There’s no denying that spring is the busy season in real estate. On a national level, home sales increased by 1.7% from the last quarter of 2015 to the first quarter of this year. On a local level, pending sales increased by 7% in Nevada City from March to April. Clearly, homes in the Nevada City market are selling, and selling fast!
If you’ve been thinking about purchasing in Nevada City, now would be a good time to make that jump into the housing market. Of course, there are several benefits to owning a home in Nevada City (gorgeous Victorians, bustling downtown boutiques, small town charm) but I’ve narrowed that list down to the top three reasons to buy now!
Renting Is Costing You Money
More than 85% of U.S. markets have rents that exceed 30% of the income of renting households, according to REALTOR.com. That’s crazy talk! Right now, Nevada City’s median rent is $1,675 per month. If you’re renting, that’s $1,675 per month you could be paying towards a mortgage on a home that you OWN!
Plus, over time your home’s value could appreciate, giving you a return back on your investment. Even if you think you have credit issues, even if you don’t have the down payment, call me. There are so many great things happening with mortgages right now that can assist in financing your dream home!
Inventory Is Moving Fast
The average amount of days a home for sale sat on the Nevada City market dropped by 67% to just 28 days last month. That means that most homes that were for sale in April went pending in four weeks or less! If you’re thinking about buying but haven’t started looking yet, you could miss out on the perfect house and not even know it…
Home Prices are Appreciating
The average price per square foot went up 3% in Nevada City from March to April. That’s not a fluke – home prices are appreciating at a slow and steady rate. What does this mean? It means that waiting could see you priced out of the housing market.
Mortgage rates are still fairly low, and home prices are only going to continue to rise, especially in Nevada City where housing is in such high demand. If you’re planning to wait until next year, I’m worried you might be too late. Not to mention, by purchasing while home prices are rising, you could acquire equity in your home over the next few years that allows you more opportunity for growth in the future. If you’re already a homeowner in Nevada City, you might have more equity in your home than you realize.
Buying a home doesn’t have to be a stressful experience. In fact, it should be fun and exciting! I want you to be well-informed and know exactly how the housing market is affecting your future real estate goals. Give me a call for more information about what’s happing with the Nevada City market trends, and to explore your real estate options!