reno-sparks 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.

New Year’s Resolutions to Make Your House a Better Home

December 22, 2020/in Lifestyle, Reno Neighborhoods, Reno-Sparks Real Estate /by Shauna Morris

2021 will be here in the blink of an eye, and while we can’t believe that 2020 has passed by already, it is once again time to make resolutions and goals for the new year. If your 2020 resolutions have more than a few things you couldn’t check off thanks to a global pandemic, make a few goals that you can achieve no matter what the year holds. Check out the New Year’s resolutions to make your house a better home.

Minimize energy use

With more time spent at home comes more energy used and higher utility bills. Take time to find ways you can cut costs. You can start by:

Unplugging appliances when they’re not in use.
Hang curtains to keep your home cooler in the summer.
Open blinds during the day to use natural light to brighten your home rather than light fixtures.
Add a timer to control how long your lights stay on.
Switch to energy-saving light bulbs.

Create a cleaning schedule and stick to it

Keeping a tidy home can be overwhelming, especially if you find that your weekends are consumed with deep cleaning. There may be some areas of your home that you’re overcleaning and some areas of your home that you’re neglecting. Create daily tasks that will help you maximize your time and keep your home tidy at all times.

Take on one DIY project a month

If you’re tired of the furniture in your home or you want to spruce up your space without breaking the bank, research a few DIY projects that you may want to try and put them into action. Trying something new and adding some sweat equity into your home can help you love your space.

Try seasonal trends

Home design is a lot like fashion — the trends change quickly and often seasonally. Research the latest home design trends and try them out in your home. It can be a simple change that you don’t spend a lot of time or money on, but it may open your eyes to new styles, colors, and themes that you like and may want to continue in your home.

Focus on your outside space

Your outdoor space is as much a part of making a house a home as the interior space is. Reno has beautiful seasons, and it’s important to have an outdoor area where you can spend time soaking up the sun, breathing in the fall air, and cuddling up by a fire pit in the brisk evenings. Think about investing in outdoor furniture, hammocks, a projector for outdoor movie nights, etc. Make it a fun and usable space.

If you’re in need of more New Year’s resolutions to make your house a home or you’re simply curious about the Reno-Sparks real estate market, contact the David Morris Group. Give us a call at (775) 828-3292.

The Latest Construction Projects Around Reno and Sparks

December 17, 2020/in Reno-Sparks Businesses, Reno-Sparks Real Estate /by Shauna Morris

Just as many of us have been using the time at home to build new skills, take on new projects, and think outside the box, the city of Reno has been doing the same. The future of Reno looks bright, and it’s partly because of some exciting developments that are on the horizon. Check out the latest construction projects around Reno and Sparks.

Reno City Center

The former Harrah’s casino is a part of a new project to turn downtown Reno into a place where live, work, and play culminate perfectly. The west tower isn’t slated to wrap for another two years, but when finished, it will include apartments, retail space, and public green space.

Keystone Commons

With financing secured, Keystone Commons has begun rolling forward on construction for the parking garage, four-story apartment building, and retail space. Some of the brands that have leased space in the upcoming development include In-N-Out Burger and Starbucks.

The Oddie District

The former Lowe’s building in Sparks is currently the site for a $30 million work-live development. It will feature 40,000 square feet set aside for a maker space component and 60,000 square feet set aside for “flex-tech” spaces that can double as living quarters. The massive project has also set aside 9,000 square feet for small businesses, 10,000 square feet for restaurants, and 8,000 square feet for a brewery/distillery.

Swope Middle School

In an effort to help alleviate any overcrowding, Swope Middle School is undergoing some construction to add a new gym, new classrooms, and new HVAC systems throughout the school. Construction is expected to finish by 2022.

T3

There’s some new momentum to report for the T3 development. Permits for a five-story apartment complex and a five-story parking garage have been submitted. There are also plans for retail and green space, but progress hasn’t started on those projects yet. With a completion date in 2023, this development will be one to watch out for in the coming years.

If you’re curious about any of the latest construction projects around Reno and Sparks or you’re simply curious about the Reno-Sparks real estate market, contact the David Morris Group. Give us a call at (775) 828-3292.

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