A renewed focus on homeownership brought about by the pandemic changed the perspective of the population that would generally be renters. As a result, Northern Nevada real estate investors should be aware that this driving force is now cooling and consider adjusting their investment strategy accordingly. So read on as we explore what Reno area real estate buyers and sellers can expect in 2023. Please note that this article is for informational purposes, not financial or legal advice.
Northern Nevada real estate buyers and sellers can expect new laws to come into play. Among them, there is a renewed focus on capital gains taxes and like-kind exchanges and an additional surtax on net investment income, dependent upon your income and marital status. Not only are real estate agents keeping up with these laws and changes, but also local home buying companies like those at Envy Property Solutions, LLC who dedicate themselves to staying on top of the market so that they can assist with selling or buying real estate to help you take advantage of the tax laws before the 2023 changes come into effect.
While experts may provide different perspectives on what investors can expect from the real estate market in 2023, Nevada real estate buyers and sellers can expect interest rate changes to affect buyers, moving many to the sidelines. If you’re considering selling and want to do so before interest rates increase, a professional home buyer from Envy Property Solutions, LLC can provide a guaranteed closing date, typically in a few days.
Supply and Demand
Northern Nevada real estate buyers and sellers can expect the overall lack of supply to meet the demands for available housing to somewhat diminish as properties stay on the market for longer than they used to. However, there is no time like the present. If you’re a seller and you need to sell, you should talk to the people that buy houses from Envy Property Solutions, LLC who will compare what you’d profit by listing vs. their offer to buy your home directly. When working with us, we’ll give you the facts to make an educated decision on the best way to sell, given your current circumstances. At Envy Property Solutions, LLC, we are your neighbors here in the greater Reno area and want you to feel good about the deal made with us long after closing.
While there may be a slowing in sales growth, and some cities may experience a slight drop in housing costs or even increased time to sell, investors can expect a slow but steady continuation of rising housing costs in many markets. In contrast, other markets may experience no change in values, and very few will decline. In addition, selling directly to the people who buy houses from Envy Property Solutions, LLC can save you time and money because when you sell to us, you’ll never pay any commissions, closing fees, or other fees.
Buyers and sellers can expect the changes in the 2023 Northern Nevada real estate market to impact the speed at which homes are selling and the ability of buyers to lock in a loan at the current rates. Sellers may wish to consider the decreasing number of buyers who can afford to buy as housing prices continue to climb and sell now. In contrast, buyers who may be on the fence about buying should consider jumping into the market before interest rates or home values push you out of the running. If time is of the essence, the property needs work, or you don’t have any interest in the conventional listing process, a direct home buyer at Envy Property Solutions, LLC, we buy houses as-is for cash.
Millennials make up most of the Reno area real estate buyers, and sellers can expect an increased focus on the use of technology in 2023. This buyer pool uses the internet to research and narrow their options before making real estate purchases, and sellers must follow suit by using the internet and online technology to their advantage. If you should decide to list your home on the Northern Nevada real estate market, most real estate agents will list your home using the latest technology. However, when selling to a company that buys homes such as Envy Property Solutions, LLC, you won’t have to worry about that because as mentioned before, be buy homes as-is and we don’t mind if the place is a mess.
The professional home buyers at Envy Property Solutions, LLC know what Northern Nevada real estate buyers and sellers can expect in 2023. So why not talk to the people who buy houses at Envy Property Solutions, LLC about your plans for buying or selling and ask any questions you may have? We’re happy to help calm your concerns, and you’re under no obligation whatsoever. Our policy at Envy Property Solutions, LLC is to keep the lines of communication open so that you won’t feel ignored or like another number to John and his team from Envy Property Solutions, LLC and our knowledgeable team of industry specialists. Call Envy Property Solutions, LLC at (775) 391-5236 to see how we can help you find the best solution for your situation.