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Benefits of Selling a Home in a Seller’s Market

February 16, 2022/in Reality of Real Estate /by Shauna Morris

The real estate market is not a straight line of absolutes and certainties. There are many moving parts, some directly related to housing, and other indirect consequences of unforeseeable events that affect the supply and demand. While predictions are made each year, the housing market is cyclical, and yes – shift happens! Several factors must be at play for the real estate market to shift from favoring buyers to giving sellers the upper hand, or vice versa. According to fortune.com, “Demand for new homes is at a record high, but the inventory of new homes available is at a record low.” This data means that we are still in a Seller’s Market. A seller’s market occurs when more people are looking to buy with few homes available to purchase. What sort of advantages do sellers have when the demand exceeds the supply?

Less Time on the Market.

A larger number of people looking to buy fewer homes should increase the odds that your home will sell quickly. Homes that have been difficult to sell in the past or that may have been described as “unique” or “well-lived in” will have better odds in a seller’s market. However, it will take more than simply hanging a For Sale sign in your yard. Listing your home still requires a strategy and a plan. You’ll still want to take steps to provide value and attract buyers.

You May Get Multiple Offers.

Rather than feeling pressured to accept a lowball offer (or the only offer), sellers now have the option to look at the highest price and decide from a position of strength.

Seller Concessions are Less Negotiable.

Seller concessions are closing costs, or a percentage of the total closing costs, that the seller agrees to pay to finalize the transaction. Buyers have much less leverage to make requests or demands because sellers can stand their ground knowing they’ll probably receive several offers.

How long does a Seller’s Market last?

So many moving parts impact this question, and it would be great to see into the future to know for sure. The simple answer is that the seller’s market will last as long as demand exceeds supply or until an unforeseeable event shifts the scale. The bottom line is that if you’re thinking about selling and don’t have the time or inclination to haggle with buyers, now is the time!

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.

Relocation Guide: Signs It’s Time to Relocate to Reno

January 27, 2022/in Reno Relocation Information /by Shauna Morris

Questioning if you’re in the right place can lead to some distress, especially when you start to think about what moving entails – finding a new home, listing your old home, packing, job security, etc. While we won’t say that moving is ever easy or always the right move, there are some things to be watchful for. Here are a few signs it’s time to relocate to Reno.

Financially Responsible

Prices are increasing everywhere, especially in the real estate market. When you compare the cost of living in California and other metros to the cost of living in Reno, Northern Nevada may help you increase the amount of disposable income you have to spend each month. Consider if the housing, utilities, food, healthcare, education, transportation, etc., are more affordable for you in Reno compared to the costs you face now.

Rewarding Job Opportunities

The pandemic has created some burnout in several industries, and it’s becoming a time of transition. Many are looking to switch jobs, companies, and even career fields. If you’re feeling overworked and underappreciated in your current career, take a look at the job opportunities in Reno. With an entrepreneurial spirit and a growth in tech and manufacturing employment opportunities, Reno businesses are always looking to add to their creative workforces.

Overall Happiness

One complaint can spiral into many. If you’re finding it hard to find the bright side in where you’re currently living, it may be time to move. Your peace of mind and mental health is the most important factor to consider. Your home should be an oasis, a place where you can unwind at the end of the day and create beautiful memories, but if it’s becoming a stress-inducer or if it no longer offers you the space you need, consider new solutions.

Looking to Explore

Many metropolitan areas fall short on open space and outdoor activities available. If you have the heart of an explorer, want to breathe in the fresh air, or have an outdoor hobby, Reno is a great place to be. With tons of hiking and biking trails, an easy commute to Tahoe, and tons of parks and green spaces, you’ll never run out of areas to explore and spend your free time.

Easier Commutes

Are you spending hours in traffic each day? It’s common in cities and suburbs worldwide, but in Reno, you can get practically anywhere around the city in under 20 minutes. Chauffeuring kids to school or heading into the office is shockingly quick. Can you say that about where you’re living now?

Reno is a great place to call home, but we recommend weighing the pros and cons for yourself. These are but some of the signs it’s time to relocate to Reno, but if you’d like to chat about your personal circumstances and what it’s like living in the Reno-Sparks community, contact the David Morris Group. We’re always happy to share our knowledge of the area and the real estate market!

Gen Z Drawn to Reno

January 3, 2022/in Lifestyle, Reno-Sparks Real Estate /by Shauna Morris

In a recent Gen Z City Index, Reno ranked 6th for the best places for Generation Z or “zoomers” to live. Gen Z covers individuals born between 1997 and 2012. The post-millennial generation is getting ready to head out into the world to make big life decisions. As they enter into adulthood, Reno is becoming a place where the zoomers are setting their sights to carve out their own path.

Gen Z City Index ranked several cities on various factors, including the availability of employment, the median home price, affordability of the area, gender pay gap, diversity, resident resources, and more. The list includes 30 cities, and six California cities cracked the top 10. Reno was able to snag the sixth spot in part due to its perfect score in equality. The study looked at the 2020 Human Rights Campaign’s Municipal Equality Index to weigh how cities handle nondiscrimination laws and advocate for the LGBTQ+ community.

Reno also scored well in gender pay equity. The U.S. Census Bureau found that Reno has a wage gap of 6.88% between men and women, with only three other cities having a smaller pay gap. Reno saw the fifth-highest number of job opportunities, solidifying the city’s ranking as a great place for zoomers to live.

The 2020s will be a time for zoomers to age into adulthood and make their own way. As a college town that scored well in a variety of categories that are increasingly important to Gen Zers as they get older, Reno is likely going to continue to draw in the young adult demographics. With expanding technology and manufacturing job opportunities in Northern Nevada, booming economic activity, and the high quality of life offered to Reno residents, a young, talented, and driven workforce is sure to follow.

We’re excited to see what Generation Z will contribute to the evolving Reno area and how the University of Nevada, Reno will grow to fit the needs of the incoming students. Reno has always been accepting of new generations, new people, and new ideas, so we’re happy to see that Gen Z is so accepting of Reno.

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, contact the David Morris Group. We’re happy to be your helpful guide. Give us a call at (775) 828-3292.

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