What’s going on in our Northern Nevada real estate market? There are a few key numbers from November you need to be aware of.
First, there were 3,926 homes listed for sale in our MLS. Of those listings, 1,456 sold (roughly 37%). Second, the number of new pendings—or homes that went under contract—stood at 512 (13%).
What does this mean for buyers, sellers, and curious homeowners? The market is in an interesting place right now. Given that interest rates are so low (in the 2% range), we’re in a strong buyer’s market, and there are plenty of buyers looking to take advantage of that fact. However, there are very few available listings, which is causing many people to hold off on their real estate plans and see how the COVID situation and the aftermath of the presidential election play out.
In any case, ours is a strong market. If you’re thinking of selling, now’s a great time to do so. As I said, there are plenty of buyers out there, and you’ll sell for top dollar if you market your home properly. If you’re thinking of buying, now’s a great time to do that as well, especially if you can qualify for a mortgage rate below 3%. The good news is, interest rates are expected to remain low throughout 2021. Keep in mind, though, that there are several things you have to do in advance of making an offer to ensure you make the best offer possible.
No matter what your real estate goals are, I’d love to help you reach them. If you’re ready to buy or sell now or have questions about your specific marketplace, don’t hesitate to reach out to me. I look forward to hearing from you.