reno real estate market | David Morris Group

Is the Housing Market Cooling? Real Estate Predictions for Fall

October 22, 2021/in Uncategorized /by Shauna Morris

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.

Navigating the Hot Reno Market

April 7, 2021/in Reno-Sparks Real Estate /by Shauna Morris

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.

Could You Be the Next Copper Knolls Resident?

Located in the Somersett area lies the picturesque neighborhood of Copper Knolls. With beautiful mountains surrounding the community, each home has a dazzling view to offer residents. The gorgeous scenery is but one of the things to love about the charming community of Copper Knolls.

Homes

Single-family homes in the Copper Knolls area average about 2,156 to 2,899 square feet and feature two to four bedrooms. As a community that was built in the early 2000s, it’s a newer development in the Reno area. Homes are located between the Somersett West Park and the Somersett East Park on lots that range from 0.19 to 0.37 acres.

Amenities

Just minutes from the Copper Knolls neighborhood lies the Somersett Golf and Country Club, where residents can enjoy many amenities and a panoramic view. The nearby parks also offer the neighborhood a ton of green space to explore as well as basketball courts, a playground, and picnic areas.

For anyone looking to explore the boutiques, coffee shops, restaurants, and nightlife of Downtown Reno, Copper Knolls is just under 10 miles away. That also means that anyone commuting to Downtown Reno for work only has a 15-minute drive.

Schools

Schools serving the students in Copper Knolls include George Westergard Elementary School, B.D. Billinghurst Middle School, and Robert McQueen High School — all a part of the Washoe County School District. The public charter school, Coral Academy of Science, offers an alternative to the Washoe County School District.

Copper Knolls is a tight-knit community that Reno residents love to call home. If you have any questions about what we love about the community or which homes in the neighborhood are currently on the market, contact the David Morris Group. We’re happy to help you begin your home search. Give us a call at (775) 828-3292.

Easy Upgrades To Get Your Home Ready To Sell

January 4, 2021/in Lifestyle, Reno-Sparks Real Estate /by Shauna Morris

If you’re thinking about selling your home, there’s never been a better time. With increased demand and low levels of inventory, buyers have never been more motivated to purchase a home. While it’s a great time to sell, it’s also the perfect time to make a few adjustments around the house in order to maximize the return on your investment. Check out the easy upgrades to get your home ready to sell.

Easy Upgrades Throughout the House

New hardware – Brass hinges, old doorknobs, outdated cabinet handles, etc,. can be eyesores that take away from your home. A few simple changes can elevate the design of items in your home and give them new life. Buyers will notice and comment on new hardware — trust us!
Deep clean the floors – Polish up the hardwood floors, steam clean carpets, and make sure the floors look ready for a new family. Dust bunnies, scratches, and stains will detract from the rest of your home.
Refresh the grout – Dirty or outdated grout in the kitchen and bathrooms can be a major turn-off for buyers. Give it a deep cleaning or put a new application of grout to make these areas of your home shine.
Lighting – Lighting is the key to a great showing. You not only want great natural light, but you want your light fixtures to brighten the home and be stylish. Lighting can often be overlooked by a seller, but it’s never overlooked by a buyer.

Easy Kitchen Upgrades

Add a tile backsplash – A simple tile backsplash doesn’t have to be expensive or even something you hire someone for. There are tons of options available to you, and it makes for a great weekend DIY project.
Paint the island – Painting cabinets can be very time consuming, so cut the time in half by focusing only on your kitchen island. It’s a very trendy fix, and it shows that you’ve put some TLC into your home.

Easy Bathroom Upgrades

Mirror, mirror, on the wall – If your mirror is showing signs of wear or is tragically outdated, change it out. Research some of the popular design trends and measure to see which ones will work in your space before purchasing the new mirror.
Bathroom fixtures – If the faucet and shower fixtures are looking a little old, simply switch them out for something newer.

Spending a little time and money preparing your home for the market can greatly impact the resale value and entice buyers. Start with these easy upgrades to get your home ready to sell, and if you have any questions about how the David Morris Group can help you find the right buyers to get your home sold quickly, contact us at (775) 828-3292.

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