Right now, the Reno-Sparks area is in a seller’s market. Inventory is still extremely low; we have about 1,150 homes for sale. In April, there were 580 home sales, which leaves us with about two months of supply.
For home sellers, this means you will have less competition and more buyers looking at your home. Home prices have increased about 11% year over year, and we’re up about 5% since April.
"Inventory is extremely low
but so are interest rates!"
For buyers, this means you have to be a little more aggressive with your offer. You have to be pre-approved and ready to go. You will have to negotiate harder and give the seller a little bit more of what they want because they have more leverage in this market.
The good news for buyers right now is interest rates are still incredibly low. Low interest rates give you more buying power so you can buy more home for a lower monthly payment. Interest rates are projected to rise later this year, and buying power will decrease when that happens.
If you have any questions about our current market or real estate in general, just give me a call or send me an email. I would be happy to help you.
