For the last few months among speculations and predictions on when the economy would shift back to normal, housing has been the industry predicted by experts to bring our country out of the current recession. For about the past month, in Lake Tahoe, NV real estate, that seems to be coming true. Now, how long it will be this way or what the future holds, we do not know. Especially if a second wave of COVID-19 hits or another shelter in place is put into effect. But here is what we DO know right now: Inventory is low, demand is SKY HIGH, mortgage rates are historically low and Incline Village, NV homes for sale are keeping/increasing their values. In fact, what is currently happening in housing across the nation is considered “remarkable” and “astonishing” by experts and economists. Read below to see what a few had to say and what this means for you as a buyer or a seller.
“Recent home purchase measures have continued to show remarkable strength, leading us to revise upward our home sales forecast, particularly over the third quarter. Similarly, we bumped up our expectations for home price growth and purchase mortgage originations.”- Fannie Mae
“At face value this is remarkable given the scale of joblessness in the economy and the ongoing uncertainty relating to the path of Covid-19…The outlook for housing transactions, construction activity and employment in the sector is looking much better than what looked possible just a couple of months ago.”-James Knightly, Chief International Economist for ING
So what does this mean for you as a seller? If you have been thinking of listing Lake Tahoe, NV real estate, now is an amazing time. As mentioned above, the rates are historically low and demand is high while lack of inventory remains an issue. With so many people looking to purchase Incline Village, NV homes for sale, there is no better time to list. Chances are high you will get an offer quickly, and likely a competitive one at that.
Are you a buyer? Be patient and be sure to not make a hasty offer on a property that doesn’t match your long-term needs and goals, or is over your budget. We know in this type of market when you find out a property is pending before you can see it or there are multiple other offers on the table, you may feel inclined to do something out of desperation. Work closely with your Realtor so that you can feel confident not only about the decisions you are making but also that you are seeing Incline Village, NV homes for sale that truly match your needs and wants. Be prepared to move fast and be competitive with the offer.
For more information on buying or selling Lake Tahoe, NV real estate, feel free to give us a call. We would be happy to help!