In today’s market, are buyers more likely to buy? The answer is both yes and no. Many markets, including the Reno Sparks Incline real estate markets, are still plagued by low inventories. But fortunately, formerly underwater homes are starting to see equity in their homes again! Homeowners who were formerly strapped because of negative equity, are now experiencing a new found freedom and mobility. Some are more willing to sell now that the equity has began to turn around.
Currently, the challenge is finding qualified buyers. We have seen changes in both FHA and conforming lending underwriting standards which means previously qualified potential homebuyers are now ineligible. Many of the current available homebuyers have to downplay their wants or settle for less than desirable mortgage loans. Since some are unhappy with these two scenarios, they continue to rent. Great for real estate investors, but tough for home sellers.
What do you see in the market?