If you live in Nevada and are about to put your home on the market, there are a few real estate trends you might want to familiarize yourself with.
In 2021, it seems like the real estate market is booming almost anywhere you go, but what is the market specifically like in Nevada for future home sellers? Let’s take a closer look.
Housing Inventory
While Nevada has been an area to watch for affordability in the housing market, the truth is that the housing inventory has remained flat for years now. Not only is it flat, but it is also relatively low to the point that buyers who are willing to make the sacrifices will still find it difficult to find a home in time for their desired move-in date. With inventory being so low, prospective sellers in Nevada will have to play hardball with buyers to get their ideal home. In addition, rental Market Rent in Nevada has been increasing over the past few years and is on the rise again in the early part of 2019. Because there are fewer houses available for purchase, there are more rental properties available for tenants to choose from, and they will be looking for one that can meet their needs. If you have a house that can potentially meet someone’s needs, investing some time and money into it might be a great way to see some return on investment in your home since there are so many buyers in the Nevada market right now.
Home Prices
If you’re looking to sell or buy a home, you might be wondering about how much your house is worth or how much you should expect to pay. According to Redfin, homes in Nevada can be found at an average price of $384,450 up over $90,000 more from 2019, when the average home price was $292,000. The state is considered a bargain buy for current buyers, so if you’re selling, you might not see a huge return unless your house is move-in ready. Experts in the area assume that the Nevada market will soon become more expensive to buy, especially for those looking for a move-in-ready house. Current homes in the state are typically on the market for longer than the rest of the U.S., especially when the rest of the country is consistently hitting its home sale peak faster than Nevada.
Rent Prices
The price of rent has been on the rise for quite some time now, and it’s unlikely to decrease anytime soon. This is why you’ll find more home buyers in Nevada. For example, the average monthly rent in Reno for a one-bedroom apartment is around $1,110, which has increased from the lower $900s in only a few years. That’s because the overall number of people in Reno has been on the rise for the past few years, which means competition for rent and high rents. Since rent is high, people are more motivated to purchase homes and pay a mortgage than pay a monthly rent. But, again, one of the major real estate trends we’re seeing is that many buyers in Nevada aren’t as motivated to fix up a house, so a house that is ready for move-in with little to no renovations is the only way most Nevada buyers will purchase a home.
Sierra Housing Solutions Wants to Buy Your House
Overall, the biggest real estate trends we see in Nevada are that the market is on the rise, and buyers are only interested in buying move-in-ready homes. So what does that mean to you as a home seller? Well, it means that if you don’t have the time and money to put into your home, but you’re still looking to sell, selling as-is may be a little harder. But have no fear, Sierra Housing Solutions want to buy your home as-is with an all-cash offer. We buy homes with cash, so there’s no waiting around for financing, plus we’ll buy homes in almost any condition. So if you’re looking for a fast and easy way to get out of your Northern Nevada home, contact Sierra Housing Solutions today!
