What direction is your Local Real Estate Market Heading?

[Virginia Marphis]

THE LOCAL REAL ESTATE MARKET
There are many different things we are facing in our local real estate market. COVID-19 has caused an unusual situation within the market. How long this this virus takes to get the vaccine and rid us of the restrictions created within our market, one only knows. A few things we are seeing in the local Reno, Nevada Market:

• Prices are Increasing
• Low Inventory
• Strong Buyers
• Concerned Sellers
• Job Loss
• Many working from Home

SPECIFICALLY AFFECTING US:

• COVID: 

• Wearing Masks, Gloves and Shoe Covers for all showings. 
• Hand Sanitizer
• Disclosures for Sellers & Buyers
• Tenant Occupied Properties cannot be viewed pre-accepted Offers
• Tenant Occupied Properties are out of the control of the OWNERS: (Rents, Evictions, etc)

We have some unusual things with this. I'm not sure why we are having trouble getting rid of this virus, but I'm curious where its going to leave us when it is gone. How will this affect our markets, our landlords, our tenants, our debts. 

Please share how your local Real Estate Market has been affected and what your thought are on your local market.