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Market Update for Reno-Sparks-David Morris Group-Reno Real Estate-Sparks Real Estate-homes in Reno-homes in Sparks-local real estate market

Market Update for Reno-Sparks

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Market Update for Reno-Sparks-David Morris Group-Reno Real Estate-Sparks Real Estate-homes in Reno-homes in Sparks-local real estate market

Real estate is in all the news today, and the noise is deafening. We want to take just a moment to paint a quick picture of what the market looks like locally.  Here is a market update for Reno-Sparks:

Last 90 Days:

Out of 988 homes sold, the average close price was $788,824 – and they spent 64 days on the market.

 

Out of the 405 homes currently pending, their average list price is $859,025.  Pending homes have now been on the market for 84 days.

 

What is this telling us?  The average list price is higher, and they are taking longer to sell.  Our market is still great; homes just aren’t flying off the shelves, so to speak.

What Does it Mean?

When looking at the sold homes and the adjusted list prices to sold price ratios, a negotiated price of + or – 2%-3% overall spread provides a fair give and take on values.  The days on the market are in line with a rebalance of values. Again, that is good news if we want to see a softer landing than many are predicting.

 

As of the first of July, sales in the homes that have rebalanced their expectations remain strong, and the market is doing very well. The August/September numbers will be significant as we move through the rest of this year and where we stand on unsold inventory by September and price adjustments.

 

From this viewpoint, we expect a market correction of asking prices, sold prices, a flattening of values, and a rise in the low single-digit levels as we end the year (assuming another 1% interest increase).

How Does this Affect the Price of My Home?

In an upwelling market, raising prices quickly to ride a wave of price increases is one thing.  In an adjusting market, it’s suicide not to adjust to the market swiftly. You’ll risk chasing a market down!

 

Should I List My Home Now?

For sellers on the fence, selling now is an excellent opportunity. Buyers are highly focused on quality and value, and inventory remains low. With the current interest rates, buyers are making offers. The key words here are that buyers are making offers. Overbids still exist, but fewer than before. Buyers will expect the seller to negotiate.

Is Now a Good Time to Buy?

Buyers waiting for some unrealistic bottom to develop will be sorely disappointed in the results and miss a host of great opportunities in this market. Yes, we will see some fantastic deals on the fringes, and the competition for those homes will be intense. We assume that interest rates will move significantly in the next 60 days. Time will tell.

 

Please review and call us with any questions, and you should have questions. A lot is going on with many moving parts. Remember, regardless of the “news,” our inventory is small; demand, even reduced demand, still exceeds supply.

 

If you’d like to stay up to date on what’s happening around Reno, follow our blog, and if you have questions about the Reno real estate market or if you’re ready to list your home, contact the David Morris Group. We’re happy to be your helpful guide. Give us a call at (775) 828-3292.

 

 

David Morris Group - Important Terms to Know When Selling a Home - Real Estate Terms - Beginner Real Estate Terms - Real Estate Vocabulary

Important Terms to Know When Selling a Home

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David Morris Group - Important Terms to Know When Selling a Home - Real Estate Terms - Beginner Real Estate Terms - Real Estate Vocabulary

Real estate agents often have their own language. Learn the important terms to know when selling a home and having discussions with agents, brokerages, and lenders.

 

  • Affidavit – A statement a buyer or a seller signs to state that certain information is accurate.
  • Appreciation – An increase in a property’s value.
  • Asking Price – The seller’s value and pricing of the property.
  • Assessed Value – The value of the property that is decided by an assessor.
  • Capital Expenditure – An improvement to a property that has a lifespan and can increase the property’s value.
  • Closing Costs – The costs, including title insurance, legal fees, and survey, to finish transferring a property’s ownership.
  • Commission – The money that is given to a real estate agent for his or her association with selling the property.
  • Comparative Market Analysis – A method to evaluate a property by comparing it to similar homes in the area that were recently sold or have recently entered the market.
  • Counter Offer – A new offer that is a response to an offer that was not accepted.
  • Curb Appeal – The attractiveness of a property and its surroundings when viewed from the street. Landscaping, the front entrance, and the condition of the paint or siding are the biggest factors in curb appeal.
  • Days on Market – The total number of days a property has been available for sale.
  • Depreciation – A decrease in a property’s value.
  • Escrow – A process in which a third party takes care of funds and documents for a buyer and/or seller.
  • Home Inspection – An inspection of the property to check for factors like the quality and safety of the property.
  • Lien – A legal claim of ownership on a home’s title and security for money owed.
  • Market Value – An amount that a buyer would be willing to pay for the property and an estimated price based on the real estate market.
  • Mitigation – Alterations and improvements to a property.
  • Offer – A proposal to buy a property with a certain price and on certain terms.
  • Open House – The time in which a property is available for interested buyers to view.
  • Property Survey – A survey to understand a property’s boundaries.
  • Sales Contract – A contract between the buyer and seller of a property that provides details such as what a purchase consists of and the closing costs for the property.
  • Staging – Placing furniture and accessories within a house to prepare it for a sale.
  • Title – The evidence that shows the legal right of a person to own a property.
  • Under Contract – A real estate property that currently has been accepted in a contract by a seller and a buyer.
  • Walk-through – The last property inspection to make sure items in a purchase agreement, like repairs and property electrical systems, are working properly.
  • Zoning Laws – The local laws that regulate how a land is used in certain zones with factors that include the size of a lot and the way a building is used.

There are a variety of terms that you’re likely to hear as you begin the home selling process. If you have questions about buying or selling a home or you simply need a real estate translator, contact the David Morris Group. We’re happy to be your guide. Give us a call at (775) 828-3292.