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David Morris Group-Benefits of Selling a Home in a Sellers Market-Reno Real Estate-List your home-spring market

Benefits of Selling a Home in a Seller’s Market

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David Morris Group-Benefits of Selling a Home in a Sellers Market-Reno Real Estate-List your home-spring market

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.

 

 

David Morris Group - Gen Z Drawn to Reno - Reno Real Estate - Reno Housing Market - Gen Z Moving to Reno

Gen Z Drawn to Reno

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David Morris Group - Gen Z Drawn to Reno - Reno Real Estate - Reno Housing Market - Gen Z Moving to Reno

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.

 

 

 

David Morris Group - Relocation Guide Things to Ask Yourself Before Moving to Reno - Reno Relocation Guide - Things to Know Before Moving to Reno - Reno Nevada Relocation

Relocation Guide: Things to Ask Yourself Before Moving to Reno

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David Morris Group - Relocation Guide Things to Ask Yourself Before Moving to Reno - Reno Relocation Guide - Things to Know Before Moving to Reno - Reno Nevada Relocation

Less than an hour from Lake Tahoe and less than 4 hours from San Francisco, Reno offers the perfect location. With a bustling downtown area, great school districts, a variety of events, activities, and amenities available, the Biggest Little City is constantly drawing attention. The changing seasons, growing career opportunities, and love for the unique offer something for everyone to enjoy. If you are considering relocating, there are some things to ask yourself before moving to Reno.

 

  1. Do you want a home in Reno, Sparks, or an outer city like Spanish Springs and Carson City?
  2. Are you prepared for colder winters, some snow, and no humidity? Are you prepared for rapidly changing weather? (There’s a reason we say that if you don’t like the weather, just wait 5 minutes.)
  3. Will you be buying a home or renting a home?
  4. What style of home are you looking for?
  5. Are there schools, programs, or offices that you would like to be close to?
  6. Is it important to be near parks, trails, green spaces, etc.?
  7. Do you have reliable transportation, or will you be biking/walking/bussing where you go?
  8. Are you planning to job search when you’re in Reno, or will you be coming with a job opportunity already mapped out? Are there other career opportunities in your field in the area?
  9. Does your budget work with the average cost of living in Reno?
  10. Do you want to be a part of a community that has an HOA?
  11. Are you hoping to be a part of a community that is close-knit or keeps to themselves?
  12. Do you have family and friends in the area, or will you need to build a network of friends in the area?
  13. Are you planning to join in on the multitude of festivities happening throughout the year (May – October, especially)? Can you handle the number of tourists coming in for the well-known events?
  14. Does Reno have the things you need? Think about your favorite foods, shops, grocery stores, etc.

These things to ask yourself before moving to Reno are a great jumping-off point. These questions will allow you to outline what you’re looking for and set you up for some great conversations with a real estate expert that knows the Reno area well. If you have any questions about relocating to Reno and what the area has to offer, contact the David Morris Group. We’re always happy to share our knowledge of the area and the real estate market with you!