Experts Address the Housing Crisis in Northern Nevada | News
The housing market in northern Nevada is currently seeing high interest rates.
The rates sit at about seven percent today and experts say they're not going down anytime soon.
For people looking to buy or waiting on prices and rates to drop, experts say that there isn't necessarily a right time.
"So, if you're looking to buy a home right now you have to remember that there's never a perfect time to buy," said Shivani Peterson, Mortgage Adviser for All Western Mortgage. "There's only the right time for you personally and financially. There's when it's the right time for you to make that investment and for your family to settle down. So don't try to time the market that's a dangerous thing to do. It's like trying to catch a falling knife, you're going to bleed."
Peterson says she doesn't think these higher interest rates will drop for the next 18 to 24 months.
She says that usually when interest rates rise, home prices drop, but at this time that's not the case.
Peterson says this is because existing homeowners have lower interest rates than what's currently on the market.
If they wanted to sell and buy another home, their interest rate would be drastically higher.
So, she thinks home buyers should strategize around the current interest rate.
Developers say since the pandemic, supply chains are running low, which is resulting in higher prices, which is making homes more expensive.
"So as a result of that even though we're dealing with increased and higher interest rates," said Roger Rempfer, Associate Broker, Chase International Real Estate. "We're not dealing with a market where the cost of fabricating homes has gone down. Despite all that it continues to increase."
Peterson says there are ways for people to prepare themselves for buying a home.
"Whether you're looking to buy right now or whether you're just watching this looming recession closely and wondering how you can protect yourself and your family," Peterson said. "The advice is twofold."
