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David Morris Group - Is the Housing Market Cooling_ Real Estate Predictions for Fall - Reno Real Estate Market - Fall 2021 Housing Market Predictions - Reno Nevada Housing Market

Is the Housing Market Cooling? Real Estate Predictions for Fall

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David Morris Group - Is the Housing Market Cooling_ Real Estate Predictions for Fall - Reno Real Estate Market - Fall 2021 Housing Market Predictions - Reno Nevada Housing Market

The past year and a half has brought all eyes to the real estate market. With inventory levels depleting quickly, days on the market shortening, and multiple offers coming in above asking price, the market was extremely competitive. Now that summer has come to an end, everyone’s asking, “is the housing market cooling?” Take a look at the real estate predictions for fall.

What are experts saying across the nation?

Over the course of the fall season, it’s expected that the real estate market will begin to cool across the nation. It’s also expected that we’ll be back to experiencing the normal seasonality of the market, with spring and summer bringing more homes and buyers to the market, while the fall and winter months will bring only serious buyers and sellers to make a transaction.

 

With the market cooling also comes more homes on the market and less competition as some may only have a moving window in the spring and summer months. Buyers will have more options to choose from in their price range, homes aren’t flying off the market as quickly as they’re put on, and seeing bidding wars between buyers for thousands of dollars above asking price is less common.

What are we actually seeing across Washoe County?

While we’d love to tell buyers that there has been an immediate cooling to the market, it’s still a very competitive market. The median sold price of homes in Washoe County in September 2021 was $537,750, an increase of 34.8% since September 2019, and it doesn’t look like home prices will be falling anytime soon. In September, the number of homes for sale decreased 48.3%, the number of homes sold decreased .9%, and the number of homes that went under contract increased 14.8% from this time two years ago. Inventory levels are holding at one month, which is a drastic change from the 3.4 months of inventory on the market in September 2019.

 

If September is any indication of what we should expect from the rest of the fall season, we may experience a slight cooling to the real estate market, but with inventory levels remaining low and demand still remaining high, it’s likely that Reno will be a hot market to watch in the coming months.

 

If you’re curious about the Reno real estate market and how it’s changing, contact the David Morris Group. We’re happy to be your Reno resource, and if you’re hoping to buy or sell a home in the coming months, we’re happy to help you navigate the fast-moving market. Give us a call at (775) 828-3292.

 

 

 

 

David Morris Group - Navigating the Hot Reno Market - 2021 Reno Real Estate Market - Reno Sparks Real Estate Market - 2021 Sellers Market

Navigating the Hot Reno Market

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David Morris Group - Navigating the Hot Reno Market - 2021 Reno Real Estate Market - Reno Sparks Real Estate Market - 2021 Sellers Market

The real estate market continues to change, but the last year has brought unforeseen highs and lows to the Reno market. The current seller’s market may add new challenges and obstacles for buyers and new opportunities for sellers. Let’s take a look at the current market and how to navigate it.

Record Low Supply

Inventory levels normally hover at a couple of months, but these days, inventory levels are hovering at a few weeks. Fewer homes are on the market has highlighted the shortage of homes in Northern Nevada and the nation. The recession brought the home building industry close to a stand-still, limiting the houses on the market.

High Demand

That low supply level is being matched by a high demand. With more people working from home, the pandemic highlighting new wants and needs in a home, and low interest rates, more buyers are searching for homes. We’re seeing more people looking to relocate to Nevada to take advantage of the tax benefits, beautiful weather, great employment opportunities, and variety of amenities that Reno has to offer.

More Refinancing

Record low interest rates have incentivized potential sellers to stay in their current homes and refinance their mortgages to capitalize on those low interest rates.

Navigating the Market

The hot market means that it’s more important for buyers to be prepared. Buyers should:

  • Get prequalified. You need to know how much house you can afford to buy before you start looking.
  • Make a strong offer. If you come in with an offer below asking price, it’s likely you’ll be outbid, and your offer won’t be considered.
  • Have extra cash ready. Homes are going above asking price and above appraisal values. Having the money to cover the difference is imperative to getting to the closing.
  • Hire a real estate professional who has the necessary experience and negotiation skills to advocate on your behalf in a challenging market. You must have someone who knows this market and knows how to structure an attractive offer that has the best chance of being accepted by a seller in a multiple offer situation.

The hot market also means that it’s a great time for sellers to capitalize on the market. Sellers should:

  • Be prepared for multiple offers. It’s likely that your home will create a bidding war amongst buyers.
  • Review each bid with your agent to determine which one is the best fit.
  • Move quickly. Some buyers prefer a quick closing, so be prepared for things to move quickly after accepting an offer and closing on a home.

The seller’s market is moving quickly, and if you need help navigating the hot Reno market, contact the David Morris Group. We’re here to offer our expertise, and we’ll be by your side every step of the way–give us a call at 775.828.3292.