Plant, Workstation, Laptop, Pot, Work, TableBuying a home isn't often considered an easy process. From financing to finding a home to inspections and closing, there's a lot going on. During the Covid-19 pandemic, how we are buying and selling has changed, but the real estate market is strong. If you are planning to look for a new home in the near future, consider these five tips. 

1. Prepare to search virtually. Most home buyers do their initial house hunting online anyway. Today we're seeing more virtual home tours and videos as people choose to socially distance. Many real estate agents are providing video tours of the homes they have listed so home buyers can get a feel for the property before seeing it in person. 

2. Plan to shop for a mortgage lender. Because interest rates are so low, the mortgage industry is being inundated. Plan to have your documents in order and shop for the best rates and the best option for you. 

3. Work with a real estate agent you trust. Working with a reputable, experienced real estate agent is always a good idea, but it is especially important now. Your real estate agent will be scheduling your private showings, communicating with you virtually, and coordinating with the listing agent. 

4. Don't expect the deal of the century. Yes, interest rates are extraordinarily low. But the Northern Nevada real estate market and the local economy are doing well. Home values are increasing at a healthy rate, we're in the middle of the summer buying season, and inventory is extremely low. 

5. Expect to move quickly. Depending on your price range, you may have to move quickly to get the home of your dreams. A 5-6 month supply of homes represents a balanced market. For homes under $300,000, Reno-Sparks only has a 7.5 day supply of inventory. For homes in the $300,000-$600,000 range, we have a 19 day supply of inventory. Inventory of homes from $600,000 to $900,000 is 3 months. 

If you are planning to purchase a home, please reach out. It would be an honor to assist you however we can. 

Posted by Jeff Sallan on
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