Is Now a Good Time To Sell My House for Max Return in Reno
COVID-19’s Effect on the Housing Market in Reno
The housing market in Reno is absolutely on fire. You’re probably wondering, is now a good time to sell my house in Reno? Housing prices are the highest it has ever been in history. There are many reasons for this. One, being COVID. Yes, our favorite topic. A lot of people living were in smaller homes, educating their kids from home now, and even working from home have inspired them to upgrade their current homes. This has inspired them to get large homes with more space to accommodate their new lifestyle. A lot of people are even making homes gyms in their spare bedrooms or even garages, so the amount of space needed has definitely increased. Personally, I thought COVID would hurt the market and I’m sure a lot of people would agree with that. But, it has done the complete opposite. COVID-19 is one of the biggest factors in this crazy housing market crisis.
Interest rates have crept up a little compared to late last year, but they are still at historical lows. So, if you’re considering purchasing or refinancing, now is definitely a great time. But, with low interest comes increased buying power for the buyer. This is great, but as you now know is that it increases the demand for homes even more. The feds have talked about increasing the rates a little bit this year, but I don’t think they will be increasing it by much. Overall, this is one of the biggest reasons for the hot Reno market.
Supply and Demand
We all know the basics of supply and demand. When you have extremely low inventory levels as we do, and with increased buyer demand, you have extremely fast appreciation. So, unfortunately, this is causing the Reno market to constantly go up. We are currently experiencing about a 1+% appreciation a month. Which is absolutely insane and not sustainable. Another thing I want to touch on is, that we were at just 1-2 months of inventory in Reno prior to COVID-19. So, COVID definitely didn’t help our inventory levels. We are currently hovering at about 1-2 weeks of inventory. A healthy market has about 6 months of inventory. What this means, is that if no more homes were to be listed for 6 months, we would run out of inventory in 6 months. While we had a very busy year in 2020, a lot of people took their homes off the market and didn’t sell due to the pandemic and some people are still scared to sell their homes because of it. So, hopefully in the near future, we get a little more inventory. Another thing that doesn’t help is that new home builders aren’t building fast enough, either.
I Want To Sell My House in Reno, What Can I Expect?
Pricing is still very important, but I still see a lot of homeowners and listing agents make this mistake, even in this crazy Reno housing market. Throwing out an insanely high number, just to see what happens is a terrible idea if you are truly trying to sell your home. If your house sits on the market for 7-10 days and you don’t have any offers, you have a problem. Buyers are going to see you price reduce the house and they know that in the market, something is wrong. Either with the condition of the home or you are just way off on the pricing. So, listen to your agent and price it correctly. If the home is priced correctly and marketed properly with professional photography and not very many showing restrictions, you can expect to have multiple offers within just a few days of being on the market. I know this all sounds very exciting, but don’t take the first offer you get in the first 12-24 hours, give it 3-5 days on the market and see what happens. I’m willing to bet you will be pleasantly surprised.
If you’re still on the fence about it, just think how much could I get if I sell my house in Reno? Easy, find out here.
What Is Happening in the Reno Real Estate Market
So, if you’re still thinking, should I sell my house in Reno? I would say that this might be one of the best times in history for you to sell your house in Reno. Could you wait 6-12 months and possibly get more money? It is certainly possible, but as you know markets can change fast. If you want to sell now, do it now, but if you ideally need to wait 3-6 months, wait 3-6 months. Do what is best for your current situation.