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How COVID-19 is helping catch up housing demand with supply

(KOLO)
Published: May. 11, 2020 at 8:42 PM PDT
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The housing crisis in the Reno-Sparks area is far from over, but because of the COVID-19 Pandemic, supply is now catching up with the high demand.

"COVID was kind of a blessing for the market, you know giving it some time, you know letting inventory catch up to demand,"

said.

Dalton explained that the sudden halt in demand is closing the gap in housing inventory. There are now at least 850 homes on the market, compared to 600 in March.

"Sellers for the majority were still operating business as normal, still putting their house on the market as long as they were comfortable with people still coming in their house," she said.

Dalton also added that because many buyers have put their search on hold, it's now less competitive to get the home you want at a better price.

"Before, buyers couldn't really negotiate deals and they were just having to put their full price offer in and hope that nobody else was going to beat them so now is definitely a better time for them to negotiate a deal," she said.

Mortgage rates are also another thing to consider because they are low right now, Dalton said.

"And they are probably going to get a little lower as we move into the summer," she said.

Although the numbers are promising, the median price for homes which is $416,500 isn't coming down any time soon.

"COVID isn't going to make California any cheaper or more tax friendly," she said. "That was what was driving and kind of the outlier of our market and it's still going to be that and coronavirus isn't going to change that."

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