the 30-year mortgage rates are hovering around the low 3.0% for consumers that have a good credit history and a good job. The flood of Californians moving to our area is also driving the prices higher as well. #4 It remains a seller's market and sellers that are thinking about selling in 2020 should strongly consider listing their houses right now. We are seeing multiple offers on many listings. Sellers should contact their real estate professional and look into the inventory in their neighborhood. It is a great time to sell and receive top dollar for your home in our opinion before more listings flood the market later this summer. #5 Buyers should remain patient and not rush to buy right now if they don't see anything they like. We believe the entire real estate season will be shifted by 2-3 months and more listings will hit the market in the July - September time frame. In our opinion, there will be a lot more selection after the Governor opens our community back up and people feel safer. If you have any questions about the report or what our opinion about your situation, we are offering free 30 min zoom meetings. We are of course always available via phone 775-525-0309. Thanks, Ken Angst

Blog author image

Ken Angst

Kenneth Angst embodies hard work, high energy, honesty, and elite service marketing throughout your real estate transaction. Born and raised in Northern Nevada, Ken is a proud native Nevadan. He has ....

Latest Blog Posts

Angst Real Estate Team's May 2020 Real Estate Market update for the Reno & Sparks areas.

Here is the Angst Real Estate Team's May 2020 Real Estate Market update for the Reno/Sparks area. The takeaway points are: #1 The overall market remains a seller's market with the Median Home Price

Read More

Angst Real Estate Team's market update for April 2020

Angst Real Estate Team's market update for April 2020 - Below is the link to the Angst Real Estate Team's April 2020 real estate market update for the Reno/Sparks area. This is the first market

Read More

Real Estate Hack: How to unlock the secrets about any real property in Washoe County

Ever wonder how much your neighbor bought their house for? Or want the facts about the house you are buying? The Angst Team can help you unlock one of the best kept Real Estate secrets in the Reno

Read More

Knowledge is power! Stay informed with our new Podcast.

The Angst Real Estate Team launched our weekly Real Estate Podcast earlier this year. The goal of our podcast is simple: Educate our loyal subscribers like yourself about the local Northern

Read More