Now Is The Best Time To Sell Your Property in Reno-Sparks
The Reno-Sparks real estate market has been short of needed inventory to keep up with buyer demand for years. Despite market changes over the last 6 months, interest rates have been declining from their peak, driving more buyers back into the market, which is why I say that NOW is the best time to list your property if you've been thinking of selling. Let's dive into the data:
Active Inventory:
As we head into spring and summer, we generally expect to see an uptick in inventory. Last summer, for instance, we had over double the amount of active listings that we presently have - whereas what we are seeing today is not only a decline week over week but also year over year in our active supply of inventory.
Current Interest Rates:
Buyers are becoming desensitized to rates sitting in the 6's; most that I talk to expect this to be the norm for a while. But this is something worth noting if you intend to sell your property to purchase another; rates are down from their peak above 7%, but if you're coming from a 3.5% interest rate, that's going to feel like a tremendous change.
Interest rate buy-downs can be a great way to lower that rate and your monthly payment to make the next home more affordable.
Interest rate buy-downs can be a great way to lower that rate and your monthly payment to make the next home more affordable.
Listings Sold Above Asking Price:
Because of this persisting lack of inventory and desensitization to interest rates, more sellers are receiving multiple offers over the listed asking price - while these conditions are becoming very similar to what we saw in 2021, listings sold over the asking price are down from this time last year, but up month over month.
I want to take a second to note that the number of showings had, and ultimately offers received, will heavily depend on your listing strategy; if you are overpriced from the start, there is always a possibility of sitting on the market longer. But, properties that are priced strategically for their condition, location, etc are seeing multiple offers.
So Why Sell Now?:
These factors I've mentioned above are creating the perfect storm to a certain degree. For sellers looking to upsize or downsize, you can get top dollar for your current property while having an easier time as a buyer yourself than when rates were sub 4%.
There is standing inventory with most builders in town right now meaning you could get into that new build community you wanted to back in '21 or if you want to shop the resale market other sellers are more willing to accept offers contingent upon the sale of another property.
It's all about knowing how current conditions factor into your overall goals. If you have questions about selling your home in the Reno-Tahoe area, send me an email at [email protected] or fill out the form on my contact page.