Inventory is incredibly low in our market right now, which impacts buyers and sellers differently.
Inventory in the Reno/Sparks area is incredibly low. Right now, there are 865 homes for sale in all price points, from $14 million to $70,000. The median price is at $440,000, which is pretty high.
Low inventory impacts buyers and sellers differently.
In this kind of market, buyers need to be pre-approved for a mortgage and ready to go. There are fewer homes available for you to choose from. If you wait until you find a home before you get pre-approved, chances are someone else will snatch it up before your pre-approval is done. You need to be ready to make an offer right away.
Sellers are in the driver’s seat right now.
As a seller, you’re in the driver’s seat. You have less competition and more buyers looking at your property, so if you price your home correctly from the start, your home will sell quickly and for top dollar. If you wait until June 1st or the end of May, then you will have more competition. Buyers will have more homes to look at and you probably won’t get the full-price offer that you can expect if you list your home in the next four to six weeks.
If you have any other questions about our current market, just give me a call or send me an email. I would be happy to help you!
